Our final entry for this week's look at 8-Family properties in Brooklyn is one in Crown Heights that just got super-sized into 13 units. The developers over on 790 Classon Avenue knew just what to do with this 25' x 50' building that had plenty of buildable square footage left to grow. They popped an extra story on top and a healthy extension on the back...
They actually gained almost 3,500 square feet. You don't have to go all-out to get $2,500+ 2BR rentals in this area, where 2BR apartments can fetch $3,000/month in the right shape. Quick but tasteful upgrades got them there...
Certainly not all of the bedrooms are the size you're looking for, but they get the job done. Some units were duplexed, some with balconies. You could sell these as 1BR+ condos at $500K+ as-is. But the buy & hold game is fruitful too. They went just as sensible and stylish on the exterior and the entry...
With so many local destinations right around the corner, including Glass Shop and Pete Zaaz on the same block giving it their hipster blessing...
...this repositioning was a no-brainer. Development on this level isn't rocket science. Give people something nice and they'll pay you for it. As one Manhattan developer said when he went by, "We're sleeping..." thinking that even fringe Brooklyn stylings are keeping up with what would pass for good taste in Manhattan. Sounds like he thinks Manhattan needs to step its game up.
For a bigger version of this, see what's going on at nearby 1502 Bedford Avenue. But don't under-estimate the potential of these large pieces when they come available.
Pro's: totally stylish super-sized gut renovation, pretty nice value on the rentals, balconies, duplexes, new kitchens & baths, great location
Con's: maybe not the best quality ever, some rooms are small
Ideally: they knocked it out of the park on this one! Bring this quality and style east or west of here and watch the potential blossom.
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