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January 2, 2009

Abort Mission at 393 Lefferts Avenue!

393-Lefferts-Avenue-Brooklyn-0109.jpg
It's not the first and it certainly won't be the last, but the developer 393 Lefferts Avenue in Crown Heights Prospect Lefferts Gardens has put the partially-constructed seven-story building on the market. Asking price: $8,500,000. This comes out to an average price of $257,576 for each of the 33 apartments, or somewhere between $200 and $250 per foot depending on which square footage estimate you believe. Granted we're no experts on new construction pricing in Crown Heights, but this seems way too expensive to us for a project that is not even finished yet.
393 Lefferts Avenue for Sale [Dakota Realty] GMAP P*Shark




Posted by Brownstoner at 11:20 AM | Comments (12)
Categories: Crown Heights, Development

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Comments

I had to look on Googlemap for this one. Crown Heights South, or maybe even technically still in PLG. At any rate, I hope someone finishes it. I must say those balconies are not very attractive. It's close enough to Kings County/Downstate Hospital, maybe it can be marketed as housing for nurses, health care professionals, interns, or something.

Posted by: Montrose Morris at January 2, 2009 11:29 AM

FWIW this lovely pile is on the edge of PLG rather than Crown Heights. although I think it was intended to be marketed (if finished) to the Hasidic community in the adjoining neighborhood.

If I'm going to credibly post good things about my neighborhood, i guess I have to own up to the not so good as well :-(

Posted by: Bob Marvin at January 2, 2009 11:29 AM


I can't see that thing selling for more than 4 million in this market and I'm not sure it could even sell for that.

Subprime borrowers have dissapeared. Who else would possibly buy those apartments? How much would it suck to put all the necessary time and money into finishing it, then opening up a nice sales office and having zero qualified potential buyers walk in the door?

I guess it could be luxury rentals at the right price.

I know folks paying "half of ask" for prime Manhattan properties now. From what I've heard, nothing like this place, even finished, is moving in neighborhoods like Crown Heights.

Posted by: IronBalls at January 2, 2009 2:12 PM

I really don't know how well this would do as rental either; the new building next door is renting out 2 BR, 2 baths for $1975/mo. with no brokers fee on a two-year lease, down from $2150, listed in October. Not exactly flying off the shelves.

Posted by: babs at January 2, 2009 2:55 PM

get the hell outta here with that PLG bulls#*t.this is Crown Heights.ok?

Posted by: buckfast at January 2, 2009 7:20 PM

This developer could not have possibly put 8.5 million into this project but if they sold for half that as IB suggested, I am sure they would still make a profit. The staggered terraces is an indication that the building was probably going to be marketed to the growing Hasidic community. A prospective buyer could finish the project as a rental for low-income families, both Hasidic and anyone else who wants to live in decent housing.

Posted by: Chaka at January 2, 2009 8:18 PM

looks like a 2 million dollar sale after a few years on the market...people just dont understand how bad it is going to get...

Posted by: eman1234 at January 2, 2009 8:50 PM

buckfast,

Although I'm not anxious to claim this POS for my neighborhood, PLG's boundaries are Ocean Ave to New York Ave. and Empire Blvd. to Clarkson Ave. This doesn't mean that some residents of the far eastern parts of the neighborhood won't say they live in Crown Heights. PLG however is the northernmost tip of Flatbush. There's a brass strip in the Botanic Garden showing the boundary between the old City of Brooklyn and the former Town of Flatbush. PLG is on the southern side of that line, Crown Heights is on the northern side.

If, for some reason you don't like the Prospect-Lefferts Gardens name (which, after all, is only 40 years old) then it's Flatbush, but certainly not Crown Heights.

Posted by: Bob Marvin at January 2, 2009 9:09 PM

Waiting for Sebb to say this is a great deal...

Posted by: cornerbodega at January 3, 2009 12:32 AM

so bob.ur saying Abbots Field PJs are not in CH?

Posted by: buckfast at January 3, 2009 7:16 PM

I never heard of Abbots Field buckfast, but Ebbot's Field, site of the present-day Ebbot's Field Houses, was north of Empire Blvd. [and that Botanic Gardens brass strip], in Crown Heights--even though the press usually said it was in Flatbush.

Posted by: Bob Marvin at January 3, 2009 9:52 PM

Whoops--Ebbets Field

Posted by: Bob Marvin at January 3, 2009 10:15 PM

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