Sunday, November 30, 2014

Bed-Stuy's Best Buy Under a Million: 36 New York Avenue

Today there are more than a handful of townhomes in Bed-Stuy asking $1.9M or higher.  So finding something decent for less than half that in this market can be a challenge.  Bed-Stuy fixer uppers still come in under a million, but rarely are they this nice.  How do you find one that's 20' wide, just 2 blocks from Nostrand Avenue, with original details intact, delivered vacant?  You've gotta keep your ears open, know what you're seeing, and act fast.  Platinum Members had the pre-market lead on 36 New York Avenue asking $949K, which is just about as nice a buy as you'll find under $1M in this Brooklyn real estate market.

Sure, it's not fabulously staged, and there are garbage bags in the foreground of the pics.  But it does have the marble mantle, the parquet floors, and the moldings.  Gnarly carpet on the garden floor actually covers up & protects the parquet for a few decades.

Sure, the backyard's paved, but HELLO - it's a backyard and rental income.  The glass is half-full, not half-empty.  And for the price many people are paying for condos a few blocks west...

And the kitchen might not be ready for its close-up yet...

But for the budget that some people spend on one done-up kitchen, this whole house could be tidied up nicely.  The last time we saw something this nice for under a million this year, it was right next door at 38 New York Avenue.  When the house 3 bricks away from you just sold for over $1M in July, the one with even nicer details for under $1M is obviously a value.  Seldom do you luck out with next-door comps so apple-to-apples.  And they're essentially the same house, except 38 NY Ave showed better, even though it had a lot of the original floors covered up with cheap new flooring.

By the time 36 New York Avenue looks the way you want it to look, it's not going to cost what you want it to cost.  If you want original details in a vacant building ready for straightforward updates, this is a winner.  A perfect compromise on price, size, condition, location, and tenancy for the right buyers.  GoogleMappers will scoff at the tweener location, while one of the best condo alternative 2-Family fixer-uppers in Brooklyn is sold right out from under them.

Pro's:  20' wide 2-Family with owner's duplex & rental, Bed-Stuy's best under a million, mortgageable, delivered vacant, can be updated within a reasonable budget, perfect for those priced out of Franklin Ave just a block from Crown Heights

Con's:  gone already, work to be done, doesn't show well, didn't last long, tweener block

Ideally:  gotta wake up pretty early in the morning to snag a value like this

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