Wednesday, March 26, 2014

Up 150% in Bed-Stuy: 22 Arlington Place

Barely over a year after closing for $725K, 22 Arlington Place is all renovated and ready for their close-up, and already has pre-market cash offers over a million dollars more than the owners paid for it.  That's right, if you were swept up in the bidding war for 196 Hancock Street well over $1.85M, brace yourself for another one at 22 Arlington Place.  Nobody wanted to pay $800K for it a year and a half ago, and look at what's happened since...

- 7 Arlington Place listed for $1.3M, sold for $1.7M cash, and is undergoing some $300K+ in work

- 18 Arlington Place closed for $1.15M cash without barely hitting the market

- 12 Arlington Place had so much upside in the deal poorly marketed that they passed on a contract at $1.35M, re-listed for $1.65M, and closed this month for more than they ever expected to get

- 1 Arlington Place listed for $1.795M and closed for over $1.9M, as an SRO

So when the fancy pictures hit the airwaves and the line is out the door, who knows how high 22 Arlington can go?  The renovation did just what it needed to.  They kept the details, upgraded the mechanicals, built a deck out the backyard, cut new skylights, added A/C and a master bath, stained the floors dark and ta-da...

They went Alhambra in the finished basement...

And Game of Thrones in the master bath...

What a difference a year makes.  Not only in the house, but more impressively in the market.  What will people pay for a not quite 16' wide triplex over garden on one of the cutest blocks in all of Bed-Stuy these days??  You won't have to wait too much longer to find out.

Pro's:  curb appeal, great original details with a modern renovation, fresh renovation, interior staircase & deep floor plate give large bedrooms to a narrow house, A/C and other upgrades throughout

Con's:  price tag of almost $2M isn't what everyone wants to hear, not everyone's taste, narrow width, brace yourself for the bidding war

Ideally:  where were you when no one wanted to pay $800K for this, or even believed there were comps to justify such a number?


  1. Rumor has it contract price is at some $2.2M

  2. Closed last week for $2.25M: