622 Grand Avenue (near Washington) is the fastest selling condo building in Brooklyn

whynot_31 · August 2016

New construction is now routinely going for almost $1000 a SF in western Crown Heights.

Quote:

"Wondering where the hottest properties in Brooklyn are? Just take a look at the numbers.

Buildings in Prospect Heights and Downtown Brooklyn took the top spots as the fastest-selling condo buildings in Brooklyn this year, based on number of days on the market, according to data from Streeteasy.

The data lists 622 Grand Avenue (pictured top) a five-story, 10-unit building straddling the border of Prospect Heights and Crown Heights, as the number one fastest-selling condo building in Brooklyn this year, between January and June. The median number of days units at the building spent on the market was 23.

It’s easy to see why the units went so quickly – a one-bedroom, one-bathroom at the boutique building sold for $406,513 last month, and though small at just 422 s/f, the price is an absolute steal for the neighborhood."

http://rew-online.com/2016/08/26/the-fastest-selling-condos-in-brooklyn-so-far-this-year/

http://www.corcoran.com/nyc/NewDevelopments/Display/666

pheightsresident · August 2016

It is a steal, but one of the reasons why is that this building is so close to St. Marks between Grand and Classon, which is still a "problem" block.

yesbrooklyn · August 2016

In what sense?

pheightsresident · August 2016

There seems to be a lot going on on that block. When we first moved into the neighborhood in 1999, that block was known as one of the worst for gang/drug activity in the area. While things have certainly improved (and I'd certainly buy in the building in question on Grand), it still remains a "problem" block. If I'm not mistaken, the block has a lot of rent-stabilized units on it. Then, and this is particularly a problem during the summer months, the block/residents can be quite loud as they are out and about (loud music playing, etc.). Here's a thread on that on Brooklynian from 2013, actually: http://www.brooklynian.com/discussion/38338/constant-sidewalk-parties-on-st-marks-ave-between-grand-and-classon And, no, this doesn't happen on other blocks in the surrounding area, certainly not to the same extent (in terms of the noise).

whynot_31 · August 2016

Several buildings on the block serve a low income population, as a result of accepting funds from HPD back when the buildings were so decrepit that the city gained control of them.

The buildings can easily be identified by their accessible ramps and fire sprinklers.

Contracts with HPD ensure that they won't gentrify.

622 Grand Avenue (near Washington) is the fastest selling condo building in Brooklyn

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