The stretch of St. Johns Place between Underhill and Washington, known to DHers as “Crazy Lane” (who started that?) is apparently making large strides toward sanity, or at least gentrification.
RBG writes in the Prospect Heights Message Boards: “On my block alone, there are 3 buildings in which owners are not renewing leases and just a few days ago a FOR SALE sign went up on a Section-8 building…”
Jack Krohn says: “Wow, that’s great news! That should speed up the gentrification of so-called ‘Crazy Lane’, something that I support without apology.”
Is it true? Apparently so. Ben posted this from the Massey Knakal website:
355 & 427 Saint John Place, Brooklyn, NY (Saint Johns Place between Washington Avenue and Underhill Avenue)
These are two 4-story multifamily buildings with approximately 28,986 square feet, located on Saint Johns Place between Underhill Avenue and Washington Avenue. There are a total of 32 apartments. In addition, there are air-rights for approximately 15,176 square feet of residential space. The buildings were renovated 1983 under the U. S. Department of Housing and Urban Development Project-Based Section 8 Program. The owner did not renew the Section 8 status for the buildings. This is a great investment opportunity. Asking Price: $5,000,000″
Carnivore notes that this works out to only $172 per square foot, not even counting the value of the air rights, which seems really low. Anybody got $1 million in cash for a down payment?