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Let's watch 632 Sterling Place (between Classon and Franklin) — Brooklynian

Let's watch 632 Sterling Place (between Classon and Franklin)

whynot_31
whynot_31
edited November 2014 in Crown Heights/Prospect Lefferts Gardens
Here's a 7 unit apartment building that has 5 of its units "still occupied" with RS tenants. Let's see if we can watch the sale, and the "vacancies" become a reality.

http://www.aptsandlofts.com/sales/632-sterling-place-unit-7-units-brooklyn-ny-11238

image

If we are lazy, we can take a picture of the outside a year from now. If the tenants are replaced, we will certainly see a new door...

Comments

  • eastbloc
    eastbloc
    It's a pretty good value.  I don't think it's maxed out on FAR, either, so it could even sprout a new floor.  But most of the other buildings of that type on the block have been content to experience nearly 100% turnover as they became renovated and primed to deal with the area's new real estate market, so I'm going to guess that will be its likely near term fate.
  • eastbloc
    eastbloc
    It's interesting to note that this is not far from what a 3-family building costs on the block, certainly not double.  The reason I suspect is that it's practically impossible for a private individual or family to get financing for a building like this, but it's easy to get a 3- or 4-fam, so there's a narrower market of potential investors.
  • whynot_31
    whynot_31
    edited November 2014
    Yes, I perceive $2.1M as being relatively inexpensive as well.

    I suspect there is more to this story.

    Perhaps the five RS tenants have been encouraged to leave (via legal or illegal means), yet have so far declined to do so?

    I suspect this will sell to an aggressive LLC, with demonstrated success in striking deals with tenants, and renovating apartments to the degree that tenants will pay market.

    ...we can probably safely assume that the 5 RS units have not had any significant money put into them since the 1960's.

  • Dawndew
    Dawndew
    The RS rents may be very low too if the owner did not file papers for increases regularly. Great location.
  • pragmaticguy
    pragmaticguy
    Wonder which two units are vacant. If they're the two smallest ones even at market rate it's not going to be tons of money.
  • whynot_31
    whynot_31
    edited November 2014
    I think it is safe to assume that the shiny unit in the photos is one of the two market units. The building was orignally designed for 6 units, so the studio unit may be the back portion of the same unit:
    image
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