Thursday, March 19, 2015
338 Lincoln Road Next
Google view will show you where it is: 338 Lincoln, btw Rogers and Nostrand. Mike F tells us it went for $180K. Wow. And right next to a Fedders. Damn those things are hideous. And I'm not even all that picky. We gotta demand an end to front of house parking spaces. It kills a block's vibe. Granted, I'm not a driver. What do y'all think?
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9 comments:
The owner, Big Brooklyn Rehab, is a well-known flipper. so expect to see a cheap-o quick renovation here and an asking price somewhere north of $1 million. http://www.propertyshark.com/mason/Owners/mainreport.html?full_name=Big%20Brooklyn%20Rehab%20Inc
When you say next, you mean next for Demolition: http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=1&passjobnumber=321094793&passdocnumber=01
I don't think you have to worry about what replaces this building offering any parking.
It will be all about FAR. Let's predict 12 units. Rentals. 600 sq ft a piece. 6 stories.
$2300 a month.
Listing in the Spring of 2016, Occupancy in the Summer.
Here's an example: they bought 1141 Hancock St in Bushwick in June of 2013 for $200K and listed it for sale with Brooke Safford of Corcoran (who seems to specialize in these craptastic flip jobs) at $895K in November of that year. It didn't go anywhere, so in April, 2014, they increased the price to $995K. Result? Bidding war, blah, blah, blah - closed for $1.06 million in July - one year later. Expect to see that here.
babs-
They have a demolition permit.
They might resell the land, but we are not talking about a renovation/flip.
It does say full demolition, but that really surprises me, as that's not their usual MO. They aren't landlords and won't want to do rentals; maybe they just turned around and flipped the lot and it hasn't even closed yet?. Also, the developer mentioned is Solomon Schwimmer (at 199 Lee Ave., like so many landlords around here), responsible for a lot else: http://newyorkyimby.com/2014/12/revealed-829-willoughby-avenue-bed-stuy.html
How does something like this get sold for only 180K? Makes no sense...
They might just demolish the house, then sit on the land while it appreciates.
Then, sell it to a developer that has the experience and resources to build quickly.
That's $180K on paper (and taxed), and doesn't include the envelope passed under the table. Still less than they would have made selling it to an end-user as opposed to a flipper.
Anyone have updates on this property? I am moving across the street from it and would like to know what exactly I'll be staring at in the future :-)
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