$1,300,000
Updated 2 years ago
Sold

248 New York Ave

Crown Heights, Brooklyn | Sterling Place & Saint Johns Place

8 Baths7,984 Square FeetMulti-Family

$1,300,000
floors / apts4 / 8
Lot Size30'x100'
Built Size30'x80'
ZoneR6
Building TypeLow-Rise
RE Taxes$15,469
Price Per SF
$163

This property was sold for $999,000 on 07/24/24.

Listing Features

  • Baseboard Heat

Building Amenities

  • Full Service

Property Description for 248 New York Ave

Just listed in the heart of CROWN HEIGHTS! Is this eight-unit, rent-stabilized building is a rare find in the highly sought-after Crown Heights neighborhood, making it an excellent investment opportunity for those looking for a solid cash-flowing property. The building features two apartments per floor, each with two bedrooms, high ceilings, and some updated kitchens with stainless-steel appliances and stone countertops, as well as historic charm throughout.
At closing, there will be two or possibility three vacant units, offering immediate rental income potential. The first floor includes an owner's apartment with four bedrooms and a one-bedroom apartment, providing the option to live in one unit and rent out the others to cover the mortgage.
The building's new boiler and expansive basement level, which can be converted into a laundry facility, recreational room, or storage space, add further value. While the flat roof will need replacement, the interior damage is minor and cosmetic.
Located on a tree-lined block, this property is in a prime location for commuting to local attractions such as the Brooklyn Children's Museum, Brooklyn Botanic Garden, and Prospect Park. The area also boasts countless dining and shopping options along Nostrand Ave, with convenient access to transportation via the B44/45 bus stops across the street and the 2/3/4 subway lines just a few blocks away.
Overall, this Brooklyn gem presents an exciting opportunity for investors or owner-occupiers seeking a profitable and convenient investment in one of Brooklyn's most sought-after neighborhoods. The seller is not able to provide the most updated DHCR paper work.

Listing History for 248 New York Ave

Now
07/24/2024
$999,000
Sold and Closed by Adargisa Cruz-Medina
RE/MAX Real Estate Professionals
05/15/2024
Contract Signed by Adargisa Cruz-Medina
RE/MAX Real Estate Professionals

Building Details for 248 New York Ave

OwnershipMulti-Family
Building TypeLow-Rise
Service LevelFull Service
AgePre-War
AccessWalk-up
Year Built1905
Floors/Apts4/8
Learn More About the Building

Contact Agent

Contact Agent

Adargisa Cruz-Medina
RE/MAX Real Estate Professionals

Crown Heights | Brooklyn

Quick Profile

Originally known as Crown Hill by the Lenape Indians that lived there, Crown Heights has evolved into a diverse neighborhood, occupied primarily by Hasidic Jews and one of the largest Caribbean populations to be found anywhere outside of the West Indies. 

Head over to Nostrand Avenue, one of the main West Indian commercial areas in the neighborhood, which is lined with stores that have been in those exact same places for generations, providing their goods and services to area residents. Kingston Avenue has similar commercial activities that support the Jewish community, and Franklin Avenue shows the most signs of change and gentrification, with an ever-expanding mix of yoga studios, coffee shops, and organic grocery stores that serve the influx of young professionals. No matter which of these areas you visit, you will find an interesting mix of businesses that you wouldn’t normally picture as existing side-by-side. It is all part of the cultural diversity of Crown Heights.

The neighborhood is bisected, from east to west, by Eastern Parkway, which is a beautiful, 3-mile-long boulevard lined with mature trees. This leafy oasis was designed by Frederick Law Olmsted, famed designer of Central Park, the Biltmore Estate in North Carolina, and the U. S. Capitol in Washington, D. C.

You will find a mix of low-rise apartment buildings, large middle-class elevator buildings, brownstones, and some luxury buildings. Century-old architecture stands next to modern residential developments in a visually interesting mix of styles, much as the diversity of the residents exists. People who would not normally meet and mix are forging new pathways to cultural understanding by working, living, and playing together in the same neighborhood.

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 90746TH