Condos of the Day: 241 Norman Avenue
The concept behind 241 Norman is interesting–condos for artists that sell at a discount because they are zoned commercial–and the location seems appropriate. Obviously this is a wink-wink look-the-other-way situation where everyone will end up living there and hoping that no one from DOB or the fire department decides to make life difficult for them….
The concept behind 241 Norman is interesting–condos for artists that sell at a discount because they are zoned commercial–and the location seems appropriate. Obviously this is a wink-wink look-the-other-way situation where everyone will end up living there and hoping that no one from DOB or the fire department decides to make life difficult for them. Of course, given the direction of the nabe–and the fact that this building falls just feet from the residential zoning line–it’s also entirely possible that these could go legit at some point in the near future. The raw space looks nice, too. The bigger question is how much of a discount are you getting if you buy these for $500 a foot but still have to build out a kitchen (and more than likely upgrade the bathroom)? Dunno. Has anyone checked them out?
241 Norman Avenue [Greenpoint Lofts] GMAP
Lofty Commercial Condo for Sale [Craigslist]
Opportunity for Artists in Greenpoint [Curbed]
thfs,
Can you back that up with some information? I’m not looking for opinions without some supporting evidence. I’ve seen too many people on this site, give misinformation out. BTW, investing in a business location IS an investment in one’s business. The question is, is there something to be wary of here, specifically.
Thanks.
DHS- you’re better off investing in your business than these lofts.
I am seriously considering a unit here for my business. The problems seem to be getting a loan at a “decent” interest rate (meaning not over 9%) and finding a bank to give the loan because this type of property is uncommon: commercial condos. Anyone else looking into these units and/or funding right now with any ideas? Since the contracts don’t allow for financing contingencies, it makes it a bit more stressful (unless you are all cash). Also, wondering if there are people living in these spaces and they get caught, will it effect business owners in other units at all. Can’t see that it would as it is a condo and not a co-op, but want to be sure. If any other small business owners/artists are considering buying these units, I’d love to chat!
i agree with “investor”. It’s the best thing you can get for your money in today’s market. I saw it 10 years ago in the meat packing district and i see it now in Greenpoint. I’m going into contract next week.
Yeah great, except the lease rates on commercial condos are too low to cover your mortgage. So unless you plan to run your own business out of it, the economics still don’t work.
I looked at the property and I think its a great buy. A smart investor can use it as a commercial condo (which is a better investment anyhow today) and in few years, if the zonning changes, profit big time.
Just an FYI, the address is actually 231 Norman Avenue. The one thing that really bothers me about these blogs is that people don’t really take the time to research before posting.
I have read a few articles on this property and have actually looked at the website (that’s where you can find the correct address) and this building seems really cool and a great deal for small businesses, such as my own, that are interested in owning their office space and being in a unique neighborhood, rather than in Manhattan paying through the roof for a lease.
As these blogs continue to become a source of information for a lot of people I really think it is about time the bloggers get the story straight or at least the address.
strict non residential zoning applies to this bldg, so unless you and your wife were living in someplace like Asia, your dream mudhut just might be under the stairs… oops thats illegal too.
There is a great loft building for sale in Clinton Hill right now. Someone should sell that as commerical (wink) lofts.