Another big number on a big townhouse in Crown Heights? That's just another day in the life in Brooklyn. Corcoran couldn't get the owner of 1249 Pacific Street the deal at $1.75M. Heck, last year the local brokers couldn't even get $1.2M for it. But yesterday our main man Paul Gooden (along with Teresa Lomax of Sprint Realty) tells us he did the deal that Corcoran couldn't, putting 1249 Pacific Street in contract for $1.7M cash. Granted, it's a 7-Family, which is a bit of a misnomer, 'cause it's really just another ~4,000 sqft townhouse. 22' wide by 45' deep on 5 stories - (aka, the 3rd grade math that people will tell you makes them "developers") - it may be be larger than even 4,000 sqft by some accounts. Set up as 2 studios and 5 1BR apartments, this is like another nearby 5-story 1243 Dean Street all over again...
But in today's pricing, pieces like this go for more than the $1.25M range. Even if they're just off the homeless shelter at the armory. Just ask 1319 Bedford Avenue, around the corner...
....which also just sold for $1.7M cash.
Yes, gone are the days when only the tippy-top finished products in these areas could command $1.7M. The sky started falling that way in this category once something generic hit that price last year at 1062 Dean Street after listing for under $1.4M...
By the time this was old news, the shells were going for $1.6M cash on this block (1082 Dean Street), and the finished products were going for $1.9M with over a million down around the corner like 627 St. Marks Avenue...
In fact, since last year when 1249 Pacific Street couldn't get $1.3M, over 25 townhomes within half a mile have sold for $1.3M or higher, the majority of which were over $1.5M. No wonder a similar 7-Family like 1170 Dean Street is in contract after listing around $1.5M...
And an active commercial broker told us yesterday about another sick Crown Heights 7-Family brownstone hitting the market soon around this price. And the twin to this and 1249 Pacific Street at 1140 Dean Street refinanced at a $1.75M valuation late last year. And don't forget 1261 Dean Street for $1.7M cash last year, and still undergoing its gut renovation this year...
Oh, the numbers simply don't lie! And they're coming fast & furious in all directions. It doesn't stop real G's from picking up huge 5-story SRO deals with sick details on these blocks like 1245 Dean Street...
This kind of $1.7M+ activity has gotta have the buyers of large pieces on more prime Crown Heights blocks like 711 Sterling Place dancing in the streets to see comps like this. And it goes to show that Corcoran isn't always the hottest ticket in town. 5-6% commissions can be the difference sometimes in a deal of this size.
Pro's: 22' wide and 5 stories is unique size, curb appeal, major Crown Heights corridor, lots of rental income potential on a 7-Fam
Con's: not the most desirable block in particular, particularly thrown shade on because of the nearby homeless shelter, not ready to be the dream end-user townhouse when chopped into 7 unit, gone already all-cash
Ideally: $1.7M cash is a big number, but someone's gotta do it!
Closed for $1.7M cash two weeks ago.
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