Here are some good "before shots" — Brooklynian
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Here are some good "before shots"
edited October 2015
They won't look like this in 2018.
Do you think they are proposing demolition? or building new stories? or just renovations?
These aren't enormous lots like many of the Victorian tear-downs in the neighborhood. Even if they build 5100 sq ft, limited windows on the side mean something like 8 units replacing 3, which strikes me as not as great a deal when you are paying $1m for the building plus construction costs.
I don't think these buildings will be torn down. The next step for them will be to be purchased by a developer that has the resources and skill set to renovate them as a group. A midsize company, with good contractor relationships.
Then, about a year from now, they will be sold individually as "turn key buildings" to persons who would like to own the building they run their first floor business out of.
The bet is that neighborhoods will be more "ready" for such enterprises then, than they are at present.
So $1m for a 3 story mixed-use is the going rate now?
Here's more, 784, 786, 788 rogers, between Linden and Martense.
Yes, I would say $1M is market price for a building that size, in that location, that has not been renovated.
For a building that size, the plan might be to renovate over the course of the next year, while simultaneously advertising that ground floor space to a restaurant or bar.
Then, sell it with said lease for $500k more than your initial investment and reno costs
1M + 400k reno + 500k carrying costs and profit = $1.9M
Has this sort of pricing and reno happened in Crown Heights over the last few years? Are there newer businesses in buildings like these where the business owner lives above?
edited October 2015
For example, Bar Sepia on Underhill and Lincoln. It is located behind the mail box in this view:
The owner (a friend of mine) bought the building in 2003, created a bar and then lived above it for the next few years. She has since moved to a location nearby, and now rents out the units.
If all goes well, this same "path to success" could be used by a "successful person of moderate means" in the neighborhoods we are discussing between 2016 and 2019.
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