set speed aka


"Atlantic Yards" development opportunity across from the Washington

Check out this listing on craigslist for the white building that houses the auto parts store on Dean between Underhill and Washington, directly across from the Washington Condo.

The FSBO is being offered at $899K for a 25x126 lot. The extra-long lot actually has two separate buildings, both of which can be developed -- one is a two-story residential (closer to Bergen) and another is a three-story mixed-use.

Price: $899,000.

Verdict: interesting, but I don't see anyone purchasing this lot to renovate these two buildings. It would be quite interesting as a tear down with an extra long lot, but then again, who would want to pour in $2 or $3MM in this neighborhood at this time?

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At August 30, 2007 9:58 PM, Anonymous Anonymous said...

what's wrong with the neighborhood? p.h. is a great neighborhood. even bed-stuy is a having a boom. what's your issues?

At August 30, 2007 10:01 PM, Blogger ltjbukem said...

maybe i should have been more specific. i don't think anyone is going to spend $2mm to build a house that's sandwiched between 1. the loading dock of a beer distributor and 2. the backyard of a house that has been the parking spot of the burned out car-carcass. oh, and the dean st. bus can also get quite annoying.

At August 31, 2007 12:45 AM, Blogger bobbo said...

Do you have a clue about real estate?

A lot across from a $4.2 billion multi-use project has a lot more possibilities than a "house that is sandwiched between 1. the loading dock of a beer distributor and 2. the backyard of a house that has been the parking spot of the burned out car-carcass."

My God.

At August 31, 2007 7:04 AM, Blogger ltjbukem said...

read the cl listing. highest and best use is 8 class A apartments.

so you tell me what possibilities there are, since you're the pro. i'm just a blogger. funny how a real estate professional like yourself is reading this dinky lil blog, eh?

i must have something interesting to say.

At August 31, 2007 11:32 AM, Anonymous Anonymous said...

fyi, the seller keeps changing his mind with regards to the price, it seems like he is trying to create a bidding war.

At August 31, 2007 12:52 PM, Blogger Ben said...

the owner of 648 washington just picked up the two lots next door to this one. Adding this lot to the assemblage would make for a nice development site. If they can get the owner of the lot on the corner to sell it would be even bigger.

An assemblage like that could support another larger scale development similar to the washington which would fit in nicely with all the other projects in the area.

At August 31, 2007 10:13 PM, Blogger ltjbukem said...

ben, interesting. isn't there a church right to the left of the beverage distributor?

the mechanic on the corner could sell, but then you'd really need the beer distributor to sell in order to get a large enough lot to gain economies of scale.

At September 04, 2007 12:28 PM, Anonymous Anonymous said...

ben, you know Pedro is not selling, he would no sell his 20x110 on the next block right next to Supreme.

At September 04, 2007 12:37 PM, Blogger Ben said...

it actually looks like the two lots next door were just flipped so the assemblage with 648 washington has been broken up.

At September 04, 2007 3:43 PM, Anonymous Anonymous said...

ben, it was not flipped, they are playing games.


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