« Lost City's Guide to Boerum Hill The Caroline, Live From Ocean Parkway »

April 6, 2009

658 Park Place: The Little Condo That Could

658-Park%20Place-Brooklyn-0409.jpgA nine-unit condo conversion in Crown Heights seems an unlikely candidate for success story of the season but, according to a Brooklyn Eagle story, that exactly what 658 Park Place is. The limestone walk-up apartment building, which was gutted by a fire before being turned into condos, hit the market at the beginning of March at prices of between $400 and $500 per foot. Seven units are spoken for already; the two remaining units are asking $318,900 and $481,200. Broker Greg Todd chalks up the swift sales to a combination of reasonable pricing, attractive renovations and proximity to the Franklin subways. Seems surprising, no?
Bright Light on Dreary Landscape [Brooklyn Eagle] GMAP




Posted by Brownstoner at 11:00 AM | Comments (18)
Categories: Condos, Crown Heights

Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/9149

Comments

The very low maintenance charges will have been a huge part of the attraction of these places.

Posted by: the chicken at April 6, 2009 11:07 AM

There is always a demand for brand-new rehabs that provide the buyer with basically a new home within old walls. Couple that with reasonable prices and a convenient location, and it is no surprise that this project is a success.
Give people a good product at an affordable price (drop the ridiculous snob-appeal shtick) and it will sell like hot cakes.

Posted by: sam at April 6, 2009 11:18 AM

i think you mean Franklin C several blocks away and proximity to 2/3/4/5 at Franklin and EP.

Posted by: chrishavens at April 6, 2009 11:44 AM

Why do people renovate bathrooms with absolutely NO storage? Who lives like that?

Posted by: broadwayron at April 6, 2009 11:45 AM


I live on this block and am not at all surprised. This area is steps (or a quick, meaning 3 minute train ride) from everything. The housing stock is very nice, but not Brooklyn's finest, which allows for more reasonable prices. As discussed on this blog, clean up the drug trade on Franklin and this area will become a true annex of Prospect Heights, not just ambitous realtor talk of said.

Posted by: YngRntr at April 6, 2009 12:00 PM

Personally, I don't get the appeal. I don't like old buildings rehabbed like new condos. And wow, this area is expensive.

Posted by: mopar at April 6, 2009 12:30 PM

We attended the CSA sign-up event this weekend at Franklin Park. The pent-up demand for quality services in this neighborhood is very evident. It makes sense that well configured housing at reasonable prices would fair the same in this location.
Also, this is much closer to the 2,3,4,5 and the shuttle is convenient for folks taking the B or Q from Mid-town.

Posted by: lincolnlimestone at April 6, 2009 12:30 PM

Anyone know about the building next door to this (to the right)? I live around the corner and have been watching the renovations--anyone know if it will be rentals, when they'll be available and through whom?

Thanks!

Posted by: aprizant at April 6, 2009 12:34 PM

Went to the open house yesterday, and the developer should be congratulated on the quality of the rehab. It was renovated as if he would live there himself.

The vacant building next door, and the aforementioned drug traffic on Franklin make this a non-starter for me personally, but I am not at all surprised it's sold quickly.

Posted by: curiositykilledthecat at April 6, 2009 12:39 PM

"Duplex studio with spiral staircase"

That cracks me up.

Love the "rec room"...

But I suppose for the money, if you don't mind sleeping in the cave it could be a decent space.

What I wonder though is what were the "rec rooms" before the rehab? Part of the overall cellar? And if so where are the utilities now? Those "rec rooms" seem to take up the entire footprint...

Funny stuff

Posted by: christopher at April 6, 2009 12:41 PM

OK- I'm totally confused- isn't this Crown Heights?

The building had a big fire. I imagine the gut rehab was a necessity but I also would prefer the old period detail interiors myself.

Posted by: bxgrl at April 6, 2009 12:48 PM

I think the prices are high given the current conditions. but not going to complain cause this makes my rental unit that much more attractive. A vote for crown heights north is good in my book. Of course, I would not pay that kind of price for these condo's.

bxgrl, if these prices are legit then my rental has to be over 500k right (ie bigger, orig details,..)? hehehe. It would be tempting to sell but still rather rent it out instead.

Posted by: more4less at April 6, 2009 1:28 PM

Hopefully the success of this development will inspire the owners of two similar burnt out buildings on the next block (b/w Grand and Classon) to renovate those into condos.

Posted by: bohuma at April 6, 2009 3:17 PM

Christopher, it's a duplex studio because the lower floor can't legally be used as a bedroom, although I'd be surprised if anyone used it as anything else. If I worked the nightshift as a nurse or something, a cavelike bedroom that is quiet and dark would be perfect.

Posted by: bohuma at April 6, 2009 3:20 PM

oh geez! i lived in a "duplex studio" apartment for a few years, it was almost identical to this. i can say from experience that that "rec room" is cave city (hellooooo that window is on the sidewalk, must be kept draped) in summertime i had some ser humidity probs down there. no place to sleep if you got sinus issues!

Posted by: bowl of dicks at April 6, 2009 5:01 PM

"$400 and $500 per foot"

Grossly overpriced, sub-prime real estate (read multiple mentions of drug activity above). Developer must have acquired the building for dirt cheap and afforded to absorb significant price cuts to have moved these. If not, hats off to them and condolences to the sellers. Cc's low but the price for the rights to enjoy them high.

Run of the mill, top of the market prices.

***Bid half off peak comps***

Posted by: Brownstones Half Off at April 6, 2009 9:13 PM

BHO makes no sense:

"Cc's low but the price for the rights to enjoy them high."

Low maint. is the same as low price. You still gotta come up with the nut every month. What's the difference if it's a mortgage payment or a cc. Yes, cc's go up, but I'd rather start from a low level.

I'm sorry, $202 a month is dirt cheap maintenance for the square footage.

Posted by: Bolder at April 6, 2009 10:52 PM

BHO - Subprime is a category of borrower based on their FICO score. Just because Real Estate is in an area you consider 'ghetto', doesn't make it sub-prime. If the sellers finance an apartment with 50% down, is it still sub-prime? Don't let your silly preconceived notions cloud your judgment.

Posted by: lincolnlimestone at April 7, 2009 9:53 AM

Post a comment

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

Latest Restaurant Additions