House of the Day: 651 Vanderbilt Avenue
Does anyone know what the going rate for store rentals on Vanderbilt Avenue in Prospect Heights is? That’s one key question in evaluating the three-story building (center) at 651 Vanderbilt, which is currently asking $1,300,000. The fact that the 3,000-square-foot building has been on the market for over a month already suggests it’s not a…
Does anyone know what the going rate for store rentals on Vanderbilt Avenue in Prospect Heights is? That’s one key question in evaluating the three-story building (center) at 651 Vanderbilt, which is currently asking $1,300,000. The fact that the 3,000-square-foot building has been on the market for over a month already suggests it’s not a screaming buy. And in its current form that’s probably true. However, another key factor in assessing the building’s value is its FAR, which, at 4, means it’s underbuilt by 4,400 square feet. The eventual buyer of this place will likely follow the example of 554 Vanderbilt which is currently building a multi-story addition (photo on the jump). Personally, we’re very bullish on Vanderbilt as a commercial hub and like the looks of this building in terms of aesthetics. Does anyone know if there are any setback rules or other restrictions over what could be built on top of this?
651 Vanderbilt Avenue [Trulia] GMAP P*Shark
Does the AY project have any effect on the price of this building? IS it more or less desirable being within “blocks” of the vicinity?
Vanderbilt Ave is going to be a prime avenue. It will form a treelined boulevard between the Park and the Ratner project. Should that project attract higher end retailers this street will go very bright on the radar screen. It will act as the battery bewteen the Gehry project and the Meier building. It already boasts one of the highest Zagat rated eateries in the city. I see more of this happening there.
I am very bullish on the area and on Vanderbilt in particular. If I had ready investment money, I would have no problem putting it in this property even if it were a knock-down because of structural issues. Actually I hope it stays on the market long enough for me to complete my project and regain the capital to invest in it.
I understand walking on Vanderbilt en route to/from 2/3 train, but not for the B/Q — that’s at Flatbush & Carlton. Unless you live on Vanderbilt itself, wouldn’t you be heading straight for Flatbush, rather than walking along Vandy? Even for the 2/3, there are lots of routes from either GAP or Eastern Parkway through Prospect Hgts that wouldn’t have you walking on Vandy. Indeed, if you live on the west side of Vanderbilt, you wouldn’t walk on it on your way from the GAP 2/3, and if you live on the east side, you would probably get off at Eastern Parkway. In this sense, I can see why it hasn’t developed much as a shopping destination.
Vanderbilt is used by many en route home from the B, Q, 2 and 3 trains. I know, because I am one of them. I agree that the avenue can be a bit quiet at night, especially north of St. Mark’s.
the Q and the 2,3 stop at GAP both bring traffic down Vanderbilt. It’s always hopping when I’m walking home.
Looks like 544 should be just south of AY (with that overgrown lot in the foreground to be swallowed up)
Is 544 -the building with the ugly addition in the AY footprint? If not where is it?
Is 544 -the building with the ugly addition in the AY footprint? If not where is it?
Thank You for that answer Z.