Another HomeCanvasr.com First Hits the Open Market: 431 Prospect Place

On HomeCanvasr.com since May, this neat little 2-Family in Prospect Heights ripe for an end-user hit the open market last month and has an open house this week.  431 Prospect Place was a member of the coveted #notonstreeteasy club until just a few weeks ago.  Given what else is going on in the market, this totally turnkey upper duplex and garden rental 3-story on an extra deep lot is worth a look at the asking price of $2.35M.  While the "My First Sony" nay-sayers will be quick to point out the 17' width, that didn't stop our last look at 17' wide from fetching $3.2M in south Slope in a bidding war that even TV personalities couldn't keep up with.

But what the "My First Sony" buyers don't always factor in is that interior staircases and 2 entrances on these "narrow" 2-Fam's mean a net width in the rooms the same as a 20'-wider.  Either way, that didn't stop Clinton Hill's less-than-15'-wider 368 Grand Avenue for closing over $2.3M last year.

And 16' width didn't stop even Bed-Stuy's 22 Arlington Place from fetching over $2.2M last year either.  Granted, these are both 4-stories, but we're just saying.  431 Prospect Place is asking almost $1,000/ft, but on a whole-dollar level, we certainly can't blame them.  Nice original detail throughout:

A recent renovation may not be everyone's taste, but certainly gets the job done and lets buyers hit the ground running...

The 127' lot and modest deck off the parlor don't hurt either...

The gripes are built-in, but the pluses are there.  Especially since people paid almost this much for total shells in a need of a gut around the corner even 2 years ago.  If you want more than a duplex condo and you wanna be west of Franklin and you don't need Corcoran to blind you with staging and retouching and tuck you in at night with 6% commission, this is a good end user play at the right price.  With an open house tomorrow, it's even easier to see for yourself.   Platinum Members toured one even juicier than this in Clinton Hill for $2.2M and a 4-Family in Clinton Hill for $2.35M both off market this month.  #notonstreeteasy can't stop, won't stop!

Pro's:  cute curb appeal, totally turnkey & mortgageable, nice Prospect Heights side end-user play, condo alternative with rental income for many buyers, extra deep lot, original details, west of Franklin

Con's:  next to a large apartment building, not the most recent or hip renovation, 17' wide, won't stun you with staging, 1990's renovation at 2015 pricing, feels a tad high on price perhaps

Ideally:  if you won't go to Crown Heights proper for $1.8M and you don't want a condo in more prime Prospect Heights for $1.8M+, and you can afford over $2M, you should give this a shot

Price Drop in Prospect Heights on HomeCanvasr 2-Family: 658 Dean Street

This just in, not every property in NYC sells on the open market.  Brick Underground was the latest to cover the topic in their multi-part series about "Whisper Listings".  There are all kinds of reasons why this happens, but regardless of the reasons, we're all about hearing about any & all properties as soon as possible.  That's why we were patiently waiting weeks to get into this one in Prospect Heights.  Available first and only on HomeCanvasr.com, 658 Dean Street is a totally turnkey 2-Family just off of Vanderbilt Avenue that's just reduced its asking price from $2.3M to $2.2M, and we're told they'd even go for $2.15M.  The house underwent a total gut renovation in 2007 with new mechanicals, new skylights, and a new roof.  It's set up as an owner's duplex on top (with exclusive access to the backyard) plus a rental unit on the first floor.  Even the basement is finished, and was most recently used as a nifty little recording studio.  It's not everyone's style without original details, but quick and affordable paint and kitchen & bath upgrades would take this thing to the next level overnight...

A solid 20' x 50' house on a 110' lot.  We're even kinda diggin' the steal beams across the backyard, where you can cook out, or just enjoy the smells from nearby Chuko...

You even get some skyline views from the top floor front bedroom, and even better from the roof...

When just a few blocks away on Vanderbilt people are duking it out over houses from $2.3M-$3.5M, this is looking like one of the better plays around $2.2M in town.  This is like Atlantic Commons with more of a Prospect Heights feel.  A little rich for our blood, but has great potential for all kinds of end-users who want to put the finishing touches on a house and could care less about original details.  If you can find a better house for $2M or less, buy it!  Or, if you want one that needs a lot more work but costs less, go and figure out this weekend why neighbor 652 Dean Street can't move yet with Corcoran for $1.9M.  But 2 blocks from Brooklyn's billion dollar stadium doesn't come cheap these days.  Anything cheaper than that and you're talking condos in Prospect Heights.  And even those come with hefty $1,500+/month maintenance fees instead of $2,600+/month rentals.


Pro's:  totally turnkey, prime Prospect Heights, suits Vanderbilt Avenue lovers, close to every other Brooklyn neighborhood, the work left to be done is "the fun stuff", finished basement, nice yard

Con's:  generic style, no original details, Atlantic Yards extension across the street will be developed someday, really 3-stories not 4

Ideally:  another great look at something that no one else has but HomeCanvasr.com

Condos Keep Converting: 181 Park Place, #3

When you close on a 5-story brownstone in prime Prospect Heights in 2013 for just over $1.8M and list just one of the condos on 2 floors for even more than $1.85M, you know you're in a hot market.  That's exactly how it's going down on 181 Park Place, #3.  Sure, buying it for $1.8M and flipping it right back for $2.99M didn't quite work, but we think the condo conversion will.  It was adorable to see would-be developers pull out their crayons and draw pro-formas on this place just over two years ago, back when the owner would've let it go around $1.5M and nobody wanted to pay a penny over $1.25M.  But now that it's obviously hotter than hot in Brooklyn right now, guess how much comparable off-market SRO shells are going for?  $2.7M a piece, like 218-220 Park Place last month!

No pics yet for the condo, but the floor plan shows a duplex with a private roof deck.  For all those that say nobody will pay this price for a 4-floor walk up, just watch 'em...

And don't act like $1,000+/sqft hasn't happened over here before.  And don't act like the same broker didn't just move a similar brownstone conversion for some $1M/floor just across Flatbush at 777 Carroll Street.  It's not what people wanna hear, but it is what's going on it the streets.  We ain't over here "touting" jack, despite what people might claim.  We're just telling it like it is.  Prices like these ain't pretty for buyers, but still a value over comparable product in Manhattan or "better" parts of Brooklyn.  Sometimes you just gotta say "wow".

Would-be developers take heed.  Sleep on off-market 5-story estate-type sales around $500/sqft at your own peril.

Pro's:  prime renovated Prospect Heights duplex condo with private roof deck, not a 50+ unit building

Con's:  certainly ain't cheap, no pics yet, it is a four-floor walk-up, quality reno or not?

Ideally:  a valuable lesson for some and a buy for others.  Certainly too rich for our blood, though.  Maybe this is why Bed-Stuy gems go for this price now?

Best 8-Family in Brooklyn in Contract: 556 Dean Street

Sometimes the hands-down best 8-Family buy in all of Brooklyn is right under your nose and you don't even know it's for sale.  Then, you tell these so-called investors that it's for sale and they still don't know what to do with it.  Cue the enormous Prospect Heights gem at 556 Dean Street.  That's right - even in the hottest market ever, you can be looking at the best Brooklyn has to offer and "you ain't even know it".  With a serviceable - but uninspiring - marketing plan from the cagey broker/owner, even the best properties can flail on the market, as this did when it listed much higher than $3.5M, and even when it dropped to $3.5M.  But eventually enough sharks were circling and supposedly some additional vacancies came on the horizon, and now the best 8-Family in all of Brooklyn is in contract.  What makes this the best?  Prime Prospect Heights location between Barclays and Vanderbilt Avenue.  A huge 40' x 70' size, netting you over 10,000 square feet. Unique curb appeal, and you won't find many rent stabilized buildings with this kind of original detail intact...

Then some simple renovations really touch it up...

What makes this the best?  Well, if you weren't feeling $4.9M for a 27.5' wider in Park Slope that's basically fully rented with little immediate upside like 703 Carroll Street (closing any day now), or if you missed Prospect Heights' two neighboring 27.5' widers at 531 Bergen Street and 533 Bergen Street, or if you've seen what other prime 8-Families go for $4M plus, then you'll know what we're talking about.  Even with a rent controlled unit and the rest mostly stabilized, the 3BR apartments get amazing rent over here, as the flagship unit here demonstrates at $3,700/month.  And for you condo converters, $350/sqft in the land of $1,000+/sqft apartments ain't too shabby either.  No way this shouldn't go for $3.5M or higher.  An 8-Family in prime Bed-Stuy this size on HomeCanvasr.com has sight-unseen bids of $4M+.

Pro's:  location, curb appeal, upside, some free market & renovated units, supposedly has vacancies, 40' width affords true 3BR apartments instead of the 27.5' wider with railroad apartments, sick original detail inside, condo conversion potential, upgraded mechanicals

Con's:  extensive rent regulation, low cap rate as-is, hard to finance even if you've got a million in cash,  

Ideally:  a top-notch property bound to close at a great number for buyer and seller alike

Most Affordable 2BR Apartment in Prospect Heights: 649 Vanderbilt Avenue, #2B

Who says Corcoran doesn't have good deals?  (Simpletons who don't know the nuances of the real estate game, that's who!)  Feast your eyes on Prospect Heights' most affordable 2BR apartment at 649 Vanderbilt Avenue, #2B asking $565K.

We've been telling jokers for years how hard it is to find a decent 2BR for even $700K in the preferred areas of Brooklyn.  Then along comes this totally legit 2BR apartment, around the corner from Prospect Park, on Prospect Heights' favorite commercial strip, for under $600K?  Platinum Members paid basically this price for a 1BR in Prospect/Crown Heights last year!  649 Vanderbilt Avenue, #2B is a cute, little place that does the trick.  A second floor walk-up with two bedrooms in the front facing out on Vanderbilt, a living room, and updated Ikea-style kitchen and bath.  You'll be hard-pressed to find a better bang for your buck in a location as love-able as this.

Decorative original fireplace, washer/dryer in the unit, low common charges on the co-op?  Park Slope, eat your heart out!  This is a slam dunk deal for dozens of buyers in this market.  Even if you think it's on the small side, or just a starter apartment, you CANNOT beat the price.  Yes, while the NYTimes proudly touts studio apartment rentals further east in Crown Heights for over $2,300/month, you could purchase this 2BR apartment with less than $100K down and have a mortgage lower than $2,300.  But they don't hear us, though.



Pro's:  best of breed price & features for 2BR apartments in the area, original details, cute upgrades, washer/dryer in unit, low monthly fees, open house this weekend

Con's:  on the small side, won't go quietly, people will ask "So, it's a co-op and not a condo?", brace yourselves for calls of "best & final"

Ideally:  a no-brainer for dozens of buyers.  We're taking any and all bets that this goes over asking price

Platinum Member Closing in Prospect Heights: Park Place Brownstone Gem

A few months ago, we were in a pre-market gem of a house in Park Slope asking well over $3M, when we got the call from someone in the neighborhood about this Prospect Heights gem whose owners wanted to sell for just over $3M.  Two weeks later, Platinum Members were finalizing the deal around that price.  Sellers canceled the open house when the offer came in.  No brokers or big commission necessary.  "Look, ma!  No hands!"

Brace yourself for sick original details for days...

Don't try this on your StreetEasy or your NYTimes.  This is pre-market Prospect Heights at its finest...

We've never seen a bathroom with parquet intact...

And don't forget the extra-deep lot...

The right broker could stage this and get over $3.3M, but sellers do their own things for their own reasons.  Factor out the ~$150K that a big brokerage would look to take out of a deal at this price point and pass the savings onto buyer and seller.  When the owner tell us they don't want to use a broker if they don't have, that's no problem for us.  Who else is playing three-million dollar match-maker for a consulting fee that's less than the fee a rental broker charges for one floor in a house like this?  None other than yours truly.   If you're keeping score at home, that's 4 fixer-uppers this week alone on prime Park Place for over $2.5M sans brokers going down on some of the best blocks in Brooklyn.



Pro's:  amazing curb appeal, stunning brownstone with original details intact, extra-deep yard, totally live-able, affordable upgrades could knock it out of the park, no bidding war or big brokerage necessary

Con's:  gone already, even if it's not tippy-top of market - $3M ain't chump change either

Ideally:  with a little help from the neighborhood lead, this deal was a hole in one.

Prospect Heights Package Supposedly Sold: 218-220 Park Place

Platinum Members have been scheming on this huge, prime Prospect Heights estate sale package "off-market" since we got the call on it last Thanksgiving from a local broker in the area.  It's not everyday that you get two adjacent 5-story townhomes on a prime block, delivered vacant...

Each building 20' wide, with extensions on the rear, and both on extra-extra deep 162' lots.  The buildings are SRO's by some accounts, but have basically been vacant for a long time.  The play is either "throw-away the calculator" end-user townhomes or condos.  Investors griped to us about how ya can't make enough money on them at the asking price that wavered between $2.4M-$2.7M each for months.   Brooklyn doesn't owe ya anything.  So they took their ball and went home.

Many clowns tried to tell us these can't sell for ~$1M per floor as condos.  But look no further than directly across the street where 215 Park Place just did just that:

Roof deck?  No-brainer!

Not a year or two from now, not speculation, but now.  In present times.  These get $1M/floor.  Which isn't a surprise if you've been hunting in Brooklyn since the days of 96 St. Marks Avenue, when you could still get 4 floors for a million and sell each one for basically a million a piece.

Can you build an extension on the back of 218-220 Park Place?  Maybe, maybe not - just ask 115 Lincoln Place, which has spooked many people about the likelihood of extensions.  An extension would just be bonus, not a deal-breaker, and there's plenty of bonus in the extra-extra deep lot and the existing extensions.

So while the glass was more than half full, people were looking the gift horse in the mouth.  Platinum Member end-users were willing to go up to $2.7M for just one of them, but it would take an investor/developer to take on both of them.

That's until a 3rd property in Harlem was thrown in the mix, also delivered vacant...

So a 2 building package for ~$5M became a 3 building package for ~$8M in the space of an afternoon.  An accepted offer of $7.75M for the package dilly-dallied too long.  There were deals brewing later for $7.9M-$8M, then we heard multiple accounts of a deal at $8.6M, and the broker tells us this weekend that's where the deal landed.  $2.86M each might look and sound like a super lofty price, but there's still a lot of meat on the bone in this market, even if some of it got chewed up on the march to this higher price.

Maybe you missed neighbors like 181 Park Place, which was a steal in retrospect even when $2M felt lofty at the time.  Or there was 204 Park Place earlier this year for $3.6M in way-generic condition.  Or 206 Park Place for $4.3M last year.

218-220 Park Place, even in estate condition had a ton to offer.  Tall ceilings, original details, a sick location, a great block, great trains a block away...

If you want a unique townhouse with grand proportions in a prime neighborhood, it doesn't get much better than this.  Investors still griped about the price a million dollars cheaper, that just shows you how hot property is right now.  Platinum Members who wanted one of these at $2.7M got an even better opportunity a block away for less that we'll take a look at tomorrow.  All's well that ends well, and this estate certainly cashed in large.  Won't believe it 'til we see it close with our own eyes, but with $3M-$4M properties going on all around, will they look back and think this "lofty" price is cheap some day?


Pro's:  two adjacent 5-story historic townhomes in different styles, with original details, delivered vacant, in a great location, not on everyone's radar, huge lot, existing extensions

Con's:  gone already, takes a ton of cash to acquire & renovate, package couldn't be broken up, with landmarks these days extension is iffy, SRO status is another rub, price bubbled up over time

Ideally:  someone with deep pockets is making a solid move on flagship pieces for the long-haul, or maybe just dividing and flipping.  Only time will tell...