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November 10, 2006

Development Opp: Sexy on Lexy

co-op
We think Lexington Avenue has tons of potential for condo conversion. Maybe not this year, but at some point, it'll hit people that the wide street (and accompanying great sunlight) and great stock of old commercial buildings are a perfect recipe for a taste of Dumbo/Soho in Brownstone Brooklyn. At this point, the safer bets on Lexington are probably further west in the shadow of the Broken Angel, but this listing from Massey Knakal certainly gets the juices flowing. The seller (in this case a church) has had the properties on the market for a few weeks and would prefer to sell them as a group. We're loving the rounded windows of the warehouse space and the two garages next door that are part of the offering scream FAR. The three buildings are on a 7,200-square-foot lot and carry with them 15,840 of buildable space. Unless our calculator's broken, that comes out to about $130 per buildable foot. Hardly a steal in this area, but we think the architectural merits of the warehouse merit some kind of premium.
749-753 Lexington Avenue [Massey Knakal] GMAP




Posted by Brownstoner at 11:01 AM | Comments (22)
Categories: Development

Comments

You ought to take a walk around to that block (i.e., by the broken angel). Two warehouses (about 100 ft wide, not sure of the depth) are in the process of being demolished. I suspect high rise condos.

Posted by: Anonymous at November 10, 2006 11:50 AM

This property is a little too bed-stuy and a little too close to the projects to be a condo conversion. The people who have the money to pay what it would cost to move into condo developments here would never do it.

Posted by: Anonymous at November 10, 2006 11:58 AM

The Kent is closer to the projects. So are the loft rental apartments that's right across from the projects. The so-called 'eyesore' on eyesore, featured earlier this week, that rented out completely in a matter of days is also within the general vicinity. So I doubt the housing development has any adverse impact on luxury development in the neighborhood.

Posted by: Anonymous at November 10, 2006 12:07 PM

Here is a link directly to the building info:

http://www.masseyknakal.com/buildingphotos/749-53lexington.pdf

Posted by: Direct Linker at November 10, 2006 12:38 PM

Change in this area is accelerating so fast that I can't keep track of it all anymore. It use to occur at a manageable rate/human scale. I give up! Gentrification has finally won. The diversity that Clinton Hill residents so proudly claim is quickly slipping away. So long to affordable living. Que sera sera.

Posted by: Anonymous at November 10, 2006 1:27 PM

If all is true, I agree with you brownstoner. Nevermind the premium. Buying in bulk, in this market and hood, should allow the buyer plenty of room to negotiate. But they will have to be able to hold on 'til next boom. Could be 10-20 years. For now, rental income will be primarilly industrial.

Decent long term investment opportunity. Negotiate aggressively. Combine those garages.

Posted by: Anonymous at November 10, 2006 2:12 PM

I am so looking for an old warehouse just to make into a nice loft living space for myself, say 1 or 2 stories. Say for like $300K. Any clues where?

Posted by: Anonymous at November 10, 2006 2:35 PM

I am so looking for an old warehouse just to make into a nice loft living space for myself, say 1 or 2 stories. Say for like $300K. Any clues where?

Posted by: Anonymous at November 10, 2006 2:37 PM

Anon 1:27, that building is in Bedstuy not clinton hill.

Posted by: Anonymous at November 10, 2006 3:27 PM

I am so looking for an old warehouse just to make into a nice loft living space for myself, say 1 or 2 stories. Say for like $300K. Any clues where?

Camden, NJ

Posted by: InNJ at November 10, 2006 5:16 PM

When will the endless speculation and predatory money grubbing attitude of this site ever stop? Everything in this world does not evolve around you brownstoner and your real estate cronies. Some people actually just want a place to live! Call me a bleeding heart but this neighborhood, Clinton Hill - where I grew up and have been a resident for the last 40 years- and others like it, were just fine before all you incredibly uncool white dudes and buggaboo families came from the suburbs and Manhattan decided to "discover" it like Columbus supposedly "discovered" America and claim it as your own. You don't own this piece of the rock, my friend. You, and the others like you in condo-heaven are just passing through (and I mean this in the literal and figurative sense). Hopefully, I won't have to hear this earful of condo crock when I get to heaven, unless of course there is money to be made on abandoned buildings somewhere...By the way, my parents bought their brownstone for $12,500 in 1968, so read it and weep.
and another thing: stop lying about how much you love diversity, how other neighborhoods are "too white". I have never been able to figure out what white people mean when they say this sort of thing. Hypocrites. (Have you ever noticed how segregated Waverly Park on Washington between Dekalb and Lafayette is during certain hours?) How many black or "other" friends do you have?! I remember when this neighborhood was supposedly "too black" and it was the greatest pleasure for me as an African American and other non-phony white people who chose to live here. I didn't feel as though I was just background decoration for your fake liberal sentiment of what it means to live in community with the "other". In the old days I was a real person with humanity and connection to the people and the idea of place as an anchor and home, not just an investment. I think that we have reached a tipping point, at least I think I have. I can't believe I just wrote a post to the brownstoner! My, i must be angry...and really tired of reading this stuff. My heart really aches sometimes for what New York has become.

Posted by: wallygator at November 10, 2006 6:31 PM

I am so looking for an old warehouse just to make into a nice loft living space for myself, say 1 or 2 stories. Say for like $300K. Any clues where?

In Brooklyn... about 10 years ago.

Camden is a good suggestion. Or maybe Detroit.

Posted by: Anonymous at November 10, 2006 8:04 PM

Hey buggy wally, thats life. just swallow it. Before you came to, someone else was annoyed at what you were about.

Posted by: Anonymous at November 12, 2006 8:17 PM

Lets see here, one of my relatives owned land in Clinton Hill in the 1600's. He was a Belgian Heugonaut and farmed land here with an Italian partner. I'm sick of people claiming this piece of rock as their own. You are all just passing through.

Posted by: Mellow Vibes at November 12, 2006 10:13 PM

Huguenot

Posted by: Mellow Vibes at November 12, 2006 10:19 PM

I'm from the tribe of Indians who sold their lands to Belgians (I think your uncle was one of them). So, we're not just passing through

Posted by: Here to stay at November 13, 2006 10:46 AM

I evolved from a single celled organism that at some point in the last 10 million years gave indigestion to members of your native tribe, so YOU are just passing through.

Posted by: Masenoblastocyte at November 13, 2006 12:26 PM

I AM THE BIG BANG YOU ARE ALL JUST PASSING THROUGH.

Posted by: Master Blaster at November 13, 2006 8:22 PM

Learn how to spell bugaboo wally.

Posted by: catherine Hooper at November 14, 2006 6:11 PM

catherine Hooper = SPAM
catherine Hooper = junk email (viagra, stock alerts)
catherine Hooper = troll = ratner goony
Where is the trash and re-cycle bin for useless blog comments?

Posted by: Anonymous at November 15, 2006 10:59 AM

wallygator said:
"I didn't feel as though I was just background decoration for your fake liberal sentiment of what it means to live in community with the "other". "

What about someone with a REAL "liberal sentiment", then? I sense a bias here, since you do not like having White people live in your neighborhood. Would you still not like having White people living there even if they did NOT do all this greedy stuff, anyway? If you did, then you are bigoted too. I'm sorry, but racism from any races is still racism and not conducive to world unity.

Posted by: mike3 at April 11, 2007 10:47 PM

I have the same sentiments as wally - sort of - it used to be nice living in the "Hill", "The Stuy" and "The Green" - I'm beginning to dislike the quiet comfort. Too much buzz and traffic - and the drunks on Dekalb Avenue every weekend - sheesh. I could get to work in 15 minutes driving, I could park when I came home, there weren't any rats running around (excavation and development rats in every sense of the word) I didn't have to listen to borderline racist comments abount the residents.
We all lived and liked each other regardless of socio-economic background and race.
Nobody was bothered by the folks in the projects because they kinda kept (keep to themselves anyway) - there is enough room in this world for everyone. Really. When do you stop using money to push people out and around? You can't take a house or money to the grave..what is this greed and anti-people stuff about???

Posted by: Anonymous at June 7, 2007 5:26 PM

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