New to the Listings section of the blog, it's a 4-story renovated brownstone in Crown Heights on a killer block, just off of Nostrand Avenue. Platinum Members first checked out 852 Park Place in the spring at a much lower price before the renovation, but now that the market's ticked-up and the renovation rings true, they're asking $1.595M. We sure wouldn't be surprised to see them get it. The house is a healthy 18' x 45' on an extra-deep 127' lot. It's got a beautiful brownstone exterior in great shape. The renovation upgraded kitchens & baths, includes lots of new floors & windows, kept many original details, and set it up as a triplex over a garden unit. It's probably a little further along now than when we last saw it. Even if it's not necessarily your style, it's at the very least a way-decent job...
You may remember this house from a recent Brownstoner rental of the day, but when we saw it mid-renovation a few weeks ago and heard how much the owner wanted, we said, "Sell it." So before it hits your Streeteasy and other sites, take a gander...
The garden unit is pretty solid too...
We already hear them splitting hairs about the 18' vs 20' width, but it's fine by us in a house like this...
And the extra-deep lot certainly helps, which also adds buildable square footage to the building, if/when the neighb's prices justify the cost of an extension.
Forced-air heat has its drawbacks, but also makes it easy for A/C. We can already hear them griping about the asking price and the owner's cost basis too. That's sour grapes at this point. As we put it best last month regarding another Crown Heights gem, "In terms of valuation, maybe you missed 1261 Dean Street closing around the corner in the exact same condition for $1.7M off-market. Or maybe you missed 1277 Bergen Street even further east going in contract for $1.5M. Or maybe you missed 100 New York Avenue around the corner going in contract for a reported $1.6M. 1234 Dean's bids are close to $2M for a single-family!! When deep Bed-Stuy has a handful of houses hitting $1.7M-$1.8M, is it okay for Crown Heights (at the geographical equivalent of west Bed-Stuy, only on the other side of Atlantic Avenue) to start poking above $1.5M too? " Don't forget 1062 Dean Street, and a ton of other recent closings in this corridor that we'll cover soon. Last year's pricing below $1.5M in Crown Heights like 834 Lincoln Place around the corner, is just that: last year. (It was also all-cash and above asking price, btws!)
Did a smaller, jankier house across the street at 857 Park Place not just fetch its $1.2M in a flash? 852 Park Place wins that beauty contest any day of the week. All on a stunning block with all kinds of varieties of period architectural styles. Don't forget the handy 3 train around the corner. By the time Nostrand looks like Franklin Avenue, they'll be wondering why Crown Heights' high-end prices lagged momentarily behind Stuyvesant Heights' almost-monthly record-breakers. This house soars over $2M anywhere west of here, and don't even get us started on how much this would cost anywhere in Manhattan! Wanna take a guess at how many APARTMENTS sold in Manhattan last year for $1.595M or more? 165 condos and 188 co-ops, to be exact. Most of them well over $1,000/sqft. So if you're still hating on entire renovated houses on great blocks under $500/sqft in up & coming parts of Brooklyn near true train lines, have fun with that.
Pro's: curb appeal, totally renovated, great condo alternative, deep lot, great block, 3 train nearby, Nostrand's trajectory is up, triplex with rental income is a value proposition for dozens of people in this town
Con's: renovation may not be your taste or level of quality, initial sticker shock for many, Nostrand isn't nearly as picturesque yet as it will be, gripe about owner's cost basis if you must
Ideally: if you're calling this a bubble and waiting for it to burst, don't hold your breath.
In contract. Tried to tolja'...
ReplyDeleteClosed for $1.55M last month
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