House of the Day: 651 Vanderbilt Avenue
Does anyone know what the going rate for store rentals on Vanderbilt Avenue in Prospect Heights is? That’s one key question in evaluating the three-story building (center) at 651 Vanderbilt, which is currently asking $1,300,000. The fact that the 3,000-square-foot building has been on the market for over a month already suggests it’s not a…
Does anyone know what the going rate for store rentals on Vanderbilt Avenue in Prospect Heights is? That’s one key question in evaluating the three-story building (center) at 651 Vanderbilt, which is currently asking $1,300,000. The fact that the 3,000-square-foot building has been on the market for over a month already suggests it’s not a screaming buy. And in its current form that’s probably true. However, another key factor in assessing the building’s value is its FAR, which, at 4, means it’s underbuilt by 4,400 square feet. The eventual buyer of this place will likely follow the example of 554 Vanderbilt which is currently building a multi-story addition (photo on the jump). Personally, we’re very bullish on Vanderbilt as a commercial hub and like the looks of this building in terms of aesthetics. Does anyone know if there are any setback rules or other restrictions over what could be built on top of this?
651 Vanderbilt Avenue [Trulia] GMAP P*Shark
The reason this property hasn’t sold is there is a disagreement among the two partners who own it – one want to sell and the other doesn’t. The wine shop has a sweetheart deal and that is the reason for the low rent. They went in and had to do a lot of work at a time when the area didn’t warrant more. Now things are changing and the rent seems to be below the market. Vanderbilt and vicinity is and will be a great area for growth.
meh – from the stadium, this is all the way across AY (past all the residential towers) and then a ways down Vandy. I don’t expect AY to cause much suburban blight here. Fort Greene, in the BAM arts district, will have it much worse.
I have been living in the area for over 30 yrs and I agree with (anon 5:16) 100 percent accept for one tiny little thing the term “Vandy”.
Can we call it Vanderbilt Avenue please?
Anon 5:16 = irresponsible fearmongering
I hate to throw cold water on your dreams of the gold lined streets of Vandy but what neighborhood residents are afraid of is that buildings will be demolished to make way for stadium parking lots, as the stadium parking will never meet the demand when games are on. The other possibilities are fast food franchises and sports bars to serve stadium patrons. This is not Carnegie Hall they are building. Go check out MSG on a game night and see what we have to look forward to. Our unique and quirky little neighborhood with its small restaurants will soon be history.
I own a shop on Vanderbilt, very close to the Rat’s nightmare. In the last 2 years, business has grown at a very steady clip, but don’t forget we now have to survive 10-20 years of the most heinous, dirty and loud construction. Will current shops make it through those years? I’m not very optimistic. Buy this building if you’ve got the time to wait. I’m also not very convinced many people are going to benefit from Ratners “vision” except Ratner himself, and he will drive us all out of business first.
The traffic situation is already intense during the week, afternoons are like an alternating speedway/parking lot.
Just about all the storefronts on Vanderbilt are small, if locals like myself can’t afford them, then eventually you’ll get the boremare chains already in the world class ugly Atlantic Center. Inner city suburbs, Whoopee!
Brooklyn’s realness and local flavor are being stomped out inch by inch.
If you can wait for AY to finish? This is a small storefront. A “goldmine” – Vanderbilt is an adequate street but will never be a smith street. The traffic is too daunting (although better now because of DOT lane readjustment) the street is too wide for any intimacy and the the number of storefronts is not frequent enough. A nice street but you have to be very patient. How much does the wine store pay in rent? Enough said.
SPer,
Very simple, you walk down Park after exiting the B or Q, turn left on Vanderbilt and then walk home. I do it every night. If I go to the 2/3, I head down Vanderbilt to the station at GAP.
More desirable! Any commercail building near the AY is a goldmine. The AY will increase car and foot traffic to the area, increase jobs in the area and there will be more need for local businesses along Vanderbilt and the surrounding commercial streets. I don’t think $1.3m is a ridiculous price for a building on Vanderbilt. The only reason it would be worth less is if it is small (narrow, not deep lot) and if it needs a lot of rehab. Haven’t seen it besides being in the storefront, so I don’t know.