Wednesday, January 21, 2015

Listings: TriBeCa Loft Living in BoCoCa - 186 Sackett Street

New to the Listings section of the blog, it's an extra-deep loft style 3-Family in Carroll Gardens for $3.5M.  186 Sackett Street is billed as "Tribeca in Carroll Gardens" - and these days they're almost not that far off.  While the West Village townhomes top out over $20M, Brooklyn's 'baby West Village' - as we've affectionately dubbed it - Carroll Gardens is still shocking folks with its townhomes consistently over $3M.  Homes such as 42 4th Place for over $3.5M, 324 Degraw Street for $3.3M, 296 Degraw Street for just over $3M, and the narrow 48 2nd Place for just under $3M are just some of the sales we've covered and heard about this month.  So while nobody's really aching to be as close to the BQE as 186 Sackett Street is, the BoCoCa surroundings are all being filled in.  And what 186 Sackett Street lacks in ideal location it may make up for in loft-style and over-sized 85' depth, putting it over 5,000 sqft.

The aesthetic is BoCoCa, but the proportions are Tribeca-like.  15' ceilings, "1,100 sqft of finished mezzanine", over 1,000 sqft floor plates in renovated albeit generic condition.

Backyard isn't large, but it's there...

The two 2.5 bedroom rentals command some serious coin and top tier tenants in this neighb' these days, and the building is delivered vacant.  Neither the curb appeal or the interior style will wow, you but this is renovated & turnkey living for less than $700/sqft - in the land of $1,000+/sqft condos.  And in a market where smaller fancier townhomes in locations considered much more "ghetto" trade for $3.5M and over $1,000/sqft, like 102 Gates Avenue and nearby 384 Vanderbilt Avenue.  Inanimate deterrents like the highway can be a more manageable thing to fancy buyers than less-savory neighborhoods, so this Sackett house could be a relative value anywhere between $3M and $3.5M for the right buyer at this rate.

186 Sackett Street is also in the coveted PS 29 district.  And trading size for renovated & slightly generic interior by the highway didn't stop cash buyers from locking up nearby 99 Kane Street for almost $3M cash.  For those of you who'd rather be by the highway or the canal than the perceived "hood" (and, believe us, there's plenty of you) this is worth a look.

Pro's:  large, unique, totally turnkey BoCoCa 3-Family with lofty owner's duplex, amazing rental income potential on two floor-thrus, PS 29, super competitive PPSF

Con's: uninspiringly adjacent to the BQE, mish-mosh exterior facade, not insanely stylish or appetizing interior, plenty of money to spend even if the PPSF is nice, no central A/C?

Ideally:  a huge turnkey canvas that'll trade at a price that amounts to a bargain for the right buyer

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