NY Times, April 17, 2005 — Barbara Corcoran is one person who has been adding to her real estate portfolio despite the surging market, and in places she would not have considered a few years ago. Ms. Corcoran signed a contract this month to pay $1.075 million to buy a fully renovated three-story building at 293 Van Brunt Street in Red Hook, Brooklyn. It has two vacant apartments and an unoccupied storefront, and her colleague and broker, Beth Kenkel, is already trying to find tenants who can fill them as soon as the deal closes. The projected monthly rent roll is $5,850. Ms. Corcoran said investors can benefit from an “oversteamy” market like this one. Because there aren’t enough properties in the prime areas to go around, old neighborhoods are reinvigorated. “It drags up the fringes along with the fashionable, and that’s great for people who want to find a new opportunity,” she said.
Comment: Sound advice when the market’s going up.
Seeking Nest Eggs, Investors Buy Nests [NY Times]
When Agents Buy [NY Post]
293 Van Brunt [Brownstoner]