After its surprise eleventh-hour landmarking last month, the Italianate manion at 70 Lefferts Place (which hasn’t always been yellow, as the photo from NYC archives shows) is back on the market. Unable to proceed with the condominium development he had been planning, developer Chris Morris (who, to be fair, got pretty shafted in all this) is looking either to sell the property outright or partner with someone with the vision to do something profitable within the envelope of landmark rules. Given that he’s got a $2 million mortgage, the house is probably costing him $12,000 to $15,000 a month to carry — reason enough to seek a swift solution. We looked at the house last Spring but were unable to convince a developer we know to put up the dough to buy and renovate it. And while the potential returns of dividing the existing structure into a handful of condo units may not provide the sky-high returns that many pros target, we still think there’s decent money to be made from doing a historically respectful conversion. You know, if 100 readers put of $10,000 each, you’d have more than enough equity to see this through.
1854 Italianate Villa [Craigslist] GMAP P*Shark
BREAKING: 70 Lefferts Place Landmarked! [Brownstoner]
Back in 2004 or so, a periodical called, most appropriately, “Brooklyn Magazine” began appearing on the newsstands. The monthly magazine…
Work is moving forward on a few sites at the massive Greenpoint Landing development at the northern tip of Greenpoint….
Though construction is still in full swing, apartments at the large development on Lefferts Place between Grand Avenue and Classon…
Locals in Crown Heights and Prospect Lefferts Gardens would like to see the long-empty Bedford-Union Armory turned into affordable housing…
Forest City Seeks Sale of Barclays Center Stake [WSJ] Brooklyn Ebola and Enterovirus Town Hall Set for Wednesday [Eagle] Walk…