Thursday, March 21, 2013

Closed Yesterday in Bed-Stuy: 437 Greene Avenue

On Platinum Member radar since this time last year when 437 Greene Avenue sold in pre-foreclosure or auction for a way-discounted price as an SRO that needed a gut renovation and wanted to list for higher.  Fast-forward to this year, and a 4-story project delivered vacant between Bedford and Nostrand can command the price it once wanted and then some, yet still trade at a relative value.  The $999K it took to get it done sounds high to those who don't know that even generically renovated 4-story brownstones over here fetch over $1.4M.  Hear us now, or wait a few months for the comps - your choice.  Seeing the inside of 437 Greene Avenue, we see it as the cousin to 201 Hancock.

On its latest re-emergence, one of our favorite local brokers Celeste Moses (no stranger to the off-market deal) got us in there with the early lead before it was back on everyone's radar.  She also got us into the next-best buy in Prospect Lefferts Garden weeks early too.  If these pics of 437 Greene aren't wowing you; remember, by the time Corcoran's taking the shiny pics, it's already too late...

Pro's:  great canvas, coveted west Bed-Stuy location, delivered vacant, many original details intact, not on everyone's radar

Con's:  gone already, lots of work to be done, SRO to remedy, cash deal is pretty much pre-requisite

Ideally:  we told ya the Bed-Stuy fixer-upper for $1M and above is firmly intact

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