You heard right. 187 Seventh Avenue or the boarded up dump that has kept heads shaking and tongues clucking for decades is now one step closer to be converted into, yup... you guessed it... luxury condos (that was also in the title of the post, so I helped you out).
According to DNAinfo the developers Sugar Hill Capitol Partners (not to be confused with the Sugarhill Gang) filed permits this past April to turn that neglected travesty into four floor-through apartments. Yes, you heard right again, floor-through. As in huge. As in three to four bedrooms. As in mucho dinero. The group bought the building for 4.2 million when it was facing foreclosure so you can imagine the mark up they'll need for the return on their investment.
And why floor-throughs and not chopped up tiny studios they could easily exploit? Well the Sugar Hill Ga- uh hum- Capital Partners paid a visit to the nearby Bennett House at 583 Second Street where a six-unit building was recently converted into 3 floor-through units by Phasa Development. After a single open house, two of the 1600 square foot units sold for more than their 2.4 million dollar price tag. Developer Raimon Maislen who's family occupies the third unit of the Bennett House explained why this trend will continue to grow in the Slope:
"I live in the neighborhood and recognized there's a need for family-sized apartments. Not everyone wants a townhouse and the stairs associated with that. As someone with small children, I understand not wanting to worry about kids falling down the stairs or having to constantly run between floors."
Ahhh yes, another no-brainer. Build it big enough and they will (continue to) come. Which is exactly why Maislen is planning another similar corner condo conversion somewhere in the 'hood. He wouldn't say where yet.
Ok, I know I called the building a "neglected travesty" roughly three paragraphs ago, but now part of me will actually miss the rag-tag visage of Park Slope's own Grey Gardens. Think about it: can't you just imagine Little Edie Beale feeding dried cat food to the pigeons that used to fly into the broken windows on the top floor? No? That's just me?
I mean, let's be honest, I would kill to live there, renovated or not.