House of the Day: 667 5th Avenue
This isn’t really a house, we guess, but there ain’t a whole lot of new properties on the market yet this new year, so we’re working with what we got. This three-story brick building at 667 5th Avenue in Park Slope Greenwood Heights consists of a 1,000-square-foot retail space topped by two market-rate, floor-through rentals….
This isn’t really a house, we guess, but there ain’t a whole lot of new properties on the market yet this new year, so we’re working with what we got. This three-story brick building at 667 5th Avenue in Park Slope Greenwood Heights consists of a 1,000-square-foot retail space topped by two market-rate, floor-through rentals. The property, which traded for $879,000 in 2006, will be delivered vacant. The asking price is $1,195,000. Anyone care to hazard guesses for what kind of rent the property could generate so we can do the math on the asking price?
667 5th Avenue [Century 21] GMAP P*Shark
11217 and Insert: There are plenty of kids in this neighborhood. Just walk down 5th Ave. and the sidestreets in the 20s during warm weather. You just don’t notice them as much because most aren’t spoiled brats.
And 11217, we could use some good food stores/groceries. Eagle is OK, especially their deli counter, but their prices on most groceries are highway robbery.
Speaking of bars, I went to Essence on Sunday for the Eagles/Vikings game. It’s on Atlantic at Troy and not a very inviting place from the outside.. Not a bad place….friendly older crowd, some decent food. I think there are nights with a band so don’t know what that’s like.
Hey 11217 do you think our part of 7th is too family-oriented to welcome a bar? 5th has a bunch of them, but it feels like everything on 7th shuts down at about 9pm (except the friggin buses, garbage trucks, and fire engines), and the majority of the locals like it that way.
PS: I know the Tea Lounge is technically a bar, but I mean a real bar, like Union Hall or something. 🙂
I should also add that while I think it’s improving, I’m guessing some of the long-time residents do not agree and are perfectly happy with the retail they had. It’s a safe area, and one that just looks a little scrappy, but doesn’t really probably NEED much of anything.
Since I don’t live there, I shouldn’t say it’s improving and I’ll leave my own hopes for further gentrification for my swaths of 7th and 5th Avenues…
Not that it could really get that much better in my mind. Got everything I need nearby.
I can totally see the progress of the ‘gentrification’ process here. It’s understandable though. The ‘R’ train is quite close, the B63 bus is almost spotless in terms of reliability (in my experience anyway), and all of these fancier type places are popping up. Ellis Bar, the sushi joint, the increased beer selection at Eagle Provisions…it just keeps coming. I suppose in light of this, $1500 per month is reasonable. I’m just glad (and knocking on all the wood I come across) that my rent hasn’t hit that point. Other than the fact that I’ve got what has to be the nicest landlord ever, I don’t know why that is.
I own a building similar to this but in Gowanus, the taxes which were just raised for 09′ is $2,100.00 insurance is $3,600.00. This building will move at $899,000.00. In today’s current market conditions.
People who think Park Slope is bad for strollers have never lived in Southern California. Ever gone to a mall there? Holeeeee crap.
Bolder,
This area of 5th Avenue is really improving a lot lately. You can see the restaurants, bars and coffee shops creeping farther and farther south, replacing the 99 cent stores and such.
I think this is a perfect example of a built in gentrification price increase that has yet to be seen. In 2006, they thought that the next Al Di La or Union Hall would be moving in in a couple years, and I think the present owners feel the same way…
With that being said, I really like the look and feel of this area of what I guess people call South Slope. It’s kinda funky. I even like some of the eyesores sprouting up, which only adds to the eclectic nature of the area.
There ought to be some sort of program that automatically sends a killer virus to anyone who uses “Park Slope” and “stroller” in a post. Can’t we pick a new meme for 2009?
Anyway, this isn’t Park Slope. On that we can agree. I’ve always daydreamed about owning a building like this (but owning it pretty much free and clear) so I could experiment with retail ideas without having to worry about silly things like cash flow and profits.
I’m not as shocked by the 1 mil-plus asking price as I am by the fact that someone paid 880k in 2006. That just seems wildly inflated for that area, but maybe I’m missing something.