The Q at Parkside

(for those for whom the Parkside Q is their hometrain)

News and Nonsense from the Brooklyn neighborhood of Lefferts and environs, or more specifically a neighborhood once known as Melrose Park. Sometimes called Lefferts Gardens. Or Prospect-Lefferts Gardens. Or PLG. Or North Flatbush. Or Caledonia (west of Ocean). Or West Pigtown. Across From Park Slope. Under Crown Heights. Near Drummer's Grove. The Side of the Park With the McDonalds. Jackie Robinson Town. Home of Lefferts Manor. West Wingate. Near Kings County Hospital. Or if you're coming from the airport in taxi, maybe just Flatbush is best.

Thursday, September 11, 2014

Like Dominoes They Will Fall

Recognize this house?

Photo by Nicholas Strini for PropertyShark

If not this one in particular, maybe one of its dozens of cousins all over the neighborhood? We lost three on Clarkson...each housing more than a dozen people. No, of course they're no brilliant remnants of architectural glory. But they are homes. And many of them were built quite well.

While various local groups might argue the merits of rezonings and tall buildings, the real battle for the neighborhood will be fought house by house and rent-regulated building by rent-regulated building. While this particular wood-frame sits on New York Avenue, it's got lots of company, many already for sale I've noticed on my rides around the 'hood. And each is ripe for the picking - this particular lot will lead to more than 10,000 buildable feet. I'll just throw a conservative number out there...such a building could probably bring in $300K a year. And if you sold condos, well...

Thanks B-stoner for the post.


Parkside_Guy said...

Yes I recognize the house. It was listed with a broker earlier this year in the $650k range(?). Considered purchasing it with a friend but ended up not looking. Not surprised it traded so low, but the initial seller must have been crazy not to research FAR and market it correctly (tip for all the the long-time owners who consider selling; don't ever sell to an "all-cash flyer scam operation". You want to stop this process, sell using a legitimate broker! -- truth told the listing pictures showed it as estate condition, so maybe the family just decided to cut and run.)

If it sells for $1,000,000 that's a tidy profit in one year. Reminds me of the housing stock on Martense near Church. Nice little house but proximity to a teaching hospital increases it's value too much to be used as residential. The surrounding frame houses are already used as commercial. Rather this, or 12 2-br units at 50/30/20? Or just keep it as is and watch average rents keep going up with low inventory and an increasing population?

Unknown said...

So sad to see this happening all over Brooklyn. Love your blog. -- Cate, Brownstoner.

FlatLen said...

This is the same realtor, CPEX, that sold another frame house nearby not that long ago, as a tear down, for $1,250,000. You posted on it, I believe.

I forget the address, but this place was on Lenox near New York Avenue, while this is on New York between Lenox and Clarkson. As far as I can tell, the family was still living there when they sold.

It is interesting, this being a battle, but the question is, whose? With respect to frame houses like these, the owners might not even see themselves as being pawns in the battle. They might just see themselves as winning the jackpot.

Clarkson FlatBed said...

I know nothing about these particular owners. Actually, I'm not interested in the particulars of these transactions. I'm interested in what it spells more globally. I'm thrilled for people who experience windfalls; however, it's not always a painless transition.