House of the Day: 620 Crescent Street

It’s not often we feature a property in East New York, but this one caught our eye because of the beautiful original details and low price. The building at 620 Crescent Street is a six-family with herringbone parquet floors and decorative plaster moldings on the walls. The roof and boiler are three years old. The listing doesn’t say if the building will be delivered empty or has rent regulated tenants in place. How do you like it for $560,000?

620 Crescent Street [Ideal] GMAP

10 Comment

  • I would not like it for any price, unless I was a slum lord. East New York is the kind of place you escape, not one that you would to aspire to make your home.

  • Thank you designerbiker for the obligatory “It is hell on earth!!” comments. Somehow I imagine you have never set foot within miles of ENY. Anyway in the real world its is admittedly a neighborhood that is challenged on street crime. But the fact is a lot of people do live there including homeowners and longtime residents and there are some nice homes and blocks. If you are from the area or familiar with it you don’t generally feel unsafe. With regards to the property, I think an owner could make money at that price, although with six units you’re a commercial landlord (and subject to some higher levels of regulation and cost) as I understand it. But there is an active rental market in the neighborhood. And as Dave says it likely one day be fertile territory for gentrifiers.

    • Admittedly, I have only experienced drive-by visits on my way to Kennedy. I have a couple of friends who grew up there and where eager to get out when they grew up; but that was decades ago. I am sure it is a perfectly nice place, with some residual crime problems. I should talk, I live in Red Hook, which has about the same history as far as decline, poverty, crime, resurgence, etc.

  • Decorative plaster moldings are nice and all, but in a 6 family the owner will never get to appreciate most of them. If someone was looking for value in East New York, wouldn’t they go with a 2 or 3 family or even a 1 (which is affordable there)?
    Can you please post HOTD’s other than this and the $4 million Cobble Hill brownstones you normally have? How about the 700-900k, “2 public school teachers with a nest egg” range? Didn’t brownstoner used to have more of those?

  • Surely, at this price, this building comes with tenants. And any vacant apartments will be covered by Rent Regulation. This is not a home but a small apartment building suitable for investors. The price is a factor of what sort of rents you can get from tenants in place or new tenants if apartments are vacant.

  • We just bought in he Cypress Hills section of East New York and love it. Close to Highland Park, the reservoir.

  • My folks live 2 blocks north of this place. It’s mostly working class families, a lot of West Indian and Hispanics but becoming more middle eastern Muslim (there’s a mosque on Pitkin ave. and few others in the area) it’s a pretty quiet area, the projects are a couple of blocks away which get sketchy but I rarely ever had a reason to go near them. If you don’ t associate with street types than you don’t have a lot to worry about, but you still have to use good ol’ NY street smarts around here. The Cypress Hills section has the most potential with better housing stock, but this area (Cityline) has a ton of wood frame and brick row houses. If the gentrification train keeps coming down the A and J lines than ENY will be the final frontier for people priced out of nearby Bed Stuy and Bushwick, who still want historic brooklyn. I think soon that 35 minute commute to midtown won’t look so bad. The crime rate seems high but only in comparison to the rest of this ultra low crime new New York, it’s come a long long way from when I was a teenager in these streets in the 90’s. In 7 years Woodhaven will be the next Ridgewood.