House of the Day: Crown Heights Original

house This beautiful 4-story place in Crown Heights just came on the market yesterday and it has us salivating over some of its delicious details. The original wood detailing and paneling is very impressive; the unusual light blue detail in the bathroom tile is also pretty cool. As for the asking price, hard to say. Judging from the view of the backyard, the immediate neighborhood has not exactly been taken over by gentrification just yet! But that's why it's $950,000 and not $2 million on the other side of the park. Our only serious concern is the fact that it's an SRO. On the positive side, it's vacant, so there are no ugly evictions to go through; on the negative side, there is a several-month process to go through with HPD to change the C of O. If the current owner has kept a decent paper trail on the former SRO tenants, that will make things much easier. Also, being willing to tackle unpleasant tasks like this is often a way to create value. It certainly enabled us to pick up our place at a discount.
Sterling Place [Ettelson RE]

Comments

Typical Crown Heights details. The tiles in the bathroom are original. I have seen them only in the more grand brownstones in Crown Heights and Bed-Stuy.

Posted by: Anonymous at July 28, 2005 11:31 AM

Great house great value.. Looks amazing

Posted by: tom at July 28, 2005 11:41 AM

I don't know about a great value @950K for an SRO in Crown Heights though... It seems like it's pushing the enveloppe a little...

Posted by: Anonymous at July 28, 2005 11:46 AM

I agree with the last commenter, the price seems too high. With the amount of work needed to convert to a single or double family home, it's easily around the same price at the property from yesterday in Clinton Hill (at $1.2). But a house a block from Pratt is in a _much_ better location that a house a block from the Brooklyn Children's Museum. I love the museum and the buildings, always have, but the neighborhood is a little rough.

Posted by: Sloper at July 28, 2005 11:55 AM

What is to convert to a single family? Taking locks off doors? The detalis are in good condition. Doesnt look like a big reno at all. This house is a good price and a good value. To make it a two or three family maybe (adding kitchens and bathrooms). This house is next to Lefferts Manor I think (Sterling and New York Ave) and it is not that rough.

Posted by: tom at July 28, 2005 12:05 PM

I searched the NYT website recent sales for Crown Heights, which produced results from Feb through May. Nothing in CH went for more than $600k, so either no brownstones were sold or that house is way overpriced.

As to CH being "rough," I don't mean to imply that there aren't great things about the neighborhood nor that good people don't live there. But a friend teaches at an elementary school right near the museum, and though the situation isn't as bad as it was during the early 90s, when there were lots of crack-baby kids, it doesn't seem to have improved enough to justify a $1m house. In addition, I haven't walked around the neighborhood lately, but I wonder if the tension of the early 90s riots has really been resolved.

Posted by: Sloper at July 28, 2005 12:08 PM

There's also an interesting article from the NYT on Crown Heights, from September 2004. Racial tensions have abated somewhat, and Franklin Avenue is now safe for walking!

A year ago, median household income was $26,000 and median house price was $405,000. There's been appreciation in the last year, but $1m still seems awfully high.

http://www.nytimes.com/2004/09/19/realestate/19LIVI.html?pagewanted=1&ei=5088&en=9734e56ff242efaa&ex=1253419200&partner=rssnyt

Posted by: Anonymous at July 28, 2005 12:23 PM

I know for certain a few houses have sold in CH for around a million. But we are talking amazing houses in pristine condition or 8000 sf mansions that look like they are right out of a movie. Not an SRO that has a crap kitchen and bath. It looks like the house also needs some other cosmetic work. And to convert an SRO to a single or 2 familly home is a lot of long and frustrating bureaucratic work. It is a long and difficult process.

Posted by: Anonymous at July 28, 2005 12:30 PM

If you buy an empty house and it is an SRO and you live in it as a single family you don't have to convert it. If you bought a 3 family and used it as a two you dont convert it. Its not like if you dont convert your SRO that single men with suitcases are going to demand lodging.

Posted by: tom at July 28, 2005 1:49 PM

But you will have problems getting a mortgage on an SRO...

Posted by: Brownstoner at July 28, 2005 1:54 PM

Has anyone seen the condos being sold by Aguayo & Huebener on E. New York Ave? They seem very reasonable...

Posted by: Anonymous at July 28, 2005 4:04 PM

I think that's asking a bit much @ 1M for an SRO. Paperwork is a definite DRAG!! ...However, there are some new condos almost near completion @ Rogers and Carroll asking 1.2M! The prices are going through the roof since the newly renov. of Bklyn Museum of Art and etc. Still a "wee" bit rough, but is anyplace safe? The racial tensions are almost non-existent, if not, you would've heard something by now. Especially, since "gentrification" is completely obvious along Brooklyn Ave., Nostrand Ave. & Franklin Aves.from Eastern Parkway to Dekalb Ave. Give CH a "break"...we've come a long way! Born and Bred in CH's and real estate agent!

Posted by: anonymous at July 28, 2005 4:09 PM

tom, your comment re: single men with suitcases cracks me up. a thought very well conveyed.

Posted by: Anonymous at July 28, 2005 9:28 PM

To the person who states you do not need to change the C of O: you are wrong. Any use contrary to a C of O can generate a Department of Buildings violation.

Posted by: Anonymous at July 29, 2005 4:28 AM

My wife and I bought around the corner three years ago for $430k. Ours is a legal 2, comparable size and detail. I'll bet this one needs new electric service panel. The nabe is mostly quiet, and has wonderful architecture. The neighbors greeted us warmly when we moved in. This is a stable, middle-class African- and Caribbean- American community. Gentrification is moving slowly, and that's OK. The area has character (and characters)

We've seen houses selling around us recently for close to a million, but this one is most comparable to ours.

I'd love to post pictures, but I don't know how.

Posted by: anon at July 29, 2005 8:35 AM

It's only fair to add that our $430k house 3 years ago was not as 'clean' as this Sterling house appears. We had quite a bit of remodeling to do, including some plumbing and electric. We had some expense preparing our 4th floor rental.

Posted by: anon at July 29, 2005 9:09 AM

Anon, you can email us a few photos at brownstoner @ brownstoner.com--or even better yet, go set up your own page at My Brownstone! That's what it's there for...

Posted by: Brownstoner at July 29, 2005 1:04 PM

Thanks, 'stoner. I started posting on My Brownstone!

Posted by: anon at July 29, 2005 1:43 PM

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July 28, 2005

House of the Day: Crown Heights Original

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