Awaye Realty a boutique Real Estate Office in Carroll Gardens has sold a pair of attached 5 family Brownstones.
Local Brokers and Agents have labeled them “The Pair of Fives”
50 1st Place and 54 1st Place have sold for a combined price of $10,550,000.00.
Both sales were cash purchases and exemplify the buyer profile for these homes.
Carroll Gardens; the birthplace of brownstones has become magnetized as the neighborhood everyone desires to live in and buyers are paying exceptional prices to acquire one of these properties. Investors and principals alike are vying over each available listing for development or to create a personal luxurious residence.
Each sale seems to eclipse the previous one in price and the ceiling is not yet in site.
Carroll Gardens consisting of approximately 40 city blocks was laid out with great foresight by surveyor Richard Butts. The signature courtyards were created by law in 1846 and in 1850 as a neighborhood easement which was attached to the deed of every place street block. Each front yard easement allows for 33 feet 5 1/4 inch. These courtyard could not be built on or used for storage or parking. Hence the beautiful gardens emerged in front of every home.
It is impossible to overlook the changing face of Brooklyn. As if overnight, a crop of high rises has sprouted along Flatbush Avenue. Downtown Brooklyn suddenly boasts a skyline that puts many American cities to shame, and the development of new residential and mixed-use properties is not slowing down. As the building boom continues, real estate speculation pushes deeper into the borough. Today, one would be hard pressed to find an area garnering more interest than our very own Gowanus.
Tucked between the affluent, in-demand brownstone streets of Park Slope and Carroll Gardens, the manufacturing-zoned area surrounding the Gowanus Canal is a potential goldmine for builders.
Whispers of a Gowanus rezoning have been heard for almost a decade. In 2008, the New York City Department of City Planning, under the stewardship of the Bloomberg administration, commissioned a series of cultural and environmental assessments to begin the Gowanus Canal Corridor Rezoning Project. This project would lift several plots of land abutting the Gowanus Canal from their current M-1 industrial zoning to allow for residential development.
The 2010 designation of the Gowanus Canal as a Superfund site stymied the city’s rezoning plan, but with the high stakes and big money involved, it did not stop the hopeful prospecting in the area.
Some of New York’s largest and most powerful real estate players now have skin in the Gowanus game. Alloy Development, Property Markets Group, Lightstone Group, Two Trees Management, Kushner Companies, Atlantic Realty Development, and Hudson Companies have collectively spent over $250 million snatching up Gowanus properties that were zoned for garages and industrial use.
There is, of course, an element of risk for those looking to delve into the Gowanus frenzy. Alloy Development’s properties at 234 Bond Street and 242 Nevins Street might be seized, under eminent domain, to install a sewage tank that would aid in the Gowanus Canal clean up. Is this very likely? No one knows.
It’s not all doom and gloom. Lightstone Group’s Gowanus acquisition is now 365 Bond Street; a 70% leased, 430-unit luxury rental building with studios starting at $2500 per month. Construction is underway at adjacent 363 Bond Street, which Atlantic Realty Development acquired in 2015 for a cool $75 million (along with plans for a 12-story, 268-unit rental building).
Surely the risk must be worth the reward. How else can we explain the involvement of some of the biggest names and power brokers in real estate? With Mayor de Blasio’s self-imposed pressure to build more affordable housing, it seems that rezoning along the Gowanus is all but inevitable.
It’s been a while since we’ve posted a blog, but Brooklyn real estate is booming and we’ve been really busy! However, as we reflect during this time of gratitude and giving, we can’t help but realize how thankful we are for all our success. Awaye Realty would like to share our sincerest wishes for joy, health, and peace to all our friends, customers, and clients. We thank you for your loyalty and support throughout the year.
This year, we not only had a banner year in real estate sales and rentals, but also welcomed several new buildings to our property management family. We hope to surpass their every expectation in the coming New Year.
It hasn’t all been toil. In fact, we just finished celebrating the season with the BNYMLS and Brooklyn Board of Realtors at the El Caribe Country Club. We danced, and drank, and played white elephant with our colleagues. A wonderful time was had by both the Awaye Realty Sales and Management teams.
Best of all, the event collected so many toys for the Children of Bellevue Hospital that Rich Schulhoff, CEO of BBOR, had to rent a large van to bring the gifts to the hospital. He told us he was privileged to play Santa and that the entire hospital staff came out to help distribute the toys to the children. We are proud to have been a part of such a wonderful venture.
We hope that you stay warm and merry this holiday season and wish you all the best!
With its vibrant culture, fabulous schools, charming streets, and proximity to Manhattan, the Carroll Gardens/ Cobble Hill area has long been a draw for people from all over the world. Now more than ever, everyone wants to own a piece of our backyard. If you live in brownstone Brooklyn and have ever considered selling your home, THIS is the time!
We have been selling everything we list, and within weeks! We just sold 201 Huntington Street (2 family townhouse) and 228 Clinton Street (4 family brownstone) for all cash. We sold 16 3rd Place (2 family brownstone) in 2 weeks for $350,000 above asking price.
The special advantage that Awaye Realty has over its competition is the fact that we are in Carroll Gardens. Customers go right to the source because they know that ease of access is one of the keys to an expedient sale. Also, we know how to price and market properties to sell for the highest price in today’s market. We know our product , our customers’ needs, local property values, and the financing options available for these mega dollar sales.
Carroll Gardens is our home. Stop by and visit. You may want to stay a while.
We are proud to announce that after only three weeks of marketing, Awaye Realty procured a buyer for 16 Third Place in Carroll Gardens. The seller was elated at the final
sale price which exceeded the asking price by $350,000.
Multiple buyers counter-offered to create a competitive atmosphere, which brought about the outstanding price for this brownstone fixer upper.
Both buyer and seller echoed good sale and congratulation to one another. The magnetism of Carroll Gardens has a strong pull on buyers looking to join this growing and vibrant community, and neighborhood properties are extremely sought after.
We are excited to report that, just as we suspected, our favorite borough, Brooklyn, is booming!
According to Property Shark, most Brooklyn neighborhoods are seeing a rise in residential property values. You can follow this link to the interactive PropertyShark.com map.
Williamsburg saw the biggest changes, with prices per square foot climbing by 174% since 2004. Other big winners include Prospect-Lefferts Gardens, with 63% growth, Gowanus with 52%, Fort Greene with 51%, and the majority of North-West Brooklyn (including our ‘hood, the always lovely Carroll Gardens) at a comfortable 20-30% climb.
At Awaye Realty, we’re not surprised. Just a stone’s throw from Manhattan, Brooklyn is a vibrant tapestry of geography, architecture, and people. There is something in our beautiful Brooklyn for just about everyone. From thriving artists’ communities to quiet ocean-side living, Brooklyn has it all! Brooklyn is also quickly becoming one of America’s cultural Mecca’s.
We’re improving every day. Now proudly boasting our own basketball team with the Brooklyn Nets, rumors are swirling that we’ll be getting Islanders Hockey soon, too. Brooklyn’s Business Improvement Districts have been attracting more and more businesses and consumers.
Our borough is healthy and exciting. People from all over the nation want to live here. If you are looking to sell, now is a great time to cash in on your investment. If you’re looking to buy, Brooklyn shows no signs of slowing down and interest rates are at record lows.
We hope this year brings you joy, health, love, and success.
In September 2009, Awaye Realty Management, LLC took over the management of two 18-unit buildings at 427 and 433 Dean Street. At the time, rents were at a minimum and credit-worthy tenants were unknown to the building.
In November 2012, the buildings were sold for a record price of $8.7 million. This can be directly attributed to the management techniques of Awaye Realty Management, and the leasing procedures of Awaye Realty. Together, we substantially increased the value of the buildings for both the landlord and the tenants.
Awaye Realty Management was responsible for not only maintaining the properties, but for giving them a facelift, as well. We encouraged renovations of all apartments that became vacant. Units were cleaned, painted, and equipped with top-of-the-line appliances and finishes. This created a wealth of Park Slope rental units that are on par or beyond anything else on the market in the neighborhood. Naturally, this was reflected by a much higher rent roll.
Awaye Realty was able to successfully market vacant units, and fill the buildings with qualified, quality tenants. We reduced apartment vacancies, eliminated rent loss, drove additional creditworthy renters to the buildings, expedited leases, and removed financial and credit risks on new tenants.
427-433 Dean Street has been acquired by an investment firm that pored over the numbers for months prior to making their purchase. Awaye Realty facilitated the sale, and we are proud to say that all parties walked away happy.