Residential Sales in Brooklyn
CARROLL GARDENS $2.4 million 100 Second Place 4-family, 5-story brownstone; 3 bedrooms, 2 baths in primary unit; 1 bedroom, 1 bath in others; dining room, eat-in kitchen in each; 25-by-100-ft. lot; taxes $6,218; listed at $2.6 million, 5 weeks on market (broker: Iron Gate Properties) PROSPECT HEIGHTS $378,000 418 St. John’s Place 1-bedroom, 1-bath, 800-sq.-ft….
CARROLL GARDENS $2.4 million
100 Second Place
4-family, 5-story brownstone; 3 bedrooms, 2 baths in primary unit; 1 bedroom, 1 bath in others; dining room, eat-in kitchen in each; 25-by-100-ft. lot; taxes $6,218; listed at $2.6 million, 5 weeks on market (broker: Iron Gate Properties)
PROSPECT HEIGHTS $378,000
418 St. John’s Place
1-bedroom, 1-bath, 800-sq.-ft. co-op in a prewar building; dining area, high ceilings, 1 exposure; maintenance $468, 50% tax-deductible; listed at $369,000 (multiple bids), 10 weeks on market (brokers: Corcoran Group Brooklyn; Century 21 Kevin B. Brown)
SUNSET PARK $628,000
350 57th Street
2-family, 3-story, 95-year-old brick house; 3 bedrooms, 2 baths, eat-in kitchen in primary unit; 1 bedroom, 1 bath, den in other; original moldings and detail in each; south garden; 20-by-90-ft. lot; taxes $750; listed at $630,000, 2 weeks on market (broker: Warren Lewis Realty)
Residential Sales [NY Times]
We looked at and bid on the 100 2nd Place property. I simply can’t add up how they’re going to make a decent profit on it; while it’s a largish 5-story, it needs a lot of work, and even if you can go to 4 or 5 condos, you’ve still only got about 1,000 sq. ft / floor to work with. Do you think they can get $700/sq ft for units in this building? That’s about the breakeven price if it needs $1M in work, which I think is a bare minimum (maybe I’m grossly overestimating how much work they’ll have to put in, but the building basically needs to be gutted or nearly so).