Sale at 80 Metropolitan Avenue #5L

I recommend considering other factors that will offset any potential impacts from the L (don't think it will be completely shut down). Whole Foods is opening nearby. Trader Joes is also expected to open a block away. And Apple is rumored to open on Bedford 3 blocks away. The Domino Sugar Factory development just south will be home to a number of businesses, maintaining the demand for nearby housing. While those working in Manhattan may not find it attractive to move to N. Williamsburg because of the L, the population of individuals working and living in Brooklyn is growing. Stop by WeWork on N. 4th and check out all the start up companies deciding to set up in Brooklyn. This is just a snapshot of what is happening and what is to come. Just some thoughts. Full disclosure: I live in this building.

I agree with BillyRes ' comments. Imagine a TJ just 1-2 blocks away. Eventually I believe they will set up the streetcar because so much Dev. Is happening along the waterfronts in Queens and Brooklyn, the developers are pushing for more transit options for their future buyers and renters, also, I read in a number of sarticles that the L train will still stop in Bedford ( but no further into Brooklyn). Also, the B32 waterfront bus is a great way to get into midtown. Taking it north starting on Kent Ave. Into LIC will allow you to pick up the 7, G, and E trains. I especially love the E train for getting into midtown Manhattan in no time at all once you get to the last stop in LIC for B32 bus. Moreover, for those who can afford it, there is the water ferry to get into the wall st. Area as well as 34th st. Going south on B32 will also bring you blocks to the JMZ train station at Marcy. Tho you may have to take a shuttle bus into Manhattan because the J MZ currently do not seem to be running into Mnahttan on w/e. Don't know how long this will be. I think we actually have very good transportation options along BBurg waterfront. Love the location!!,

Moreover, there is still so much development, with a likely office be building complex coming to kent Ave. Along with
The aforementioned well known stores, the area is still Ina nascent stage regarding greater variety retail. While I do not anticipate prices going up as dramatically as they have in north Williamsburg and there may even be a recession eventually that can soften RE prices all over, including WBurg, I believe the prices will eventually still recover and charge ahead in decades to come. If you can afford this area now, it is a solid investment in the long term, IMHO.
Good luck with your decision.

The L train definitely is the Achille's heel of the area. But there are alternatives as noted above. Plus if you're buying you should have a long time frame to make ownership less risky( at least 7-10 years?). By then repairs should be done and resale value shouldn't be an issue. So the question may be: can YOU deal with it?

I love Williamsburg despite the L!

L train shut down relegates Williamsburg to being Williamsburg. It's great that it will be self-sustaining with Trader Joe's and of course an Apple Store in case you need to decrypt, but the world revolves around Manhattan, and there's no two ways about that.

I am looking to buy as an investment, not to live there and I am scared that I won't be able to find a tenant willing to deal with the L train Service shut down at the current rental prices. Yes they are a few alternatives, but can you imagine how is going to be your daily commute? In my opinion there is the potential for a drop in the rental value and in the resale value, at least until the L train will be repaired (it should take years). I could be wrong, but this is a big issue and I am waiting for prices to drop in the area, maybe I am the only one.

I think this would be a good long term investment for the reasons stated above only when you sell the property. But I'm not convinced this is the best investment as a rental property to generate significant cash flow. A studio in the building is being rented for $62/SF. If that is the current market rate, this property would rent for ~$3350/month. Your population of renters is limited to individuals whose number one priority is to live in N. Williamsburg. Price, size, and living in a studio are not key influencers. There are cheaper and larger options in Manhattan. Assuming you are considering a loan, $3350 would minimally cover the mortgage and expenses on this $900K studio. Some things to consider. Good luck!

That is, minimally cover a mortgage of $500,000.

This studio was for rent at $2,850/month 1 year ago, assuming that it has been rented for that price (I don’t know) it would net approx $2,247/month before taxes. I think that it could break even with a 45% down payment, more or less. I cannot project a higher monthly rent for 2017, 2018, 2019, actually I would have to use a lower rental value (probably $2,500?) and I don’t know how long it will take to find a new tenant. Of course not just here, but in general in the area. So yes it might not be a good investment for me, unless they reduce the price, which is what I expect to happen.

I was using a "best case" scenario with the monthly income of $3350. So it sounds like you took a conservative approach (very appropriate) with a lower monthly rental income of $2500 to determine feasibility. Agree - even though the price per SF is consistent with the area and building, $899K is pretty steep for a studio. Potential price chop candidate.

yes, 2L sold for $800,000 August 2015, but the market slowed down, so there is space for a price reduction, plus the future L line shut down. Beautiful building and location though. I wish you the best.