In this market, Brooklyn's real estate records are meant to be broken. This afternoon we got a sneak peek at Bed-Stuy's first $3M townhouse listing at 288 Decatur Street hitting the market any day now. This enormous 5-Family on the corner of Stuyvesant and Decatur is primetime Stuyvesant Heights. The building is a massive 22' x 48' with a ~20' extension on two floors, full of windows...
Our main man Paul Gooden at Kian Realty has lobbed up great Bed-Stuy gems for Platinum Members like 753 Jefferson Avenue, but he's bound to break a record with this one. The building is set up as an owner's duplex on the bottom with rentals on top. Each floor above the duplex has a studio and a 1BR apartment on it, grossing $2,500/floor, with rents the owner told us he hasn't raised in 7 years. Besides tons of well-restored original details, there's central A/C, all new plumbing and electric, and a parking space for the owner's unit!
Maybe you missed 242 Decatur Street down the block selling for $1.7M earlier this year, or some of the $1.8M's+ deals that are being inked in Stuyvesant Heights. This area has homes that make Park Slope jealous. And why might that be? Oh yeah, 'cause the same architects did those houses! Like 288 Decatur Morgan Munsey tells us was designed by Axel Hedman, who did hundreds of houses from Park Slope to Crown Heights and Stuyvesant Heights. 288 Decatur's got lots of the limestone exterior embellishments Hedman's known for...
With the express A train around the corner at Utica, it's no wonder people are finding it easy to come to this neighborhood. And there's always that parking spot if you still think it's too far out there. The interior retained period details where possible...
The top floor of the extension is framed out for a huge master kitchen & dining room, with working fireplace, that the owner's left for users to put the finishing touches on...
There's also a master bath that's bigger than most studio apartments, set up with jacuzzi tub & fireplace in place, and framed out for users to put their own finishes on, including his & her showers. But the owner's bathroom that's already finished is pretty nice too...
The rental apartments get tons of light with the bay windows and have their own upgrades and period details. Basement's got solid arched-brick construction, separate boilers for the owner's unit and each of the rentals, plus washer/dryer...
It reminds us of other corner properties like 272 Jefferson Avenue. Some 5,000 square feet this prime and this nice won't go cheaply, but let's let the market tell the story. We're told 288 Decatur Street will be delivered vacant and that showings by appointment begin next week.
Pro's: huge historic corner piece, great owner's unit with parking, turnkey units with great rental income potential delivered vacant, personalize the owner's kitchen and bath to your liking
Con's: sticker shock, won't go cheap, money left to be spent on finishing up the master kitchen & bath, no yard, not everyone wants 4 units above them for this price, not everyone's ready for Stuy Heights
Ideally: the peanut gallery with scoff at the sticker shock with reason, but someone's going to make off with an amazing house here either way.
No comments:
Post a Comment