If you’ve been looking to buy a home in Brooklyn, you’d better do it now–because townhouses under $1 million are going fast as investors and house hunters turn to the likes of Bushwick, Bed-Stuy, Prospect-Lefferts Gardens and Crown Heights for cheap buys after being priced out of other areas in the borough. The news, which comes via DNA Info, isn’t all that surprising, as we reported just yesterday that $3 million-plus townhouses are becoming the norm in already-gentrified neighborhoods like Boerum Hill, Brooklyn Heights and Park Slope. But those mulling over whether or not to close on a home in an up-and-coming neighborhood had better make the move, because affordable townhouse listings are increasingly becoming few and far between.
Bed-Stuy‘s most expensive single-family home has a set of new photos that gives us a closer look into the work that’s been put into bringing this storied home back to life. Designed by Montrose Morris and modeled after a Gilded Age Vanderbilt mansion along Fifth Avenue, this spectacular house known as ‘The Kelley Mansion’ was built for water meter magnate John Kelley in 1900. The mansion was a favorite hangout of Kelley’s pal President Grover Cleveland and has for the better part of its existence been affectionately referred to as the ‘Grand Dame’ of Hancock Street. The home fell into disrepair over the decades, but savior Claudia Moran, a retired ad exec, dedicated a great deal of her time and money restoring the mansion after buying it up for just $7,500 in the 1980s. It’s now selling for $6 million.
Brooklyn is changing fast and at the forefront of this is Bedford-Stuyvesant—or as it’s more commonly known, Bed-Stuy. Like most New York neighborhoods, Bed-Stuy has had its ups and downs, its most notable down being the 80s and 90s when crime and drugs were at a record high. But as hard as the times may have gotten, the neighborhood has maintained itself as one of the city’s most culturally significant. Bed-Stuy has long been home to one of the largest concentrations of African-Americans in New York, it boasts beautiful well-preserved architecture spanning countless styles and centuries, and of course, there is the neighborhood’s central role in the hip-hop movement.
Who wouldn’t want to live in one of Bed Stuy’s quintessential rehabbed rowhouses on one of its most beautiful streets? The neighborhood that churned out such American gems as Chris Rock, Jackie Gleason, Bobby Fischer, and the late Aaliyah is now offering a two-family townhouse brimming with original detail for $1.425 million. And everyone is sure to love this 2,508-square-foot beauty at 470 MacDonough Street.