Condo Conversion in Landmarked Park Slope Brownstone Launches Sales

A condo conversion in a landmarked brownstone at 777 Carroll Street in Park Slope hit the market this month with three units over four floors. Architect Benjamin Ellis oversaw the renovation, which sought to preserve as many original details as possible.

Unit 1 is a three-bedroom, three-bath garden and parlor floor duplex asking $2,650,000. It has original herringbone floors in a 26-foot living room, according to the listing. Unit 2 is a two-bedroom apartment with a marble bathroom asking $999,999. Unit 3 is a two-bedroom, 1.5-bath apartment with exclusive roof rights, priced at $1,200,000. Douglas Elliman is handling sales.

The current owner, an LLC, bought the building in May for $2,764,000.

More pictures after the jump! GMAP

 

31 Comment

  • Amzi Hill

    Great looking place!

  • Looks like the owner is making a little bit over 1mio on this project. Pretty risky if they don’t sell out quickly, or maybe the backup plan is to rent out the units that don’t sell after couple of months.

  • Nice details, lets see how the market responds to a Brownstone condo. If its positive we can expect a wave of these conversions.

  • daveinbedstuy

    And yes, it is a great looking place. These will go fast

  • What’s crazy is the turnaround time. I have a hard time figuring out how they got the approval to turn what was a 6 family apartment building into a 3 family unit and do the actual work (including presumably bringing sprinklers/water service up to code, etc.) between the end of May and early March — that’s a lot of work to do (setting aside the cosmetic details).

    The duplex price sounds high to me, but who knows? I am certainly not in the target at that price. The other two units sound like they are at least relatively in the market — as crazy as that sounds to some.

    Also I imagine the projected net profits are significantly higher than $1 million — the gross profits (based on the asking price) is over $2 million and I doubt that this renovation would have cost more than $500,000 unless there is some really weird structural issues that are not apparent. It’s not like they dug out the basement, added extra support beams and built another floor — instead the cellar is apparently only partially finished NTTIAWWT.

    • daveinbedstuy

      It looks like it was all done with DOB permits.

      “ALT II TO BE FILED PURSUANT TO TPPN #3/1997 “COMBINING APARTMENTS IN A MULTIPLE DWELLING” UNDER DOB C OF O #300337302: COMBINE BASEMENT AND 1ST FLOOR APARTMENTS INTO ONE UNIT. INTERIOR PARTITION AND PLUMBING WORK AS NECESSARY TO COMBINE TWO UNITS. NO WORK PROPOSED TO EXTERIOR OF BUILDING.

      No open violations.

    • lamb

      I agree that seems lightning fast, but this wasn’t a 6 family. the most recent C/O was issued in 95 converting it from an 8 to a 4 family, which was the configuration from the original C/O. what I really don’t understand is how they managed to combine the garden/parlor units into one without filing an alt I. I guess there’s some statutory exception (ie, the TPPN #3/1997 noted in the alt II) that allows you to do that?

  • anonlurker

    nice but $1150 psft for unit 2 seems excessive. then again, i’m sure it will sell.

  • Cate

    I wonder how hard it is to find a mortgage for a new three-unit condo building these days.

  • i’m sure these will sell too, although i find them offensively overpriced.

  • mildredfierce

    $2,650,000 for unit 1 is batsh*t crazy. And yet, somebody will probably pay it.

  • NeoGrec

    Overall, pretty nice. Could be improved with a few decorating changes (paint, light fixtures etc.) but there are some issues. $1.2m for a floor-thru seems high when the roof deck has to be built at the buyer’s expense and the 2nd bedroom is tiny. Then there’s the double duplex layout. Am I missing something or do you have exit and re-enter when you go and up and downstairs? It looks like you have to use the common hallway (allowing access to the cellar) unless I’m misreading the plan.

    • The entrance to the duplex is at the end of the parlor floor hallway. What an awkward layout! So there actually is an interior staircase. The measurements are different on each floorplan – the duplex plan makes it seem the building is only 18 feet wide, yet the upper apartments show the building to be either 19 or 20 feet wide. At 18 feet wide those second bedrooms upstairs will barely accommodate a crib.

  • pierre de taille

    These are nicely done with safe design taste for maximal mass appeal. As crazy as the prices seem we also agree it will sell and probably quickly given the low supply of brownstone condos.
    The developer will make a handsome profit but the renovation costs here are way more than $500K given the finishes and clean new HVAC. Our estimate is more like $1m in renovation cost and fees…. Brooklyn is nuts these days

    • What finishes? The story implies that all the nice finishes were already there; central air is not cheap, but it’s not that much. The photos of the bathrooms are pleasing but it’s not floor to ceiling Carrera marble (or fancier); the floors where they had to replace the prior floors (look in the photos of the upper units esp.) look like basic hardwoods or cork tiles in the kitchen (but I could be wrong about that).

      • Exactly, Boerumresident. This house was not a pig to start with, and can thank the previous owner for not painting or destroying old woodwork and details. But this conversion is more lipstick than anything else. Newly painted walls, sanded floors, old wallpaper removed, new appliances and bathroom fixtures installed. Oh, and central air, probably the biggest expense, along with the sponsorship and conversion plans. The TPPN allows the combining of apartments to create larger residential units without requiring new or amended CofO, thus the Alt2.

      • Thanks for explaining the TPPN. So the CofO stays the same (which is going to weird out some lenders — a 4 family CofO with only 3 units) and they probably didn’t even have to bring sprinklers up to current code.

      • I see an expensive refrigerator in the duplex unit and a bunch of cheap Home Depot grade light fixtures and bathroom fittings. I see cheap new oak flooring in places, and no significant detail on the parlor floor. Prices for the 3rd and 4th floor don’t seem terribly out of whack though neither apartment has any particular appeal to me, but the parlor/garden duplex seems overpriced. For that money, buy a beater in South Slope and have your own triplex with nice finishes.