House of the Day: 2nd Street Brownstone Condos
As prices of even the most run-down brownstones have continued to rise over the past year, it seems to us like it must be getting harder and harder to make money as a flipper. Since the arbitrage between unfinished and finished owner-occupied houses has been largely eliminated by the increasingly efficient market, the only other…
As prices of even the most run-down brownstones have continued to rise over the past year, it seems to us like it must be getting harder and harder to make money as a flipper. Since the arbitrage between unfinished and finished owner-occupied houses has been largely eliminated by the increasingly efficient market, the only other arbitrage left is between owner-occupied houses and condos given the price premium that the latter tends to command over the former. Which brings us to today’s property, a brownstone in Park Slope that has been condo’d into four apartments. In this case, the apartments are priced at between $900 and $1,000 per square foot which we can only assume is more than the building would fetch as a single family. Is this a correct assumption for Second Street between 7th and 8th Avenues? By the way, it looks like the developer has done a decent job on these units, though whether they’re worth the price is hard to say. Of course, compared to the similar prices below Fourth Avenue, these would appear to be a steal!
2nd Street Brownstone Condos [Townsley & Gay] GMAP
They’re actually between 6th and 7th. Noy 7th and 8th.
Your house looks lovely!! Enjoy!!
How do you unload the dishwasher while anything else is going on in the kitchen? There’s nowhere to stand unless the refrigerator is closed and even then it’s a far reach to cabinets.
Insane. How can anything less than 700 sq feet be a 2-bedroom? These must be really tiny. A decent 1-bedroom is at least 650 sq ft. I bet there is no closet space either.
they may have AG approval as of weeks ago but after studying that picture I am now even more certain T&G had an open house for these a long time ago. that’s the top floor unit and the spiral goes up to the roof. maybe I’m wrong but I don’t think I am.
fyi, the price on the 7th Street condos has dropped from $1.7 to $1.35 million. still a crazy amount of money for 7th between 3rd and 4th, but it’s a sizable drop.
If condos carry a premium to houses, does it make sense for the owners of owner-occupied brownstones with rental units to condo the building and sell the rental units?
Kitchen looks ok..but small.
The main problem with floor-thru brownstone apt.’s like this is the second bedroom is too small for anyone but a small child, so if you’re planning on having kids these are strictly starter apt.’s.