I think it's quite unlikely they're looking to tear this down, though I suppose they could. For under $3 million, you get 2 apartments and commercial. I suspect that could cover your mortgage plus quite a bit. Heck we just learned that a townhouse in the Manor is on the market for just under $3 million. Sheesh.
Personally I think it should be possible to convince the new owners to let the bizzes stay, at least until permanent replacements are found. Oddly, Nelson's is even mentioned in the listing, stating that he's STAYING. I can't make heads or tails of it.
As exclusive sales agent, Eastern Consolidated is pleased to present 242-250 Parkside Avenue (a.k.a. 715 Flatbush Avenue), a ±4,915 square foot, three-story corner mixed-use building. The Property is located on the southeast corner of Parkside Avenue and Flatbush Avenue in the Prospect-Lefferts Gardens neighborhood of Central Brooklyn.
The building is classified as an S9 Multiple Dwelling with Stores by the New York City Department of Buildings and is currently configured as ground floor corner retail space, a rear extension with a second retail store and two full-floor apartments on floors 2 and 3. With the exception of the ground floor extension retail space with frontage along Parkside Avenue, the corner retail space and two apartments will be delivered vacant at the time of sale.
The Property is located one block from Prospect Park and also within close proximity to several major Central Brooklyn employment centers including Kings County Medical Center, SUNY Downstate Medical Center and Brooklyn College. The building is also located within close proximity to subway service one block from the Q Parkside Avenue station and three blocks to the 2, 5 Winthrop Street station.
The offering presents investors and developers with the opportunity to acquire and reposition a corner mixed-use building along the vibrant Flatbush Avenue commercial corridor in Prospect-Lefferts Gardens. While there are no long-term or regulated leases in place, the building will be delivered with tenant Nelson’s Barber Shop, who operates out the ground floor extension retail space along the Parkside Avenue side of the building, in occupancy. This will allow the purchaser to collect income and offset expenses during the main structure’s renovation and repositioning. The Property is a protected tax class 2A building, which results in comparatively low annual tax bills and this classification limits increases to no more than 8% from the prior year or 30% over five years.
9 comments:
Tear down is EXTREMELY unlikely. Very little FAR on that small of a lot. Best you get is another story on the building.
3 million is pennies. Something is fishy here... The rental rates alone should cover a majority of a mortgage. There must be some drastic upgrades required or the owner is trying to liquidate assets before some sort of lawsuit.
3 million is NOT pennies for this property. The brokers are advertising a 5% cap rate at PROJECTED rents after vacating and cleaning up the property which means you are really buying a 2% cap rate at the asking. Not a steal for this class of asset in that location by any stretch of the imagination.
The listing says Nelson's will stay, but I'm hearing he has to be out by the end of the month. That's some bullshit. Is the sale final? Bought all in cash I'm guessing? Seething over here.
Nah, he's out end of the month. Got the notice and everything.
Anonymous 4:53 must be the same racist asshat that still believes that Obama was a muslim.
As much as he likes to tout the "I got mine so up yours" economics, he's probably too cowardly to spout any of this on the street if he knows what's good for him.
Our son *loves* Nelson's and so do I. I sure hope he finds a place close by and that it brings all the opportunity he expects.
Perhaps the current tenants simply did not offer enough services to cover the rent. There must certainly be pent up demand for a hide tannery, blacksmith and felt maker in PLG. Maybe the new tenant will get wise. Now please excuse me, I need to go get my taxes done, wire money, buy insurance, get my hair cut and learn to drive before it's too late! Adios
Racist a-hole 4:53's comment deleted. What mean-spirited nonsense. Why folks like that even bother to live in Central Brooklyn is beyond me. There are plenty of un-black neighborhoods left in the region to satisfy the race-baiters. Sheesh. Hope he burns his lips on his latte this morning.
Aaah!! just went by JJ's to get lunch and they are gone. Definitely one of the best eateries in Brooklyn, period even if the decor was a bit lacking. Where are we gonna eat?? I'm sorry, I cannot live on the $5 cake at Cinnamon Girl. I prefer not to have a fat ass and an empty wallet.
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