Houses of the Day: Live-Work Comparison
As long as we’re rocking the side-by-side comparisons today, we thought it’d be interesting to take a look at these two similar properties. Both are three-story mixed use properties with a commercial space on the ground floor and two floors of residential. Clearly the commercial space in the Grand Press building in Williamsburg has more…
As long as we’re rocking the side-by-side comparisons today, we thought it’d be interesting to take a look at these two similar properties. Both are three-story mixed use properties with a commercial space on the ground floor and two floors of residential. Clearly the commercial space in the Grand Press building in Williamsburg has more going for it (an expensive build-out, for one) and we suspect the building is a bit larger than the one on Court Street, but we’re not sure how to account for the $1.1 million price difference, even if the Court Street property is located at the far end of street. Thoughts?
284 Grand Street [Douglas Elliman] GMAP P*Shark
Court Street Live-Work [Brooklyn Bridge Realty]
The carroll gardens building is between west 9th and Garnet — hard by the BQE, not much foot traffic, a couple small businesses have struggled down there. (That yoga place, the “SoFo” grill, which I think is closed now?) I believe this building was auctioned by NYC about 5 years ago — I looked inside, it seemed like a wreck and pretty small, only 30 or so feet deep.
I guess a lot of it depends on where on Court Stree the property is. I basically agree with anonymous 11:57, except to note that Grand Press is truly a turnkey operation, all newly built within the last 3 years or so. But, yeah, that stretch of Grand is a high traffic area, and the commercial space is pretty large.
OTOH, the upper floors (or at least the second floor) of the Grand Press building is unfinished (you can see the unfinished ceiling from the street). So this is turnkey on the ground floor, but nothing close to it above.
Both are commercial properties that are valued on a multiple of rent roll. The property on the left commands a premium based on the retail space being in more high traffic area than the property on the right. Improvements and square footage do not play the primary role here as posited in the Brownstoner post.