75 St Marks for sale: a brownstone near Flatbush and that new arena - Brooklynian

75 St Marks for sale: a brownstone near Flatbush and that new arena

3 stories. Top two floors need a gut rehab. $1.9M

Details, sales pitch, etc:

http://www.terracrg.com/setups/75_St_Marks_Avenue.pdf

Worth it?

Comments

  • Well..if the two apartments need gut renovation that's another $200,000 so it comes to over $2 mil for this building. In order to break even on this building the rents would have to probably be in the range of $4,000/mo for each unit. For 1250 sq ft that seems like a lot. I have a client on that block a few doors down and he told me that the beer hall on that block isn't helping a bunch. I doubt the building will go for more than $1,250,000. Usually when a building sells the landlord hopes for 10 times the rent roll and the buyer usually ends up paying about seven.

  • I think TRG is hoping someone will get caught up in the arena buying mania.

    ...while I have no doubt the arena will do well, I fear the area immediately surrounding it is presently experiencing a bubble.

  • That building had previously been offered by Massey Knakel for $1.35M, and as of the beginning of this year, it was in contract. (In fact in the pic posted above the for sale banner appears to be Massey Knakel's, but if you open the pdf link the banner has changed.) I don't have any further details; just thought I'd throw this out there for your interest.

  • Insurance companies are only looking for about $150/sq ft for replacement cost on a property so the rest of this asking price is based strictly on location. But still, more than three times the amount is a hell of a lot.

  • ...the picture is old, it is from Property Shark.

    But you now have me wondering whether someone recently bought it for $1.35M, and is now already relisting it with a price of $1.9M.

    Not a bad ROI, if they can get it.

  • when I called M-K a few months ago about it the broker told me there was a lawsuit pending from a tenant who wouldn't leave...or something......I wonder if that was resolved/thrown out/settled.....

  • Friends bought a whole brownstone in the heart of Park Slope for a little over 1M in the past 10 years. If someone wants to buy this ugly sh*t for $2M let them spend it.

  • Well, that's for the lender to determine, unless it's a cash buyer.

    And I don't know why you would call it ugly or shit. It looks like a perfectly nice Italianate brownstone-pointed townhouse to me.

    That said, the ask is well over $600 per square foot of net living space, given the listed square footage is just the building dimensions and doesn't even account for the thickness of the exterior walls, much less any mechanicals, staircases, or common areas. That strikes me as unreasonably high for an unrenovated space, probably 50% higher than it should be.

    Also, finally, anecdotes about someone who bought something some other time for some other price are not really how the real estate markets establish value.

  • Anyone bored enough to see if the buyer add a floor to it? Is the FAR maxed out under the current classification?

  • Appears to be R7A which is a FAR of 4.0. They could add a floor or even two, which is probably what the seller would have to count on to make anywhere close to their sale.

    whynot, have you noticed the building on the east side of Rogers south of the corner of Sterling? It used to be a two-story shell without a roof. Now it's a modern, four-story rental. They did a nice job on it.

  • I think so.

    I'm also watching the massive expansion in underway at a little building near the Thai food place on Washington.

    http://www.brooklynian.com/forums/topic/355-st-marks-is-about-to-get-huge-and-probably-butt-fugly

  • August 21, 2013

    Heads up!

    The new owners of this building would now like to make it a bar.

    Entity is named Sofresh NYC LLC

    If successful, they would have a full liquor lic, live music and have a sidewalk cafe.

    They are scheduled to appear on Monday, September 9, 2013 at 6:30 PM.

    CNR-Center Light Health Care Center, which is located at 727 Classon Avenue, Brooklyn, NY (between Park and Prospect Place).

  • They didn't appear in Sept or Oct.

    Their next chance is Monday, November 4, 2013 at 6:30 PM at CNR-Center Light Health Care Center, which is located at 727 Classon Avenue, Brooklyn, NY (between Park and Prospect Places).

  • Nov 4

    The owners appeared tonight, and were supported by the committee for a venue that would have 54 seats. No live music. Closing time 1 AM.

    BTW, it seems someone at CB8 misread their handwritten application: They seem to going by So Fre', not SoFresh.

  • Sofreh, and it is going to be upscale Persian. Chef will be the owner's wife, and some of their family will live in the building. I think it's going to be a positive addition to the neighborhood, but we'll see!

  • edited May 21
    This place is now in the process of getting a liquor lic. https://www.tran.sla.ny.gov/servlet/ApplicationServlet?pageName=com.ibm.nysla.data.publicquery.PublicQuerySuccessfulResultsPage&validated=true&serialNumber=1302433&licenseType=OP ........... There has also been a lot construction on the site over the past year: http://newyorkyimby.com/2016/04/landmarks-approves-expansion-of-75-st-marks-avenue-prospect-heights.html I believe it has been in the works since they bough the place in 2013.
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