House of the Day: 119 Hancock Street

This three-story-plus-basement brownstone at 119 Hancock Street is located on a very distinguished Bed Stuy block with houses with scads of amazing detail such as 1880s walnut wood work and marble fireplaces. That’s the good news. The bad news is this house is an SRO and cannot be financed. It has details — under layers of paint and linoleum — but will need work to restore them. Do you think the sellers will get their ask of $1,295,000?

119 Hancock Street [Corcoran] GMAP

11 Comment

  • I have no doubt this place will sell very quickly at higher than asking.
    $1.295M is the price of a 2-bedroom apt. in Manhattan and other parts of Brooklyn. For this price here, you are getting a property that can be turned into a nice 3-family house with high income generating units. This area is great as it has excellent new restaurants/coffee shops opening nearby and is only 2 blocks away from the Norstrand A/C stop.

  • When all of the pictures are close-ups of paint-clad historic details, you know that it’s a fixer upper. The funny thing is, whether the condition is mediocre or awful, the buyer is likely to do a gut reno or close to that, so I’d rather have a building in worse cosmetic condition for $1.295mm than a mediocre building for more money.

    This house will require a wealthy (’cause if you have $2mm laying around, you’re wealthy!), highly motivated buyer who can delegate all of the grunt work, while waiting a year or more to move in. Mitt Romney might want to think about making a move to the Stuy instead of expanding his beach house.

  • i think it’s possible to finance, no? a 203k, with a skilled (brooklyn-savvy) banker? is it actually a classified sro?

    • The price of this house is beyond the max limits for a 203K loan. You might be able to find a savvy banker that can find you a traditional construction loan to finance this but it won’t be at 3.5% down and a FHA product.

  • wasder

    I reckon when the listing says all cash required it can’t be financed. You know they wouldn’t say that if they didn’t have to and if the house wasn’t an SRO, in that location, the price would be a couple hundred thousand more. I am sure they will find a buyer around asking though. I don’t know much about converting SROs to single families, or about what it takes to evict existing tenants etc. Sounds like a hassle but I am sure somebody will take the plunge.

  • rh

    I’d take that glorious detail over some gut renovated piece of poop any day of the week. And I’d welcome the restoration process!

  • lamb

    I agree the location is great and the restoration potential is very attractive, but the listing doesn’t even promise it will be delivered vacant… and if any work had been put toward a cert of non harassment wouldn’t they advertise that? I just don’t think the discount to less complicated neighborhood comps reflects the amount of work required to get through the city paperwork nightmare before you can begin the long restoration process…

  • Wow, I looked at a house down the block three or four years ago (maybe 108 or 106), which similarly had tons of detail and was in bad shape. I couldn’t believe it would go for $800k with all of the work it required, but it did!

    • HouseNut….not sure if you know , 108 Hancock St. did sell for about $800k only about 2yrs ago. The owners put in about $300k and now the place is fully rented, generating about $10k/month. Doing the math, this was a great deal.

  • I really wish someone who’s converted an SRO do a step-by-step. Would be very informative.