Get your checkbook out and put your earplugs in.
A modest four-story apartment building in Prospect Heights hit the market this week for $3.4M, advertised as a great investment in a neighborhood where “in just a few years, rents have risen from $25/SF to $50/SF,” according to a release by the property’s brokerage firm TerraCRG, which added that the prices “are poised to reach $55/SF and above within the next two years.”
So, what’s the problem?
The property, 497 Dean St. near Sixth Avenue, is located directly behind the Barclays Center and next to a string of townhouses seized by eminent domain by the state as part of the Atlantic Yards/Pacific Park project. By next summer, they’ll be razed to make way for a new residential tower and public school, according to the developer Greenland Forest City Partners.
So, if you have $3.4M and don’t mind gigantic, multi-year construction projects outside your window, this might be the perfect opportunity for you.
And, bonus, this incredible Daily News photograph — of what we can assume was a very bold woman battling policemen on the ledge of a doorway — was taken at this building in 1942, which will buy you a really good cocktail party story, at the very least.
For more information, visit the listing on TerraCRG's website.