Property Near Arena Flips for 70% More in Three Months


    A vacant, three-story brownstone with a commercial space on the ground floor at 75 St. Marks Avenue, just three blocks from the Barclays Center, sold for $1,640,000 earlier this month. The 3,270 square-foot building last changed hands only months ago in September of 2012 for $965,000. That’s a whopping 70 percent increase in just four months. From the outside it doesn’t appear that the new owners did much, if anything, to improve the property that would warrant such a massive increase in value. The listing indicated that the apartments needed a gut renovation and there are no new permits pulled with the buildings department. It’s possible that the sellers got a very good deal when they bought last year–they did purchase it from the estate of the previous owner who had held onto the property since 1970. When the home was on the market in 2011, it had the asking price cut from $1,650,000 to $1,350,000 without any luck in moving the property. The broker, Ofer Cohen, founder of TerraCRG says, “this sale is an example of the tremendous growth and transformation that the area surrounding the Barclays Center has seen and its effect on the immediate neighborhood. Properties in this area especially with retail spaces are gaining considerable notice from investors who are willing to pay a premium for the location.” What do you think? Has the arena really boosted the value of commercial properties, or is this an outlier?
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