Tuesday, April 16, 2013

In Contract in West Bed-Stuy: 472-474 Lafayette Avenue

Brownstoner covered these beauties for their historical value, but Platinum Members swooped in months ago when one of these hefty buildings at 472-474 Lafayette Avenue was for sale and barely marketed.  When we heard they wanted $1.6M and could deliver vacant on a 25' x 65' 8-Family building on the Bed-Stuy and Clinton Hill border, even with the projects nearby, we had to take a look.  Good thing the outside is so charming because there's not too much to see inside...

It's not everyday you get an 8-Family that can be delivered vacant.  And the discount is even steeper if you take on a tenant or two.  Platinum Members are spying one of the next-best 6-Fam's in Bed-Stuy around this price range, also can be delivered vacant, or with tenants at market rent - on an even bigger flooplate than this.  Best of both worlds?  Yes, please!

Pro's:  curb appeal, deliverable vacant, healthy floorplate, high ceilings, has Pratt rental written all over it

Con's:  funky layout, lots of work to be done, not everyone wants a fixer-upper around $1.5M

Ideally:  a nice buy & hold look for the right price, and they got a pretty fair price

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