Sunday, November 23, 2014

At Play

Earlier this fall, the Massey Knakal Real Estate Summit took place at the Brooklyn Museum:

The Brooklyn Real Estate Summit is back for it's (sic)5th year, set to take place on September 16! Last year, the Massey Knakal Brooklyn Real Estate Summit brought in over 600 of the top retail, condo, multifamily and office players to discuss the real estate trends of New York's fastest growing borough.
This year's event focuses on the theme of how Brooklyn's developments will shape the borough into a place to live, work and play. For example, how will the new tech companies shape new development and what is the domino effect of the large projects such as Brooklyn Heights, Industry City, Domino Sugar Factory and the 'Brooklyn Riviera' in Gowanus.
There's a lot of playing going on here. Two of the summit seminars were If You Live Anywhere Else, You Ain't Living! Multifamily & Condo Development Issues ("Is there a specific deal you have done that best reflects the trends in multifamily in Brooklyn?") & Have Your Cake & Brooklyn Too: Value Add Strategy Session ("Coping with harsh rent regulation constraints & administration costs to add value and get returns"; "Are ground up condos the only way to go for value adders?")
Massey Knakal is certainly doing their bit for the value-add effort,  Let's look at a few of their multifamily & development listings, in a five block stretch between 17th & 22nd Street. For the most part, lower-income rental buildings, between Third & Fourth, all ripe for repositioning

Affordable housing?  Maintaining community diversity?  Hah!  Utterly worthless propositions.

146 -8 17th Street (Third & 4th) $5,000,000 New!

A 25 unit building made up of studio, one & two bedroom apartments.  Rents currently range between $659, for a two-bedroom, and $1,900, for a one bedroom.

335 18th Street (6th & 7th) $1,900,000 

A 6-family walk up apartment building.
"The units are all 1-bedroom rent stabilized units. Units 1L and 1R are duplexes with spiral staircases down to additional basement space. 1L and 1R also have access to the backyard. All of the units are currently vacant. The owner recently added individual heating units for each apartment, and the tenants pay their own heat. "

262 18th Street development/conversion site 28 x 100 $1,995,000 New!

This one's familiar!
"The site currently has a 4,500 SF two-family house with 10 bedrooms, 4 bathrooms, and a rear 2-story garage. This dwelling can be easily transformed into a three-family residence. With zoning regulations permitting additional 1,100 square feet of buildable floor area, this property offers various conversion and development possibilities.
Recent new real estate development in the area has brought an influx of luxury condominium apartments and strong retail into a residential area that was mainly made up of 1- and 2-family homes." 

287 19th Street (Fifth & Sixth)  $1,850,000

A brick three story, 5-unit walk-up. 
"The units are all free market and have below market rents with great upside potential and short leases. The building is 2,902 SF and has an additional 1,054 SF of air rights. This offering is a great opportunity to investors or users."

213 & 215 20th (Fourth & 5th) $3,200,000  New!

"... The site is an ideal development site for condo, rental, or townhouse development.
... The site is located on a quiet block in Greenwood Heights. "

144 20th Street (Third & Fourth) $2,100,000 

144 20th is the yellow building, & 142 the smaller, blue house to the right. 

An 11-unit walk up apartment building located on 20th Street between 3rd and 4th Avenue. 
"The building contains one 1-bedroom unit that is owner occupied, and 10 studios that are rent stabilized. Rents range from approx. $850-$1,000/month.
The property is conveniently located in rapidly changing Greenwood Heights." 

187 20th Street (Third & Fourth) $1,750,000

"The offering is a 25’ x 100’ development site with approved plans and a foundation in place. The current zoning is R6B, however, the plans and foundation are grandfathered in at the previous R6 zoning, allowing for 5,500 buildable square feet.
The approved plans include mezzanine space with 7 foot ceilings and cellar recreation rooms that maximize square footage. The gross square footage including cellar, mezzanine, and roof space total approx. 9,700 SF over 5 floors and 8 units... 
... The property is conveniently located in the rapidly changing Greenwood Heights area of Brooklyn..."

343 22nd Street (Sixth & Seventh) $1,600,000 $1,495,000 

A three story, three family townhouse.
"This large brick townhouse features 3,420 square feet with an additional 586 feet of available air rights. The current set-up allows for flexibility in converting the floors to multiple units or condo conversion. The property is fully occupied with month to month tenants with below market rents. "

And just for the hell of it, here are a couple more listings from some other realtor players.

133 20th Street (Third & Fourth) $1,195,000

This one was a M.K. listing earlier this year, at $795,000, but it's currently listed at with Highline Residential:
Fantastic 6 unit / multi-family investment property opportunity ... Great investment for both short and longer term prospects. Steady income property with low expenses and tremendous rental income upside. Email me today to ensure your own private viewing.

"160" 21st Street (Third & Fourth) $5,500,000

This one's peculiar to say the least.  Here's the Loopnet listing (presented by Company not Provided): 

Rare opportunity to purchase 16 unit building on 21st st between 3rd & 4th Ave. Many units are free market - a number of other units are below market, including the super's apartment - offering considerable upside rent expansion. Located in rapidly developing South Slope / Gowanus neighborhood.
Pity the super.  The address here is misleading. The building in the listing photograph is 168 21st.(160 is the home of Inner City Electrical Contractors). 168 is shown above, at left. Similarly, an ad for an apartment rental at 168 was listed as being at 160, with the disclaimer:

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