Property Overview
702 Greene Avenue is a four-story building with four residential units. The property was initially built in 1931 and underwent a meticulous conversion in 2022 to meet the demands of modern urban living. The Sponsor Condo offering ensures buyers can bypass the complexities of traditional co-op board approvals, making the purchase process straightforward.
Each unit in the building features two bedrooms designed to maximize space and comfort. From the high-end finishes to private outdoor spaces, 702 Greene Avenue offers a level of exclusivity and luxury that’s hard to find in the Bedford Stuyvesant area. The developer, Quantum Re, worked closely with Infocus Design Planning to preserve the building’s historic charm while introducing contemporary elements that cater to today’s homebuyers.
Key Property Details
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Year Built: 1931 (Converted: 2022)
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Floors: 4
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Units: 4
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Asking Price Range: $899,000 - $1.2 million
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Sales Agent: Serhant
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Developer: Quantum Re
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Architect: Infocus Design Planning
Its small size and premium location enhance the building's exclusivity, making it an ideal choice for those seeking a private, high-quality residence in Brooklyn.
Renovation and Conversion: A Blend of History and Modernity
The transformation of 702 Greene Avenue from a historic brownstone into a luxury condominium is a testament to thoughtful design and planning. The renovation began in 2020 and was completed in 2022, culminating in a Certificate of Occupancy issued in November 2023. This timeline reflects the meticulous attention to detail required to preserve the building’s historical significance while integrating modern amenities.
Design Highlights
The renovation by Infocus Design Planning ensured that the building retained its original architectural character. Key design features include:
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Exterior: Classic brownstone facade with restored details.
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Interior: Modern layouts with open floor plans, maximizing light and space.
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Finishes: High-quality materials such as hardwood floors, premium tiles, and quartz countertops.
This careful balance of old and new makes 702 Greene Avenue stand out in the Bedford Stuyvesant market.
Real Estate Market Analysis and Sales Trends
The Bedford Stuyvesant real estate market has seen significant growth in recent years, and 702 Greene Avenue is a prime example of the area’s evolving property landscape. Sales for the condominium units began in November 2022, and two of the four units have already been sold, representing 50% of the building.
Sales Performance
The sales data for 702 Greene Avenue provides valuable insights into market dynamics:
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Sales Velocity: 0.1 units per month (12-month average).
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Absorption Rate: Approximately 25.7 months to sell all units at the current rate.
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Price Adjustments:
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Unit 1: Sale price dropped by 7.72%.
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Unit 2: Sale price dropped by 1.61%.
These metrics highlight a steady demand for boutique luxury condos in the area, with pricing adjustments reflecting market conditions.
Comparisons in the Neighborhood
702 Greene Avenue offers competitive pricing and superior design compared to other luxury properties in Bedford Stuyvesant. The combination of historic charm and modern amenities gives it an edge in attracting buyers who value aesthetics and functionality.
Detailed Analysis of Units and Listings
Each unit at 702 Greene Avenue is thoughtfully designed to meet the needs of modern urban dwellers. The layouts prioritize functionality while offering luxurious touches throughout.
Unit Breakdown
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Unit 1:
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Asking Price: $1.2 million
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Layout: 2 bedrooms, 3 bathrooms
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Features: Spacious layout with private outdoor space
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Unit 2:
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Asking Price: $949,000
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Layout: 2 bedrooms, 2 bathrooms
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Features: Compact yet functional design
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Unit 3:
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Sold Price: $899,000
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Layout: 2 bedrooms, 2 bathrooms
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Unit 4 (Penthouse):
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Sold Price: $930,000
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Layout: 2 bedrooms, 2 bathrooms
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Features: Exclusive roof access
Pricing and Value
The asking price range of $899,000 to $1.2 million is competitive for the Bedford Stuyvesant area, especially given the building’s boutique nature and high-end features. The inclusion of private outdoor spaces further enhances the property’s appeal.
Amenities and Features: Enhancing Modern Living
702 Greene Avenue is designed to provide a comfortable and convenient living experience. The building’s amenities cater to the needs of residents while maintaining its boutique charm.
Key Amenities
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Garden: Shared outdoor space for relaxation.
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Walk-Up Access: Convenient entry to units.
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Intercom System: Enhanced security and communication.
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Pet-Friendly: Welcoming for pet owners.
In-Unit Features
Each unit is equipped with:
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High-end appliances, including professional-grade kitchen equipment.
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In-unit laundry facilities for added convenience.
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Private outdoor spaces, such as terraces and gardens.
These features make 702 Greene Avenue an attractive option for buyers seeking modern amenities in a historic setting.
Neighborhood Overview: Bedford Stuyvesant
Bedford Stuyvesant, or Bed-Stuy, is one of Brooklyn’s most vibrant neighborhoods. Known for its historic brownstones and tight-knit community, the area has become popular for families, young professionals, and investors.
Local Attractions
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Architecture: Iconic brownstones and tree-lined streets.
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Parks: Proximity to local parks and green spaces.
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Dining and Shopping: A wide range of restaurants, cafes, and boutique stores.
Bed-Stuy’s blend of history and modernity mirrors the design philosophy of 702 Greene Avenue, making it a fitting location for this unique property.
Sponsor Condo Development in Brooklyn
The concept of Sponsor Condos offers significant advantages to buyers, particularly in a competitive market like Brooklyn. These properties do not require co-op board approval, streamlining the buying process and making it more accessible.
Advantages of Sponsor Condos
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Easier purchase process.
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Appeal to first-time buyers and investors.
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Limited availability, enhancing exclusivity.
702 Greene Avenue exemplifies the benefits of Sponsor Condo ownership, providing high-quality units without the hurdles often associated with traditional co-ops.
Investment Potential and Future Outlook
The limited number of units and premium location make 702 Greene Avenue a compelling investment opportunity. With only four exclusive residences, the property offers privacy and scarcity that naturally drives demand and enhances resale value. Situated in the vibrant Bedford Stuyvesant neighborhood, a market characterized by consistent growth and rising property values, this boutique condo is well-positioned for long-term appreciation.
Key Investment Factors
1. Steady Demand:
Brooklyn's luxury condo market continues to attract a wide range of buyers, including professionals, families, and investors. The demand for thoughtfully designed, high-end residences remains robust, especially in neighborhoods like Bedford Stuyvesant, which combine historical appeal with modern convenience.
2. Prime Location:
The property\u2019s location near parks, dining establishments, cultural landmarks, and public transportation makes it highly desirable. Easy access to Manhattan and other parts of Brooklyn adds further appeal, ensuring a steady pool of interested buyers or renters.
3. Exclusivity:
With only four units available, 702 Greene Avenue offers exclusivity that differentiates it from larger developments. Limited supply often translates to higher demand, making this property an attractive long-term investment.
Buyers at 702 Greene Avenue can anticipate solid returns, driven by the building's boutique nature, superior design, and Bedford Stuyvesant's growing reputation as a prime residential hub
Summary and Closing Thoughts
702 Greene Avenue is a standout property in Bedford Stuyvesant, offering a unique combination of historic charm and modern luxury. Its thoughtful renovation, high-end amenities, and boutique nature make it an attractive option for discerning buyers.
With competitive pricing, a prime location, and substantial investment potential, this Sponsor Condo represents a rare opportunity in Brooklyn’s real estate market. Whether for personal use or as an investment, 702 Greene Avenue delivers a quality and exclusivity that’s hard to match.
FAQs
What is the current status of the units at 702 Greene Avenue?
As of recent listings, two units have been sold, and two remain available. Unit 2 is listed for $949,000, offering 2 bedrooms and 2 bathrooms over 934 square feet.
What amenities are included in the condos at 702 Greene Avenue?
Each unit features high-end appliances, hardwood floors, and in-unit laundry facilities. Some units offer private outdoor spaces, such as gardens or terraces, enhancing the living experience.
Is 702 Greene Avenue a pet-friendly building?
Yes, 702 Greene Avenue is a pet-friendly condominium, allowing residents to have pets in their units.
What is the historical significance of 702 Greene Avenue?
Built in 1931, 702 Greene Avenue is a classic brownstone that has been meticulously renovated into a boutique condominium, preserving its historic charm while incorporating modern amenities.
How does the location of 702 Greene Avenue benefit residents?
Situated in Bedford-Stuyvesant, Brooklyn, the property offers proximity to parks, dining establishments, and public transportation, providing residents with convenient access to various amenities and services.
