427 St. John's Pl/Bet Underhill and Washington

Hmmn, so Washington Ave is not quite where Vanderbilt is, in terms of civil diversity, though there is the Police station on Washington. Tom's restaurant and a few others seem to be thriving, and Underhill seems to be residential.
Read about an incident at Underhill Park, so I wonder if this block's transition
is closer to the slower place of Crown Heights or the more stable transition
of Prospect Heights closer to Flatbush Avenue.


The prices at 427 St. John's are priced in my ballpark, considering the size:

http://www.ahbrooklyn.com/property.php?id=616&type=coop&displaytype=coop

Just wondering whether I'm thinking of stepping into a building/block/neighborhood that is in the midst of being comfortable diverse or culturally contentious, in part because of the economic downturn.

thanks for the feedback. FWIW, 8 of the 16 apartments are empty. The remaining 8 apartments are Section 8 occupied. The owner has opted out of the Section 8 program in this building, and another on the same block. Look for the permit signs in the doors on the building down the block. The remaining tenants at 427 St. John's are not being evicted, and have an opportunity to buy.

On 4 separate trips to the apartment I've meant some of the occupants, and they seemed friendly enough. Many expressed delight with the upgrades to the building. They responded easily and positively when asked about the building and the neighborhood. At this juncture, I wouldn't mind having them as neighbors. To be balanced though, on a couple of occasions inquiries to the younger teenage types were met with an "I can't be bothered look". I've also seen a couple of the teen types standing in the front of the building on occasion. Certainly not a pleasant sight, as it reinforces prevailing negative stereotypes. Until I have real circumstances to deal with---I prefer not to give into fear. I'm a native New Yorker--maybe that helps. Besides, initially, I don't don't plan on living in front of the building much. If I do linger in the front of the building, I wonder what stereotype I'll fall into as an owner?

Roof has been inspected recently, and a new boiler is being installed. There are no active violations on file with DOB. The renovation, and I've seen a few in my day, could not be characterized as shoddy. Essentially, the apartments have been scrubbed, and are easily in the same class (pre-war building) as smaller apartments for more $$ on Underhill, Sterling and Butler. What the apartments lack, are high, or psuedo high-end kitchen and bathroom appliances and fixtures. I'd plan on adding these items, if thats your thing. Also the galley kitchens could easily be be opened up. The available units have already been appraised, and the building has been approved by major lenders without sponsor financing, though it is available for those that need it. For the price, including the +/- issues, I consider it a good buy. Of course, if you still have the mindset of flipping something here in 2- 3 years, that could be another story.

As you might have guessed, I've now put an offer in at 427 St. John's. I'm not totally unfamiliar with the area, as I do know a few people who live in the area, and I live nearby myself. I know that there are risks, and that clearly, class, cultural and racial gentrification can be tricky. As such, I will appreciate any further comments about the area, and the process in play at this building. Especially appreciated are comments from people who recognize that these kind of successes are happening, and that for the most part friendly civility can create a collective and be contagious. If anyone wants to PM me, feel free.