East River Partners acquired the property at 397 First Street in April of 2011. In less than two years, we gave a complete makeover to this pre-war era multi-family rental building, creating modern condos with character.
When East River Partners obtained the property, it had 8 units. Six were free market, one was rent-stabilized and one was rent-controlled. We vacated the free market units and bought out the rent-stabilized unit, allowing us to renovate around the rent-controlled tenant’s unit to create 8 modern condominium units.
Within 21 months of purchasing the property, all the renovated units were sold out in 2012, most at or above asking price. Most were priced under $900,000 for the initial sale.
Throughout all 8 units, you’ll find original stained glass windows and fireplace mantles. Those traditional aspects, in combination with a contemporary open floor plan and modern appliances, create a unique, charming atmosphere. The appliances are energy-efficient, as well, such as the BOSCH washers and dryers.
The owners of the building’s penthouse suite can enjoy the view of Park Slope from a private rooftop, and the garden duplex features access to a beautiful grassy yard. The entire building boasts 10,085 feet of space, which is optimized by leaving the kitchens, living rooms and dining rooms in one grand area.
We didn’t want to just meet the expectations of buyers. Our goal was to customize the building to reflect the neighborhood’s charm while creating beautiful, modern living spaces.
About the Park Slope Neighborhood
We decided to heavily focus our attention to Park Slope because it is such a terrific neighborhood. The beauty mixed with convenience make it the perfect place to live.
This Park Slope building is located on a tree-lined brownstone street. Across the street, you’ll find P.S. 321, one of the best public elementary schools in Brooklyn. The address is right between 7th avenue and 5th avenue retail corridors, so there’s an abundance of great shopping and restaurants nearby.
When we were buying and renovating three properties in Park Slope, including the 397 First Street property, competition wasn’t coming from other firms. Instead, it was from families who wanted to convert townhouses into large single-family homes that would be worth many millions. In the end, the market was extremely pleased with what we built on First Street.