Crown Heights Condos Fly Off the Shelves
That was fast: A little more than two months after hitting the market, only one condo is still up for grabs at 794 St. John’s Place. The Crown Heights conversion’s 16 one-bedrooms were running between $229,000 and $260,000. Brad Phillips, the Apartments & Lofts agent who’s been marketing the property, says the price points made…
That was fast: A little more than two months after hitting the market, only one condo is still up for grabs at 794 St. John’s Place. The Crown Heights conversion’s 16 one-bedrooms were running between $229,000 and $260,000. Brad Phillips, the Apartments & Lofts agent who’s been marketing the property, says the price points made the building especially attractive to buyers, who are mostly first-time owners. Phillips also said that though 794 St. John’s was the first property Apartments & Lofts has handled in Crown Heights, its speedy sales mean the brokerage is now gearing up to work on other projects in the neighborhood. When we first postedabout this one in late May, comments ran the gamut from these are steals to I think a crack whore is a nice amenity. Anyone feeling non-buyer’s remorse for missing out on this one?
794 St. John’s Place [Apartments & Lofts] GMAP P*Shark
Condos of the Day: 794 St. John’s Place [Brownstoner]
Yeah, the units are cozy and the price isn’t bad for that particular block… I do believe that the neighborhood is on an “upswing”…There is visible police, hence the “skypolice” on the corner of Park Place/Nostrand Ave. due to the community’s outcry and concern for quality of life.
However, the agency that’s selling the units are VERY VERY SHADY! I heard through the grapevine that another agency had a cobroke agreement with them, A&L pulled a fast one and wanted to pay the other broker a “finder’s fee”…the deal apparently tanked…b/c of it… If this is true, that was pretty stinky..
Other than that, the units are nice and I see improvements in the area in the future! Think it’s a great investment for anyone that can make through this mortgage nightmare!
I think the most of the posters here are not familiar with the neighborhood, and are quick to generalise with stereotypical comments about black brooklyn. My husband and I just bought a place nearby btw Franklin and Bedford and moved in during July. We are both amazed to see the parade of “all sorts of folks” as one long time resident put it, meaning – asians, latinos, whites etc. who have moved to Crown Heights because they are displaced out of Manhattan. These are mostly young, single people who are renting because they cannot yet afford to buy. I tell you this neighborhood is quickly changing. I love the mix of the old timers and the new transplants. Sometimes when I look around it reminds me of Williamsburg of old, or the East Village 15 years ago (when it used to be affordable and a cool place to live). While walking home the other day, on Franklin, I saw no less than 3 residents (African American) of different multifamily buildings sitting outside with laptops picking up free wifi.. So much for stereotypes….I think you guys should take a walk around the nabe and you will see what I am talking about….Besides, I hear that park slope had quite a drug problem 20 years ago, too bad we all didnt take a chance on that nabe then !
Just alittle inside info. A major NYC brokerage firm qouted the units at being worth $190k. aptsandlofts.com pushed up the numbers to an average of $490 psf on average. If the units were listed at $315k that would translate to $646 psf (which im sure would create an uprising here). I think the current broker understands very well the market and you are remembering the prices of 1.5 years ago. Give credit where credit is do.
Actually, I have to ask Brownstoner why he is posting a puff piece directly from the broker? Are there no other worthy stories to write about? It just seem’s like slimy shilling! I have to say that I have flipped a few properties in this area a block and a half away from this project and condos in the area were going for over $300K for the same amount of space. If they had actually used a broker that new the market and the neighborhood they would have sold for a much higher price, at least 315K. In reality the developer got screwed by selling so low. I bet half the purchasers are going to rent out the apts. There is no product for under $290K anywhere!! You would think they would know this! I guess they learned on the developer’s dime for the next one.
I have just started looking at and enjoying this blog & was kind of taken aback to see 794 St. Johns Place here. I bought an apt. on the block in question three years ago. 794 was a shell that had a basketball hoop hanging from the delapitated scaffolding. I can say for sure, living here has been hard, but If these apts were a few blocks closer to Washington Ave, they would be selling for $400,000. I think Crown Heights is a great investment and like so much of Brooklyn, getting better and better. I am very interested to see who bought these new apts. and how they fit in with the residents, many of whom have lived here a long time. To all the ‘hood haters, clearly you are ignorant and quick to bash any neighborhood that isn’t Park Slope or Brooklyn Heights – just move to the burbs already.
This block may not be so great now, but in the apartments will appreciate. I do remember Park Slope in the 70’s. My parents held onto their PS brownstone as a rental but we didn’t dare live there! I also remembered when great deals could be found in Red Hook, Williamsburgh, Ditmas Park, etc… When I purchased my home in Victorian Flatbush for under $200,000 many of my friends were moving to Staten Island. I’m certainly glad that I stayed in Brooklyn.
are you saying people who pay $240K for an apartment are “rich”?
way too many rich people.
at least I have a semi fulfilling job…
if only it paid $500,000
16 apts times an average price of $240,000 means that this buiding is worth $3,840.000 does that make sense to anyone, i think that is what the market is discovering its not worth it to spend all your income to sleep in a beed just to go back to work modern life is insane