The History and Transformation of the Property
The property at 1683 West 7th Street boasts a long history, dating back to its construction in 1899. Over the decades, the building served various purposes before its redevelopment. 2017, the owners began transforming into a new construction condominium, with renovations completed in 2021.
Li Architect Associate played a crucial role in the property's renovation, ensuring it met modern design and functionality standards. Key improvements included updated interiors, better layouts, and enhanced amenities. This transformation has positioned 1683 West 7th Street as a desirable residential option in Bensonhurst.
Design Philosophy
The renovation focused on blending the historical charm of the building with modern conveniences. The property achieves a balance that appeals to a broad audience by preserving key architectural features while upgrading essential systems. Elements such as the façade and structure remain reminiscent of its original design, offering a sense of history and timelessness.
Timeline of Changes
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1899: Initial construction as a multi-purpose building.
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2017: Renovation planning began under the ownership of Nhn Realty Group LLC.
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2021: Conversion completed into a modern sponsor condominium.
Bensonhurst, Brooklyn: A Vibrant Neighborhood
Located in the Bensonhurst neighborhood, 1683 West 7th Street benefits from its placement in one of Brooklyn's most sought-after residential areas. Bensonhurst is known for its vibrant cultural scene, family-friendly atmosphere, and excellent connectivity to other parts of New York City.
Community and Accessibility
Bensonhurst offers a diverse mix of residents and a strong sense of community. The neighborhood has various parks and playgrounds, making it ideal for families. Its proximity to the N and W subway lines also ensures convenient access to Manhattan and other boroughs, with an average commute time of approximately 50 minutes. Public transportation options also include bus routes that enhance connectivity.
Dining and Entertainment
The area is particularly renowned for its Italian restaurants and diverse dining options. Local favorites such as pizzerias, bakeries, and family-owned trattorias contribute to Bensonhurst’s charm. Residents can also enjoy shopping centers, local boutiques, and a variety of entertainment venues. Bensonhurst’s lively yet laid-back vibe makes it a welcoming neighborhood for residents of all ages.
Local Schools
For families, Bensonhurst provides access to quality educational institutions. Nearby schools such as P.S. 95 The Gravesend and I.S. 228 David A. Boody offer strong academic programs and extracurricular opportunities. These schools are well-regarded within the community and are easily accessible from 1683 West 7th Street.
Modernized Living at 1683 West 7th Street
The units at 1683 West 7th Street are designed with comfort and functionality. Each unit incorporates modern features that cater to the needs of today's homeowners.
Interior Features
The units' interiors feature deep mahogany hardwood floors, adding warmth and elegance to the living spaces. Windows in every room provide ample natural light, creating a bright and inviting atmosphere. The master bedrooms include private balconies, offering a peaceful outdoor space for residents to enjoy. Doorways and window frames are adorned with hardwood trim, further enhancing the aesthetic.
Kitchen and Bathroom Design
Kitchens have mahogany cabinets and stainless steel appliances, including a countertop range. These features ensure both style and practicality. Bathrooms include glass-enclosed shower tubs, tiled walls, and floors, emphasizing functionality and modern aesthetics. Storage spaces within the kitchen and bathrooms are thoughtfully designed to maximize efficiency.
Building Amenities
The building offers several amenities designed to enhance convenience and comfort for its residents. These include an elevator, shared laundry facilities, and a standard roof deck. The roof deck serves as a communal space where residents can relax, socialize, or enjoy neighborhood views. Pets are allowed within the property, making it a pet-friendly choice for families and individuals.
Pricing and Affordability
The asking price range for 1683 West 7th Street units is $449,000 to $690,000, making it an affordable option in the competitive Brooklyn real estate market. For first-time buyers or small families, this price point allows them to own a home in a desirable neighborhood without exceeding their budget.
Comparison with Local Properties
Compared to similar properties in Bensonhurst, 1683 West 7th Street offers competitive pricing while maintaining modern features and amenities. This balance of affordability and quality makes it an attractive choice for many buyers. Other properties may have larger unit sizes or additional features, but few match the value proposition offered by this building.
Real Estate Investment Potential
1683 West 7th Street presents promising opportunities for real estate investment. Its location in Bensonhurst and modernized features contribute to its value, making it a noteworthy option for investors.
Sales Performance and Market Trends
The building’s sales performance shows steady progress, with 27% of units sold (3 out of 11). While the sales velocity is moderate at 0.1 monthly sales, the building’s location and features suggest a strong potential for appreciation in value over time. Bensonhurst’s growing real estate market further supports this outlook.
Long-Term Investment
The estimated absorption time for the property is approximately 126.2 months, or about eight years, for a complete sellout. This extended timeline provides opportunities for investors to secure units at current prices and benefit from potential future gains as the area continues to develop.
Rental Opportunities
For investors, rental opportunities within the building offer additional revenue streams. Bensonhurst’s popularity with families and professionals ensures a steady demand for rental units. The property’s amenities and proximity to transportation make it an attractive option for tenants.
Neighborhood Amenities and Accessibility
1683 West 7th Street’s location in Bensonhurst provides residents easy access to various amenities and services.
Proximity to Essential Services
Residents can enjoy convenient access to schools, grocery stores, banks, and other essential services. Nearby schools include P.S. 95 The Gravesend and I.S. 228 David A. Boody, both known for their quality education. Additionally, healthcare facilities and pharmacies are located within a short distance, ensuring residents can access necessary services.
Recreational Opportunities
The neighborhood features several parks and playgrounds, offering outdoor spaces for relaxation and recreation. Bensonhurst Park and Seth Low Playground are popular choices for families. Additionally, Coney Island Beach is just a few subway stops away, providing a convenient escape for beachgoers. The beach’s boardwalk and amusement parks add to the recreational appeal.
Shopping and Convenience
Bensonhurst offers a variety of shopping options, including large grocery stores, specialty shops, and retail outlets. The convenience of having these services nearby enhances the quality of life for residents.
Comparison with Other Sponsor Condos in Brooklyn
Compared to other sponsor condos in Brooklyn, 1683 West 7th Street stands out for its affordability, modern features, and prime location. While some properties may offer higher sales velocities or larger unit sizes, this building’s well-rounded features make it a strong contender in the market. Its balance of historic charm and modern upgrades gives it a unique edge over many newer developments.
Challenges and Considerations
Despite its many advantages, some challenges are associated with 1683 West 7th Street. The slower sales velocity and more extended absorption period indicate a cautious market response. Additionally, the limited number of units (11) may restrict options for buyers seeking specific layouts or features. However, these challenges are balanced by the building’s location and value proposition.
Limited Unit Availability
With only 11 units, prospective buyers may find limited availability, significantly if demand increases. This exclusivity, however, may also enhance the property’s appeal as a boutique residence.
Future Outlook and Market Trends
The future outlook for 1683 West 7th Street is promising, supported by Bensonhurst’s ongoing growth and development. As the neighborhood continues to attract new residents and businesses, the property’s value is likely to appreciate. This growth and its modernized features and affordability ensure its relevance in the real estate market.
Impact on Property Value
The building’s location and features position it well for long-term appreciation. Bensonhurst’s strong community and excellent connectivity to other parts of New York City further enhance its appeal. The increasing demand for affordable yet modern living spaces is expected to drive interest in the property over the coming years.
Conclusion
1683 West 7th Street offers an excellent balance of affordability, modern living, and a prime location in Bensonhurst, Brooklyn. Its renovated units, practical amenities, and proximity to essential services provide a desirable option for both homeowners and investors. While challenges like slower sales velocity exist, the property’s long-term potential makes it a noteworthy addition to the Brooklyn real estate landscape. Whether for personal residence or investment purposes, this property is a valuable asset in the competitive Brooklyn market.
FAQs
What is the walk score of 1683 West 7th Street?
The property has a walk score 94, indicating it's a walker's paradise.
Which schools are assigned to 1683 West 7th Street?
The assigned schools include P.S. 177 The Marlboro, I.S. 96 Seth Low, and Brooklyn Studio Secondary School.
What neighborhood is 1683 West 7th Street in?
The property is located in the Gravesend neighborhood in Brooklyn, NY.
