Saturday, February 16, 2013

Underground Condos: Greene Avenue

In Bed-Stuy you get great old housing stock at a great value, and new developments trade at a value too.  315 Gates Avenue, for example, is a nifty condo project that sold at really attractive prices.  Now one of our favorite local brokers Celeste Moses, who specializes in underground deals, has 3 condos coming on the market in a townhouse on Greene Avenue at really nice prices.  Celeste is talking 3BR/2 bath duplex condos, one with a yard, one with roof access, well over 1,000 sqft, under $700K.

Not a bad look for condos of this caliber...

Local brokers have also told us about some other upcoming apartments over in Prospect Heights, including...

- a 2BR/2 bath duplex with private roof deck asking $1.15M

- a 3BR/2 bath with modern renovation for under $950K

- a 1BR with modern renovation for under $500K

Pro's:  modern renovation, nice size, value compared to this price elsewhere, pre-market look

Con's:  not everyone's ready for Bed-Stuy, it's a slippery slope to just buying a townhouse further east at these prices

Ideally:  a sleek look at a bite more people can chew on than $1.1M SRO's for all cash

1 comment:

  1. This is an interesting property (btwn Nostrand and Marcy), with it's wonderful front and backyard view of the projects, as well as the fact that the home sat vacant for a long time due to a fire that killed quite a few children. Most outsiders aren't aware of this homes history. I live in the projects parallel to this street and always wonder why would some spend $1 million dollars to have such a dodgy view.
    Not to mention a lot shootings take place in relation to this particular block