830 Halsey Street Sells Out

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This is a great sign for the Bed Stuy market: 830 Halsey, a six-unit condo conversion between Ralph and Howard which hit the market last fall, has sold out. According to the sponsor, it took less than three months for the entire place to go into contract. All units will have closed by the end of this month. Nice going!
830 Halsey Listings [StreetEasy] GMAP

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  • wow – looks like the developer is gonna make a nice buck on this one. bought the whole house for 575k in 08.

  • these look like pretty nice renovations too from the very few pictures I found. 1300 square foot 2 bedrooms for 350G sounds pretty reasonable. But then again you have to live on Halsey between Ralph and Howard which is pretty much in the middle of nowhere, unless there are things going on over there that I am not aware of.

  • I bought my place from the guy who did this development. I can say that the sponsor is a great guy, he really stands behind his buildings and has always done any repairs if we needed anything without issue…not to say that we’ve needed many, just to say that he’s there if you need him.

  • i live right around there any to be honest there ain’t much but to be fair the price vs the product allow for that. drop these places somewhere with more amenities and the price would be a lot higher.

  • I don’t know much about that neighborhood, but maybe the buyers are hoping for a little “East Williamsburg” spillover?

    Units look nice from the photos. A quality building at a good price will probably sell anywhere. Hope that the buyers enjoy their new homes!

  • looking at website, the 1300 sq ft is including the basement rec space. Essentially these are railroad apts…with kitchen and living room in middle and windowless. Works well as 1 bedroom….but the 1st floor with the rec space could be good deal (sleep downstairs anyway).
    But shows that a tasteful reno can be done and still reasonable price. Looks like developer paid about 100k per unit…good renovation and selling in 300k’s.

  • “drop these places somewhere with more amenities and the price would be a lot higher.” Very true and agreed with BrooklynButler above that well made and well priced units will sell practically anywhere.

  • if they are all sold out why was there an ad pitching one of the 2brs on craigslist by the broker two days ago?

  • dont you know by now that brokers are the last to know?

  • My wife and I chose one of the units, due to the fact that the price is hard to beat for the space you get. There is a great little park less than 50 meters away and the subway is only two blocks away. The fact that the area is not very busy appealed to us. The place is only a short bike ride away from Lewis Ave. We are satisfied with our decision to purchase here, the neighborhood is quite nice.

  • Accck, it’s a plague of vessel sinks.

    But it is good news for the neighborhood. I’m surprised they sold too. I guess a real two bedroom for only $11,000 down is irresistible in New York City. There are five fried chicken places and the most beautiful park in New York City nearby, Wasder.

  • Mopar, what’s the most beautiful park in NYC?

  • wasder – i live walking distance from here and I hardly think that i live ‘in the middle of nowhere’. halsey is by no means not a prime location – being a 2-way bus route and all but i definetly would not consider it the middle of nowhere.

  • Saratoga Park, particularly in the snow.

  • This should be illegal. Wow, in contract for $344k? Ralph & Saratoga??! This developer got over BIG time- during a recession – the renovations weren’t impressive. I am shocked because the area is not gentrified. The houses next door are going into foreclosure. I’m shocked. This is surprising. This is not East Williamsburg – more Brownsville- in my opinion.

    The only plus is the Halsey bus that comes frequently during rush hour. Wow. Wow. Wow.

  • Well good for the developer – - but truth in adversting? “..The area is filled with an abundance of well known neighborhood restaurants such as Peaches, Solomon’s Porch, Bread Stuy, and Sarah James Speakeasy. Relax with a cup of tea on your terrace and enjoy a good read from your neighborhood Brownstone Books.”

    Still a rough block IMO.

  • Saratoga Square has come a LONG way since the later 80s/ early 90s. Indeed, it is quite attractive.

  • sorry bkny–no diss intended on the neighborhood. Just haven’t heard too much about that particular part of Bed Stuy.

  • This development is rather confusing.

    For starters, it’s (it was, before the conversion) a legal 6-family building that sold for less than $600K. Even at a reasonable annual rent multiple of 15, that would put the average monthly rent of the units at just over $500 each in 2008. Sounds to like a rent regulated building, right? Sure enough:

    http://www1.dhcr.state.ny.us/BuildingSearch/Default.aspx

    So how did the developer displace the existing tenants in 2008? A buy-out? Relocation? Owner (or owner’s family) plans to occupy? A filed plan to demolish the building that was modified at the last minute to convert a vacant building (that was vacated in order to allow for the demolition) instead of demolish it?

    And who is the sponsor anyway? The developer listed on the streeteasy page, Ocean Hill Development, either does not exist or is not authorized to conduct business in NYS:

    http://www.dos.state.ny.us/corps/bus_entity_search.html

    The architect, KMP Design and Engineering (based in Brooklyn), does not appear to have a website.

    Something doesn’t quite add up here. Anyone know the backstory on this development and/or the people behind it?

  • Bala must be having a hard time understanding common sense and sequence.
    there is no filing for building demolition the demolition on record are for removal of interior non-bearing walls only.
    it is impossible to obtain a building permit from the DOB without clearing the validity of the firm.
    moreover individual condos are not subject to rent stabilization.
    I happen to live near this Engineer’s office he is a very respected and processional individual practicing in the neighborhood over a decade.
    you can refer to Tezzey above if you need more details, it looks like he knows the guy

    Please do not use this blog to vent unfounded theories for others to prove them, do your own homework prior to posting
    there are people to contact on the firms website for inquires

  • This looks VERY suspect. Wow, Bala. Thanks for sharing -

    Has anyone heard of this real estate division – http://imgliving.com/ ? 830 Halsey is also listed here. I’m curious about a unit they are offering at 6one6 Willoughby. Pls see my other post. (The owner purchased the entire building for $600k in 2008)

    http://www.brownstoner.com/forum/archives/2010/04/616_willoughby.php

  • I admit that I sometimes have a hard time understanding common sense and sequence. Sometimes I vent unfounded theories too. However, I don’t believe any of these things happened this week.

    For those who would prefer a different approach to the questions I raised, here are the relevant questions put another way:

    1. Were the units in the building subject to rent regulation when the sponsor bought it?

    2. If so, by what process did the sponsor cause or encourage them to be removed? Rent regulated units cannot be deregulated by fiat or sheer will, there is an onerous process (laid out in NYS statutes and regulations as well as NYC regulations) that must be followed.

    3. What is the exact legal name of the sponsor, and who (or what legal entity(ies)) control(s) it?

    4. Does anyone know the backstory behind this development?

    I’ve got no axe to grind, I am just genuinely curious how he/she made the numbers work, dealt with a number of likely formidable obstacles and approached the development process. I’d be happy to hear from the sponsor. I think I speak for the Brownstoner community when I say that I’d also be happy to hear from former tenants, neighbors and others who have information that would (i) be useful or interesting to us all, but (ii) not be readily divulged by the sponsor.

    The beauty of a public forum.

  • Bala;
    as far as i understand those units are being sold to end users, this its not a rental project, and its rent rent history if any is irrelevant, building’s can be bought and upgraded if the equity is available, those kind of renovation’s all all over the Bushwick area and the North side, the only difference with this development is that its designed for first time home buyers at a affordable price.
    what’s more relevant to this development the background history, I’m sure that the sponsor will be more them glad to discuss with you if those units are still available.
    but the beauty of this forum is the information and desire we share to the city as a whole, for which i think those kind of rehab maintain a very unique balance to the kind of construction throughout the city by preserving the design of original brownstone buildings.

  • for bala – I happen to know the development and willing to share with you relevant info you are looking for, you can contact me at postingarch@gmail.com

  • just did a little search.
    the developer got this building in 6/08, and subsequently filed for renovation for which the filing docs can be reviewed thus it is indicated that the building is does not contain occupied housing, that might solve some of the inquiries by Bala

  • I got in a little late on this one. This post eluded my vision and I see this whole whoa.

    I happen to know the enginner as I worked with him on multiple projects and I know the controlling corporation as well as I did work for the sponsoring agent.

    It is understandable that I cannot divulge client information for privacy reasons but I think that general public information can be supplied with full detail.

    Do not hesitate to contact me @ brooklynexpditer@gmail.com for specific non-private information.