Sunday, July 14, 2013

Dean Street building across from arena parking lot sold, may become health club, restaurant; Prospect Heights, in real estate boom, oddly called "sleepy"

An industrial building on the south side of Dean Street a bit east of Carlton Avenue--across from the surface parking lot for Atlantic Yards--was put up for sale in January 2012 and just sold for $6 million, with the intention retail and office space rather than residential as originally suggested.

Brownstoner reported last week that the parcel includes the warehouse at 592-594 Dean Street and the parking lot spanning 587-597 Bergen Street.

In a follow-up post, Brownstoner reported on a planned renovation, not a tear down, with:
16,500 square feet of ground floor retail and 11,000 square feet of second floor office space. The developers will maintain the 10,000-square-foot parking lot that is situated behind the property on Bergen Street. Kalmon Dolgin Affiliates represented both the buyer and seller in the $6,000,000 transaction. According to their press release, “The building is ideal for use as a health club, medical office, restaurant or creative work space.”
Note that Atlantic Yards developer Forest City Ratner plans to build four towers on the parking lot across the street after three towers are completed around the arena, so should that go forward, there should be a clientele for more retail.



"Sleepy" Prospect Heights

On 7/10/13, Real Estate Weekly reported Buyers and renters waking up to sleepy Prospect Heights, which was somewhat amusing, given that the neighborhood hasn't been sleepy for a while.
The average listing price in the neighborhood has reach $991,077, according to the listing tracker, Trulia.com. Average price per square foot for sales in Prospect Heights in the second quarter of 2013 was $516, compared to $416 for Brooklyn overall and $761 in neighboring Park Slope.
...At 499 Dean, a renovated condominium conversion near the Barclays Center that was completed in 2010, a three-bedroom unit sold in March for $1.35 million, according to StreetEasy.com. There are also reports of a plan for a new, six-story 36-unit building on Bergen Street.
Sales listings include a few of the large, subdivided older houses that dominate the neighborhood.
...Among the deals in contract in the neighborhood is a recently renovated four-bed, three-bath house on Saint Marks Avenue for $2.45 million, listed by Tracey McLean of Corcoran. The property last sold in 2006 for $902,000.
Rental listings in Prospect Heights on StreetEasy average $2,675, with a two-bedroom loft on Dean Street listed with Corcoran’s Andrew Mapp asking $6,500 per month.
Note that 499 Dean has a bit of a history, bricked up in 2006 in an effort to get tenants out, then renovated and marketed anew in 2009.

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