Friday, October 12, 2012

No-Brainer in Contract: 489 Park Place

When nothing in the most coveted neighborhoods of Brooklyn is available for under $1.5M unless it's teeny-tiny, an SRO, a gut, or some combination of the 3 - a winner like 489 Park Place jumps right off the page.  You mean to tell us you can pick up a 20' x 70' on a 131' lot that's not a gut, with two 2BR and two 3BR apartments for under $1.5M?  Just a few doors on the other side of the ever-hipper Washington Avenue from where 3 stories in "1980's" condition just went for $1.5M at 416 Park Place, you can pick up 4 stories plus an above-grade basement on a larger lot and larger floor plate for $200K less?  This 4-Family is a no-brainer!

What this place lacks in character & original detail, it more than makes up for in size & rental income potential, without having to do more than cosmetic updates.  It doesn't take much to get $2,400/month for 2BR apartments in this area lodged between the Slope-ifying Prospect Heights and the hipster-fying Crown Heights, just steps from the 2/3 train, the Brooklyn Museum, Prospect Park, and all the things that propel $3M sales in Park Slope.

Oh, and it's not like Prospect Heights is without its own $3M sales too!  "Where?" you might ask.  Oh, just 2 blocks away at 314 Park Place, like we told ya a month ago.

Months before Corcoran listed 124 Park Place (just across Flatbush in Park Slope) for $2.7M, got $2.91M for it, and the New York Times made a $1.5M mis-print - Platinum Members were staring down the barrel of a 5-story brownstone on an extra-deep lot one block away that no one wanted to pay a penny over $1.275M for.  Now that that's in contract for $1.8M, don't be surprised when someone sees the value in paying $1.3M for a winner like 489 Park Place that's right on time with this market.  In contract quickly with multiple cash back-up offers, their tenants will be having cook-outs on their extra-deep backyard before some people even realize where this market's been for well over a year.

Pro's:  size, location, price, floor plate, deep lot, rental income potential, not a gut

Con's:  gone in a flash, cash deal with multiple back-up offers, no original details or much character

Ideally:  another one of the top buys in the past 2 years

1 comment: