We’re going to boldly predict that 2006 will be the year of the brownstone condo. Even with the slight easing in prices over recent months, the only way for anyone to make a quick buck on a brownstone now is to turn it into condos–which will often fetch a good 20% more on a per square foot basis. This place at 280 Carlton is a good example. As far as we can tell, there are three units in building listed at a combined price of just over $2 million. As a single family, this probably would only fetch around, what, $1.7 million? It sold last July for $1.325 million and, if it’s the house we’re thinking of, it was in decent shape at the time. If the buyer put in another, say, $100 a foot, her cost would be a little under $1.7 million. That $300,000 spread is not a bad year’s work for a small-time developer–though mortgage costs would have eaten up another $50,000 or so in the meantime. Do our guesstimates sound about right?
280 Carlton Avenue #1 [Corcoran] GMAP
280 Carlton Avenue #3 [Corcoran]
280 Carlton Avenue #4 [Corcoran]