Brownstoner takes on Brooklyn history in Nabe Names, a series of briefs on the origins and surprising stories of neighborhood nomenclature. Tucked between Coney Island Avenue and Kings Highway, Gravesend is just across a creek from Coney Island, but the neighborhoods are starkly different.
gravesend
A Moody Lady and the English Roots of a Dutch Colony: How Gravesend Got Its NameFor the right investor it could be a great investment as a Land-marked Building. I believe that Landmark Tax credits are still available, they just do not work anymore with the prices as they are in most landmark districts. But if a person or group of investors in high income tax brackets buy and then spend equal or greater than the acquisition price on the restoration and renovations of a landmark property, they can write the total rehab cost off their income tax bills over five years in the form of tax credits. So they rehab the building for virtually no cost, they collect rent for five years while taking further tax deductions etc and sell it at hopefully an appreciated price five years or so down the road..
For Less Than $1 Million, You Can Own a Famous 18th-Century Brooklyn FarmhouseWhere?
House of the Day: 1648 Dahill RoadGravesend was not a real sale, just owners xferring to an LLC.
Last Week’s Biggest Sales