Bed-Stuy condos for sale
Today we veer from our target market and head towards Bedford-Stuyvesant. The investor/seller claims on his website that he/she started purchasing and renovating brownstones because he didn't believe in the subpar renovations that were taking place elsewhere in this neighborhood.
Their website, designerbrownstones.com, lists a few of their past projects, some rentals, and some sales. From the pictures, it seems to be a top-notch block in a great building.
The most recent project is only two blocks from the C train and is located at 76 MacDonough Street. The three units are $379K, $379K and $599K for a 2 bedroom, a 2 1/2 bedroom and a 3 bedroom+ duplex. The prices seem decent and if he gets his asking prices, he will pocket $1.357MM. One wonders how much money he is making on this project.
Even if he purchased it for $400K for a shell and put in, at minimum, $400K of renovations, he is making about $500K and that is before legal fees, financing, etc.