Sunday, March 3, 2013

"Broken Angel" in Clinton Hill : 4-8 Downing Street

The iconic "Broken Angel" building sold in January in foreclosure for $2.05M and is now available for $4.5M.  4-8 Downing Street has got this existing structure and approved plans to build more.  How to size up this price?  Well, on a corner a few blocks away at 882 Fulton Street, 40K+ buildable square feet is up for the same price.  But maybe the "Broken Angel" building trades at some iconic premium like the Triangle Sports building did?

Afterall, even old-school locals in a bar in Crown Heights, just up the hill from Clinton Hill, get wistful when a music video with scenes of Bed-Stuy comes on.  The streets these folks are always just a few blocks away from on the daily anyways suddenly become immortalized on the big screen.  Likewise, this Clinton Hill corner will always be home of the fabled Chappelle block party

This isn't the first time we've seen someone dust off a hairy deal and remarket it for more.  As gentrification plows east, and hundreds pack fixer-upper townhomes around the block from Biggie's block for well over a million, who wouldn't be bullish on decking-out 10 condos over here in this neat pocket of Clinton Hill?  What do you ballpark those condos list for in the next few years?  The long-gone next-best mini-development opportunity over here under a million gets to ride this same wave at a way lower cost basis.  And lots of other smaller plays are scattered throughout the neighborhood still, for those of you who don't have the handfuls of millions it takes to consider this deal.

Pro's:  huge iconic piece in a quiet part of a well-situated neighborhood, approved plans, vacant canvas to play with

Con's:  big project that takes experience and deep pockets, a lot of the upside's getting cashed out now

Ideally:  could be an interesting project, curious to see what happens

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