Yet another standalone Victorian in Prospect Lefferts Gardens is going to bite the dust, but instead of the usual multi-family apartment building, two new townhouses will rise in its place. Demolition applications were filed in early August to knock down the existing house, a two-and-a-half story single family wood frame with a turret at 272 Hawthorne Street.The Q finds this fascinating, even bewildering. Why? Well...in the rush to build apartment buildings, it would seem that someone has done the math and determined they can make as much or more money building smaller dwellings that could be presumably be owned rather than rented.
Thinking like this can burn you of course, if things head south. By paying more than a million bucks for the house and property, then paying to have it demolished, then paying to have houses rise in its place, you're counting on selling the finished homes for...well, a lot. Unless you build super-duper cheap (which I wouldn't put it past someone), you'd have to sell these for close to $2 million to clean up. Help me out real estate experts...ain't I right? At LEAST $1.5...
Needless to say, it ain't affordable housing. I suspect this home will go from housing many low-income tenants to housing fewer super high-income tenants. Or, more accurately, super high-net-worth tenants. And so it goes.