Unit: X South Oxford St Price: $4,000,000 Specs: 3200sqft, Multi-Family, 20ft x 100ft lot, 20x38 Building Dimensions, with additional FAR. Where: South Oxford Street, Fort Greene, Brooklyn What: 19th Century Italianate Brownstone on the best block in Fort Greene, perhaps all of Brooklyn. |
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*Images are of a similar property on South Oxford as this is an off-market offering. |
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- Pricing:
- You can get a slight discount from the $4,000,000 asking. 20 South Oxford traded for $4,000,000 in 2018.
- Record-setting townhome nearby (6 South Oxford) traded for $7.9M. Yes, it’s a bigger home & wider, but this is an indicator of appetite for finished product in this zone.
- Off-Market:
- Currently off-market. No competition, no bidding wars, just hit the strike price and it's yours. I know what the seller wants.
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- Inventory:
- Scarcity creates value! Scarce Ft. Greene inventory, not to mention a depressed Townhome inventory Brooklyn wide that has been plucked over. Rarely does a 20ft, Italianate hit the market without creating a splash. Since COVID, there has been a reset and adjustment in the concept of “home”. Owning "Stoop to Roof", having your own backyard, privacy, and being a part of a community have been causal factors in the other side of the Pandemic.
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- Location:
- Triple AAA location. It does not get any better. Proximity to the park, on one of, if not the best blocks in Brooklyn. "Buy where others will want to buy." ~ Me
- Trains and Green spaces are value drivers. Proximity to trains (6 minutes to C train at Lafayette and 9 minutes to the Q line). Fort Greene Park is just a few steps away.
- Fort Greene's price per foot has run hot since 2020. Since COVID, people have experienced the Fort Greene magic: proximity to Manhattan, the food, park, chic but down to earth, & close to all the things. It's a destination and a draw.
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- Mid-Long-Term Growth:
- Buying assets, in AAA locations, with architecturally unique features, that are not easily replicated, is a recipe for long-term performance.
- Design for your life and create accretive value. Rehab thoughtfully and you'll have an asset that performs in the short-mid term OR… this could just be your forever-home!
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What's wrong with it? - Location: There is a premium for this location and these park adjacent Townhomes.
- Condition: It's a gut. You'll need time and capital to make it your own. Trades and materials are 20-25% higher than pre-COVID.
- Time to Occupy: Patience is a virtue. Bank on 18 to 24 months of renovation.
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If you are interested in this property or are curious about other Savvy Investments There are more of these opportunities, you just have to find them and have the confidence to act. |
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Image Sources: Douglas Elliman, Compass, StreetEasy, Timeout & Sailor. |
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575 MADISON AVENUE, NY, NY 10022. 212.891.7000 © 2019 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY. |
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