Monday, November 10, 2014

Flipping Crazy

This one's quite a handful.

262 18th was sold in August for $1,289,000.  These Google pics are several years old, but I know 262 looked much the same (awnings intact) until very recently.

At any rate it was soon back on the market, sharpish, at $2,100,000, but the price has just been dropped to $1,975,000.
It's been given some new siding & windows, but it doesn't seem like much else has been done.  There are no interior pictures given.  Here's the pitch:

Bring your architect, contractor, and a vision?
Located in the prime area of South Slope, Brooklyn, between 5th and 6th Avenue, this 4,500 square foot property offers tremendous opportunity for the expression of a developer's vision. Currently a two-family residence with 10 bedrooms, 4 bathrooms, and a rear 2 story garage conversion, 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 possibilities. In addition, this neighborhood enjoys numerous restaurants, bars and shops. This property?s proximity to Prospect Park and F, G, and R trains make it both a lucrative investment and a great place to call home.

Floorplans suggest this is a two-family being used as a three-family & the footage includes the "garage conversion" which is rather a loose term.  In '96 the building got a violation for partitions illegally installed to create room divisions, & later that year planning was denied for "storage" partitions.  No plans have subsequently been filed for any work on the structure.

How much will this one actually sell for?  Will it receive a renovation or a demolition treatment?   What will the jump in rent be for new or converted apartments at 262?  Reality went out the window long ago around here - your guess is as good as mine.

No comments: