House of the Day: 7 Monroe Place
We haven’t seen one of these classic blue-blood Heights properties in a while. 7 Monroe Place is a 25-foot-wide Greek Revival with tons of intact and elegant original detail, such as soaring windows and doors with original ear-shaped surrounds on the parlor floor. It’s at least as old as 1849, when it was home to…
We haven’t seen one of these classic blue-blood Heights properties in a while. 7 Monroe Place is a 25-foot-wide Greek Revival with tons of intact and elegant original detail, such as soaring windows and doors with original ear-shaped surrounds on the parlor floor. It’s at least as old as 1849, when it was home to shipmaster Isaac Harris, according to the listing.
There are six decorative mantels and two wood-burning fireplaces. The tastefully simple and unobtrusive kitchen has a vintage Chambers range and is located in an alcove on the parlor floor, leaving plenty of space for a charming breakfast room with a huge bay window overlooking the garden, as well as a dining room and parlor.
Brick with a brownstone stoop and details, the house is set up as an owner’s quadriplex over a two-bedroom garden floor rental. There is also a studio apartment in the rear of the top floor and a library next to the master bedroom. An elevator has been fitted between the staircase and the bathrooms.
What do you think of it and the ask of $7,200,000?
7 Monroe Place [Brown Harris Stevens] GMAP
Great place. Excellent block (quiet, quiet, quiet). BUT, they should have invested even just $100k and expanded the kitchen. If they would have done that, they could have sold it for 8.5 in about a day…
Grand house, and I suppose anyone who can afford this will be able to redo the kitchen. But even though its on a Place block, the location at the end of the street close to the high-rises, doesn’t seem worthy of the hefty price.
Sounds like a waste of money to me. At a certain point your taste doesn’t necessarily translate into someone else tastes. One could renovate it and spend the money but there’s no guarantee it will work in your favor since the pool of buyers is much smaller. There were 10 houses sold for +5m in BK hts last year; only 4 of them were over 7m, only 1 was significantly over 7m (10m). Thinking that adding a new kitchen will increase value by 1.5m is absurd.
This house is okay at that price provided RE prices are steady or heading up. But it is 7.2m there are lots of things you can buy for that much. This house is near a less desirable street, blocks away from the promenade and shopping, across from a massive high rise and grocery store. It will either 1 go under ask price or 2 stay otm for a long time.
Yes it will — because that is the price for a house of this size in the Heights when it is renovated correctly. It is trading at a deep discount because it is basically unusable as is by a large, sophisticated family and a peek would tell the looker it needed a complete re-do. But a normal-sized high-end brand new kitchen would have them say it was doable.
It’s the real estate equivalent of a bunch of uglies browsing “Hot or not”, essentially.