Fort Greene Condo Conversion Sells for $1.67M

Marcus & Millichap brokers Shaun Riney and Andrew Bronsteen have closed the sale of a stalled condo conversion in Fort Greene, Brooklyn. Yosef Beer has purchased the 4,496 square foot property at 184 Adelphi Street from seller Jeffrey Van Nostrand for 1.675 million. The property was sold as a stalled 2-unit, 4-story condo conversion. The property is located in the heart of Fort Greene, a neighborhood known for its historic brownstones and tree-lined streets. The building is situated on a quiet block just a few blocks from Fort Greene Park and the Brooklyn Academy of Music. The property is currently vacant and will require significant renovations to complete the condo conversion. The sale price of 1.675 million represents a price per square foot of $373. This is a relatively low price per square foot for the Fort Greene neighborhood, which has seen significant price appreciation in recent years. The buyer, Yosef Beer, is a local real estate investor with a track record of successful condo conversions in Brooklyn. The seller, Jeffrey Van Nostrand, is a developer who had originally planned to complete the condo conversion himself. The brokers, Shaun Riney and Andrew Bronsteen, are both experienced brokers with Marcus & Millichap’s Brooklyn office. They were able to identify a buyer who was willing to take on the significant renovation work required to complete the condo conversion. Overall, this sale represents an opportunity for a savvy investor to acquire a property in a desirable neighborhood at a relatively low price per square foot, with the potential for significant upside once the condo conversion is complete.