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November 29, 2006
House of the Day: 126 Pacific Street
This four-family brick on Pacific Street in Cobble Hill has a lot going for it: location, size and charm, to be specific. Only a block south of Altantic, this stretch of Pacific is lined with beautiful homes. And at 25 feet wide and extra depth on the first two floors, there's a lot more square footage than a typical rowhouse. Despite being chopped up into a four family, it looks like the original details are largely intact. The asking price of $3 million seems prohibitive to a family buyer, especially given the additional cost of converting the house into a one- or two-family. Even a developer looking to sell floor-through condos is going to have a tough time clearing much of a profit at this price, isn't he? See for yourself a week from Sunday at the open house.
126 Pacific Street [NY Times] GMAP P*Shark
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Comments
over priced. does these sellers smoke crack en mass or what?
Posted by: armchair_warrior at November 29, 2006 1:17 PM
126 pacific is my next door neighbor... i'm excited to see what happens here, if only to gauge the general attitude toward the nabe. $3M seems quite high, though. but the location IS pretty great...
Posted by: Anonymous at November 29, 2006 3:00 PM
Not a bad block, but there are better ones in Cobble Hill. Parking here is pretty bad because you get all the hospital employees parking there for their shifts. Nice park on Henry though, and pretty close to subway and Atlantic.
Posted by: cobblestoner at November 29, 2006 3:03 PM
I think price is trying to reflect the size of the bldg. and we flinch at the $3m.
But if house were 30% smaller - 3500sq ft (good sized bldg) and priced 30% less at $2.1 we wouldn't find so aggresive.
So how should seller price for the 'extra' size of this house?
And to call this 'not a bad block' is understatement....very very nice block.
A house around corner on Clinton (noisier)-maybe a bit bigger and probably nicer inside has been on market awhile not at $3.6m.
Posted by: Anonymous at November 29, 2006 3:17 PM
I've never liked this block because of the animal lab there. Who knows what's going on in that place.
Posted by: Anonymous at November 29, 2006 3:43 PM
I guess I call it 'not a bad block' because of the lack of street light at night. It just makes me feel like it's dark and foreboding. That, and one block over between Court and Clinton is a bit rougher around the edges.
Posted by: cobblestoner at November 29, 2006 3:51 PM
what animal lab?
actually, i think the parking is pretty good (after hours, anyway) because atlantic is right there. after commercial hours, the street clears out and there's plenty of free parking.
Posted by: Anonymous at November 29, 2006 3:52 PM
Pet peeve: Period light fixtures with improper bulbs. Flame bulbs are supposed to point up, not down. All wrong for that type of "down" fixture!
Posted by: Anonymous at November 29, 2006 4:08 PM
I'd buy it for 2.1M. If it's GORGEOUS inside, maybe 2.3. Maybe.
Posted by: buyer at November 29, 2006 6:03 PM
I really hope there's a gourmet garage or dean and deluca put there. I live in a redone loft over near MetroTech and there's nothing in terms of groceries here! People are often going to trader joe's in manhattan for the closest groceries!
crazydancingboy.blogspot.com
Posted by: crazydancingboy at November 29, 2006 6:37 PM
The comp on clinton is 3.25 -- not sure if they'll get it. I'd take that over this one any day.
Posted by: Anonymous at November 29, 2006 6:56 PM
3MM is the market people. If you think the seller is smoking crack you're obviously not paying attention or you're in a different market.
Posted by: Anonymous at November 29, 2006 8:02 PM
I'm smoking crack right now and it seems like a really cool price to me.
Posted by: jones at November 29, 2006 8:05 PM
if it was a 1 fam it'd be worth this, maybe even more. but as a 4 fam no brownstone outside of manhattan is worth it. 3-3.3 should be the finished 1 fam price, 2.5 for 4 fam if it doesn't need more than a few months work and can be delivered vacant
Posted by: anon at November 29, 2006 9:10 PM
That's funny, 4:08pm, because the first thing I noticed was the gorgeous light fixture. But as someone who thinks outside the box, I don't give a sh*t that the bulbs are not pointing in the right direction. I like the bulbs! So...to each her/his own.
Posted by: yente at November 29, 2006 9:23 PM
If I pay 3 million for a house I want the bulbs right damnit. Because I am an idiot who does not know how to change a bulb and I paid 3 mil. for some craphole in dirty stinky NYC.
Posted by: Anonymous at November 29, 2006 9:26 PM
ooh, you got a lashing from an antiquer!
Posted by: Anonymous at November 29, 2006 10:07 PM
We passed on this in favor of a gut reno in Brooklyn Heights, but this could be a nice opportunity for the right buyer to convert to a 1 - 2 family. The broker says this is an estate sale with conflicting opintions among the heirs about what it's worth. We think the right price would be $2.5 mill max. Take a look and make an offer.
Posted by: anonymous at November 29, 2006 10:08 PM
10:08, would you have bought this house if the bulbs were pointing in the right direction?
Seriously, bulb fanatic, if there is a safety issue with modern day bulbs that I am unaware of, I'll shut up. I know about using wattage that is too high for certain fixtures, but I never heard of any safety issues regarding the direction of the bulb. Other than safety features, I really don't care what Rejuvination has to say. Your bulb comment is similar to the "but those planks were meant to be sub flooring" posts, which I don't have much use for either.
I'm sorry for the silly debate. I usually don't get involved with pointless things like this, but I guess I'm "in a mood" and needed to vent.
Posted by: yente at November 30, 2006 8:48 AM
"$3 million seems prohibitive to a family buyer"
- no shit
Posted by: Anonymous at November 30, 2006 8:54 AM
Oh, whaddya know...my hubby says those bulbs tend to get very hot! My apologies....it IS a safety issue. I wish you had said that in the first place and not made it seem like an aesthic faux pas.
Posted by: yente at November 30, 2006 9:02 AM
aesthetic. ok, gotta get to work!
Posted by: yente at November 30, 2006 9:03 AM
Apologies for using a naughty word in a post (which was deleted.) Said naughty word is implied elsewhere in this thread, but not deleted since one letter was replaced with an asterisk.
It was intellectually lazy of me to use a four-letter word. Mea culpa. But what about the reno blogs, where I've seen bad words more than once, without posts being deleted? Just curious. I absolutely respect the right of Brownstoner to police his site and think he does a good job of it.
Posted by: Anonymous at November 30, 2006 3:39 PM
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