House of the Day: 496 Quincy Street


Here’s an unusual offering from Massada: A renovated brownstone with some details. The renovation of the owner’s duplex over a two-bedroom rental isn’t yet finished, the Bed Stuy house doesn’t retain everything, and not every choice or technique is perfect in our view, but they certainly seem to be making an effort to appeal to buyers. Even a new bathroom nods to the past with a claw foot tub, although it’s a modern-style one. The listing also promises central air. We wouldn’t call the location Stuyvesant Heights, as the listing does, but nonetheless, at $895,000, do you think this will go fast?
496 Quincy Street [Massada Home Sales] GMAP P*Shark

41 Comment

  • StreetEasy says monthly taxes are $2200? That’s gotta be annual, no?

  • Or you’d think they’d wait till the reno was over to take some photos. Bed-Stuy is only a mind**** for people who can’t see it for what it is, only for how they would like it to be. The neighborhood still has some serious issues which rising real estate prices can’t necessarily solve.

  • I feel bad for the poor suckers that buy these poorly renovated flip houses.
    I bet the tiles start to fall off the walls, sinks leak etc. Who knows what short cuts were taken, condition of the beams etc. Like the other poster noted, 30K of cheap unskilled labor, few trip to home depot.

  • bonecrusher…very true and very much along the lines of my ongoing rant warning people about new construction. At least these places can be more thoroughly inspected before purchase.

  • If I had almost a million to spend in a developing area, I’d probably expect to be closer than a 15-20 minute walk to a train.

    $2,200 RE tax is annual.
    In the 12/13 tax year, NYC is only assessing it at a market value of $188,233 because it is protected by the Class 1 (1-3 family homes) caps on assessment increases (6% per tax year and 20% over 5 years). If the assessor could tax at full value, they thought it was worth $560,000 in 12/13. New assessments are being published today by Finance, but the Notices of Property Value are not yet up.
    http://nycprop.nyc.gov/nycproperty/StatementSearch?bbl=3018110014&stmtDate=20120115&stmtType=NPV

  • I’m really curious as to who are buying these massada flipped brownstones.
    What percentage of the buyers do you think are buying them to be used as there primary residence and what percentage are buying them to be used as rentals that will act like an annuity? For close to a million dollars you have to be bringing in some serious cash per year to pay for these places. Does that demographic really want to live in Bed Stuy? Dont get me wrong Bed Stuy has some beautiful parts but its still got a great deal of crime, horrible schools, lack of amenities etc. This insanely hot market seems untenable to me.

    • You have the word “coop” in your handle. That helps to explain what you don’t get about Bed-Stuy.

      Ugh this is such a boring and overdone question. The reason Bed-Stuy is still hot (for now) is that prices for brownstones are still 1/2-1/3 of brownstones in most other neighborhoods. Duh!!!

      Schooling. I don’t know where you’re from, but in Brooklyn, you travel for your schooling, be it public/private. I have a friend who traveled from Fort Greene to Bronx Science throughout high school (3 hours each day). When you’re a kid, you’re supposed to suffer!

      Lack of amenities. I mean, you’re wrong. But if you mean there’s no Whole Foods nor douchey beer gardens like on Myrtle ave, then…ugh shoot yourself.

      Crime, NOW THAT’S ONE THAT YOU HAVE GOT RIGHT!! There sure is still a lot of crime! This is where taste/preference melts into like, “please don’t hurt me cuz I’m a tourist.” I’m from Brooklyn and still feel like a tourist in Bed-Stuy. Though I do love going there.

      Anybody else have thoughts on direction of crime, in the diff’t realms of Bed Stuy?

      luv, J

  • neueyorker, moot point. RE taxes are limited in the amount they can go up any year anyway. Something in the neighborhood of 6-8% or so. $2,200 +/- is par for 3 storey homes in Bed Stuy area.

  • It’s not a vanity home because it’s cheap reno and questionable location.

    It’s not a rental because the rents in Brooklyn, which are sliding even in Park Slope recently, don’t cover it.

    (Average Brooklyn rentals now down 5% over the last few months according to Douglas Elliman

    http://www.elliman.com/reports-and-guides/reports/new-york-city/4q-2012-manhattan-sales/1-388)

    I don’t know why people buy these houses unless it’s near their work or relatives. Still, credit to Massada if they can pull it off, yeah?

  • Back under your bridge troll. The adults are talking.

  • I think everyone knows the reasons why Bed Stuy is achieving these prices…low interest rates are actually the main reason why people can buy these houses at such dumbass numbers. The point is, this is one giant bubble and like all bubbles they burst. Some people are really going to be pissed when that happens, while people like Massada are laughing to the bank. It is what it is. Just doesnt add up and make sense. You can not compare Bed Stuy to Ft Greene, CLinton Hill or any other brownstone neighborhood in BK…Bed Stuy is gigantic!!! It used to be people would only buy between bedford and Nostrand for 800k+ or Stuy and Lewis on a sick block…every single block in Bed Stuy is getting these absurd numbers.The point of the story is its happening way to fast for this to be normal. Come on, a 30-50% increase in value in less than two years!!! Makes no sense. Also, please educate us all on what wonderful places there are to eat or drink in Bed Stuy other than peaches where “new” people moving in to Bed Stuy wont get grilled and sh*t themselves…Schools are miserable. anddd where “ya daughters tied up in Brooklyn basement” still occurs on regualr basis…

    • I’m right there with you, but I was also right there saying Williamsburg condo inventory was way overbuilt and no one would ever pay crazy numbers for crappy 800 square foot two bedrooms there because it was toxic and lacked infrastructure to support the new population….

      So I don’t know anymore. I know that I personally would not spend this kind of money to live in that part of Bed Stuy, but I am kicking myself for not spending about 450K to do so two years ago.

    • You were talking sense until the Biggie quote.

      Still not tons of restaurant choices but this is NYC. Traveling for food and diverse experiences used to be the best part of living in this world class city. Everything need not be a 3 minute stroll. That said it sucks to have to go out for everything. So we who live her are very happy to have Saraghina, Celestino, Manny’s, Peaches, Therapy, The Pantry, Mac’s Landing, Voudou Bar, all of whom are recent enough additions.

  • bornraised…the price of this place aside, it’s apparent by your stupidity that you don’t actually know anything about Bed Stuy.

    • preciate the insult you moron. Im a realist, what there did I say that was so out of line or in correct? Bed Stuy schools are miserable, from what I can see and hear not many people whove lived in Bed Stuy are thrilled about the new people moving in…I have a girl who works for me who lives in Bed Stuy and gets heckled when she walks home everyday. Thats not the first time Ive heard it, theres an article every other week about some one being shot in Bed Stuy, there was literally a girl tied up in a basement, raped and tortured last year in Bed Stuy…so the biggie comment is pretty on point. The prices in Bed Stuy are insane, im not taking away from the fact that its a convenient neighborhood, a great housing stock and great architecture, Im also not saying the entire neighborhood is crime ridden its not, but there are many blocks that are pretty rough.There is a major change happening here and I think its great, but I also think its happening to rapidly and prices are increasing way too much in too short a time for it to sustain.You lived in Bed Stuy for along time no? So obviously your going to some more about the place than I do, Ive been working in Bed Stuy for a number of years now I know what it was, I know what it is now…its big jump, and I think its great. The fact that people compare it Ft Greene, Clinton Hill or Park Slope is absolute insanity thats the point. Dave you talk big through this blog I always see yapping away on here…I’d love to have a real life convo with you so you could call me stupid to my face. That’d be a good time.

  • Anytime, born. You sound a little less stupid in the recent post, just a little less though.

    Why would it be such a good time???? Please, tell me.

  • “The Biggie quote was just to point out that there still is a lot of crime happening in Bed Stuy…”

    Bed Stuy is very big. Stuy Heights has very little crime and probably less petty theft (iPhones) than Clinton Hill and Ft Greene…virtually none. But you know better.

  • 1. I’m not your “pal”

    2. It was an ex-boyfriend, not some random crime based on the neighborhood.

    • You’re absolutley right…when people refer to you as Pal in a sentence following you asking me what I’d do if we met face to face its not meant in a freindly way…doesnt make a difference if it was an ex bf or not…ur telling me this same guy who did this would think twice about committing a random crime? guys rap sheet is probably a mile long…it really doesnt even matter. Point is Bed Stuy is still a little rough around the edges and doesnt support a million dollar housing stock yet. That is all.

  • Like I said, Bed Stuy is big. Wasn’t happening in Stuy Heights. Frankly I wouldn’t live north of Hancock.

  • “You’re absolutley right…when people refer to you as Pal in a sentence following you asking me what I’d do if we met face to face its not meant in a freindly way”

    Tough guy with veiled physical threats on a blog. LOL

  • “Point is Bed Stuy is still a little rough around the edges and doesnt support a million dollar housing stock yet. ”

    And yet it actually does or haven’t you been followiong???? Maybe not this one, though.

    • Hey Jackoff, Bed Stuy is not a million dollar neighborhood, believe what you want, when more than 50% of the houses start selling for a million + ill consider it a million dollar neighborhood…if I threatened you, it wouldnt be “veiled”. Saying you need to watch your mouth with me is a fact.

  • I just pulled my offer on a house in Bed-Stuy between Ralph and Patchen. Great houses there. But, people, do yourself a huge favor, go there after work a few days in a row. For me it is a no-brainer. I don’t want to get off the train and look two blocks down the street in order to avoid a potentially unsafe situation. I would consider roughing it out for a few years while the crime level decrease. But with all the public housing in the area I don’t see it changing fast enough. I think that Ft. Greene comparison is not valid here, since in Ft. Greene the projects are limited to one particular area, while in Bed-Stuy they are sprinkled throughout.

    PS. I don’t mean any disrespect to the residents of projects in Bed-Stuy — who are mostly regular New Yorkers making a living in this city.

  • It amazes me that these were probably the same comments some of the more affluent neighborhoods in Brooklyn now, received 20, 30 years ago. We were told we were crazy for buying here 3 years ago. The place has changed in many ways and most of the blight here is gone, so are many of the criminals. Folks, all you have to do is read and look at the historic trends of places that have the exact same architecture as Stuyvesant Heights, or Stuyvesant East. Investing in New York and being able to make a couple of dollars from it starting at the bottom has never been easy here. Unless you have tons of cash, you will more than likely invest in a neighborhood with criminal activity but great bones and suck it up until crime is lessened, then sell it, or enjoy the home. I applaud the homeowners of Bed Stuy that have pulled through some of the most difficult times this country has ever seen in terms of criminal activity. They deserve every penny they get and I hope they can sell their homes for millions if they choose to.

  • It is a matter of personal preference and tolerance to daily life in a high crime area. For me the numbers speak volumes.

    Here is the web page for 81st precinct:
    http://www.nyc.gov/html/nypd/html/precincts/precinct_081.shtml

    from 2001 to 2012 crime has decreased, but at a much lower pace than in other areas and from a much higher level. I don’t see this trend accelerating. There is always a possibility of the trend actually reversing too.

    Another issue with buying a house at these levels is the low rent. Most people I spoke to in the area are renting for less than $1500, which is not enough subsidy on a house with 500K or 600K mortgage.
    Btw, has anyone noticed that these price levels have pushed almost all houses in Bed Stuy out of the FHA territory? So, if you are going to buy a house here now, you’d better have 200K or 300K in the bank. Maybe it’s worthwhile for anyone considering buying in the area to rent a nice apt in a brownstone for 1300 or 1400 for a year to “dip your toes”.

  • karlsson, my limitations stated below on buying north of Hancock should also have included east of Malcolm X

  • “Saying you need to watch your mouth with me is a fact.”

    YES, SIR, JACKOFF SIR.

  • Houses are selling for $1 Million +, jackoff. Enough evidence for me. More stupidity out of you.

  • What’s with the crazy, escalating hostility ?

  • Someone here said he wouldn’t live north of Hancock or east of Malcolm X. That leaves just a small triangle. What are the exact coordinates of the map you’re suggesting?

  • If have been coming to this blog since I was in high school, because that’s when I knew I wanted to live in brownstone Brooklyn. I have watched the neighborhoods change and increase in price and it suck because now that I’m a young adult who’s in a position to do so, I have people who think like this: ” Unless you have tons of cash, you will more than likely invest in a neighborhood with criminal activity but great bones and suck it up until crime is lessened, then sell it, or enjoy the home. I applaud the homeowners of Bed Stuy that have pulled through some of the most difficult times this country has ever seen in terms of criminal activity. They deserve every penny they get and I hope they can sell their homes for millions if they choose to.” It sucks that it will be so hard to buy into my own neighborhood because of “you” people who frequent this block, who has such little regard for the neighborhood and its people. It’s really simple, if you don’t like the area, the people who do like it, and have grown up there and would like to stay, would really appreciate it if you didn’t move in with so much disdain, driving up the property values, only to leave after you’ve made your quick buck. Not that it’s right, but maybe that could be why that girl gets heckled when she comes- because as unfortunate as it is, her face (a new face) is indicative of those people who are driving up the values and making it impossible for them to stay. Although my $0.02 may be worthless “here” (a former blog that used to be productive and cool- turned snobbish, uppity, and pretty much tasteless), I thought I’d just give it anyway.

    Thanks

    From a Black, Brooklyn bred, Young Professional