Thursday, October 23, 2014

Closings of Note: Put Your "Big Boy Pants" Back On

Two years ago, we told you it was time to put your "big boy pants" on for prices in Park Slope.  Now the big boys are spreading all over town.  Here's a look at just a few of the eye-opening numbers happening in Brooklyn.  So much for a million dollars around Franklin Avenue.  This tiny, narrow Crown Heights 3-story at 665 Park Place listed for $2M and closed for $1.895M this month.  The buyers?  From Park Slope.

Speaking of $2M, 'twas but a rinky-dink $900K 6-Family in 2009, after the crash.  But 197 St. Marks Avenue sold for $1.95M last month.  Ain't pretty, but that's location, y'all!

Walk with us, deep, deep into Bed-Stuy - where 598 Jefferson Avenue sells for $1.7M last month to buyers from Boerum Hill.  No, this isn't the 200-block of Jefferson, or the 300 or 400 block.  This is east of Lewis, and it didn't take a fancy listing or a huge open house to fetch well over $1.5M.  Welcome to today's Bed-Stuy.

Remember the good ol' days (2-3 years ago) when cry-baby would-be developers didn't even wanna pay $1.5-$1.7M for flagship fixer-uppers in Park Slope??  Oh, if only they could step into the time machine.  27 7th Avenue was a gem, and dropped all the way down to $1.565M back then.  Now it closed last month for $3.8M to a buyer from Manhattan putting $1M down.

Speaking of a million down, over in Cobble Hill, 359 Henry Street listed for $4.3M as a 16' wide unfinished new construction.  A buyer from nearby closed on it last month for $4.55M.  If you think that's a lot, you should see what's fetching over $7M right around the corner.

But watch out for what big buildings in Crown Heights can fetch too.  This 35 unit building at 1539 Park Place isn't even Crown Heights by some maps, it's Weeksville!  That didn't stop it from closing for $5.075M last month.  Over in Lefferts, a 20-Family at 147 Ocean Avenue sold for almost $5M last month too!

Million dollar condos in Park Slope ain't quite what they used to be.  Now pretty much anything can go for $900+/sqft.  This narrow top floor duplex with roof deck looked like a great value though at 130 St. Marks Place, #4L.  No wonder it listed for $850K and sold for $930K.  If you're the buyer of 531 or 533 Bergen Street, this has got to be your blueprint on how to convert an 8-Family with railroad apartments into something special.

Which is precisely why the sharks were circling 703 Carroll Street, another 8-Family in prime Park Slope.  On Platinum Member radar last year before it came out, a local operater bought the place instead of condo converters.

The unicorn hunters still want a whole house in Park Slope for $1.5M, even though that's been an unrealistic expectation for some 2 years now.  In fact, the condos can fetch more than that today.  153 Lincoln Place, #1C closed for $1.797M last month to buyers from the East Village.  Buyers from Manhattan also bought another unit in this building for $1.25M this season.  At barely $1,200/sqft, Park Slope condo prices still haven't even achieved Williamsburg levels.  So watch out!

Wouldn't you rather have a whole house for the same price?  No wonder 195 Gates Avenue went over asking price.  A little gnarly, a little generic, and certainly on its way to Bed-Stuy from Clinton Hill, buyers from San Francisco closed on it this month for $1.845M with over a million down.

Picky Brooklyn buyers, your 12' wide townhouse asking over $3M awaits!!  Brownstoner had a field day with this one at 415 Dean Street at its previous asking price, but it still managed to close for $2.69M last month to buyers from lower Manhattan.  Just a stone's throw from Barclays doesn't keep 'em away these days.

Neither does a stone's throw from Atlantic Avenue.  582 Washington Avenue closed this month for $2.35M to a buyer from Manhattan.  And you won't believe some of the numbers happening just around the corner.

"Nostrand is too far" rolls off the tongue of short-sighted folks, but buyers from Manhattan ain't stopping at Franklin.  When people ask "What's the next neighborhood to blow?" we always answer, "What's the next train stop?"  So what's the next train stop after Franklin Avenue, people?  You guessed it!  Nostrand.  So watch while 5 commercial spaces in a row between 525 & 543 Nostrand Avenue sell for over $3.5M this month.  Owner says they have a few retail spaces available to rent already.  Can't wait to show you what else is going for ~$3M on Nostrand.

In the even bigger boy department, maybe you missed 564-570 St. Johns Place closing for $24M back in April.  On the same block as Franklin Park, this 135K bsf goes for about $177/bsf.  This will go the way of many other big projects in the area.

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