Fort Greene's Most Affordable 3-Family: 365 Cumberland Street

With a few grainy pics, a listing on the Long Island MLS, and barely any listing presence to speak of on the listing broker's own site, 365 Cumberland Street is still the most affordable 3-Family property in all of Fort Greene.  With a list price of $1.25M and bids well above that already, even for such a poorly marketed piece, it's hard to imagine it was pulling teeth barely 2 years ago to get $950K+ bids for these same houses even when Corcoran listed not one, but two of them.  Even after those traded, people were still passing on an identical neighbor at the counter-offered price of $980K.  Boy, if you let $20K kill the deal 2 years ago, it must be a bummer knowing you whiffed on the next $250K+ in upside.  But, alas, this is our Brooklyn.

Built in the mid-1990's, Atlantic Commons houses like these lack original details from 100 years ago, but also all the problems that come with 100 year old houses.  Everyone loves parquet floors, stained-glass windows, and original mantles - but they don't always factor in those can go hand-in-hand with asbestos, lead pipes, termite damage, water damage, leaky oil tanks, and all kinds of other obstacles and deferred maintenance.

 
When you blend nice, new(ish) mechanicals and even generically-designed turnkey space, you get a mortgage-able piece in a prime location at a price people drop on condos everyday in Manhattan that don't offer a penny of rental income.

While our inbox still stays fulls with people requesting that Fort Greene townhouse gem under a million, 365 Cumberland Street is the most affordable look you're going to find.  While 32 South Portland trades for almost $4M just around the corner, some folks are still holding their breath for someone to sell them something at prices that barely made sense 5 years ago, let alone now.


Pro's:  turnkey, rental income potential, with a finished basement you get owner's duplex with yard + 2BR rentals, no 100 year old house problems, true Fort Greene location, Atlantic Commons is actually an adorable little enclave

Con's:  no period details, generic interior, cookie-cutter community of houses, coulda' got one for 30-40% less a few years ago, pretty bare-bones listing

Ideally:  if you like Fort Greene, don't have $1.8M+ to spend, and don't bid on this.... do yourself a favor and start looking further east

Prospect Heights Value Quickly In Contract: 474 Dean Street

Some buyers think they've outsmarted the market when they say, "Don't send me Corcoran listings."  But Corcoran's just as much a part of the market as anyone, and just because they actually market their properties properly doesn't mean that there aren't great Cocoran deals.  Savvy buyers don't care who has the listing; they want the best house for the best price.  When 474 Dean Street hit the market in Prospect Heights under $1.5M, we were pleasantly surprised by what we saw...

The house is totally turnkey with super stylish renovations that sure clean up nice in pictures, new mechanicals... Oh, and did we mention a yard?

All this for a cheaper price than 678 Dean Street.  Is there a catch?  Sure, if you think Barclays across the street is a deal breaker.  But lots of people are about to be living across the street from Barclays...

Many Atlantic Yards neighbors have been pleasantly surprised by its day to day impact on the streets so far, and most have taken a "can't beat 'em, join 'em" approach.  The New York Times already tried to assess the scene, but we saw 474 Dean Street as a plus.  Even on a concert night at Barclays, it's not even noisy inside the house.  And that's before anyone bothers with double or triple pane windows.  The listing agents also touted the "land-banking" play on the house as another angle with value, which we agree with.  Whether they got the right buildable square footage or not, this house is worth over asking price as it sits now, and the land-banking is just bonus.  If we were getting paid tens of thousands on a listing like this and marketing it to families, we'd make sure we knew what school district our listing's in, but houses this choice pretty much sell themselves, so we can't expect too-too much from the listing agents.  No harm, no foul.


Pro's:  totally turnkey, super stylish, great pricepoint, prime location, backyard

Con's:  gone already, busy location, tough to pin down the precise land-banking value

Ideally:  if you want a condo alternative with a yard, it doesn't get much better than this

Closed in Crown Heights: 857 Park Place

Week in, week out, Crown Heights offers some of the best values in all of Brooklyn.  And while people dream of finished townhomes west of Nostrand for $800K or less, one of the best FHA-able deals in all of Brooklyn sells a few doors east of Nostrand for $750K.  857 Park Place was in the finishing stages of a conversion to a 3-Family, and ready to put the finishing touches on.  On a great block, what this brick house lacks in typical brownstone charm, it makes up for in size and pricepoint.  If you've got less than $200K down for a live-able, mortgage-able play any cheaper than this, you can't really stand to be picky.  Each townhouse that sells for the price of a condo a few blocks west is a unique miracle, like 1379 Pacific Street,  348 New York Avenue, 894 Sterling Place.  And just because you can find the occasional deal at this pricepoint doesn't mean that getting it with a low downpayment is easy.  We were bullish on 857 Park Place last year as the market was moving up, and the $850K asking price was coming down.  It quickly became apparent that local broker Celeste Moses had one of the next-best buys on her hands.  The pictures don't even do it justice..

We were pleasantly surprised when we walked the space.  Platinum Members had the lead on the deal when it was available again over the summer.  Deals falling through don't necessarily mean there's anything wrong with the property.  Just ask 10 St. Charles Place, which listed for $920K, accepted a $999K offer, and topped that then when it re-listed after the $999K deal fell through.  Platinum Members had a second chance to pick up some prime Crown Heights play at 857 Park Place at last year's prices when the deal from the summer fell through recently.  Some of the best deals in town are deals that fall through, like 270 Sterling Place just over a year ago, 71 Irving Place a year ago, and 148 Gates Avenue a month ago - all of which Platinum Members got a 2nd stab at.


Pro's:  3-Family, pricepoint, size, great block, one of the most affordable looks in the area

Con's:  updates to be done, not everyone's favorite curb appeal, financing got tricky, you don't see these often

Ideally:  if you're hunting in the sub-$800K market, not much else beats this these days

Listings: Newswalk Condo - 535 Dean Street, #221

New to the Listings section of the blog, we took a look at a condo in Prospect Heights in the Newswalk building at 535 Dean Street, #221.  With a recent price drop from $699K to $675K, it was worth a look.  Especially in a climate where $700K condos are slim pickens in the best parts of Brooklyn, and condos heading towards Crown Heights command well over $700K.  And don't get us started on Park Slope condos with bidding wars in the $1,000/sqft.  Newswalk's location is about as prime as it gets, without nearly as much disturbance from Barclays as residents had expected.  They've got a gym, laundry, parking (for a price), and an amazing new 18,000 sqft roof deck.

 
Large 2BR's here command well over $1M, so a value buy is worth a look...

Currently used like a 2BR, you could keep the current arrangement, have a killer 1BR, or do a little re-arranging at modest costs.

Pro's:  value pricepoint for a top-notch location, roof & building amenities, tax abatement with time left

Con's:  maintenance is a little high, not quite a 2BR, not the ceiling height of the $1M+ versions, faces north side of the building

Ideally:  a great look, all things considered

Off-Market Gem In Contract: 76-82 St. Marks Avenue

Rumor has it that one of Brooklyn's most stunning Montrose Morris buildings is in contract off-market for well above its asking price.  Don't try this on your StreetEasy, or your Zillow, or your LoopNet, or your New York Times.  And don't say we didn't warn you many months ago.  Yes, 76-82 St. Marks Avenue on the primest Park Slope & Prospect Heights border with its stunning 3-4BR 1,300 sqft apartments, some top-notch commercial destinations, Barclays down the hill, Prospect Park up the hill, and the 2/3 trains steps away.  Can you say "curb appeal"?

And the inside ain't too shabby either.  High ceilings, bay windows, great hardwood floors, moldings, pocket doors, updated kitchens, baths, and laundry in some units...

 
It's not like this building hasn't been covered over & over for its beauty & history alone.  Brownstoner had their take.  "Save the Slope" did as well - although we still don't know what anyone's saving the Slope from exactly.  Heck, some of you are still just waking up to Brooklyn, but they knew this bad-boy was a beast way back in 1885, y'all!

But when it comes to scrounging the market for that undercover product, who keeps ya laced like BK to the Fullest?  The owners wanted a number that sounded high to novices and even experts alike.  The asking price wobbled between $12M & $12.5M.  There was little-to-no marketing.  But we thought we'd try our hand at it

Afterall, we've been right before.  We had the right read on the deal & everything it took to get 96 St. Marks Avenue across the street (except a phony cash offer), which sold for $999K total and now has multiple condos around that price.  No one wanted to pay a penny over $1.275M for the 5-story Prospect Heights gem around the corner at 181 Park Place, and it was up for grabs off-market between $1.4M-$1.6M for months, but it wasn't until Elliman dropped it on ya that they get a contract at $2M.  Or when it was pulling teeth to get an offer over $1.2M on 308 Clermont Avenue just last year, before bids gradually topped $1.7M.  Or when buyers balked at a contract below $1.6M on Park Slope's 352 4th Street, which later closed above $1.8M.  Or when it was pulling teeth to get a bid above $750K on 22 Arlington Place, which closed with not $200K, or $300K, but $400K upside in the deal!  (The neighbor a few doors down is recently in contract over $1M, by the ways.)  How you gon' act like we don't have Brooklyn on lock?

Yes, you can lead a multi-millionaire horse to water, but you can't make him drink.  Accordingly, when we got our hands on the deets for 76-82 St. Marks Avenue, even off-market, the offers flew from $9M to as high as some $11.5M.  But by then the owners were really feeling their oats and negotiations broke down.  So while scores of developers, even those known for throwing their money around with no plan for the building they purchase, were turning down the chance at $12.5M for this thing - the rumored contract price now is $15.5M.  $3M in upside on a platter for some 6 months?  You're welcome.

We'd been screaming that the no-brainer comp for valuing St. Marks anywhere above $12M was the Triangle Sports Building's high-profile sale at $4M.  And there's at least 3 triangles in St. Marks.  So just who do you think the buyer is?


Pro's:  it doesn't get any more prime than this, curb appeal, huge apartments with killer rental income potential as-is, condo conversion anytime you want

Con's:  gone already, seriously undercover, not for the faint of heart or the faint of pocket, hit an amazing 20 GRM!

Ideally:  they told us it was over-priced at $12.5M - go figure

When $100K in Upside Isn‘t Enough: 289 Lincoln Road

Weeks before it hit any website, Platinum Members got the bat signal on a great 2-Family limestone in Lefferts Garden at a great price. 289 Lincoln Road wanted $750K and had great wood interior with nothing more needed besides cosmetic upgrades to kitchens and baths to really make it shine.  The sellers quickly raised their price because of the whopping response they were getting, even pre-market.  And now we’re told they're in contract for some $800K cash.

On a drizzly Saturday morning, local broker Celeste Moses got us into the first showing.  We were impressed with the place from the jump, and assured it was worth over asking price.  Heck, Cororan would list this place for over $800K and get it.  Oh wait, they pretty much already did at 279 Lefferts Avenue.  Modest buyers were in a unique quandary with this house, reminiscent of 22 Arlington Place.  An estate-type sale with great original details, that's in an up & coming neighborhood, that isn’t being marketed well, and is worth over 10% more than the sellers are asking for it.  Many mulled it over, weighing the pro’s and con’s of different scenarios.  Do you buy it and flip it as-is?  Will you cover enough profit after closing costs for that to be worth it?  Do you buy it, renovate it, and flip it?  Is there enough meat on the bone that way?

Pardon us while our haphazard iPhone pics do ten times more justice to this house than the brokers who stand to make tens of thousands on the deal, or the owners who stand to make hundreds of thousands on the flip...

In the right hands, this house sells for $850K+ as-is.  But the list price of $750K still gave some pause.  It’s quite a “Republican problem” to have a guaranteed $100K in upside on a property and not know what to do with it.  Cry me a river if an extra $100,000 in equity is one of your 99 Problems.  That sounds like a pretty nice problem to have.  Who knows, by closing, that $100K may even be as much as $200K, $300K, or $400K, as demonstrated by Platinum Member winners on 22 Arlington.  Just like that place, Lincoln Road's full of original details, built-in's, etc.  All on a block that's as nice as the landmarked stretch that's 1 block away, without the fuss of landmark issues on this building.

Maybe you missed the 10-cap across the street at 300 Lincoln Road that was begging to be bought for the longest.  Maybe you missed 22 Arlington, or 894 Sterling Place, or 1379 Pacific Street, or 397 Hancock, or the nearby 272 Sterling Street in this price range.  Looks like this could've been your chance...


Pro’s:  great 2-Family, great pricepoint, $100K or more in upside, around the corner from a real train, close to the park, beat the Corcoran crowds

Con’s:  gone already, easy to miss, not everyone's ready for Lefferts, since when is $100K in upside a problem?

Ideally:  another great look at a top-notch underground listing for investors or end-users alike

Closings of Note: Manhattan Buyers Descend on Brooklyn

It didn't take too long for 620 3rd Street in Park Slope to list for $3.35M and fetch $3M.  But Park Slope isn't the only place commanding $3M or more in Brooklyn...

 
We wouldn't file it under "Manhattan Transfers", but 32 South Portland in Fort Greene sells for $3.75M to buyers from Manhattan and breaks a neighborhood record, by some accounts.  Doesn't stop people from e-mailing us begging for houses in this neighb' under $1M, but it takes all kinds.

 
While many are still trying to plunder Park Slope proper for that elusive $1.5M gem, a Windsor Terrace beauty (at least on the inside) at 538 16th Street lists with Corcoran for $1.65M and sells for $1.7M.  Reports of a bidding war around the $999K mark in 2008 were a little premature, as it closed for just $840K in 2009 - probably a result of the economic crash.  Nowadays for a finished product this close to the park, even if it's only 17' x 38', you can expect to pay a pretty penny higher.  $900+/sqft??  It's not just for Brooklyn Heights anymore, people.

Speaking of Manhattan buyers, 305A President Street in Carroll Gardens was a 5-story, 18' wide "Bring you're contractor/architect" special asking $2.4M.  It sold for $2.38M.  This is what passes for "price flexibility" in this market.

Speaking of Manhattan buyers, 96 St. Marks Avenue sells another one of its condos in prime Prospect Heights for $835K.  Nevermind that you could've copped this entire building just a few years ago for $999K.  Since this is what condos sell for over here now, maybe this is why you can't find a multi-family townhouse over here for this price anymore.  But they don't hear us, though.

Another prime Park Slope property takes a rounding error discount off its asking price of $3.8M.  43 8th Avenue sells for $3.78M.

If you didn't wanna hear that Park Slope has little-to-nothing to offer in the $1.5M category (especially when it comes to openly marketed & mortgageable property) then you really don't wanna hear that Stuyvesant Heights properties are pushing that number now.  286 Macon Street couldn't get $950K last year, but sells last month for $1.475M

If you wanna get a deal, you've gotta dig deep.  And prepare to flex cash and spend more on renovation.  435A Classon Ave listed for $349K and sold for $355K.  But this 15' wide place sure won't win any beauty contests.

Over in Crown Heights, Nostrand is teaming with opportunity, though some will still tell you it's too far.  852 St. Johns Place listed for $850K and sold for $797K.