Demonstrate Market Movement With Comps: Other Boroughs Edition

Sorry about the copy/paste error that dropped "If You Can " from the start of the thread header.

Well I'll repost my earlier comment which appears to have been the catalyst for the massive thread creation.

Here's a brooklyn price-chop preview with a free rent/buy analysis thrown in.
536 Henry st and 555 Henry st in brooklyn appear to be owned and renovated by the same developer. Very similar layouts at both buildings.
A unit at 536 Henry #2 is currently on the market for $725,000, post-chop
http://www.streeteasy.com/nyc/sale/166075-condo-536-henry-street-carroll-gardens-brooklyn

At 555 Henry street, #2 was taken off the market after being listed at $839,000
http://www.streeteasy.com/nyc/sale/106093-condo-555-henry-street-carroll-gardens-brooklyn

Now, 555 Henry has re-appeared as a rental unit for $3,200 a month!!!
http://www.streeteasy.com/nyc/rental/446699-condo-555-henry-street-carroll-gardens-brooklyn

I said on the prime brooklyn thread that I love this location, but $3,200/month is in the stratosphere for a decently sized 2BR in the area.

BUT, since the owner is willing to accept $3,200/month, what does that imply for the price of both buildings?
At 12x annual rent, $3,200 would imply a sales price of only $460,800.
At 15x, you're looking at $576,000.
To get to the current ask of $725,000 at 536 Henry you are paying 18.8x annual rent.

I would be surprised if they could rent that place out for $2800

I've created a Brooklyn comps thread - please post there from now on. If someone would like to start threads for Queens, Bronx, Staten Island, or other relevant locales, please do so!

lol you guys are killing me