Friday, November 8, 2013

Crown Heights Rental on Top Block: 1183 Dean Street

Whether you call it Crown Heights (which it technically is) or Bed-Stuy, this stretch of great townhomes on Dean Street is so hot right now.  We can't be too hard on 'em for calling it Bed-Stuy.  The neighborhoods are only 2 blocks apart over here.  Only in New York does 2 blocks seem like a wormhole.  If you missed sales like 1062 Dean Street on market for $1.7M, 1261 Dean Street off market for $1.7M, and 1234 Dean Street listed over $2M with bids near asking price... then maybe you don't know how hot Crown Heights actually is.  Throngs of people with 25% down or less swear there's a turnkey gem waiting for them for $1M or less on these streets, now that they've finally come to grips with being priced out of every other neighborhood.  Unfortunately, SRO's with tenants go for $1.1M-$1.2M cash over here now.  And even the block between Brooklyn Avenue and Kingston has a house in contract for $1.5M at 1277 Bergen Street, sans pics!

Almost a year and a half ago, Brownstoner asked if there's "Something in the water on Dean Street?" which was over 6 months after we were watching millionaires whiff on gems like the stellar George P. Chappell masterpiece at 1142 Dean Street.  On that same block comes this floor-through 2BR rental at 1183 Dean Street.

The parquet floors are in great shape.  The wood trims and shutters and everything that everyone gushes over is intact.  Did someone say "pocket doors"??  A better shot of the mantle would help hit the historic high notes.  The kitchen and bath have been updated.  Not quite our taste, but a caliber on par with the market.  The asking price of $2,350/month is in line with what else we've seen over here.  Feels lofty, but when's the last time you shopped 2BR floor-throughs on nice blocks?  It ain't pretty out there!  Slow time for rentals now though, so maybe someone strikes a deal...

Pro's:  one of the hottest streets in Crown Heights, restored details & updated kitchen and bath, not a cookie-cutter condo

Con's:  not everyone's taste, not everyone's first choice location, not everyone's price range

Ideally:  by the time Nostrand resembles Franklin, guess what?  So will the rents.

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