Courtesy of Google Maps

This old, ugly building at 702 Avenue U sold for $1,483,000 on March 23. It sure didn’t get that dollar amount for it’s chic example of modern architecture. Located on the corner of East 7th Street, the 3,000 square foot lot with R6A zoning is probably what attracted such a fancy price tag. Demand from the Orthodox community has fueled a number of condo projects on the western end of Avenue U, and this could be the latest example of a development on a smaller lot. Under the area’s zoning, developers can stack up to seven stories, and they can build up to ten residential units without parking.

The new owner is 702 Avenue U Holdings LLC, located at 426 Nassau Road in Roosevelt, NY. We couldn’t find a name behind the LLC, but the address is the same as a landscaper.

Related posts

  • Alex

    Looks like a nice rental property in a prime location…I am sure you can gross at least $100k on it. Ned,what makes you think that they want to turn it into condos?

  • Local Broker

    Thats a big number for this property. It could be a user that bought it or someone with a connection to the syrian community. The only thing going for it is its a corner with stores on the side street on an ok corner. A few small stores with decent rent is better than one big store. 100k in rent is max for this even they average $25/sf its only 75k before any type of expenses.

  • http://www.flickr.com/photos/lisanne001 Lisanne!

    If the corner store is 702 1.5 million doesn't seem to be a very high price at all. There seem to be two stores in the front, and three on the side. Not to mention the apartments above.

  • Local Broker

    Something is worth what someone pays for it. It doesnt mean it makes sense. Its a price of $500/sf and that alot. i wouldnt be that shocked if it was 2006-7 but its not. i dont know any details of this deal but i dont think that the purchaser bought it for this price because of whats there right now. lets see what happens in the next six months with this property.

  • http://www.flickr.com/photos/lisanne001 Lisanne!

    I have noticed that several nearby projects seem to be stalled. The one diagonal from this location seems to be a non starter last time I was in that area. And the two properties next to that, one of which faces Ocean Parkway, have been boarded up for some time.

    But I have also noticed that because of the proximity to synagogues house prices are often higher than one would find east of Coney Island Avenue. I'm not sure how that plays into this though.

  • http://www.nedberke.com Ned Berke

    Just to clarify: the lot is 3,000 sf, but the building is two stories and has approximately 6,000 sf – so it's actually $250/sf.

  • http://www.nedberke.com Ned Berke

    It's only the one store in the front. The store next to it is a different address and not part of the lot. The light pole obscures the perspective.

  • Local Broker

    I broke one of my main rules in real estate which is always verify information. i didnt bother looking up the property which i usually do. if it is 6,000/sf then its a much better deal. the 2nd floor isnt worth anywhere near what the retail is worth but it makes alot more sense now then it did a couple hours ago. for future reference use the sf of the building not the lot unless its land.

  • http://www.flickr.com/photos/lisanne001 Lisanne!

    I looked closely and saw the separation. I thought the two were one, which would have been a VERY good deal at 1.5 million.

  • Local Broker

    Lisanne is right its 2 stores the buildings address is 702-04 ave u.

  • http://www.flickr.com/photos/lisanne001 Lisanne!

    Just to clarify.Two stores on Avenue U. The stores on East 7th are part of a different building. The doors leading to the second floor of each building are adjacent and on East 7th.

  • Local Broker

    Lisanne is right its 2 stores the buildings address is 702-04 ave u.

  • http://www.flickr.com/photos/lisanne001 Lisanne!

    Just to clarify.Two stores on Avenue U. The stores on East 7th are part of a different building. The doors leading to the second floor of each building are adjacent and on East 7th.