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296 Rutland Road Brooklyn
In 2015, we targeted Prospect Lefferts Garden as one of the up-and-coming neighborhoods in Brooklyn. PLG is situated to the East of Prospect Park and is considered as Central Brooklyn. Our train of thought to seek the part of BK was based on the substantially lower property values compared to Park Slopes. The beautiful rows of townhouses and street appeal of PLG had a remarkably similar feel as Park Slope but at only a fraction of the value.
Once we acquired this property through a pre foreclosure process, we worked on relocating the tenants. We began working on DOB plans to extend the existing townhouse.
In 2019, we began demolition and construction of the project. Covid delayed us a bit but we ultimately completed the construction. We are hitting the market for resale at $2.85M. Although the timeline was longer than expected due to the tenant relocation process the property value appreciated more than expected. If sold for close to the list price, this flip might be one of our better ones at over 150% return on investment!
Or, start viewing the latest properties to hit our local market.
Long Island City Development
34-29 37 Street LIC
We decided to negotiate and purchase the development during the summer of 2020 in the mist of the Covid pandemic. There were many reasons for this decision.
First, this section of Long Island City is becoming the next targeted area for major redevelopment projects including the proposed $2B Innovation Qns Project headed by developers Silverstein Properties, Kauffman Astoria Studios, and Bedrock Real Estate Partners.
https://www.innovationqns.com/
Secondly, we believe that any stress on the NYC real estate market is temporary only. Once NYC and the rest of the world reopens and returns to normal or a new norm, the values will return and exceed any drops.
Thirdly, upon a site inspection we notice that the existing structure featured a full cellar with a solid foundation. We hired a structural engineer immediately and determined that it was possible to reuse the foundation for the new building. We calculated this to be a $1M plus savings on the development cost and time saving.
Preliminary calculations and plans allow a 26 unit condo development on an 8 story building.
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Not sure if now's the right time to buy or sell? Need a reliable contractor? I would love to get to know more about you and your needs! Feel free to use any of the options here to get in contact with me!