House of the Day: Bainbridge Beauty

bainbridge and patchen is at least 2 blocks out of stuyvesant heights. stuy heights stops at stuyvesant avenue, then there's malcolm x and I think patchen. its still a nice property but when that's taken into consideration I think the price is definitely pushing it especially with breevort projects around that area.

Posted by: Anonymous at March 19, 2007 11:30 AM

anon 11:30 here - more so, I don't think rents in that area are commanding that much.

Posted by: Anonymous at March 19, 2007 11:32 AM

and let's not forget the $1000/month the bank is earning on your $200K that you aren't, but i guess that's the only way to play the game with prices as they are these days...

Posted by: Anonymous at March 19, 2007 11:35 AM

This home is less than half a block from Stuyvesant Ave (and, therefore, Stuyvesant Heights). I believe the address is in the 160's (e.g. 169 Bainbridge St.).

Posted by: Anonymous at March 19, 2007 11:51 AM

What are the "official: bounderies of Stuy Heights. Thanks.

Posted by: Anonymous at March 19, 2007 11:55 AM

The actual address is 167 Bainbridge street. And it's between Stuyvesant Ave. and Malcolm X blvd. There were 2 Open Houses and I understand there is an accepted offer at over asking. My wife and I went to both OHs and it was a stunning house and judging by the big turnouts I have a feeling they got a few offers.
This prop. is less than 2 blocks to the 'A' express down beautiful Stuyvesant Ave. I only wish we had pulled the trigger - I'm getting tired of sitting on the fence.
Mr. B. I wondered why this prop. didn't show on your site last week. It was listed in the times two weeks in a row. I actually didn't want it to show on this site in hopes that I would have gotten a better deal with the sellers.

Posted by: Anonymous at March 19, 2007 11:59 AM

donatella, before you get your undies in a bundle, I think $2500-$3000 is referring to a combined amount for two apartments, not rent per apartment.

Posted by: Anonymous at March 19, 2007 12:18 PM

Newstoner,

I was just stating that I was surprised that it wasn't on brownstoner two weeks ago. Since it was clearly advertised on the NYtimes online with full addresses and Open House times. We felt for sure that it would show up on Brownstoner and fuel a bidding war much like what took place at 100 Decatur.
In either case, we didn't have the guts to go forward with an offer and lost out on a beautiful building on a great block.

Posted by: Anonymous at March 19, 2007 12:21 PM

$1200-$1400 this close to the A express and the few restaurants/cafes that do exist is the norm. I'm getting these rents now.

Posted by: Anonymous at March 19, 2007 12:26 PM

Ah, I see.

But being as there wasn't or isn't a bidding war, it just seems as if you didn't want it. Is that fair to say?

Thus, equating that you feel it isn't worth the ask price? I think that's what people want to know. Is it worth the asking price? I haven't seen it, so I wouldn't know. I'm still waiting to see what the final price of the 100 Decatur property comes in at. It's been in contract for over 3 weeks now...

Posted by: Anonymous at March 19, 2007 12:35 PM

It's right off stuyvesant ave

Posted by: Anonymous at March 19, 2007 12:37 PM

worth it for sure!

Posted by: Anonymous at March 19, 2007 12:50 PM

Anon 12:35,

I don't know if there was a bidding war, but I heard from the agents (and they were pretty straight forward)that they were at least 5 offers. One below asking and the others way above. They seemed to be not trying to encourage bidding wars. They asked us to put in our best and final offer by a specific day and time.
To me it was worth a little over a million based on location, quality of details and the condition of the property (all mechanicals were damn near up to date). I'm just one of those guys that hates to spend any money at all.

Posted by: Anonymous at March 19, 2007 12:58 PM

eletricgreek,

Actually, it's a legal 3 family that has been taxed as a four. I went down town to research the change and it's an oversight by the finance dept. that can be corrected with some paperwork. The tax is roughly $2500/yr

Posted by: Anonymous at March 19, 2007 3:29 PM

your right just saw the HPD website .But why did you downtown? NYC.GOV baby .Saved me countless trips.

Posted by: Anonymous at March 19, 2007 3:51 PM

"Is there some sort of magic wall around Stuy Heights?"

I hear you Pietro. So much is made about artificial boundaries on this site. Does it really matter if the house is located 1 block from the historic district or even a few houses away? IMO, most of Bedford Stuyvesant, (between Lafayette and Fulton/Nostrand to Malcolm X) is prime brownstone living and those homes located outside of Stuyvesant Heights is no less worthy (architecturally significant) than those homes within the historic district. This a fantastic house, on a great block - whether in Stuy Heights or not.

Posted by: Anonymous at March 19, 2007 6:07 PM

"The property will go no higher than 999k. No one will want to pay the mansion tax . I believe it's 1% of the purchase price."

Duh!!

But surely you jest since many homes have sold north of 1MM in Bed-Stuy and other nabes in brownstone Brooklyn. Was this an absolute statement or was the context simply inferred and understanding assumed?

The mansion tax is typically inconsequential to most buyers. If you can a afford a $1MM property, you're usually not worried about coughing up another $10k at closing. Further, if you really want a home and the pricing of such home by the seller requires you to pay such mansion tax, guess what? You're paying it!

Posted by: Anonymous at March 19, 2007 6:22 PM

I recently moved to Bed-Stuy after looking for a 1+bedroom pretty close to the subway (preferred the A; considered C or G or J/M/Z) for a couple of months. I looked at around 15 apartments, none of which rented for less than $1100 and my top limit was $1400. Check Craigslist! $2500-3000 for 2 floorthrus in a good block of Bed-Stuy is definitely realistic. (my new place is a few blocks from the Nostrand stop on the A and has 1.5 bedrooms, for $1300.)

Posted by: Anonymous at March 19, 2007 9:55 PM