Platinum Members passed on 78 Fenimore Street back when it was undermarketed with tenants and asking a mere $859K earlier this year. Then they passed on it again in August when it was purchased for asking price all cash, the tenants were vacated, and the owners told us they were ready to do a deal as low as $1M or $1.1M. Otherwise they were going to list it for $1.4M. Well, nobody bit, they DID list it for $1.4M, and supposedly they're sending out a contract at that price now. Like we always tell ya, ya can't buy what ya don't know is for sale. So not until the shiny pictures hit Corcoran.com did people really give this 20' x 60' legal 4-Family on a 126' lot the credit it's due. We did our best with a few quick iPhone shots when it was first purchased...
If you didn't like a leather jacket sitting on the shelves at Nordstrom Rack for $859, maybe you'd like it better on the rack at Barney's for $1,400. That's pretty much what's going on here. Wood floors for days in all kinds of patterns...
Original mantles...
Not a bad way to turn a quick half a million. Up 62% in a few months? That's just another day in Brooklyn's inefficient market, y'all! Can't wait to tour their next flip later this week...
Pro's: rare 4-Family just off the commercial corridor of Lefferts, vacant, tons of detail, extra-deep building and lot, great rental income potential for end-users to subsidize their costs
Con's: 4 units on 3 floors isn't for everyone, going in contract for way more than it was available for as recently as August, gotta pay retail prices if you miss the pre-retail opportunities
Ideally: we tried to tolja not to sleep on this market. This is the second 60%+ flip in the past 3 weeks!
owners told us it sold 2 weeks ago for $1,001 over asking price
ReplyDeleteclosed for $1.396M in March
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