417 Caton Avenue Going For Another Flip
Neighbors are no doubt eager to see something built on this Kensington lot at Caton Avenue and 5th Street, supposedly complete with approved plans for luxury condos. City records indicate work was started on the property in 2003, but demolition didn’t move very fast—two years later, a partially demolished building still existed on the seemingly…
Neighbors are no doubt eager to see something built on this Kensington lot at Caton Avenue and 5th Street, supposedly complete with approved plans for luxury condos. City records indicate work was started on the property in 2003, but demolition didn’t move very fast—two years later, a partially demolished building still existed on the seemingly abandoned and unsecured construction site. Meanwhile, the property has been bought and sold three times. In 2003, it was sold for $125,000. In 2004, it was sold for $900,000. And one year later, it was sold for $999,000. Now, it’s on the market for $1.35 million. It looks like the current owner re-filed plans, but a Stop Work Order pre-dating the sale is still in place, which says: “This is a corner property and there is a construction site that is not closed off thre [sic] is a open gate and debris are falling all over the sidewalk on East 5 Street. Site has been abandoned for months.” Coldwell Banker realtor Devonne Johnson said the 6,000-square-foot lot, listed for $1.35 million, has approved plans for a three-story, 10,000-square-foot condo building with six units (they weren’t found). She said the owner, who could not be reached, “wants to free up capital.” The property has been on the market for several months, and Johnson said she may have an interested buyer. According to the listing, the “community is eager to see this project built.” But it doesn’t seem like the best timing. What do you think the future holds for this corner lot: surface parking, another flip or new condos? P*Shark DOB
Why would someone buy an empty lot on a busy corner for $1.35 M when this is available for $1.675 M a block away at the corner of Ft. Hamilton and E. 4th (forgive the typical broker BS language, but I was too lazy to rephrase for my delicate audience):
Located on a prime corner in Windsor Terrace is this gigantic mixed use 3 story brick building — 4 family and 1 commercial with great business exposure on a wide street. This massive 4515+/- sqft building sits on an irregular 33 x 99 lot; the building size is irregular 21 x 70. The retail on the ground floor is Vacant with full basement — a perfect opportunity for an owner/user to start one’s own business — perhaps a cafe or restaurant. There are four sunny, high ceiling and great income producing free market rents — 2 (2 bedrooms) and 2 (1 bedroom). It is located several blocks from Prospect Park and two blocks from the F train. This building requires commercial financing. Annual expenses are: R.E Taxes – $9,299; Fuel – $6,500; Water/Sewer – $1,300; Insurance – $4,515.
“What do you think the future holds for this corner lot: surface parking, another flip or new condos?”
Open air drug market.
“Running down the street with the hospital gown on, ass all out”
ROTFLMMFAO!!! Fuck you, The What. You made me spit out my drink all over the computer screen. That was some funny shit.
That corner has been a nightmare for years, and has something like 5 different signs for 5 different brokers on it. I don’t know which owner it was, but one of them did demolition-by-homeless, where they put up a nonsecured fence and let anyone strip the building. Then they bulldozed it and left the wreckage for picking through. Then they left the carcass for all time. They should have just fixed up the house that was there and sold it for 800k and walked away. Losers. And for future developers: that sight is the source of 3/4 of the honking in the nieghborhood. Terrible spot.
large luxury condminiums-how surprising
large luxury condminiums-how surprising
“The what – you seriously need to chillax. get over yourself, already!”
Remember, I tried that! Where did that get me?! No more chilling! I’m not taking my meds!
The What (Running down the street with the hospital gown on, ass all out)
Someday this war is gonna end…
The what – you seriously need to chillax. get over yourself, already!
I for one, hope that nothing happens to this lot. The lack of building gives great sunlight at the end of the day into my co op.