Thursday, June 6, 2013

Prospect Heights Co-op Auctioned Today: 806 Washington Avenue, #4D

If you've got a little risk appetite, and you're ready to go head-to-head with some shady characters on the courthouse steps, then this morning you could've stepped right up and gotten yourself a 517 sqft co-op apartment on the top floor of this bow front 8-Family at 806 Washington Avenue for $87K.  With a lien of merely $12,500, the bids ran up pretty quickly.  They even announced at the auction that the $150K in mortgages owed to Citibank had been "extinguished".  Some hair on the deal notwithstanding, this location is no joke.  Steps away from the Brooklyn Museum??  Just 8 stops from Wall Street on the 2 train (so is 96th Street in Manhattan, btws!), you've got a burgeoning avenue just outside with all kinds of new haunts giving this neighb' their gentrification blessing.  Sunshine Co, Kimchi Grill, Tooker Alley, Bar Corvo - all within 2 blocks, especially with spring in bloom - are making people feel like Smith Street in Boerum Hill just a few years ago.  The bacon, egg, & cheese (always one of our top indicators of a neighb's true viability) at Lincoln Station is another game changer that's new to the block.  This neighb' went from reported crack haven, to semi-hipster, to "parents weekend" in the course of a few seasons - to hear some people tell it.  Like a phoenix rising from the ashes.  In fact, a fire two years ago on the next corner took down a huge piece...

And the avenue association even did a little crowd sourcing to see what people want to come in its place...

While 2BR's over here in new buildings around the corner can command $700K+ cash, and 1BR's commanding as much as $500K, picking up even the most distressed co-op for $87K is a good look. Can't wait to see what happens next...

Pro's:  pricepoint, neighborhood, top floor apt

Con's:  gone already, all cash deal, all kinds of uncertainty

Ideally:  we can't see this being a bad move regardless of the uncertainty.  All the risk is priced in at these levels.

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