At first blush, this three-family house at 130 Summit Street looked like agreat deal to us: $1,350,000 for a four-story house with lots of charm in Carroll Gardens? Sign us up. But then comes the heartbreaking fine print: The 3rd floor apartment has a dreaded rent-controlled tenant paying $325 a month. (Approximately $1,600 under market. Ridiculous!) Anyway, we’ll let the quants out there decide how big a discount to market value that should mean for the house. Still might be a decent play, except for the fact that the rent controlled tenant’s location means the owner won’t be able to expand beyond a duplex.
130 Summit Street [Douglas Elliman] GMAP P*Shark