Thursday, April 3, 2014

Closings of Note: Brooklyn is the Burbs for Ballers, Pt. II

We told you yesterday that Brooklyn is just a quiet suburb of Manhattan for ballers now.  And pricing goes accordingly.  In the West Village of Manhattan, even townhomes chopped into 7 units like 130 West 11th Street go for over $6M easily, so is it any surprise that similar or better 1-4 Family townhomes command over $3M just across the river in the best parts of Brooklyn?  "From the developer of the acclaimed 14 Townhouses" comes 9 more of these cookie-cutter modern, new-construction single-family townhomes in Boerum Hill.  307 State Street lists for $3.65M and closes for $3.66M in February.  The neighbor on the corner, 309 State Street, is sitting in contract with a list price of $4.3M.  Whether you wanna play price per square foot or whole dollar, it's certainly a lot of dollars.

Or maybe you're more of the Carroll Gardens type when it comes to your new construction townhomes.  Sackett Union's 294A Sackett Street, #2 closed for $3.6M in February.  At least these are 2-Family's, even if they're pushing $1,000/sqft.  There's an open house this weekend at another one 298 Sackett Street ostensibly asking a little higher.

Or if you opt for historic rather than new construction, 600 Carlton Avenue was a yummy choice in Prospect Heights.  It closed for its asking price of $3.5M last month.  This house can go toe-to-toe with anything in Park Slope in its price range.

A profitable 6-Family asking $2.8M for 401 12th Street in South Slope?  Buyer from Japan done closed it for $4M last month!

Again in Park Slope, two hefty 8-Family buildings marketed as a package dropped down to $7.2M and closed for $6.9M in February.  550 7th Street and 537 8th Street just off the park for just about $350/sqft and lots of free market apartments?  Takes a lot of money to pull it off, but this is the stuff buy & hold and condo conversion dreams are made of!  Platinum Members have offers higher than this on a comparable pre-market 8-Family in prime Bed-Stuy!

Even the less than 20' wide 3-stories command top dollar in Park Slope.  319 7th Street asking $2.79M closes for $2.69M last month.

Given these kinds of prices, north Slope's 30 St. Marks Avenue looks like a relative bargain closing for asking price of $2.55M in February...

60' deep with nifty patio & roof deck for days!

Wow, 64 Monroe Street has come a long way from the vinyl-siding jalopy you see on the Google Street View:

Started out asking $2.5M last year, later dropped to $1.995M, and closed for $1.8M.  Since this price has already found its way further east into Bed-Stuy, the Clinton Hill end can command it too.

Not everyone wants to go north of Myrtle Avenue in Fort Greene and Clinton Hill, but even this 25' wide new construction joint (with parking!) across the streets from the projects hits asking $1.5M last year.  119 Carlton Avenue drops to $1.4M, and closed for $1.3M last month.

New construction in an even more prime location should be worth more, right?  Especially if you take a price from 3 years ago and close on it today, then relist it immediately at today's prices like 848 Bergen Street.  From asking $1M in 2010, to closing for $1.1M in February, to relisting for $1.8M in March.  The listing broker pointed out to us, there's not really another turnkey 3-Family on this side of Classon for less.  And he just might be right, except we just saw one come out in Fort Greene for $1.65M!

Without even hitting the broadest retail market, 282 Windsor Place closes in Windsor Terrace for $1.985M.  For a 20' x 47' 3-story just off the park, why not?  Buyers from Park Slope proper picked it up.

Even if it's only 20' x 35' and more Gowanus to you than Carroll Gardens, $1.65M for a 3-story at 80 2nd Street is a good deal in this market.  "Only" 30% down made it even sweeter!

For less than half the price, hop over to "deep" Crown Heights where 1124 Prospect Place closes for full asking price of $700K.

Even the Bedford Avenue KFC goes for $1.4M last month.  Platinum Members are spying an even more interesting assemblage with 60' of frontage on a better stretch of Bedford.

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