Wednesday, July 31, 2013

Platinum Member Closing in Bed-Stuy: 753 Jefferson Avenue

When Platinum Members reached out to us looking for a 2-Family in Bed-Stuy under $800K, we were hesitant to say it could be done as easily as last year, or even just a few months ago.  Then when they told us they wanted to be at the Utica stop, we said, "Now we're talking!"  The pattern of moving east for better value, especially when you've still got an express train within striking distance and a ton of great housing stock (see 242 Decatur Street) - it all made sense to us.

So as a juicy west Bed-stuy comparison, we checked out Corcoran's 1/2 SRO at 151 Herkimer Street with its open house in way-decent condition...

This was a great look at almost half the price of the high offers on other 4-story buildings around the corner.  But the asking price was $750K all-cash, the deal was no secret, and the SRO-related uncertainties were def' the primary obstacle.  Besides, this isn't "BK to the Corcoran"... it's BK to the FULLEST!  So when, that same day, our main-man Paul at Kian Realty lobbed up another great 2-Family opportunity under $750K, under the radar, and in just the right spot - we put out the bat signal.  We barely got a blurry glimpse inside ourselves, but it was love at first sight for Platinum Members who struck a great deal for buyer & seller.

With the help of one of our go-to real estate attorneys Alex holding the contract down, Platinum Members were making moves again on the block!

Pro's:  great value, exactly the location & 2-Fam configuration that the buyers had in mind, beats $700K condos any day of the week

Con's:  gone already, work to be done, you won't see that on your StreetEasy

Ideally:  looks like a great pick-up in our book, and a solid compromise on price, size, condition, and location

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