Condos of the Day: 486 3rd Street
We’re gonna keep working this converted Brownstone condo thing some more…The current owner paid $1,600,000 for this five-story, 4,400-square-foot brownstone on 3rd Street between 6th and 7th Avenues back in 2004. Now he’s looking to sell the four units for a combined $4,455,000. Even if he has to take 10 percent below asking price, he’s…
We’re gonna keep working this converted Brownstone condo thing some more…The current owner paid $1,600,000 for this five-story, 4,400-square-foot brownstone on 3rd Street between 6th and 7th Avenues back in 2004. Now he’s looking to sell the four units for a combined $4,455,000. Even if he has to take 10 percent below asking price, he’s going to be doing pretty well. If he spent about $250 a foot on renovation and another three hundred grand on carrying costs, then his total cost would be around $3 million. As for the units, we think they look a tad nicer than yesterday’s 418 Henry but they’re also a tad more expensive. It’s also a little easier to find a condo in Park Slope than Cobble Hill.
486 3rd Street [Douglas Elliman] GMAP
Hey 5:42, nope we did not sell ours for anywhere near 1.2 million. I agree that’s a lot for a small 2 BR. I was just weighing in on the whole condo in older building, vs. newer building, vs. buying a whole house debate. An entire house is expensive and a pain in the rear (we’re experiencing it now) so I always believe there will always be buyers for convenient, luxury condos that might cost as much as houses. Also when selling the co-op, we made 5 times what we paid for the place 8 years ago. If the location is fantastic like ours was, you’ll make money over the long term on the property, even buying at these higher prices. I don’t think there’s money to be made on this one if you sell after only say, two years of living in it though. And that’s maybe what you’re saying ultimately, that a small 2BR is not big enough to be a long-term home.
O MY GAUD!
$$$$$OVER PRICED!!!!!!
CRAZY….
I live next door to these. Everything in the building is completly new. They gutted the entire building to the party walls. I think they did a good job, didn’t cut corners. It was done by a local couple. I came home a week or so ago to find that they were have a party for their kid in the top floor apartment, all the parents were arriving to pick them up. Cute. All the apartments have either terraces or yard or roof deck. They are a bit small as they are floor thrus without a bump out in the back. No details left, there was nothing in there before hand. The top floor apartment has a bump up so there are cathedral ceilings with the back wall of windows. It seems like you are in a tree house since I have two giant trees in my yard that extend into the yard. They are expensive but so is everything here now. I have been in there throughout the construction. It was pretty interesting to watch though not without extreme headaches and noise.
both properties (3rd St. and Henry) are small and overpriced. Henry has much, much more tasteful finishes. 3rd St. is all over the map. If they sell then it’s time for all of us to sell, because anything will at any number. And maybe that’s the market we are in?
while these are nicer than 418 Henry street, they are far less convenient for commuting (unless you dont find the F train to be the worst train ever).
North Slope 2 bedroom condos cost about the same money as well.
Hey Anon 5:24pm — did you sell a floor through in a brownstone? Can you give us a ballpark? Are they really going for nearly $900,000? What kind of buyers were they (with kids?). I have no doubt you would have done well if you bought even a few years ago, but I’m wondering if prices are now as high as this condo listing.
I posted earlier, and I still don’t see familes with 1 or more kids spending 1.2 million for a tiny 2-bedroom apartment in Park Slope. I could imagine couples without kids doing so, however. Anyone know families spending this kind of cash for this space?
Thanks for the good luck wishes, but we don’t need it; we just sold a co-op in a brownstone building in Park Slope. Did rather well on it too. It was not a bad investment for us at all.
4th Ave or Gowanus are not the only two locations where luxury condo’s exist and, as previously stated, I said luxury mega-condo’s that were equitable (that includes aesthetics and good locations). If that’s the only selling point, marketing these puppies is going to be pretty weak.
In regards to the location – the trendiness in buying a brownstone is just that, buying a whole brownstone…not 1/4. Good luck.
The appeal is that these buildings is the location; these brownstone co-ops and condos are located on historic brownstone blocks. As opposed to being located on the less picturesque outskirts, like 4th Ave or Gowanus, where the bigger, all-new condo buildings are being built. Not that there’s anything wrong with those. It’s just a different style of condo and nabe. More loft-like and industrial.