These two houses on Sullivan Place will become about 20 apartments

whynot_31

262 Sullivan Place and 264 Sullivan Place share a common wall, and each has their own driveway. They are being marketed as one property. They are likely to be torn down, and replaced by a building with about 20 apartments.

The houses are between Rogers and Nostrand. The construction I am describing would be "as of right".

On the left:


On the right:



Here's the advertisement:
http://www.terracrg.com/setups/262-264_Sullivan_Place.pdf

Sullivan Place, you are not going to be quaint anymore

pragmaticguy

$2.3 mil for two houses that wouldn't go for more than $500,000 each. The markup for development properties is crazy.

whynot_31

@Pragmaticguy - You can't get a house in CH or PLG for $500k anymore.

It would not surprise me if these would have gone for $950k each. So, the markup for them being bundled is a "mere" $400k.

lilern

@whynot_31 - I live a block away on Montgomery btw Nostrand and Rogers and you are correct - all the houses are going for 950K WITHOUT renovations in the area - you haven't seen prices of 500K since before 2010.  That being said - WOW!  

I could see some other owners being approached to package their homes to sell at a premium along the same lines - especially given so many of are owned outright by older residents.  When over a million dollars cash is dangling in front of your face the wheels start turning.......   

whynot_31

The best scenario might be for 2 neighbors with adjoining houses to shop their combined property to a RE agent.

That way, they could pay the RE agent 6%, and split the remaining 94% of the sales price.

The property owners would get the premium (ie mark up), not the RE firm and it's investors.

whynot_31

As a result of being in a R7-1 district, and having around 16,800 BSF "as of right", whatever is built could be quite high.

The block is in for a little bit a shock.

nothinlikeabklyngirl

And this is why people want downzoning.

whynot_31

And, why others do not.

whynot_31

This development site is now for sale for $2.8M

http://www.cpexre.com/system/assignments/packages/000/000/581/original/262-264_Sullivan_Street_-_Setup.pdf?1434573884

https://twitter.com/CPEXRealEstate/status/637329003175649280

Readers should note that they were for sale for $2.3M in Dec 2014.    Simply by holding the land for around 10 months, they seek to make $500k.

A nice return...

whynot_31

Demolition permits granted for both houses on 2/23/2016.

http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=1&passjobnumber=321305761&passdocnumber=01

http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=1&passjobnumber=321305743&passdocnumber=01

whynot_31

Rachel writes a piece

https://www.dnainfo.com/new-york/20160304/crown-heights/demolition-set-for-two-family-homes-on-sullivan-place-crown-heights

whynot_31

Rebecca writes a piece

http://newyorkyimby.com/2016/03/permits-filed-264-sullivan-place-crown-heights.html

whynot_31

Tim writes a piece:

http://theqatparkside.blogspot.com/2016/03/when-it-becomes-profitable-to-do-so.html

mugofmead111

I passed this site on Sunday. I was like, "Oh! That's it!" The new development will be out of context for that block but oh, well.

I'm interested about the "small community space" listed in the Yimby article. What "community", from within the building or the larger community in the area?

whynot_31

Community space is a zoning term that means that the only certain types of businesses can lease it.    

Such as health care facilities, houses of worship, day cares, etc.

 http://www.nyc.gov/html/dcp/html/cfzp/commfac2.shtml

So, the first floor space that will be part of this residential building can't become a bodega.

mugofmead111

whynot_31 said:

Community space is a zoning term that means that the only certain types of businesses can lease it.    

Such as health care facilities, houses of worship, day cares, etc.

 http://www.nyc.gov/html/dcp/html/cfzp/commfac2.shtml

So, the first floor space that will be part of this residential building can't become a bodega.

Damn. I would appreciate a good bodega. 

I wonder whether those rules apply to 90 Sullivan as well.

whynot_31

They might.   

...BTW, such spaces are advertised as "professional spaces" instead of "community facilities", when the regulations apply but the landlords are not seeking a church or daycare.

dmiami2

It looks like they are finally going to start working on this site or they are securing it.   Chain link fence went up over the weekend.

dmiami2

Buildings are gone now....

mugofmead111

This is in the next block

whynot_31

7 story building with 25 units on the way.

https://www.dnainfo.com/new-york/20161026/crown-heights/262-264-sullivan-place-rogers-nostrand-avenues-apartment-building

uglyfloorlamp

mugofmead111 said:

This is in the next block

195 Sullivan now has steel girders in place in the foundation.

mugofmead111

Progress is being made at the site at 260 and 262 Sullivan Place.