A flipped 875 St. Marks (near Children's Museum) comes to market

whynot_31 · May 2014

The pre-flip "this building needs work" original listing:

http://gosenproperties.com/listings/875-saint-marks-ave/

The listing for the individual units, complete with shiny kitchens:

http://www.aptsandlofts.com/featured-developments/the-875-saint-marks-condominiums

Photo: Gosen properties

ridonkulous · May 2014

According to the StreetEasy listing, the 2 bedroom units solid even before the May 1 open house.

whynot_31 · May 2014

The pre-flip ask was $1.7M.

It looks like they created a total of six units: three studios (each listing for about $450k), and three 1BRs (each listing for $650k). So, the total after-flip price is around $3.3M.

The value of this building was just doubled.

ridonkulous · May 2014

Plus that basement (pardon my typos earlier), which was a 2 bedroom and yard at approx $500k. 7 units.

whynot_31 · May 2014

So, $3.8M

Please imagine me as the NYC Commissioner of Finance as I state "Thank you for your taxes"

http://observer.com/2014/04/bill-de-blasio-names-new-department-of-finance-commissioner/#axzz319cKdbHL

nothinlikeabklyngirl · May 2014

And Curbed is reporting they've received offers for all of the units. http://ny.curbed.com/archives/2014/05/07/crown_heights_condos_sro_owner_bemoans_failed_shelter_bid.php

whynot_31 · May 2014

Fine, I'll change my estimate to $4.2M.

Here's a video that real estate industry made about the sale:

pierpont · May 2014

I used to live down the block from here. This block has one of the finest collection of buildings in the whole borough, imo.

whynot_31 · September 2014

And Curbed is reporting they've received offers for all of the units. http://ny.curbed.com/archives/2014/05/07/crown_heights_condos_sro_owner_bemoans_failed_shelter_bid.php

This may have fallen thru.

Some units appear to still be available:

http://www.aptsandlofts.com/featured-developments/the-875-saint-marks-condominiums

moxerson · September 2014

We are in contract for unit 1A. Still pending CO and some other paperwork. Hoping to close before year end

whynot_31 · September 2014

Congrats moxerson!

moxerson · September 2014

thank you! it's been a long process but i think will be well worth it in the end. will keep you guys updated when we have more news on the building. we are very excited to be a part of this neighborhood. i think a lot of good things are to come

nothinlikeabklyngirl · September 2014

Welcome @moxerson! I'm just the next block over. Hope your closing goes smoothly and you get to soon enjoy the good thing that Crown Heights already is.

Dawndew · September 2014

I thought a flip was if you did nothing to building just relisted it as is. Seems like they did a lot here.

dac545 · September 2014

I used to think that too, but if that was once the definition, it is not the default anymore. I read this article recently about home flipping that definitely involves many improvements being made before selling.

whynot_31 · September 2014

At this point, I believe it means the buyer never lived in it before selling it.

Renovations may, or may not, occur.

A flipped 875 St. Marks (near Children's Museum) comes to market

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