Lot on Bergen St near Franklin for sale

Brooklynian » Forum » Crown Heights and Prospect Lefferts Gardens »

Lot on Bergen St near Franklin for sale

Share this!

whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,386

trg » Located on Bergen Street between Franklin Avenue and Bedford Avenue, the property is only a short distance from
the Prospect Park, Brooklyn Museum, Brooklyn Public Library and the Brooklyn Botanical Garden.

Also in a close proximity to the site is the Atlantic Mall and the soon to open Barclays Center Arena.

The property has an footprint of 60 ft x 128.5 ft over two lots totaling 7,710 SF. There are two small garages on the property that will be delivered vacant.

The site is only a few blocks from the S at Park Pl, A,C at Nostrand Ave, and LIRR Nostrand Ave subway stations. Also
nearby is the 2,3,4,5 Franklin Ave subway station which is only one stop from the Atlantic Terminal / Barclays Center
with access to the D,M,N,R,B,Q,2,3,4,5 Trains plus the LIRR, making the commute in and out of Manhattan only 15
minutes.

More specs and pitch:
http://www.terracrg.com/setups/954-958_Bergen_Street.pdf

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 9 mos ago
homeowner
mod
Joined: Jan '06
Posts: 3,036

Oh no, not the Ice House!!

# Posted 9 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,386

I wouldn't feel too sorry for the owner:

Asking Price is

$1,850,000

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 9 mos ago
homeowner
mod
Joined: Jan '06
Posts: 3,036

Not sorry, just nostalgic. Whenever my dad threw a party the Ice House was the place to stop for 20lb bags. Spent plenty of summers helping load them into the station wagon.

# Posted 9 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,386

Yes, many things that folks thought would never change, are changing.

There may still be time for one more party.....

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 9 mos ago
eastbloc
comprador bourgeois
Joined: Jul '09
Posts: 924

That's a pretty high ask per square foot. It's like bubble pricing.

# Posted 9 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,386

I think a lot of the local properties are priced really high with the hope of attracting people who believe that Barclay's arena will make this area super attractive and profitable.

While the arena will have (and arguably already has had....) an effect, I do not think it will be "that large".

I'd love to see the projections of whoever buys this property....

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 9 mos ago
Crown Heights Resident
rookie newb
Joined: Aug '12
Posts: 13

Franklin ave seems to be making upgrades very quickly.A few friends own businesses on that strip and they are doing well. I think almost 2 million is slightly off market but it will sell non-the-less. I'm sure the buying price will be around 800, 000 and the lot will become a condo.

I am a Virgo..top that!!

# Posted 9 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,386

The PDF states that the buildable sq ft is around 17,000.

So, in theory, you could have a 2000 ground floor retail, about twelve (12) 800 sq ft condos, and use the rest for common space (stairwells, etc.).

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 9 mos ago
eastbloc
comprador bourgeois
Joined: Jul '09
Posts: 924

$800k on the other hand would be very cheap.

I'd put it at around $1.2m.

# Posted 9 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,386

A lot of properties seem to have changed hands recently, but haven't resulted in construction.

...I wonder if we are going to have a big burst of construction in the the spring of 2013, or whether companies are just buying these properties with the hope of selling them at a profit.

The low carrying costs on loans (as well as the low opportunity costs on money...) is likely driving a lot of this "investment".

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 9 mos ago
eastbloc
comprador bourgeois
Joined: Jul '09
Posts: 924

Construction loans still seem to be few and far between, so the purchasers better come equipped with cash if they hope to become developers or else they're just opportunistic squatters who hope to flip the property for more in the near term. Which is totally fiscally feasible but not terribly productive.

# Posted 9 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,386

I'm not sure the new entrants can really play this game.

My sense is that margins are small, and that those with existing relationships with contractors and architects are about the only ones actually building anything. It also helps to have economies at scale and the ability to share community spaces at several buildings, like the model Hello Living is pursuing.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 9 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,386

This lot, 954 Bergen, is now adorned with a plywood fence with a Demolition Permit stapled to it.

I suspect condos are its future.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 1 mo ago

RSS feed for this topic

Welcome! Please log in to post, or register a new account!

Brooklynian

Brooklynian » Forum » Crown Heights and Prospect Lefferts Gardens »

Lot on Bergen St near Franklin for sale

Brooklynian » Neighborhood Message Boards » Crown Heights and Prospect Lefferts Gardens

Brooklinks

Members Online