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October 31, 2006
1200 Pacific Back on Market
We're a little confused by what's going on at the Bedfordshire, the absolutely gorgeous five-story, ten-unit apartment building at 1200 Pacific Street between Bedford and Nostrand in Crown Heights. According the Property Shark, it looks like the property just traded for $13 million back in May of this year. Now, Corcoran has it listed for $2 million. Is this some kind of typo?. It is, after all, 12,700 square feet large. Regardless, these should make killer apartments. Does anyone know if the interiors are lofty, as the exterior suggests, or are they cut up into smaller rooms?
1200 Pacific Street [Corcoran] GMAP P*Shark
Comments
I think you are misreading propshark.
Sold in 2004 for $800+k.
An 'Agreement' is not a sale of prop.
Could be a mortgage on portfolio of owners properties - this being part of the portfolio.
Posted by: Anonymous at October 31, 2006 10:53 AM
Isn't this officially Bed Stuy? My sources tell me that Bed Stuy goes to Dean. Regardless, this is a gorgeous building.
Posted by: babs at October 31, 2006 11:02 AM
If it's rent stablized/controlled, then $2M sounds ballpark if not high. I wonder how it is vacant. I guess it would really depend on condition. I've seen 8-unit buildings in the neighborhood sell for well less than a million, but that was with tenants.
Not to start an argument, but I thought that the boundaries of Bed-Stuy today were Flushing, Broadway, Classon and Atlantic. Although brokers are pushing Clinton Hill across Bedford now, in some cases.
Posted by: HC at October 31, 2006 11:16 AM
Amazing looking building. They're a couple of great looking buildings on Bedford between prospect place (i think) and atlantic ave. lot's of 'ooh', 'aah' architectural appeal within that general vicinity.
Posted by: Anonymous at October 31, 2006 11:23 AM
$13MM give me a break. That's the typo.
Posted by: Anonymous at October 31, 2006 11:29 AM
Bed Stuy ends at Atlantic Avenue. This property is within the first of four parcels in what is becoming Landmarked Crown Heights North.
Posted by: Anonymous at October 31, 2006 11:56 AM
This was on the market last year for $1.2 and didn't sell. I think it has a couple more vacant units but not enough to make this big of a difference.
This block is also kind of sketchy, it's a stone's throw from the men's shelter on Bedford. On the plus side, the building next door was just renovated as low income housing. At least it's not the shell that it used to be.
Posted by: Anonymous at October 31, 2006 12:23 PM
The police precinct extends to Dean St.; ask anyone who grew up there and you'll be told it's Bed-Stuy. Of course people who grew up in PLG will tell you it's Flatbush, too.
Posted by: babs at October 31, 2006 1:28 PM
the 13 mil. is for a bunch of properties he owns not just this one they were tied to one large mortage thing.
Posted by: armchair_warrior at October 31, 2006 3:44 PM
This is a once beautiful apartment building on a block that will take a while to get up to snuff.
Good points - next door to newly (and nicely)renovated, magnificent landmarked building by Montrose Morris, The Imperial Apartments. Across the street from one of the most charming, and underrated churches in Brooklyn with a Tiffany window, St. Bartholemew's Episcopal Church, with its rectory and hall. Also very close to subways, LIRR stop, buses and Restoration Plaza in Bed Stuy.
Bad points - the rest of this block consists of some rather scary apartment buildings on the same side as this building. The other side of the block is a combination of apartment buildings and brownstones and the church grounds. One of the brownstones is being renovated now, hopefully for the better, but the rest are pretty run down, although are very large, and have potential. The shelter at the armory is a point taken, as well.
All in all, it's going to take a lot of time for this block to catch up to the better parts of Crown Heights, let alone anywhere else. I think, because of its closeness to the subways, etc, it will be on the up and up sooner than similar blocks that are farther removed from transportation and services, but it's not there yet. A potential buyer might be thinking of the future, rather than what could be gotten out of it now.
I would bet that it's been further cut up. This block is considered Crown Heights now, but as others have pointed out, it used to be considered a part of Bed Stuy, as was much of Crown Heights.
Posted by: CrownHeightsProud at November 1, 2006 12:30 AM
seems to be delisted by coccoran, anyone know what's happened?
Posted by: Anonymous at January 27, 2007 1:25 PM
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