Friday, October 25, 2013

Listings: Crown Heights Corner 3-Fam - 1516 Bergen Street

New to the Listings section of the blog, back on the market in Crown Heights, it's an enormous corner piece that's totally turnkey, overlooking a park!  1516 Bergen Street is deeper into Crown Heights than the average customer's ready to go, but it's also a totally legit property unlike most you can find under $1M in the area.  It's a legal 3-Family, it's got 4 units, it's a 7 cap, check out the park view...

For $799K, this is a deal all day.  We can already hear the Brownstoner peanut gallery moaning, "But those are housing projects across that park!"  As if there aren't housing projects in your beloved Chelsea, Lower East Side, Boerum Hill, and Clinton Hill.  Welcome to the reality of a dense urban environment.  Sure, this neighb' isn't for everyone, but neither are the prices in the next-best neighb's.  So pick your poison.  (Many opt for the poison in Gowanus and its dinky housing stock over Crown Heights - go figure!)  Whether or not you buy articles titled, "Is Crown Heights like Soho in the 1970's?" - we're bullish on this turnkey 3-Family.  What the interior lacks in character it more than makes up for in size, turnkey, and abundance of windows.

Like we told the buyers of other great buy & holds such as 245 Martense Street, we would do this deal in any other major city in the country based on curb appeal, size, windows, low taxes, and high income alone.  If this deal were in Chicago, Boston, LA, or Philly, it'd be a no-brainer.  The fact that it's off an express train in Brooklyn just makes it that much better.  So what are you waiting for?  Are you gonna sit there and continue to hate on neighborhoods you can no longer afford, or are you finally gonna make a move on a totally do-able piece like this?

Pro's:  curb appeal, corner, park views, totally turnkey & updated mechanicals, price, flexible tenancy

Con's:  further than most wanna go, generic interior with details

Ideally:  this place will be worth a millie before most folks know what hit them

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