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Strong Place Project Update

By Donald Brennan | Published: January 31, 2012

Well Under Way! from Brennan Realty Services on Vimeo.

We are actively marketing the properties for sale and are offering pre-construction discounts on the advertised prices to buyers willing to enter into purchase agreements before construction begins. Pre-construction buyers will be able to participate in the customization of their homes by selecting their own finishes, appliances, cabinets, etc. Please contact Betsy at 917-622-3879 or bhoffman@brennanrealestate.com if you would like to learn more about the project.

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Public Notice – Community Board 6 Meeting 1/26, 6PM

By Donald Brennan | Published: January 25, 2012

Our architect, CWB Architects, will present our development proposal for 2-4 Strong Place to the Community Board 6 Landmark/Land Use Committee on Thursday, January 26, 2012 at 6:00PM.  The Community Board meeting will be held at 1 Prospect Park West, Brooklyn, NY 11215.

Last week we met with members of the Cobble Hill Association that live nearby our site.  The architect presented our proposal and while the audience had a few questions regarding the construction process the design of our new building met with unanimous approval.  The architect’s mother was even in attendance, she lives on Strong Place (as did the architect as a child), and appeared to be pleased with what her son had designed.

 

 

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Pricing Now Available — Three Custom Townhomes in Cobble Hill!

By Donald Brennan | Published: December 16, 2011

The pricing is now available for the three custom built townhomes located at the corner of Strong Place and Kane Street in Cobble Hill. Brennan Realty Services are the exclusive listing brokers for the project. If you have been waiting for the opportunity to own your own brand new custom townhome, on what may be one of the most desired blocks in all of Brooklyn, your time has come. These 1- or 2-family homes are currently in the permitting phase so contact us now to learn how you can reserve a one-of-a-kind home to make your very own.

Click on the address below to go to the individual listings, where you can see pricing, images, floor plans and property details.

2 Strong Place (corner of Strong and Kane)
1-family, 4,127 square foot 4 1/2-story 5-bedroom custom home. Plus a 800 square foot 2-story detached carriage house facing Kane Street (garage and studio). Outdoor space includes multiple terraces and a large rear garden.

4 Strong Place
1-family, 3,877 square foot 4 1/2-story 5-bedroom custom home. Outdoor space includes multiple terraces and a large rear garden.

4A Strong Place
2-family, 3,891 square foot 4 1/2-story 5-bedroom custom home. Plus a garden level one-bedroom rental unit. Outdoor space includes multiple terraces and a large rear garden.

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Our First 12 Months at Brennan Realty Services

By Donald Brennan | Published: September 30, 2011

At Brennan Realty we pride ourselves on delivering the best customer service to everyone that we come in contact with. Yes, we’re a small firm, but that doesn’t equate to less exposure or capability; it means that we’re able to give our clients the undivided attention they deserve. We’ll sit down with each client that comes through our door and take time to understand their needs. With all available technology at our disposal we can generate as much exposure for our selling clients as the larger firms and see the all properties that may match up with our buyer client’s needs. We have time and again proven measurable results for not only the houses we sell, but also to all of our buy side clients.

Take a look at our track record. Over the past twelve months we have sold, bought and rented real estate for many satisfied clients. Below are examples of some of the deals that we made happen; in addition to these transactions we’ve also provided consultation services for people looking to renovate their homes or buy multi-family investment properties.

Sell Side:

36 Cambridge Place, Clinton Hill, Brooklyn
3,328 sq ft, 2-family, semi-detached townhouse
Closed September 2011
This 19th century townhouse is located on one of the most desirable blocks in Clinton Hill; it was lovingly restored and meticulously maintained. The property is a marketing success because we employed all our resources in making sure that this property was advertised to its fullest extent. Our marketing efforts generated multiple offers, which allowed us to deliver a buyer at a price that exceeded the expectations of our client.

39 Plaza Street West, 5A, Park Slope, Brooklyn
1,500 sq ft, 3 bedroom, 2.5 bath, pre-war co-op
Closed September 2011
This is an elegant fifth floor Classic 6 with three exposures and an abundance of natural light and views. This Rosario Candela designed pre-war co-op is located in the heart of Park Slope. Walk just a few steps to Prospect Park, Grand Army Plaza, the Green Market and the 2/3/4 subway lines.

220 East 73rd Street, 3A, Upper East Side, Manhattan
1 bedroom, 1 bath, pre-war co-op
Closed December 2010
This is an elegant one bedroom co-op on a beautiful tree-lined Upper East Side block. The apartment was meticulously maintained and the new owners are enjoying the comfort and convenience of an oversized living room with room for dining, two large walk-in closets, entry foyer, windowed kitchen and bathroom, and courtyard view.

Buy Side:

40 Cambridge Place, Clinton Hill, Brooklyn
Closed September 2011
We had been working with this client since the spring of 2010. They brought significant knowledge and interest to the table in the pursuit of an opportunity to create their own custom home. Due to our success in marketing another Clinton Hill townhouse we got a first look at this “off market” deal. With patience and fortitude we were able to help our client acquire the project, which fit perfectly with their needs. We have strong relationships with many people in the real estate business here in Brooklyn so knowing about off market deals is something we use to our full advantage when it comes to helping clients find a home that is right for them.

1 Grand Army Plaza, Prospect Heights, Brooklyn
Closed July 2011
This converted two bedroom was spacious and also included a private 500+ square foot patio that has plenty of room for outdoor entertaining. Closets and storage spaces are built in at every turn. The amenities include a full-time doorman, concierge, porters, on-site attended parking, meeting room, billiards room, children’s room, and direct access to a 30,000 square foot health club with indoor pool.

100 2nd Place, Carroll Gardens, Broooklyn
Closed February 2011
This three-bedroom and two-bathroom duplex condominium with a garden is located in Carroll Gardens. It is one of the best condo rehab projects in Carroll Gardens.

225 East 73rd Street, 4A, Upper East Side, Manhattan
Closed November 2010
We worked with our client to help them find the home of their dreams which they did with this two-bedroom pre-war home located in one of the Upper East Side’s most desirable buildings.

Rental:
Cobble Hill, Brooklyn
Move-in November 2010
This client was moving from New Jersey, she wanted to be closer to her job in midtown. We searched for many apartments for her and she eventually fell in love with a Cobble Hill apartment. It was an extra large one bedroom with the original detail and a working wood-burning fireplace.

Rental Listing:
441 Henry Street, Cobble Hill, Brooklyn
April 2011
This couple wanted to upgrade their space in Manhattan and wanted to move into Brooklyn. Unfamiliar with the different neighborhoods in Brooklyn, we explained the similarities and differences to them and now they are very happy living on the tree-lined streets of Cobble Hill.

441 Henry Street, Cobble Hill, Brooklyn
August 2011
This client was a Canadian native and had previously lived in Midtown, but wanted to move into Brooklyn.

At Brennan Realty Services are able to identify opportunities not apparent to the average broker and our clients are able to act quickly if the occasion should arise as we equip them with all the market knowledge they need to act with confidence.

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My 2 Cents: Open House Feedback

By Donald Brennan | Published: September 14, 2011

This past Sunday I previewed three townhouses for my buyer clients. Heading into the fall the real estate market traditionally becomes more active and the buyer demand appears to have picked up where it left off before summer began. The optimism that was so present in the spring still prevails; despite economic fluctuations people are still buying, selling and renting. Foot traffic was mixed. There was a strong turn-out for two of the homes I looked at and less interest in the third, 82A Douglass Street. There were a lot of young couples with newborns and toddlers in tow.

I previewed:

177 Warren Street, Cobble Hill
3,360 sq ft, 21 ft wide, 3-family
Asking $2,100,000 or $625 per sq ft
New to market, delivered vacant
Out of the three properties I would consider this as having the most potential.

82A Douglass Street, Boerum Hill
1,732 sq ft, 16 ft wide, 2-family
Asking $1,295,000 or $748 per sq ft
130 days on the market, delivered vacant

331 DeGraw Street, Cobble Hill
2,180 sq ft, 20 ft wide, 2-family
Asking $1,200,000 or $550 per sq ft
New to market, delivered with tenant in place at lower duplex with lease thru 8/2013.

If you are in the market and have questions about these or any other property give me a call and I will share with you my thoughts on value, rehabilitation potential, estimated costs for improvements, etc.

Check back here for more in-depth analysis of each of these properties.
For additional “My 2 Cents” columns, click here.

Donald Brennan
(c) 917-568-6525 (e) dbrennan@brennanrealtyservices.com

Follow me on Twitter @Brennanrealty and get real time feedback from me when I am out looking at properties.

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Yes, 371 was worth the price.

By Donald Brennan | Published: April 28, 2011

371 Clinton Street in Carroll Gardens sold for its list price of $2,695,000, according to today’s Brownstoner post. Pricey? Yes. Worth it? Yes! Here’s what I wrote about 371 Clinton Street in my March 17 “My 2 Cents” article on this blog: “There’s a lot to like in this 19th century home, and if you’re at this price level, it’s well worth considering. . . Relative to comparable homes I’ve looked at in Carroll Gardens and Cobble Hill, this home stands out for so many reasons–its condition, configuration, flow, finishes and detail. While the overall price of the property is steep, the cost per square foot ($816) is actually at about par with many properties in need of work–making this home a good buy. And I don’t mind its Clinton Street location–this is urban living, after all!”

And here’s my comment to today’s Brownstoner post and discussion: “To understand the supply / demand dynamic you really need to attend an open house at one of these properties.  I was in 371, 369 and 432 Clinton during their initial open houses.  According to the listing broker at 432, over 100 people signed in for the open house.  He estimated about 300 people were in the building during that 2 hour period.  Quite something to see.  This property was in inferior condition when compared with 371 and cluttered with stuff.  I thought 371 had the right layout (upper triplex, garden level rental) and was in relatively good condition and showed well. The macro trend Adam Dahill mentions above has not abated in any way, as some thought it might.  The demand for 1- to 2-family townhouses specifically is far in excess of supply. And there is almost no way to add to the supply of townhouses in most brownstone Brooklyn neighborhoods.  They become available through generational family attrition or relocation — a slow and currently infrequent occurrence. Families that have already formed or are in the early stages of taking shape look to Brooklyn from Manhattan for a better quality of life — walkable, lower density neighborhoods with character and charm.  It is easy to understand how this translates into upward pressure on the price of certain types of housing.”

If you’re interested in discussing other properties on the market, please email me or give me a call at 917-568-6525.

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My 2 Cents: 371 Clinton Street, Carroll Gardens

By Donald Brennan | Published: March 17, 2011

In his new “My 2 Cents” column, Donald Brennan presents unbiased, hands-on evaluations of properties on the market that he’s visited and examined inside and out—and gives you his unique perspective as an architect, developer and appraiser. Contact Donald for more details about this home or others in brownstone Brooklyn.

A tasteful and well-configured brownstone for the higher-end buyer.

I looked at this two-family property twice this month—once at an open house and another with one of my buyer clients. There’s a lot to like in this 19th century home, and if you’re at this price level, it’s well worth considering.

Highlights: ∙ Ideal two-family configuration w/ owner’s triplex  ∙ Nice finishes and original detail  ∙ Move-in condition

Price: $2,695,000 ($816/sf)

Local Externalities—371 Clinton Street is located between DeGraw and Sackett streets in Carroll Gardens, just outside the Cobble Hill historic district. You’re just a block from Court Street, with shops, restaurants and the Cobble Hill Cinemas,  although it’s about six blocks to the Carroll Street subway station. Clinton Street is a through street for traffic headed north to the Heights and the Bridge, and it does get busy during rush hours. But the block is filled with lovely, historic 19th century brownstones and row houses, most of which have maintained much of their historic character. 371 Clinton Street and the surrounding homes are of similar size, style and vintage, and all appear to be well maintained.

Architecture/Appearance—While the year built is not reported, 371 Clinton Street is consistent with the Italianate style brownstone homes built in the 1840s – 1870s, with an arched doorways, double-leaf doors, and high stoops.  (See the LPC’s row house guide for details.) This home shows well, with nice finishes, original detail, and furnishings. It has an excellent configuration for a two-family home: an owner’s triplex on the top three floors (4 bedrooms, 2.5 baths) with a back deck off the parlor level; and a 1-bedroom, 1-bath garden apartment rental. (While the apartment will be delivered vacant, it should be easily rented at $2200 +/- per month.)

This is the best layout for a two-family home, since the owner can use the main staircase, and with the apartment on the basement level you don’t have to waste valuable space for an extra staircase. I was also impressed by the smooth flow of the space–bathrooms on every level, comfortably wide stairs and landings, good access to the deck, and very functional living room, dining room, and kitchen combo on the parlor level.  The yard is small, but neat and well maintained, and the cellar has decent ceiling height, maybe about 6 1/2 feet.

There was an odd and ornate room divider that created an archway in the living room—the owner believed it may have been used long ago for curtains to close the room off to the fireplace. (In researching historic buildings, I discovered that in the 1880s and beyond homeowners often used “off-the-shelf” components ordered from catalogs–perhaps like this archway—instead of investing in customized changes to their homes.)

Rehabilitation–No renovations are needed–this home is in move-in condition. If you don’t want the rental unit, you can easily combine the two units to make a single family home, just by adding back in the parlor staircase to the garden level. The one thing that would improve this property would be to add modern bathrooms to the central living spaces–this would create a master bedroom suite on the third floor and centralize the location of the bathroom on the fourth floor. With regard to expansion, according to property records, the building’s FAR (floor area ratio) allows for approximately 1,000 square feet–although it seems unnecessary. But for those interested, building up, not out, would be the best option due to the small yard.

The takeaway: Relative to comparable homes I’ve looked at in Carroll Gardens and Cobble Hill, this home stands out for so many reasons–its condition, configuration, flow, finishes and detail. While the overall price of the property is steep, the cost per square foot ($816) is actually at about par with many properties in need of work–making this home a good buy. And I don’t mind its Clinton Street location–this is urban living, after all!

In the market? I’m happy to walk you through this home or others like it and tell you more. Please contact me to set up an appointment–no obligation:

Donald Brennan 917-568-6525 dbrennan@brennanrealtyservices.com

 

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My 2 Cents: 59 Tompkins Place, Cobble Hill

By Donald Brennan | Published: February 1, 2011

In his new “My 2 Cents” column, Donald Brennan presents unbiased, hands-on evaluations of properties on the market that he’s visited and examined inside and out—and gives you his unique perspective as an architect, developer and appraiser.

Gut rehab for the buyer with a plan.

I took a look at this single-family townhouse with one of my buyer clients in the fall. Great block in a great neighborhood. This four-story, 2,700 square-foot, estate-condition property was listed for $1.9 million, or $703/square foot. (Just a few days ago it went under contract, price unknown.) While the building is habitable “as is,” most buyers would want to rehabilitate it before moving in—since the scope of potential work could be significant, and occupancy during the renovation would be very unpleasant, if not impossible.

Local Externalities—The property is located in the landmarked portion of Cobble Hill, in an attractive residential area, near the corner of Degraw Street. Tompkins Place is a quiet, charming street—just one block long–located between Kane and Degraw streets, and between and parallel to Court and Clinton streets. All the neighboring lots are built on, share similar bulk, are of the same vintage, and appear to be occupied. Therefore, there is little if any risk of new adjacent construction that might negatively impact the value of this property. The immediately adjoining properties—57 and 61 Tompkins—have been attractively renovated and modernized into comfortable single-family homes.

Architecture/Appearance— 59 Tompkins Place is part of a group of five three-story townhouses (numbers 53 – 61) built in the early 1850s in the Anglo-Italianate style. Each house is characterized by a low three-step stoop and a narrow width of 15 feet—since at that time the demand in Cobble Hill was for small houses. The group remains intact today, but without the pediments referred to in the 1969 Landmarks Designation report.

In general, this townhouse—consisting of five bedrooms and three full bathrooms—has a dated and run-down appearance. The exterior of the building seems slightly out of place: Its lower level is painted with a brownstone finish (although the paint is peeling and the color seems a bit off), while the upper levels are finished in brick. Its windows have been reduced in height. And it’s the only one of the five townhouses without an ironwork fence—its fence having been replaced by a low concrete wall, which is currently in need of repair. The building has a garden-level floor, but no cellar. Some of the original details remain—such as decorative moldings and marble mantles—but they’re not in great shape. The floors, windows, kitchen and bathrooms are all in poor condition. Some fixtures are missing. With no cellar, storage area is limited—so the mechanical equipment is housed on the garden level, and other items are stored under the front garden. The back garden space is a bit awkward, with multi-level, hard-to-navigate space.

Rehabilitation—Nothing short of a gut rehab would bring this property up to the level of its neighbors. All mechanical systems would need to be replaced, as would the kitchen and bathrooms. New windows should be installed and cut to their original size, and floors refinished. While the original moldings are salvageable, they require repair. The lower façade should be redone with a true brownstone finish. And the garden area could use to be reorganized and leveled to make it more efficient and functional.

What would all these renovations cost? At least $300/square foot—bringing the total all-in cost of this building to $2.7 million, or $1,000/square foot. Despite the expense, though, I do think this would be a reasonable investment–considering the lack of supply of single-family townhouses in Cobble Hill as well as its strengthening real estate market.

Another factor to note: Permits for such a rehabilitation project would need approval not only from the Landmarks Preservation Commission, but also from Community Board 6 –after it considers the feedback from the very active and involved Cobble Hill Association. While this association doesn’t have an architectural review committee like other neighborhood associations, it’s made up of representatives from all of Cobble Hill’s block associations—meaning your neighbors on Tompkins Place will be able to directly weigh in on your rehab project!

Donald Brennan    917-568-6525  dbrennan@brennanrealtyservices.com

Please contact me if you’re in the market to buy and would like to learn about my buy-side services, or if you’re thinking of selling your home and would like to learn more about my sell-side services and to receive a complimentary comparable market analysis.

For additional “My 2 Cents” columns, click here.


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My 2 Cents: 55 Dean Street, Cobble Hill

By Donald Brennan | Published: January 13, 2011

In his new “My 2 Cents” column, Donald Brennan presents unbiased, hands-on evaluations of properties on the market that he’s visited and examined inside and out. Here’s the third article in the series. Watch for more coming soon!

Solid townhouse in need of updating.

I looked at 55 Dean Street with a buyer client of mine in November 2010, just after the property came to market with an asking price of $2.1 million. This four-story, three-family brick townhouse—owned by the same family for 60 years—is now listed at $1.9 million, or $625 per square foot.

Architecture/Appearance—Reportedly built in 1899, the property is a four-story brick townhouse measuring 20’ wide by 38’ deep.  The building looks structurally sound and well-maintained, but lacks in original detail. The property consists of a two-bedroom lower duplex with a garden and two roomy one-bedroom floor-through apartments on the third and fourth floors.  There is no interior stair connecting the lower duplex floors, so the main common stair is shared by all unit occupants. Kitchens and baths are clean and functional and comparable to market alternatives of similar age—but they are dated. The basement is neat and dry, and has adequate headroom.

Local Externalities – The property is located on Dean Street between Boerum Place and Smith Street in Cobble Hill. Since it is not situated in the landmark portion of the neighborhood, the housing stock on the street is quite varied in design, bulk and vintage—from quaint, century-old townhouses like number 55 to new, large, bulky condos. While there are some charming wood shingled and/or paneled homes just east of this property, a new condo development just came on the market three doors west of it.  There appear to be at least two developable lots on this block.  This part of Dean Street is residential in nature, but it’s often used by cars heading east as an alternate to Atlantic Avenue. The location does offer a distinct advantage, however, especially if you love dining out—you can walk to the numerous restaurants just around the corner on Smith Street.

Rehabilitation—The building sits on a 100’ deep lot, potentially allowing for the addition of an extension or the sale of air rights.  The building is being marketed as an owner-occupied three-family, which would be a good short term solution at the right price.  Most buyers, however, would want to update the dated bathrooms and kitchens, which could add significant cost depending on the extent and quality of the upgrades. The rest of the interior could be improved with simple cosmetic changes like fresh paint or wallpaper. The suggested alternative scenario is a conversion to an owner’s triplex—but that would be costly and push your all-in investment over $2.5 million, or $825 per square foot.

Marketing –The property is being marketed on several listing sites including The New York Times and StreetEasy, as well as the listing broker’s site. A detailed floorplan and photos of some rooms are provided, but there are no photos of the backyard/garden area or the living room.

If you are in the market to buy and would like to learn about my buy-side services please give me a call or send me an email. If you’re thinking of selling your home and would like to learn more about my sell-side services—plus receive a complimentary comparable market analysis–please also contact me.

Donald Brennan    917-568-6525  dbrennan@brennanrealtyservices.com

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NYC Livability

By Donald Brennan | Published: November 23, 2010

At our recent “Let’s Talk Real Estate” event, we spoke in-depth about the improved livability of Brooklyn and New York City as a whole. Over the years there have been so many positive trends in our neighborhoods: crime is lower, schools are better, there are more parks and amenities, residents are active and involved, and families are staying here to raise their children rather than moving to the suburbs. All this of course bodes well for property values, since residents are more likely to invest in and own homes. And this applies not only to neighborhoods like Brooklyn Heights and Cobble Hill, but also those like Bed-Stuy and Crown Heights.

Recent news reports touted New York City’s low crime rate–#269 on the list of “unsafe” cities. This is great news. In looking at the actual report, which ranks 400 cities according to FBI crime statistics from 2009, it looks even better. New York City’s crime rate gets a “negative” score—meaning it’s below the national rate. Check out the list here and see all the places that New York City beats out!

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