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Carroll Gardens conversion pays off for Abramson, Hazan

Flippers turn 4-unit into townhouse, score nabe’s priciest sale psf in years

Carroll Gardens Townhouse Conversion Sells For $7.5M

From left: Corcoran’s Lesley Semmelhack and Douglas Elliman’s Lindsay Barton Barrett along with 94 3rd Place in Carroll Gardens (Getty, The Corcoran Group, Douglas Elliman, Google Maps)

Owners of a Carroll Gardens townhouse notched a $7.5 million sale converting it from a four-unit building to a single-family home. Per square foot, it was the priciest sale in the Brooklyn neighborhood since at least 2018, according to an analysis by TRD Data.

Chaim Abramson sold the five-bedroom abode at 94 Third Place for more than $2,080 per square foot to a couple — a Google product manager and artificial intelligence company liaison — in an off-market deal last month, according to public records.

Abramson, also known as Charles Abramson, purchased the multifamily property for $3.5 million in March 2022 with plans to combine the units into a single-family, according to Abramson and his business partner, Royi Hazan.

The two declined to comment on the cost of the renovation but acknowledged it was a “big investment” to upgrade the property, including installing high-end kitchen appliances, flooring and smart home capabilities, and revamping the HVAC system.

The townhouse is roughly 3,600 square feet, not including a 700-square-foot finished cellar. It also features a gas fireplace, wine storage, second-floor terrace and front and back gardens.

Demand is high for gut-renovated townhouses in the neighborhood, where few have hit the market as inventory shortages in the borough continue and renovation costs skyrocket, said one of the listing brokers, Douglas Elliman’s Lindsay Barton Barrett.

Barrett and her Elliman colleague Maggie Marshall represented Abramson. Corcoran’s Lesley Semmelhack brought the buyer.

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Home prices in Carroll Gardens were nearly 25 percent higher in January than in the same month last year, according to a report from Redfin. The median sale price in January was $2.5 million.

A townhouse at 226 Degraw Street claimed the neighborhood’s priciest deal when it sold for $9.6 million in 2022, according to an analysis by The Real Deal.

The Third Place townhouse joins a long list of apartment buildings in the city that have been combined to create single-family homes. In the past 70 years, about 100,000 units were lost in the conversions of more than 50,000 small, multifamily buildings to one- or two-family homes, according to a study published last year.

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Such projects have been blamed for exacerbating the city’s housing shortage, though they don’t come without benefits, namely hundreds of thousands (and sometimes millions) of dollars in tax revenue reaped by the city.

Among them is a double-wide West Village townhouse that broke Downtown Manhattan records when it sold for $73 million in January.

A couple tied to SJP Properties bought the property for $19 million in 2014 when it was an 11-unit residential building with two rent-stabilized tenants. The pair freed the building from rent stabilization and flipped it to Altice CEO Dexter Goi for $31 million in 2016.

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Corcoran GroupDouglas Elliman
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Carroll GardensConversionsTownhouse MarketTownhouses