Bushwick House Flipped For 200% Its Original Price
Image via Brownstoner/Corcoran
Individual stories tend to tell you more about what’s going on in a neighborhood than apocalyptic headlines or statistics, so in that spirit, here’s a crazy one from Bushwick: yesterday’s “House of the Day” on Brownstoner, which just hit the market at more than a 200 percent markup from its purchase price back in November, even though it’s all the way off the Chauncey J stop.
The building at 25 Moffat was sold to prolific (and controversial) developer Boaz Gilad of Brookland Capital for $395,000 back in November, and after some renovations, is being shopped around with a $1,195,000 asking price. The listing explains the amenities as such:
A Rare Gem: This gut renovated 3-Story, 2-Family Brick Brownstone with PARKING SPOT in prime Bushwick truly has it all. Configured as a 3 Bedroom, 2.5 Bathroom Owners duplex with finished basement, plus 2 Bedroom, 1 Bathroom Garden rental garnering around $2,000/month. Walk up the classic brownstone stoop and enter the loft-like Parlor level to find the perfect balance of rustic and modern. This ideal entertaining space features a shabby chic Living/Dining area with exposed brick, white mantels, stunning staircase, powder room and vented chefs kitchen with center island, breakfast bar, 6 burner stove/over, dishwasher and stylish farmhouse sink. Open the door off the kitchen to find a deck perfect for grilling and outdoor dining with a staircase leading down to a fenced in garden.
Brownstoner also notes that the building’s plumbing, floors, kitchen, and baths are all new, though the hypothetical ability to rent out the ground floor apartment for 2k/month is probably the biggest selling point here. Still, the place is really far out there for prices like these, especially given that it’s off the JMZ, not the L. It’ll be interesting to see who ends up buying it (and at what price), but the fact that developers have even tried to flip it at this kind of price hike pretty much tells you what you need to know about the the state of Bushwick’s market.
Follow Virginia K. Smith on Twitter @vksmith.
