1153 and 1159 President Street (btwn Rogers and Nostrand) are next.

Have $12.5M? This could be yours!


Photo: loopnet

From the text below, it sounds as if the current owners have flipped several units and left the rest for the next owners.

quote:
"TerraCRG has been retained to exclusively represent ownership in the sale of 1153 & 1159 President Street. The two contiguous buildings are located between Rogers Avenue and Nostrand Avenue in the Crown Heights neighborhood of Brooklyn.

The two buildings consist of 41 residential units, total over 42,000 SF and produces a gross annual income of ~$877,000. Thirteen of the 41 residential units are free market and have been gut renovated with high-end rental finishes. The renovated units are mostly rented to the large influx of students and roommates seeking housing in Crown Heights. The buildings have large apartments with a mix of 19 two bedroom units, 16 three bedroom units and 6 four bedroom units.

There is significant upside in the building as 28 of the 41 units are rent-stabilized. The average rent for the stabilized 4 bedroom units is $906, the 3 bedroom units $1,240 and the 2 bedroom units $1,307. Across the buildings, the rents average less than ~$25/SF in a neighborhood where renovated units can achieve over $45/SF.

Crown Heights has seen tremendous transformation over the last decade with many condo developments, strong retail and a robust brownstone sales market. In the past few years, rents have risen from $20/SF to $40/SF and are quickly approaching $45/SF.

The property is within walking distance of the Brooklyn Botanic Gardens, Prospect Park, The Brooklyn Museum as well the Prospect Park Zoo. The 2, 3, 4 and 5 trains are all within short walking distance of the property. The building is also conveniently located just two blocks from Eastern Parkway, one of Brooklyn’s main commercial corridors and a key vehicular access point to all surrounding neighborhoods in the borough.

Setup: http://www.terracrg.com/setups/1153_&_1159_President_Street.pdf

For more information on this property or to speak about a property you are involved in please email me or call me at 718-310-3296 or email me at [email hidden].

Adam

Adam J. Hess | Partner | TerraCRG | 592 Pacific Street, Suite B | Brooklyn, NY 11217
T: 718-310-3296 | F: 347-923-3232 | [email hidden] | www.terracrg.com"
endquote

Here's what the units that have been flipped look like: http://www.zillow.com/homedetails/1159-President-St-APT-3D-Brooklyn-NY-11225/2117751093_zpid/

For a minute, I read "1.25 million" and thought... huh, maybe if I mortgage myself to the hilt and call in some loans and cash out my 401k and . . .  

And then I saw "$12.5 million" and was knocked out of THAT daydream. 

We would clearly need to pool our funds.

@crownheightster -

I have bad news. Even if we had somehow come up with the asking price of $12.5M, we would have been outbid by a Toronto firm that bought the properties for $13.1M

http://therealdeal.com/blog/2015/04/22/charatans-bcb-sells-off-two-crown-heights-buildings/

Damn Canadians.

Does Robert Durst get a cut?

@mac1 -
Only if BCB puts said proceeds into his prison commissary account.

http://www.crainsnewyork.com/article/20150318/REAL_ESTATE/150319836/investment-firm-backed-by-robert-durst-grows

The truth:
"The renovated units are mostly rented to the large influx of students and roommates seeking housing in Crown Heights."

http://www.terracrg.com/recent-transaction/3421-2/

"There is significant upside in the building as 28 of the 41 units are rent-stabilized. The average rent for the stabilized 4 bedroom units is $906, the 3 bedroom units $1,240 and the 2 bedroom units $1,307. Across the buildings, the rents average less than ~$25/SF in a neighborhood where renovated units can achieve over $45/SF."

If you rent apartment 1D, a 694SF, 3 BR, it will now cost you $2950.     I'm going to guess it used to be a 2BR unit.

http://streeteasy.com/building/1153-president-street-brooklyn/1d

Two of those bedrooms look about the size of jail cells. Doesn't look like a child/teen would have much room for their stuff.

The target market is not a child or teen.

It is someone who recently graduated from college who pays a third of the rent ($1000) and spends most of their waking hours outside of the apartment, perhaps at graduate school.

Most of their belongings are clothes. ...and a laptop.

The laptop might fit it but I doubt there would be room for a printer. Didn't see much in the way of closets so I imagine they're not too big either.

The entire unit is only 694 SF, which would meet my standards for a 2 BR.

...they have carved 3 out of this.   

Also, and I may have missed this, I can't see on these renovated apartments why they're not pre-wired in some way for cable/internet because whatever gets installed is just going to put lots of holes in the walls. Even if there's only one location for the router.

The renters might not be savvy enough to ask if the building has FIOS.     shhhh.

Tonight, part of this building is literally on fire.

 

https://twitter.com/NYCFireWire/status/742190145143603201