History and Renovation of 317 Winthrop Street
Dating back to its construction in 1910, 317 Winthrop Street has long been a part of the architectural landscape of Brooklyn. In 2022, the building was meticulously converted into a Sponsor Condo under the direction of architect Peter Pizzimenti. This renovation brought the property into the modern age while retaining its historical essence.
The transformation involved substantial updates to the structure and interiors, aligning the building with contemporary living standards. The focus on quality and functionality ensured that the property met the needs of modern buyers while preserving its historical significance. This thoughtful approach has made 317 Winthrop Street a notable example of successful urban revitalization.
The renovation also aimed to optimize the use of space within the building, ensuring that each unit is functional and aesthetically pleasing. By combining historical elements with modern design, the renovation has enhanced the property’s appeal while respecting its past.
Overview of the Condo Building
317 Winthrop Street is a four-story building comprising six residential units. This boutique setup provides an intimate and exclusive living experience. The building’s conversion into a rehab condominium was completed in 2022, marking a significant milestone in its history.
The property offers a mix of unit types, catering to various preferences and needs. The building accommodates diverse residents, from cozy one-bedroom apartments to more spacious options. With its Certificate of Occupancy issued in 2022, the building is fully operational and ready for new owners and tenants. Managed by Winthrop Apart LLC, the property is a testament to the potential of adaptive reuse in urban housing.
The building’s compact size is complemented by its modern amenities, which include outdoor spaces and secure access systems. Each unit is designed to maximize natural light and provide a comfortable living environment, making it an attractive option for prospective buyers.
Real Estate Listings and Sales Performance
The sales performance of 317 Winthrop Street provides valuable insights into its market reception. Currently, 17% of the units have been sold, with only one out of six units purchased. This relatively low sales figure reflects the building’s niche appeal and the broader market conditions in the area.
Several units have been listed over the past four years. For instance, UNIT 3B was listed for $395,000 and later signed a contract for $400,000. On the other hand, UNIT 3A, a one-bedroom apartment, was sold for $360,000. Different listings, such as UNIT 2A, remain active, indicating a slow but steady interest in the property. Price changes have also been recorded, with some units experiencing minor fluctuations in asking prices.
The building’s sales velocity is currently at 0.0 monthly sales, with an absorption rate of 236.3 months. This slow pace suggests that the property may take up to 20 years to achieve full sellout. Despite these challenges, the unique features and location of 317 Winthrop Street continue to attract discerning buyers.
The limited number of units in the building further contributes to its exclusivity, which can be both a strength and a challenge in the competitive Brooklyn real estate market. Buyers looking for a unique and intimate living experience will likely find this property appealing.
Analysis of Sales and Market Trends
The slow sales performance of 317 Winthrop Street can be attributed to several factors. First, the relatively high price points for a small-scale building may deter some potential buyers. Additionally, the niche nature of Sponsor Condos often appeals to a specific market segment, limiting its overall demand.
However, the property’s location in Prospect Lefferts Gardens adds significant value. The neighborhood’s ongoing development and increasing popularity among young professionals and families create a favorable environment for long-term property appreciation. Compared to similar rehab condominiums in Brooklyn, 317 Winthrop Street offers a competitive edge through its boutique setup and modern amenities.
While the absorption rate is currently low, the property’s exclusivity and architectural appeal may contribute to a gradual increase in demand. Real estate trends in the area suggest that properties with unique characteristics, such as 317 Winthrop Street, often experience a steady rise in value over time.
Brooklyn’s real estate market is known for its dynamic nature, with specific neighborhoods experiencing rapid growth. Prospect Lefferts Gardens is among these neighborhoods, and its upward trajectory will likely benefit properties like 317 Winthrop Street in the coming years.
Amenities and Features of 317 Winthrop Street
317 Winthrop Street boasts a range of amenities designed to enhance the living experience of its residents. The building features a landscaped garden and a rooftop deck, providing residents with outdoor spaces to relax and unwind. Additionally, the terrace areas offer private outdoor options for select units.
The property’s pet-friendly policy makes it an attractive option for animal lovers, while including an intercom system ensures safety and convenience. Although the building is a walk-up, its compact size and thoughtful design minimize any inconvenience. These amenities cater to the lifestyle preferences of modern urban dwellers, making 317 Winthrop Street a desirable place to live.
The outdoor spaces are particularly noteworthy, as they provide residents with a retreat from the hustle and bustle of city life. Combined with the building’s intimate scale, these features create a unique living environment that sets it apart from more significant, impersonal developments.
Neighborhood Profile: Prospect Lefferts Gardens
Prospect Lefferts Gardens is a historic and diverse neighborhood in Brooklyn, offering a unique blend of old-world charm and modern amenities. Known for its tree-lined streets and proximity to Prospect Park, the area is a haven for those seeking a vibrant yet peaceful community.
The neighborhood’s architectural heritage is evident in its brownstones and pre-war buildings, many of which have been meticulously preserved. Residents enjoy easy access to public transportation, including the 2 and 5 subway lines, making it a convenient location for commuters. Additionally, the area is home to various dining, shopping, and cultural options, further enhancing its appeal.
Living in Prospect Lefferts Gardens means being part of a tight-knit community while enjoying the benefits of urban living. The neighborhood’s growth and development continue to attract new residents, contributing to its reputation as one of Brooklyn’s most promising areas.
The proximity to Prospect Park is a significant advantage for residents, providing outdoor recreation and leisure opportunities. This green space serves as a focal point for the community, enhancing the overall quality of life in the area.
Environmental and Sustainability Factors
The renovation of 317 Winthrop Street incorporated several elements to reduce its environmental impact. With 0% commercial space, the building is entirely residential, minimizing its carbon footprint. The inclusion of green spaces, such as the garden and rooftop deck, further promotes sustainability and enhances the quality of life for residents.
Urban housing developments like 317 Winthrop Street are crucial in creating environmentally conscious communities. By focusing on residential use and incorporating sustainable practices, the property aligns with the growing demand for eco-friendly living solutions in urban areas.
The building’s compact design and use of existing infrastructure also contribute to its sustainability. Adaptive reuse projects like this demonstrate how older buildings can be revitalized to meet modern needs while minimizing environmental impact.
Legal and Regulatory Milestones
The legal and regulatory milestones of 317 Winthrop Street highlight the thorough planning and execution involved in its transformation. The Condo Declaration was submitted and accepted in 2020, paving the way for its conversion into a rehab condominium. The Offering Submission, Acceptance, and Effectiveness were completed between 2020 and 2024, ensuring compliance with all regulatory requirements.
The issuance of the Certificate of Occupancy in 2022 marked the final step in the building’s readiness for market entry. These milestones reflect the property’s adherence to legal and regulatory standards, instilling confidence among potential buyers and investors.
The legal framework surrounding the property provides clarity and transparency, which are crucial for buyers making significant investments. These milestones also underscore the building’s status as a professionally managed and well-regulated property.
Future Outlook and Investment Potential
The future outlook for 317 Winthrop Street is promising despite its current sales challenges. The property’s location in a growing neighborhood and its unique features and amenities position it as a valuable investment opportunity. As Prospect Lefferts Gardens continues to develop, the demand for properties like 317 Winthrop Street will rise.
Investing in rehab condominiums offers several advantages, including the potential for long-term appreciation and a steady rental income. While the current absorption rate suggests a slow sales process, the building’s exclusivity and architectural appeal make it a worthwhile consideration for investors seeking unique properties in Brooklyn.
The limited supply of units in the building also adds to its investment potential, as exclusivity often translates to higher demand over time. Buyers looking for a property with historical significance and modern amenities will find 317 Winthrop Street an appealing option.
Conclusion
317 Winthrop Street is a distinctive residential property in the heart of Prospect Lefferts Gardens. Its rich history, thoughtful renovation, and modern amenities make it an appealing option for buyers and investors. While its sales performance may not yet reflect its full potential, the property’s location and unique features position it for long-term success.
For those seeking a blend of historic charm and contemporary living, 317 Winthrop Street offers a compelling opportunity. Its boutique setup and desirable neighborhood represent a valuable addition to Brooklyn’s real estate market.
FAQs
What types of units are available at 317 Winthrop Street?
The building offers 1 to 3-bedroom units, including a penthouse with 3 bedrooms and 2 bathrooms.
Is 317 Winthrop Street pet-friendly?
Yes, pets are allowed on a case-by-case basis.
What amenities does 317 Winthrop Street offer?
Amenities include an in-unit washer and dryer, dishwasher, private outdoor space, and proximity to the 2 and 5 subway lines.
