« Co-op of the Day: 40 Prospect Park West, #6C Call It a Wash on the Williamsburg Waterfront »

January 6, 2009

House of the Day: 667 5th Avenue

667-5th-Avenue-Brooklyn-0109.jpg
This isn't really a house, we guess, but there ain't a whole lot of new properties on the market yet this new year, so we're working with what we got. This three-story brick building at 667 5th Avenue in Park Slope Greenwood Heights consists of a 1,000-square-foot retail space topped by two market-rate, floor-through rentals. The property, which traded for $879,000 in 2006, will be delivered vacant. The asking price is $1,195,000. Anyone care to hazard guesses for what kind of rent the property could generate so we can do the math on the asking price?
667 5th Avenue [Century 21] GMAP P*Shark




Posted by Brownstoner at 1:14 PM | Comments (47)
Categories: HOTD, Park Slope

Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/7830

Comments

Woo, I could exercise my cocktail lounge - offices - living plan!

If only I could afford the building. And, you know, to build and run a cocktail lounge.

And if was actually in a location where a cocktail lounge would succeed.

... ok, I'll be going now.

Posted by: cwbuecheler at January 6, 2009 1:21 PM

how much is the rent on the two apartments?

Posted by: Santa at January 6, 2009 1:29 PM

Is that really still Park Slope down there?? If it wasn't listed by Century 21 the previous rents would be listed. Doesn't look that vacant to me!!!

Posted by: daveinbedstuy at January 6, 2009 1:30 PM

crossing the prospect expwy is not park slope, pushing it by even thinking its sunset slope.

i like cwbuecheler's idea of creating my very own Regal Beagle (a cookie to the first to identify the reference)

Posted by: goldie at January 6, 2009 1:36 PM

This is Greenwood Heights. Offer $795,000.

Posted by: SnarkSlope at January 6, 2009 1:36 PM

Three's Company!

Posted by: BrooklynZoo at January 6, 2009 1:39 PM

damnit brooklyn zoo beat me to it!

*rob*

Posted by: PitbullNYC at January 6, 2009 1:43 PM

What street is it on? 19th?
oy - 1.195 is laughable
They might get 950K but I still think that's pushing it
hopefully another dollar store will go in on the ground floor
yippeeeeeeeee!

Posted by: gemini10 at January 6, 2009 1:47 PM

$1,500.00 per apt if they are renovated.

Posted by: Gowanus_Bklyn at January 6, 2009 1:52 PM

I live about 2 blocks down the street from here. For my one bedroom apartment, I pay $1050. I consider this a deal because I have been here for 9 years and my rent started at $800. Nice slow increase :) I have heard that my rent is somewhat lower than others comparable in size around me, but I'm not sure if that's 100% true. I love my apartment and this neighborhood BECAUSE it's not really Park Slope (too many yuppies and crumbsnatchers for my taste). If you really want a deal on a building in this hood, keep an eye out for 635 Fifth Avenue. There was a serious fire there about a month and a half ago and the building has since been vacated per order of the City until the repairs are made. No work has been done to remediate the fire damage and the bakery on the street level hasn't been able to reopen. (All gas, electricity and water have been shut down there) From what I hear, the owner of the building has been calling around to neighboring building owners trying to generate some interest for sale.

Posted by: InsertSnappyNameHere at January 6, 2009 1:54 PM

What are "crumbsnatchers?" I understand the concept just not how it applies to park Slope residents.

Posted by: daveinbedstuy at January 6, 2009 1:58 PM

crumbsnatchers = children

Posted by: InsertSnappyNameHere at January 6, 2009 2:00 PM

Ahhhh. I should have guessed. Fewer annoying strollers down where you live then I would guess. :)

Posted by: daveinbedstuy at January 6, 2009 2:04 PM

I appreciate that you enjoy living here because it's NOT Park Slope (I think this area is really great also), but I tend to not give too much credit to people who think that living in a neighborhood with children is an annoyance.

That's just me though.

People who are so closed-minded to not like neighborhoods because of children or "yuppies" are not really the kind of people I want to live around anyway. I'm glad I'm 25 blocks north of you where we have tons of kids, tons of gays, and tons of singles living side by side in harmony.

Posted by: 11217 at January 6, 2009 2:04 PM

Word of warning: stay away from Century 21 Block & Lot. total slimeballs.

Posted by: tiptoe at January 6, 2009 2:05 PM

11217...I definitely meant no disrespect to PS proper. I just am one of those people who don't like to be around lots of small children. I like PS. I just have no desire to live there. My hood has tons of gays (although I do a pretty good job of 'gaying up the hood' on my own), tons of singles and some kids living together just fine. I'm not trying to start up a 'hood war. I'm simply stating my preferences, which of course are like opinions and assholes...everybody's got one including me :)

Posted by: InsertSnappyNameHere at January 6, 2009 2:11 PM

I have a better building for sale. On avenue L and east 72 street......... PRIME PARK SLOPE!

Posted by: landlord at January 6, 2009 2:12 PM

11217...I think you're taking those comments far too seriously.

Posted by: daveinbedstuy at January 6, 2009 2:12 PM

2 renovated apartments = $1500 each (as mentioned earlier)
commercial space = $50/sq ft or about $4000 / month

monthly rent = $7000 ..........if your lucky

mortgage = left leg
taxes/insurance = right leg
maintenance = first born

Posted by: landlord at January 6, 2009 2:16 PM

Ok ok. I'm just so sick of the years of talking about strollers/kids/etc in Park Slope. The thing is...I rarely even notice all the kids, and when I do I usually think how nice it is to live in a neighborhood in NYC which is so accommodating towards raising a family. I consider it an excellent quality in a neighborhood, even though I myself am single and have no children.

Glad to hear you're gaying it up down there. Keep up the good work!

Posted by: 11217 at January 6, 2009 2:18 PM

There ought to be some sort of program that automatically sends a killer virus to anyone who uses "Park Slope" and "stroller" in a post. Can't we pick a new meme for 2009?

Anyway, this isn't Park Slope. On that we can agree. I've always daydreamed about owning a building like this (but owning it pretty much free and clear) so I could experiment with retail ideas without having to worry about silly things like cash flow and profits.

I'm not as shocked by the 1 mil-plus asking price as I am by the fact that someone paid 880k in 2006. That just seems wildly inflated for that area, but maybe I'm missing something.

Posted by: Bolder at January 6, 2009 2:18 PM

Bolder,

This area of 5th Avenue is really improving a lot lately. You can see the restaurants, bars and coffee shops creeping farther and farther south, replacing the 99 cent stores and such.

I think this is a perfect example of a built in gentrification price increase that has yet to be seen. In 2006, they thought that the next Al Di La or Union Hall would be moving in in a couple years, and I think the present owners feel the same way...

With that being said, I really like the look and feel of this area of what I guess people call South Slope. It's kinda funky. I even like some of the eyesores sprouting up, which only adds to the eclectic nature of the area.

Posted by: 11217 at January 6, 2009 2:23 PM

People who think Park Slope is bad for strollers have never lived in Southern California. Ever gone to a mall there? Holeeeee crap.

Posted by: cwbuecheler at January 6, 2009 2:37 PM

I own a building similar to this but in Gowanus, the taxes which were just raised for 09' is $2,100.00 insurance is $3,600.00. This building will move at $899,000.00. In today's current market conditions.

Posted by: Gowanus_Bklyn at January 6, 2009 2:38 PM

I can totally see the progress of the 'gentrification' process here. It's understandable though. The 'R' train is quite close, the B63 bus is almost spotless in terms of reliability (in my experience anyway), and all of these fancier type places are popping up. Ellis Bar, the sushi joint, the increased beer selection at Eagle Provisions...it just keeps coming. I suppose in light of this, $1500 per month is reasonable. I'm just glad (and knocking on all the wood I come across) that my rent hasn't hit that point. Other than the fact that I've got what has to be the nicest landlord ever, I don't know why that is.

Posted by: InsertSnappyNameHere at January 6, 2009 2:39 PM

I should also add that while I think it's improving, I'm guessing some of the long-time residents do not agree and are perfectly happy with the retail they had. It's a safe area, and one that just looks a little scrappy, but doesn't really probably NEED much of anything.

Since I don't live there, I shouldn't say it's improving and I'll leave my own hopes for further gentrification for my swaths of 7th and 5th Avenues...

Not that it could really get that much better in my mind. Got everything I need nearby.

Posted by: 11217 at January 6, 2009 2:39 PM

Hey 11217 do you think our part of 7th is too family-oriented to welcome a bar? 5th has a bunch of them, but it feels like everything on 7th shuts down at about 9pm (except the friggin buses, garbage trucks, and fire engines), and the majority of the locals like it that way.

PS: I know the Tea Lounge is technically a bar, but I mean a real bar, like Union Hall or something. :)

Posted by: cwbuecheler at January 6, 2009 2:48 PM

Speaking of bars, I went to Essence on Sunday for the Eagles/Vikings game. It's on Atlantic at Troy and not a very inviting place from the outside.. Not a bad place....friendly older crowd, some decent food. I think there are nights with a band so don't know what that's like.

Posted by: daveinbedstuy at January 6, 2009 2:57 PM

11217 and Insert: There are plenty of kids in this neighborhood. Just walk down 5th Ave. and the sidestreets in the 20s during warm weather. You just don't notice them as much because most aren't spoiled brats.
And 11217, we could use some good food stores/groceries. Eagle is OK, especially their deli counter, but their prices on most groceries are highway robbery.

Posted by: greenwood at January 6, 2009 2:57 PM

CW:

If I had the money, I would open a bar on 7th Avenue. I've often wondered the same thing, in fact. There's a tiny little sliver of a storefront next to the Ideal Real estate office (formerly Diane Kane) which I have already envisioned as a small little narrow bar.

My neighbors and I often talk about how we wish there was a bar in our immediate vicinity.

I think the KEY is the space. I think for it to work, it needs to be a REALLY great space...something special, something noteworthy, or something really clean like the James restaurant highlighted today.

No fuss type of place.

What do you envision...?

ps. I've actually never set foot in the Tea Lounge. It doesn't appeal to me for some reason.

Posted by: 11217 at January 6, 2009 2:59 PM

I also noticed that the spaces next to Ace Supermarket now have For Lease signs up...

They've just sat there abandoned ever since I moved here.

I'm picturing tin ceiling, whitewashed brick, big chunky masculine wood bar, delicious drinks...

And maybe a gay night.

;-)

Posted by: 11217 at January 6, 2009 3:02 PM

Bolder - Your line of thinking is in the correct direction. In time, I am sure that the area will improve and lots of buisnesses will find the area attractive.

Its also correct of you to state that if you own the building clear and free you will be able to experiment with the commercial space without worrying about the biggest overhead expense.

.........This kind of thinking will get you far my boy. Just make sure to follow through!

Posted by: landlord at January 6, 2009 3:03 PM

I ditto Greenwood's statement that we could use more than Eagle for food. I personally only use them for beer, water and cleaning supplies because I get too lazy in a pinch. (Yes, you can be in a beer pinch!) Their prices are high and they often have expired items on the shelf (I suppose that's no different than other non-chain grocery stores, and some chain stores as well?) I usually take the bus out to Fairway and, if I have patience/ativan, the Atlantic Mall Pathmark. And yes, there are kids here - it just seem they are fewer in number than PS. In the summer time I walk up and down these street every night taking in the 'ambiance' as it were. It's enjoyable. The older home, mix of people and the sunset are a perfect backdrop to an evening walk.

Posted by: InsertSnappyNameHere at January 6, 2009 3:07 PM

11217 - I'd like to open a bar named "RX" that's themed after late-19th-century to 1920's-era pharmacies. Something that'd look like this, only less cluttered: http://www.lib.montana.edu/digital/objects/coll1507/81-2.jpg

Not a gimmicky tourist place, but a somewhat higher-end bar with lots of specialty cocktails, a small but good wine list, and maybe a couple craft beers.

I'm super into mixology, so my main focus is on having a cool cocktail list with lots of vintage and vintage-inspired drinks. My wife likes the idea of working with a chef to create a complementing list of small plates.

It's on our "whenever the hell we get rich" list. :)

re: Tea Lounge - I tend to visit them instead of Ozzie's because they're slightly closer and I find their coffee slightly stronger. You see all types of people in there, from hipsters to stroller moms to the vast swathes of regular ol' people who mostly make up Park Slope.

... I'm totally off topic in this thread. Sorry folks!

Posted by: cwbuecheler at January 6, 2009 3:09 PM

I love your idea CW.

In looking at that picture, we seem to be envisioning very similar things.

Have you and your wife checked out Weather Up on Vanderbilt yet? They make terrific classic cocktails, although they are a tad pricey.

I really like your idea for the name, and think if you had a good wine list, that would be very attractive to people in the immediate area also.

Something not unlike Beer Table much farther down 7th avenue, just with more of a cocktail/wine theme and a different vibe on the decor, but a nice neighborhood place that feels warm. It's the people who open these places who oftentimes have more of an affect on whether the place survives in my opinion. You can just feel how nice the folks who run Beer Table are by walking in, and then talking to them just seals the deal.

BTW, you know Ozzie's is an old pharmacy too, right? They still have a lot of the original fixtures in there still...

Nothing at all against Tea Lounge (as I said, I've never tried it) I'm just a regular at Ozzie's and like to frequent them whenever possible.

Posted by: 11217 at January 6, 2009 3:18 PM

Yeee-ha, to paraphrase another poster on the HOTD thread, you could buy a place JUST LIKE this for only $420,000 to $520,000 in Bushwick. Literally. Same layouts, finishing, fabulous linoleum in the living room. In fact, I can give you the address of one. I'd say it'd be a much better deal. (Oh I mean without the commercial space, though there are plenty of those for sale, too -- even more in fact.)

Posted by: mopar at January 6, 2009 3:43 PM

Oops, I meant in the "something Sold" thread. Here's Shillstoner's comment about location:

I think a big change is that in the boom people were comparing up and now they are comparing laterally and down. People used to say "this house in [a fringe area] is 1.5M, but it would be 3M in Park Slope!" Which was a stupid and pointless comparision. Now they are saying "This is nice house but for the same money I could get a decent apartment in the slope or the same house for even less in [wherever]."

Posted by: mopar at January 6, 2009 3:49 PM

So do you think they priced it kind of high because of the linoleum?

Posted by: mopar at January 6, 2009 3:51 PM

mopar - All of that is true, but you'd still be in Bushwick :)

11217 - we've been to Weather Up, yes. Also Clover Club and Flatiron Lounge. Tried to get into PDT twice but been rebuffed both times. And I hear that ... someplace down on like 15th and 5th ave in south slope also has good cocktails? Need to check that out, if I can remember the name.

I have friends who just went to Beer Table the other night and really liked it, for exactly the reasons you describe (tho they did think it was a bit overpriced). I agree - the key is really bonding with the community and making people want to become regulars.

And yeh, I love the old pharmacy cabinets and stuff in Ozzie's. I think the space could use some TLC, but it's got great bones, so to speak. :)

Posted by: cwbuecheler at January 6, 2009 3:53 PM

What is PDT?

Clover Club is ok...it has the look I like, but it doesn't have the warmth and the staff there are not friendly, in my experience.

I agree about Beer Table being a bit overpriced, but some things are worth paying a little more for.

Also agree that Ozzie's could use an updating, of sorts.

Are you thinking Ellis in the South Slope? I haven't been, but heard about it, if that's the place I'm thinking about...

Posted by: 11217 at January 6, 2009 4:00 PM

PDT = "Please Don't Tell."

It's a "speakeasy" with its entrance hidden in the phone booth of a hotdog shop on ... St. Marks? Something like that, in the East Village. You have to dial "0" on the phone in the booth, and then the wall opens up and a lady goes "we're full, you have to wait 45 minutes in the hotdog restaurant" and your wife goes "no f-ing way" and you go to some other bar.

I think Sidecar is the place I'm thinking of in S. Slope.

And yeh, atmosphere goes a long way toward making me happy to pay a little for my drinks, rather than drinking them at home or in a crappy dive.

Posted by: cwbuecheler at January 6, 2009 4:08 PM

next time your at ozzies tell them that iced coffee is not a cup of ice with 2 drops of coffee. that is so annoying. i think ive said this before here but when you say lite ice or little ice they are like well, the ice melts. well no duh einstein but it turns into water making it water coffee. grrrrr (im talking about the one on 5th) never been to 7th one.

*rob*

Posted by: PitbullNYC at January 6, 2009 4:09 PM

Three Cents on the comments above...

1. Bars:

Sidecar on 15th and 5th has really good cocktails and food, and it's built in an old pharmacy, and some of the cocktails are named after elixirs from the old pharmacy

Quarter - on 20th and 5th has really, really good cocktails, and it's very tiny.

Eurotrip (it's really called that...) has gigantic steins of beer and fried cheese

2. Rent on the building:

I think you could get 1500 or even more for a 1000 square foot apartment on 19th and 5th without even renovating it. That's a lot of space. 1 bedrooms are around 12-1400 and they are usually around 700-800 square feet.

3. The neighborhood feeling- there is a cinematic quality in the evenings here- the view down 5th ave with the sunset and the shadow profile of the Verrazano are amazing. The height allows views across the water and of the statue of liberty from many blocks. There's a peacefulness that makes it feel very different from south slope on the proper side of the expressway...

Posted by: Park Place at January 6, 2009 5:15 PM

mash all the comments above together into a small blurb and you have an idea why park slope sucks...

Posted by: lalaland at January 6, 2009 7:53 PM

lalaland- the house in the posting isn't in park slope

Posted by: Park Place at January 6, 2009 9:47 PM

If you "mash" all of lalaland's comments together into a small blurb, you will have an idea why he posts nothing of value.

Posted by: doldrums at January 7, 2009 1:18 AM

cw, you would love Bushwick. Lots of atmosphere, no wait.

Posted by: mopar at January 7, 2009 11:15 PM

Post a comment

Please be patient while your comment is published. It may take a moment.

Latest Restaurant Additions