Mixed-Use on Prime Fort Greene Corner: 250 Dekalb Avenue

We love the feel of this stretch of Dekalb Avenue in Fort Greene. Renting over here can be a joy, quietly tucked in the middle of it all, without the presumptuousness of some neighborhoods or prematurely-gentrified feel of others. It's just an overall great vibe. 250 Dekalb Avenue sits on the corner of Vanderbilt and Dekalb, just a block away from Brooklyn Flea, and in a long alley of restaurants and spots leading up to Fort Greene Park. They show us a bit inside, but not much:





Not the best, not the worst, but we'd rent it in a second. They want $2.3M over here, which sounds legitimate to the ear when we're talking about 5,500 sqft and 3 apartments + a bistro tenant. The ground apartment sounds like it's not currently set up as residential, so that would need some work to turn around. They started at $2.5M in November and dropped their price within a month. As corner mixed-use properties go in this price range, we'd rather end up at 603 Vanderbilt, closer to Prospect Park for just $100K more, and that might be just the price 250 Dekalb is trying to out-maneuver. The apartments look way superior in 603 Vanderbilt, in addition to its preferable location. Throw in the fact that Corcoran's visibility is exponentially higher than NauCorp's, and that $2.3M price starts to look like simply a 603 Vanderbilt knock-off.

Pro's: lovely location, corner lot, size, rental income potential from 3 apts + bistro, original details in apartments

Con's: could use some sprucing up inside, 603 Vanderbilt looks much better for only slightly more, no details on cashflow, requires commercial loan, not the best in breed

Ideally: with 250 Dekalb being virtually all equity to its owner, maybe it finds a happy medium at a lower price before 603 Vanderbilt does.

Topics: Rent

You heard it here first: water is wet, the sky is blue, and "the rent is too damn high!"


Was this really headline news to anyone? Every first of the month, most of us are reminded of this grim reality. But what to do? As we often say, "If ya can't beat 'em, join 'em!" Luckily, to that point, there are a ton of purchasing options out there not always explored by people consistently paying what would be the mortgage on a huge mansion in any given suburb just for a tiny rental apartment in an NYC borough. In fact, this average Manhattan lease number of $3,309/month would be the mortgage on a loan of almost $700,000, at the latest rates quoted on Yahoo Finance's real estate page. Talk to a lender for details, obviously. But we've seen what $700K can do in the condo game, and don't get us started on the 2-Family housing it can buy you a little further east!

Lots of new FHA-approved apartments are around for those looking to go that route. And tucked away in the streets of Brooklyn there are still cash-flow neutral-to-positive multi-family homes for sale. The benefits of owning are great. Mortgage interest (and some other costs) can be tax deductible. Your mortgage stays fixed while rents go up. Mortgage rates continue to dip to absurd lows. We encourage anyone who's even fancied the thought of purchasing to talk to a lender and figure out how much house they can afford. It's simply a question of your credit score, your income, and your downpayment. You'll never know unless you just ask the question. And it costs nothing to find out. Contact us if you need a great mortgage point person who can give you a snapshot of what you can purchase, or if you need a consultation on your renting vs. owning matrix in this market.

Great Buy In Contract Yesterday: 27 7th Avenue

If you wanted a serious castle on front street in Park Slope right next to the train, with unique curb appeal & sick original wood details throughout, then 27 7th Avenue is your guy.



It looked pretty attractive to us even at its $1.995M asking price when it hit the market in the spring/summer of 2011. By the time it fell to $1.8M in September, we put the bat signal out for Platinum Members that this thing was the best $1.8M in a cloud of disappointing listings in that price range. Then we couldn't believe when it was dropped to $1.65M a few weeks ago. One reader told us the estate condition, lack of a backyard, and school district were the deal breakers for him. Those are all valid points. But to see this place slip to the price that 270 Sterling Place went into contract for was still a shocker to us, and it was only a matter of time before someone swooped it up. The interior is very comparable to 270 Sterling, in fact:





We can only imagine that reader "romanov" who commented on 270 Sterling, also hopes they keep the triplex in this place. Those are decisions we try not to 2nd-guess ourselves. Even if it needs all new kitchen & bathrooms, what's the next-best buy within 10 blocks and $250K of this one? It ain't 292 1st Street. It ain't 725 President Street. "Bravo" to whoever lands 27 7th Avenue.

Pro's: curb appeal, so little inventory like this, price, unique original details, close to the trains & everything

Con's: busy 7th Avenue, little to no yard, bus stop across the street

Ideally: this is just a great buy to us, everyday of the week. Especially with how hot the Park Slope market has gotten, and compared to the 270 Sterling sale.

The $700K Condo Game, Pt. II: 310 2nd Street, #5D

Recently we covered a look at a $700K 2BR condo around Park Slope when considering the options for a young couple looking for a condo in that area and price range. Then, just a few days ago, another young couple we know in the BoCoCa area lamented to us that their fancy 1BR rental was getting hiked up from $2,400/month to $2,700/month, and they wondered if there were any 2BR apartments to purchase in that general location for $500-$600K. The short answer is, "No." While there are a handful of co-ops priced that low with maintenance around $1,000/month that's pretty much prohibitive, no true condo is selling that low in that area. Or at least not without serious draw-backs. We were shocked when even this 1BR + office garden apt fetched so close to its asking price. If that thing got $650K 2 years ago, who's selling one for that price or less now? In order to keep things in that price range, some trade-off has to be made between location, size, condition, maintenance, condo/co-op - something. Anybody got any ideas for our BoCoCa couple?

Back in Park Slope, back up in the $700K's range 310 2nd Street, #5D is our best look at a legitimate 2BR with nice upgrades, not too sterile of a feel, and a great terrace on the top floor:



The current list price of $759K doesn't sound too far off, especially considering how this stacks up to what else is out there and how much this unit was purchased for in 2007 during the last peak. Common charges of $500/month don't break the bank relatively either. And yet this find didn't even move the needle for the Park Slope couple in the $700K's, who we hear are ending up in a new construction right on 4th Avenue. 310 2nd Street is just off of 4th Avenue too. We like it for its townhouse feel. Amenities like a "gym, common courtyard and a private garage a few doors down" don't hurt either.



Oh, and did we mention the terraces?



The unit has "an elevator that brings you directly into your space" - kinda cool. How do we feel about that?

Pro's: top floor condo, outdoor terrace spaces, modern renovation, recent construction, best of breed

Con's: some may find the exterior and interior generic, pretty close to 4th Avenue, still not the biggest 2nd BR

Ideally: looks to us like a perfect trade-off for someone in this price range for lots of reasons.

Won't Last Long: 414 Adelphi Street

They've done it again. This team of legit brokers with Corcoran brings you what they can honestly say is "one of the best townhouses on the market in Brooklyn today!"

414 Adelphi Street in Fort Greene is a straight-forward 3-Family with nice pictures for $1.399M. Why settle for so-so in Clinton Hill at this price, when you can get into Fort Greene?



True, it's been on the market since September at $1.499M, but they just dropped price and slapped the nice pictures up there & they're having an open house on Sunday. We're not mad at 17.75' wide for something so turnkey and legitimately listed, so close to the train & the park in Fort Greene. So what if it's down the block from the housing projects that gave some pause on 472 Carlton? With all the madness in pricing going on, and uncover listings abound, it's nice to see such a clear play. Take the mantles, the owner's duplex with yard, updated kitchen, some original floors, and run!

Pro's: location, turnkey, real listing, price

Con's: 17.75' wide, some upgrades better than others, not everyone's favorite projects down the street

Ideally: we defy you to name a better buy at a better price within 20 blocks.

More Mixed-Use on Court: 359 Court Street

Pricing's a funny thing. Walk a few blocks up Court Street from yesterday's pick on the edge of Carroll Gardens for $1.25M, and the price more than doubles. 359 Court Street, billed simply as "Great Location! Perfect for Investor!" (this agent obviously charges by the word), is a 3-Family plus store at President Street listed for $2.65M. Where's this pricing coming from? Are you paying for cashflow now? Some great potential down the road? At this price, neither.

If Sweet Melissa asked for over $2M and fetched $1.6M all cash instead, what hope does this have of going for $2.65M? We covered the pricing disparities between neighborhoods for the same cashflow on those buildings.

Wouldn't you much rather be at 603 Vanderbilt Avenue, with a NOI over $150K, a list price now dropped to $2.4M, and really get something like some lovely apartments?

Pardon us if the fish spot pics, no interior of the apartments, and no rent roll provided didn't get us itching to drop over $2M in Carroll Gardens...





They're not really making much of a case for the place as perfect for an investor. A real investor over here would want 364 Union Street for this same price or less.

Pro's: prime location, lots of rental income potential, not lots of inventory like this

Con's: where's the cashflow?, what are the apartments like?, where's this pricing coming from?

Ideally: we'd much rather be in Vanderbilt, or a prime multi-family right by the park in Park Slope for this same price.

New Year, Same Haystack: 554 Court Street

554 Court Street is a little mystery-meat mixed-use building at the far southern tip of Carroll Gardens, by the BQE. It's still a "needle in a haystack" situation to come across this listing, that provides no address on Zillow. In fact, in addition to being able to e-mail this listing, post it to Facebook, or "Digg" it, there's even an icon for "StumbleUpon" - which more accurately captures the true nature of the Brooklyn real estate process:



We've been among the several moans and groans about the proximity to the BQE in this area. But that didn't stop 159 Nelson Street from fetching over $1.7M. Or even 536 Court Street from doing a sweet, modern conversion that fetched almost $1.7M.

Obviously, 554 Court Street won't be priced like Camp at almost $1.5M either, but what's stopping the top two apartments from getting nice rents and a hip commercial tenant coming in to this healthy 20' x 50'? And for a price that you might see on Myrtle Avenue in Clinton Hill for something this size?



As every corner of South Slope gets explored for prices that sometimes feel ahead of themselves, it makes sense to see 554 Court fetch somewhere near this asking price. Though still more evidence for why 258 Dekalb Avenue in Fort Greene was the next shoe to drop in this genre of mixed-use plays around (or on the edge of) upscale areas.

Others might shoot for a play on Smith Street; figuring, if you're already in for over $400K down, what's $75-100K more?

Pro's: location, price, size

Con's: edge of the neighborhood, a little more down payment might get a better place

Ideally: worth sizing up.