Slope Conversion, 397 First Street, on the Market Soon


In a couple of weeks, a converted Park Slope building at 397 First Street, close to the corner of Sixth Avenue, will launch condo sales. While the building is still very much under gut renovation, it will have eight units: Seven two-bedrooms and one garden duplex. The asking prices will range from $829,000 to $1,279,000. Pros: A lot of historical details are being preserved, and it is zoned for P.S. 321. Meanwhile, updates to the kitchen and new security systems are being put into place. There’s also going to be a common space for bikes and strollers. The developers are East River Partners LLC, and Corcoran is handling the sales and marketing. We had the rare opportunity to witness the gut renovation in progress late last week; click through for some photos.
397 First Street GMAP

A bedroom interior

Another bedroom interior

Aerial view of the garden, which will be the private domain of the first-floor buyer

Workers restoring the original shutters

4 Comment

  • it looks like a pretty low end renovation from the few pictures. high hats, thin home depot molding..

  • There are many of these left-right tenement buildings all over Park Slope – traditionally you have two long, narrow apartments per floor, but they are fairly large, and so popular with Slope buyers. The building was acquired a year ago for $2.575 million; if these sell at or close to ask the developer will make a pretty penny. I love how their website says ERP “acquires and develops properties in desirable neighborhoods” – as opposed to undesirable neighborhoods? I guess that’s better than the company that said it specialized in “improving returns on underperforming real estate assets,” as in driving out unwanted rent-stabilized tenants.

    • “I guess that’s better than the company that said it specialized in “improving returns on underperforming real estate assets,” as in driving out unwanted rent-stabilized tenants.”

      what do you think these guys did here? there had to be at least a few RS tenants left in this building.