851 Franklin For Sale (near President)

mugofmead111

Two young professionals (each employed and occupying one of the bedrooms), will likely be able to outbid most young families (parents occupy 1 BR, baby occupies the other).

Not only do the two young, childless professionals likely have more income available for housing, they also have strong preference for this neighborhood because it has better bars than schools.

There aren't that many bars on Franklin south of EP though. Aside from Butter and Scotch, what else is there? :-p Might as well live north of EP.

whynot_31

A bar is presently being constructed at the SE corner of Union and Franklin.

Additional bars will open by 2018, as the Sea Crest site and the BBG site near completion.

Until then, those who choose to get really drunk on the northside of EP, yet live on the southside, would be wise to cross the street using the subway station underpass .

....being a drunk pedestrian causes one to misjudge the distance and speed of approaching car headlights.

mcpoet

A bar is presently being constructed at the SE corner of Union and Franklin.

Additional bars will open by 2018, as the Sea Crest site and the BBG site near completion.

Until then, those who choose to get really drunk on the northside of EP, yet live on the southside, would be wise to cross the street using the subway station underpass .

....being a drunk pedestrian causes one to misjudge the distance and speed of approaching car headlights.

But where's the fun in that?  I like living every day like a drunken game of Frogger.

whynot_31

That isn't very Vision Zero of you.

whynot_31

BTW, I just rec'd another email about this building which reveals the listing price: $5.75M

http://terracrg.com/setups/851_Franklin_Avenue.pdf
(to cause a little confusion, they merely updated the pdf I link at the top of this thread)

As noted above, in Feb 2014, the building sold for $3.25M

mugofmead111

When I passed this building this evening, I noticed that there are DOB permits up for renovations of several of the apartments. Actually, what had caught my eye first were DOB requests for inspections. Someone from the DOB had left notices that they need to be granted access to inspect the electrical work being done in some of the same apartments. If they don't get it, they may have to come back with a warrant.

This is the first time I've seen this type of notice from the DOB.

whynot_31

DOB is playing catchup after 6 months of internal chaos.

During that chaos, many small developers concluded DOB was a complete joke and performed work without the necessary permits and/or safety measures.

DOB seems to be now telling people "we are back" by slapping notices and fines all over town.

mugofmead111

whynot_31

Just sold again for $5.5M.    It was $3.25M in Feb 2014, so we are talking about an increase over over $2M in 2 years.   (note: they invested some money and work in it over this period, so the $2M is not strictly profit)

"851 Franklin Avenue is a fully-renovated, 16-unit multifamily building located in the Southern part of Crown Heights between President Street and Union Street. Situated just one block from Prospect Park, the property contains approximately 8,440 square feet. The unit mix consists of six, two-bedrooms, six studios and four, one-bedroom apartments. The cellar space of the building includes bike storage, laundry and storage lockers for tenants. The property sold for $5,500,000, which equates to approximately $652 per SF and $343,750 per unit."

http://jewishbusinessnews.com/2016/03/02/terracrg-sells-two-16-unit-multifamily-buildings-in-crown-heights-and-sunset-park/

BTW, "fully renovated means" this building is now ALL new residents, and all of the units are now free market.