By Rachel Holliday Smith / DNAinfo
After less than two days on the market, an empty development lot in Crown Heights has sold for $1.25 million, the brokers on the deal said this week.
The 2,861-square-foot lot at 1266 Pacific St. just east of Nostrand Avenue sold to a developer that plans to build a four-story, ten-unit residential building on the property, according to building records and real estate firm EPIC Commercial Realty.
The deal was on the market for “less than 48 hours” before the buyer and seller agreed on terms, according to EPIC broker Shay Zach.
“The location is great and it attracts the young and professional,” he said in a statement.
The lot previously changed hands in 2009 for $245,000, according to property records.
Last month, the Bedford-Stuyvesant-based group CS Real Estate filed applications to build a 8,400-square-foot residential building with four stories and 10 units on the vacant lot, according to a first report by New York YIMBY and Department of Buildings records.
It’s unclear which entity in particular bought the lot; no deed has yet been filed with the city register.
True that the prices in Miami are better than New York although North Miami Beach is relatively expensive to Miami standards because of high demand. There is an up and coming area west of Aventura called California Club with a wonderfully friendly community and excellent opportunities in housing.
The rents are ridiculious in Crown Heights, the only people that are buying are yuppies, something has to give
Epic your terrific keep making every day one deal like that hatzloho rabo
It so happens to be that 25 families moved to North Miami Beach over the summer KN”H.
The housing market took off like a rocket over the last few years.
Help me out please! The landlords are charging high rent, because they can’t otherwise afford tuition. But the Rabbeim are not getting paid properly to be able to afford the rent. This cycle is pushing everything higher. Is it the same dollar being passed from hand to hand giving the impression that we are doing ok, or is the money disappearing somewhere in the middle?
FYI this past month 6 new families moved into north miami beach.
grass not greener in Miami
no one moving in droves..must be one looking to move or moved and need some hand holding or me feel good comments.
ye its nice there – but NYC is where it is at.
THAT said the prices are insane and all but its all around in Brooklyn .
i will come visit b/c it’s the Rebbe’s schuna, but i can get SO MUCH MORE for my money elsewhere.
No wonder people are moving to Miami in droves. You can get a big house with a yard and driveway for less then a basement rental in CH.
There’s no way melamine and teachers of your children who are giving their everything to the chinuch of the next generation can compete with these prices.
If we want to keep this a lubavitch schuna, something needs to be done.
What kind of a view is that anyway? No big deal…
Why are we posting this ? to encourage more greed in our own landlords. WE ARE RUINING THE FABRIC OF OUR ENIGHBERHOOD FOR MONEY. look at all the buildings, we dotn even get a chance to look at rentals. our chosson and kallahs are living in basements. they are all posting on trulia etc. Dovid fisher is the only one that cares. FRIENDS, WAKE UP!!! THIS IS BAD FOR OUR CHILDREN AND FUTURE
This will block the windows of the adjacent buildings.
Hezek Re’iya much?