Sunday, January 26, 2014

Crown Heights Gets Another $2M Listing: 1294 Dean Street

If you can't keep up with the rising prices in Brooklyn, you're not the only one.  Another historic townhome hits the market in Crown Heights, in the corridor full of killer architecture that everyone in the know has come to love.  1294 Dean Street is a full-sized 20' x 50' limestone on four stories that wants $1.99M.  Billed as legal 3-Family used as a 2 (the C of O is anyone's guess...), this house sits on a 25' x 115' lot, with an unattached side that affords some sweet bonus windows.  And the period details of circa 1893 are intact...

The price is bound to give many of you sticker shock, but it's still under $500/sqft in the borough of $1,000+/sqft condos, and even $630/sqft condos just a block away at 1239 Dean Street.  Before you scoff at this asking price - and we're not saying you shouldn't - please walk around these blocks and see how stunning the housing stock is out here.  Novices think this is the ghetto, so then how come all these mansions ended up here from over 100 years ago?  The listing points out, "This group of Romanesque Revival style row houses was designed by architect Albert E. White and built c.1893 for builder John A. Bliss at a time when improvements in transportation hastened the construction of hundreds of exceptionally fine brick and stone row houses, as well as some freestanding mansions, in the Crown Heights area."  You may think Crown Heights is a 2nd or 3rd-tier neighborhood, but the housing stock can go toe-to-toe with your favorite houses in your favorite neighborhoods.

Keep in mind that buildings like this are trading up to $1.7M cash on and off market, also just a block away.  When good old 1234 Dean Street (also a block away) lists for over $2M and has offers darn-near that high for a single family, it's no wonder that a 2-Family will try to squeak by at a similar price point.  Handfuls of buyers will look to cop the triplex and get rental income to boot.  $2M may not be the price, but it's worth a look at the open house.

Platinum Members balked at a 3-story in Clinton Hill pre-market for $1.6M, which supposedly is securing a pre-market contract at $2M now.  So it's no wonder that $2M becomes the price for 4-story mansions just a bit further east.  Or maybe you missed Clinton Hill's 84 Lexington Avenue going in contract for $2M, just under its asking price of $2.25M??  And that's really more on the Bed-Stuy end than what people typically think of when they say "Clinton Hill".

$2M homes keep happening further and further east, and 1294 Dean Street is riding that wave.

Pro's:  curb appeal, size, unattached side, original details, best used as a 2-Family 

Con's:  price, bound to need updating, not everyone's ready to go east of New York Avenue

Ideally:  Platinum Members are scoping another 4-story limestone gem around the corner from here at an even lower price point.  It'll be interesting to see which house fetches more...

1 comment: