Gut Reno for 348 Atlantic Avenue

The interior renovation of 348 Atlantic Avenue, a four story brick building at the southeast corner of Hoyt, has been going on since last fall, but we just noticed it last week. (The studs are visible from the street right now.) According to DOB filings, the new owner, who paid $2,200,000 for the 5,000-square-foot building in June 2008, is keeping the current C of O, which includes six residential units atop of the store. Assuming each of the units is a sub-500-square-foot half-floor, what do you think they will rent for when they are fixed up? GMAP P*Shark DOB

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500sq... corner lot/lots of windows... Atlantic Ave.... relatively close to "stuff"...

The cynic in my wants to say $1,000 max and they'll be damn happy to get it. The realist in my thinks they'll ask in the $1,500 - $2,000 range to start and will probably get around $1,500.

On a related note, doesn't that building have a parking spot or two on the side street? Or am I thinking of a different place...

Posted by: christopher at January 22, 2009 10:44 AM

One block back on quiet Pacific Street, same cross streets, there is a 10 unit building (500-600 sq ft each). Those were no gut reno, but they're in very good shape. IIRC they go for $1,100-1,500, depending on length of the tenants stay, turnover, etc.

I would say the market on busy noisy Atlantic is $1,000-1,200, but no doubt they will be hoping for more. June 2008 purchase and coming on line this year - wow, could the timing be any worse?

Posted by: BoerumHill at January 22, 2009 3:18 PM

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January 22, 2009

Gut Reno for 348 Atlantic Avenue

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