“You can go up one block and get a $1 million discount”: Ocean Parkway teardowns are hot property

Demand is so strong that most properties sell via word-of-mouth or private listings

TRD NEW YORK /
Dec.December 27, 2017 01:45 PM

Ocean Parkway

Ocean Parkway may not have the cachet of Park Avenue, but competition for its real estate might be the fiercest in all of New York.

Buyers’ desire for homes along the six-mile stretch of road between Kensington and Gravesend is so strong that many properties sell via private listings or word-of-mouth, and even a teardown or empty lot can sell for up to $3 million, according to the Wall Street Journal.

Most property owners belong to the tight-knit Sephardic Jewish community, which includes members of New York’s retail real estate royalty (the Sitts, Cayres, Suttons all reportedly have homes). Because their faith means they cannot drive on the Sabbath, proximity to schools, families and synagogues is top priority, and they are willing to pay top dollar to be even a little bit closer.

“You can go up one block and get a $1 million discount,” Madison Estates agent Jack Sardar told the Journal. “You’ll see something sell for a crazy number. To a certain point it’s not worth it for anyone else.”

A total of 19 single-family homes have sold along the stretch of Ocean Parkway since 2010 for more than $1 million, and the intensely private owners can spend additional millions on upgrades after their purchases. Homes built in the 1920s and 1930s tend to go through the biggest changes, and while architectural styles in the neighborhood may differ, the renovations do have one thing in common: the new owners always want to make their homes bigger. According to the New York City Department of Buildings, 35 homes along the road have been enlarged since 1995. [WSJ]Eddie Small


Related Articles

arrow_forward_ios
From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

(Credit: iStock)

Residential rents continue upward march in Manhattan, Brooklyn and Queens

Redfin's Glenn Kelman (Credit: iStock)

“It’s on like Donkey Kong”: Redfin scrambling to keep up with iBuyer demand

Don Lemon and Tim Malone with their apartment at 2280 Frederick Douglass Boulevard 

CNN’s Don Lemon lists Harlem condo with fiancé broker Tim Malone

arrow_forward_ios
Loading...