Monday, April 22, 2013

Closings of Note: Migration Patterns, Part II

Successful business models vary.  When rapping about his 9-figure Vitamin Water deal 50 Cent bragged, "I took quarter water and sold it in bottles for $2 bucks / Coca-cola came and bought it for billions, what the f**k??"  He's simultaneously arrogant about his success and shocked at the power of business alchemy.  We knew 96 St. Marks Avenue on the cusp of Prospect Heights and Park Slope was primed to be chopped and flipped years ago.  A purchase of the entire building at $999K and the self-proclaimed first passive house renovation in the country net them four condos that sold above $800K each. 

The top floor just sold for $824K to a buyer from midtown Manhattan.  Just another example of who's heading to Brooklyn. 

A buyer from Clinton Hill buys a Bed-Stuy renovation that's 16' wide.  556 Lexington Street listed for $725K and just sold for $755K last month.

Buyers from Park Slope purchase a house a few blocks away in Park Slope.  565 7th Street closed for $1.9M last month.

Also in Park Slope, what seems like a relic from another age, 34 St. Marks Avenue finally closes for $1.865M.  But let's keep in mind how old this pricing is.

These days even renovations in Windsor Terrace that are too generic for some buyers fetch $1.78M with others at 598 17th Street.

Buyers from Carroll Gardens head to Windsor Terrace in search of value.  410 Prospect Avenue closed for $1.41M last month.

Buyers on 15th Street in south Slope headed down the hill to purchase 196 15th Street, a small frame house for $1.7M.

An opportunistic investment group takes down an estate sale in prime Fort Greene for an amazing price.  6 South Oxford sold for $1.3M last month.

Even at only 12.5' wide, it wasn't hard for a nifty little gem in south Slope like 365 14th Street to fetch $1.46M.

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