Tuesday, October 23, 2012

Closings of Note: Some Real Winners

It doesn't get more clutch than a corner opportunity like 71 Irving Place for those who have the funds to swing it.  This should've sold last year, but the contract fell through and Platinum Members had a 2nd chance at it this Spring.  This is simply Clinton Hill at Bed-Stuy prices.  Or, put another way, under $200/sqft in a neighborhood with "meh" condo comps around the corner above $500/sqft.  No matter how you slice it, a great buy.  If you have the money to pull this off, but can't wrap your head around this one, we can't help ya.  It doesn't get more point-blank range than this.

Another 3-Family fixer-upper "deep" in Bed-Stuy (by some accounts) goes in a flash over asking price.  581 Greene Avenue closes for $760K this month.  We heard the contract price was even higher but the appraisal came in a little low.  Oh, don't worry... the comps are coming.

Even with fancy-pants developers tripping over themselves to make cash offers due to the seemingly-prime location, a lot of hair on the deal made 466 State Street fall to $695K at the end of last year.  Seems like someone picked it up, dusted it off, and flipped it for $850K last month.  Not the most impressive flip, guys, especially given what people are doing in Bed-Stuy on the regular.

The same broker who scoffed at the view this Clinton Hill home has of the projects, also stuffs his face with bacon, egg, & cheese from Choice two doors down on the regular.  310 Lafayette Avenue was dying to be picked up at a premium above its post-crash price.  And this latest closing price of $1.15M this month is a steal if it's actually arm's length.

Many hated on the dated interior, but others saw a chance to finally get their Unicorn on!  465 11th Street in south Slope fell all the way from $1.72M in the Spring to close for $1.5M this month.

Step right up and get your Boerum Hill shell at 270 Dean Street - which closed for $1.55M last month.

Brownstoner asked if the $2.995M list price for 778 Carroll Street was right, and the market spoke.  It closed for $3.05M this month.  Makes this neighbor who'd do $2.85M look like a steal.

Continue to doubt & misunderstand Brooklyn if you must, but a corner 3-Family at 299 Clinton Street in Cobble Hill fetches $100K above its asking price of $3.6M last month.  Still a screaming value over what this would cost in the West Village, people.  And - no surprise - that's where these buyers are coming from.  Listed at only 20' x 36' with a "price [that] looks high on a per-square-foot basis" according to Brownstoner - you do the math.

The Crown Heights single-family with original details and modern upgrades at 661 St. Johns Place sells for $775K.

680 St. Marks Avenue was a Crown Heights beauty chopped into six 1BR's over an owner's 2BR garden apartment.  Sick detail on a great block at a 7% cap rate??  Yes, please!  Closed for $845K last month.

Some people insist they "won't go past Bedford" in Crown Heights.  Well, good luck cornering yourself into just 2 avenues width of a neighborhood that sprawls out beautifully for blocks and blocks east.  A gorgeous 3-Family at 1461 Pacific Street closed for $740K last month.

How do you get to Park Slope for under $1.5M without getting a gut or an SRO?  Apparently you go to Windsor Terrace on the other side of the highway for a nice 3-Family like 22 Seeley Street that closed for $1.2M last month.

If you don't think Bed-Stuy is the next shoe to drop, check out the inflows of capital.  Long after folks were picking up the estate sale 11,000 sqft 8-Family in Clinton Hill at 234 St. James Place for $1.6M, now a 13,000 sqft 8-family at 92 Decatur Street in Bed-Stuy fetches $1.665M.  In a few years, maybe it will dawn on people what a great pick-up this is.

1 comment:

  1. Jonah- I viewed 71 Irving Place and came close to making an offer since I saw the potential but I'm glad I didn't. The house has some serious issues going on. Part of the facade fell off about a week or two ago. Brownstoner even picked up the story. It's a total win if you have the cash to reno. I was ballparking 700k in renovation costs. I was thinking 4 units with a potential condo convert down the line but the amount of work was very intimidating. With a few million lying around I can see someone making a nice profit but for mere mortals I found the amount of work outside most budgets. Building was over max FAR so no legal roof deck without a variance and with no yard I walked. I hope the new owners clean it up nice and not cut corners.