658 Park Place: The Little Condo That Could
A 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…
A 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
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.
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.
“$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***
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!
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.
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.
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.
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.
“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