Saturday, February 28, 2015

Closings of Note: Playing Catch Up, Pt. III

It took some time and some price dropping, but buyers from Gowanus closed on the styling Prospect Heights renovation at 743 Dean Street for $2.57M last month with well over a million down.  This is what many want their house to look like, but what few can afford to pay.  All & not, not bad for a unique 2-Family with 3 parking spaces.

When you've got a janky 25' x 60' building in a prime location that you picked up for $1.375M in the doldrums of 2011, it's time to blow it out modern and charge through the roof.  325 Degraw Street closed for $5.995M last month, with some $1.5M down, on what appear to be renderings alone.  No wonder Platinum Members were happy to chase off-market 25'-widers over here for $4M and higher.

Listed for $3.475M asking "NO BROKERS PLEASE!", 99 St. Marks Avenue was a prime Prospect Heights 5-story just out of reach of many eyes and many budgets.  It closed for $2.92M last month to buyers from Manhattan with over a million down.  No wonder we were so bullish on the adjacent & vacant 5-stories around the corner at 218-220 Park Place for $2.4M-$2.7M each.

An off-market deal in Crown Heights over $2M??  Not on StreetEasy??  This extra-large 4-Family at 686 St. Johns Place closes for $2.05M cash last month.  No wonder Platinum Members are psyched to take down basically the same building around the corner for much less at 711 Sterling Place.

A less than 15' wide million dollar condo in Crown Heights?  Oh, it's happening.  568 St. Marks Avenue, #1B with its finished rec room in the basement will tally up like a cheap price per square foot, but that's a lot of money for not that much space.  At least it's a 2BR/2 bath with a back yard.  Buyers from nearby closed for $999K last month.  No wonder other 2/2's in new buildings over here are crushing their own records, in contract "significantly over $1M" like 475 Sterling Place, #3C.

Speaking of Sterling Place, across the street at 500 Sterling Place it was news that they're now fully leased and broke neighborhood rental records with their studios over $2,200/month.  Even more newsworthy to us is Forest City buying it for just over $48M last month.  That's right.  We didn't stutter.  Nobody wanted to pay over $5M for this dirt (except one), but now it just sold for over $48M, or over $600K/unit.  We been watching it since day one, and still can't believe that number.

Over in Clinton Hill, north by Myrtle, another loft goes for almost $1.5M.  159 Carlton Avenue, #2B closed for $1.4M last month with about $750K down.  This isn't where people expected condos to poke north of $1,000/sqft, but what developers who robotically count condos ppsf down to the penny love to overlook is this:  condo buyers don't buy purely by the squarefoot.  They buy the dopest condo their money can buy.  Compare this to an even fancier condo that just sold for only slightly more at 105 Lexington Avenue.  And in Prospect Heights it's up to $1,140/sqft at 238 St. Marks Avenue, #5A to buyers from the West Village.

Speaking of buyers from the West Village snatching up Brooklyn condos around $1.4M, head on over to Park Slope where all the sales in 396 6th Avenue have exceeded $1.2M, including unit 4 for $1.37M last month.  Some $400K+ down got it done.

We clowned Fort Greene's 137 Adelphi Street back in 2011 when its asking price around $2M was a joke.  It later closed for $1.1M in 2013.  In this market, done properly, it lists for $2.75M last year and - after a price drop - cruises to $2.35M in December.  Buyers from London made it happen.

Once thought of as "no man's land" Clinton Hill, this mixed-use piece at 1082 Fulton Street sells for full asking price of $3.5M in December.  A totally performing asset, you'll see less than a 6-cap like this happening all day in Clinton Hill and beyond.  Nobody gave the building next door the time of day years ago at even a third this price.

Speaking of "no man's land" Clinton Hill... just a few years ago 184 Lefferts Place was a gem of a foreclosure pick-up under $500K.  Then it lists for the run-of-the-mill price for the neighborhood and closes for $2.325M last month.  What a different two years and a renovation makes!

Back in 2011-2012, it was easy for Platinum Members to hate on the barely-marketed 288 6th Avenue at its asking price of $2.35M.  Now it lists for $3M and cruises to $2.8M last month to buyers nearby in Park Slope.

Anything under $2M, though, in Park Slope is bound to be small and need work.  378 5th Street closing for $1.895M last month is no exception.  Buyers from nearby in the Slope picked it up with about $400K down.  Nobody said Bed-Stuy had to turn into Park Slope, but houses in Bed-Stuy sell for this much or more now!

Don't look now, but way deep into Crown Heights, new construction multi-fams are going over $1.1M.  1501 Dean Street was a vacant lot that traded for $120K in 2012.  Now it closes in December for $1.166M with over $350K down.

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