Let's Play Flipper

A first-time developer contacted us with an interesting proposal: He had just purchased a two-family in Prospect Lefferts Gardens; could we post photos and floor plans and ask the Brownstoner community what they would advise doing with the property? A little background: Our correspondent works full time in development for a company that builds large multi-unit properties in the New York City area. This is his first venture on his own. He’s moving very fast: He saw a listing for the building on a Tuesday, got in to see it the following Sunday, made an offer on the spot, and closed two weeks later. He’s already met with an architect and lined up a work crew. In fact, by the time this post goes up, he might have already sold the building! He’s debating whether to turn around and sell it as is at a slightly higher price, or to renovate first and sell for more. He noted the structure is in fine shape, as are the walls. There are inlaid and parquet floors, as well as built-ins and other original details. The above photo shows one of the bedrooms as seen from the dining room. The developer asked us not to mention the exact address or what he paid for it. What would you do with the property if you owned it? Click through to the jump for more photos, the current floor plan, and the original building blueprints.

The current floor plans, below. The original blueprint for the building, below. Curiously, some of the more expensive features in the blueprint appear to have been left out when actually built, such as the internal staircase in the duplex. Neighboring houses in the row were also built without these features.