Condo of the Day: 932 President Street
After being bought for $1,425,000 back in the Summer of 2004, this brownstone at 932 President Street has been converted into four condominium units ranging in price from $700,00 to $1,190,000. If the seller gets his asking prices, he’ll gross just over $3.6 million. Of the difference between the selling price and what he paid…
After being bought for $1,425,000 back in the Summer of 2004, this brownstone at 932 President Street has been converted into four condominium units ranging in price from $700,00 to $1,190,000. If the seller gets his asking prices, he’ll gross just over $3.6 million. Of the difference between the selling price and what he paid for it, how much do you think will be profit and how much renovation and finance costs? Of course, whether the developer will get anywhere near the askind prices is a whole ‘nuther question. The renovation definitely preserved some nice original details (and the location is fabulous), but without seeing floorplans it’s pretty hard to say whether these things are realistically priced. Anyone seen ’em yet? There’s an open house on Sunday from 11 to 1.
932 President Street, Multiple Units [Warren Lewis] GMAP P*Shark
Photo by Kate Leonova from Property Shark
I think the posts of late, has missed the original question – how much do you think the developer spent on the renovations (especially those who went and offer the judgments as to taste) was it $150, $200 or $350 psf in the renovation? That way it may be instructive to those trying to either undertake their own renovations or look to do development work in their b/stone. It is something many of us think about on this thread – how to coop/condo the upper floors of our house in order to remain in the neighborhood. Anyone care to get back on this point in the thread?
Yeah, but that beat up brownstone will be outside of the prime areas. For a lot of folks neighborhood is everything, and that creates insanities like this place. It just means that the real estate market in some parts of Brooklyn has now come to look a lot more like the Manhattan market – but you still are likely to get more space for your money than in Manhattan.
Appropos of the xenophobia comments —
I really think there is a brooklyn insider sniggering going on with a place like this, like you have to be OUT OF YOUR MIND to pay those kind of dollars for that. It’ll take a while but you can find your own beat up brownstone.
11:50 here — Xenophobic? I’m not xenophobic, I’m a Brooklyn snob who looks down on overpaid Manhattanites and out-of-towners who don’t know Borough Park from Bensonhurst or Crown Heights from Prospect Heights. They want more space than they can afford in Manhattan so they move to Brooklyn, but because they are scared of brown people or people for whom English is a second language or people who are not as grossly overpaid as they are, they only want to live where everyone else is just like them. They are all probably highly intelligent, not to mention highly educated, but that doesn’t protect them from being suckers for over-priced condos like this listing.
How do these compare to the condos in 2d place between court and clinton in carrol gardens. Same type of development.
Location location location. What brownstone can you buy in prime park slope for one million dollars?
I looked at those apartments. They are a joke. You can’t even stand up in the bedroom on the top floor because the ceiling is so low.
Went to an open house there a couple of weeks ago. The upper floors have tiny bedrooms and outdoor space. When you first enter a unit, it looks promising, but the bedrooms are a joke. The top floor unit has a great roofdeck, but the bedrooms are tiny and the ceilings are slanted. It feels like you are sleeping in an attic, b/c you are. The units feel like they have been chopped up. The $1 million unit has grand ceilings, but the bedrooms are obviously chopped up and are much too narrow in proportion to the ceiling height. The location is very good, but these units are not worth the price.
11:59. I don’t think 11:50 was being xenophobic. Maybe I’m reading it differently. Anyway I know plenty of native NYers who think that the only good places to live in Brooklyn are as 11:50 described. People get caught up in the neighborhood name game. Ehh their loss…