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April 10, 2007
Foreclosure of the Week: 979 Park Place
This is the kind of opportunity that make us wish we had more time and money on our hands. This free-standing brick house on Park Place between New York and Brooklyn Avenues sold for $840,000 three years ago; now it's being foreclosed on. Unfortunately, this place falls outside of the boundaries of the proposed Crown Heights North Historic District, making it vulnerable to being torn down. We really hope someone will buy this place to live in and not develop. It would be awesome! The auction takes place on Thursday at 3 pm at 360 Adams Street, Room 261.
979 Park Place [Property Shark] GMAP
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Comments
My husband and I walked by this last weekend and wished how we could buy it. It's a great building. How do they decide the asking price? They start at just what's owed to the bank and then go up?
Posted by: Anonymous at April 10, 2007 11:32 AM
Cool candidate for "most likely to be haunted"!
Posted by: Brenda from Flatbush at April 10, 2007 11:44 AM
Wonder what the inside looks like...
Posted by: Anonymous at April 10, 2007 11:45 AM
This is a wonderful house. The roof probably was clad with barrel tile originally.
Beautiful massing.
Very impressive.
Posted by: Serge at April 10, 2007 11:56 AM
Any idea on how the auctions work? Starting bid price? Need all cash? Can you finance it? Do you get a chance to see inside of house?
Posted by: Bubba at April 10, 2007 12:25 PM
maybe it was a similar looking and located place, but i'm almost certain that you featured this place in a weekend open house picks section a few months back, and asking was seven figs.
Posted by: csk at April 10, 2007 12:48 PM
Gorgeous house, inside and out. It was the house of the day a while back.
This house is a victim of the kind of real estate shenanigans that help artificially pump up prices, and ultimately do no one any good, and prevent people who have the will to do something great with the place, but not the means to buy overinflated pieces of property.
The house was flipped several times, and the equity was sucked out of it in shady deals, leaving the bank holding the mortgage. I would love to bring this beauty back to shine. It's on a great block, in primo Crown Heights North area.
Incidentally, when all of the proposed Crown Heights North historical district is done, this house is smack in the middle. Unfortunately, it is in Phase 2, which won't be designated until a later date.
House is still a one family, but has no real kitchen, which is in the cellar level. Lots of wonderful detail, especially in the stairway, which has a Turkish alcove. When it was on the market a couple of years ago, owners did a really bad strip and high gloss poly job on the woodwork, which looked worse than if they had just left the paint. It was also a RE office for a while, and owners made some dubious choices in subdividing rooms on the parlour floor. Some mantles missing too. But still a wonderful house. THe danger is that is is a large lot, and could be bought as a tear down. That would be a crime. This house is mentioned in the AIA Guide to NYC as a fine example of the Stick Style in NYC.
Posted by: Crown Heights Proud at April 10, 2007 1:47 PM
Sorry, that should be Shingle Style, not stick.
Posted by: Crown Heights Proud at April 10, 2007 1:48 PM
You can probably contact the owner and make a deal with them and their bank if you have the money to get this house. You can buy it BEFORE it goes to auction. Make a deal before some developer knocks it down and puts up a monster.
Posted by: tom at April 10, 2007 4:23 PM
Crown Heights Proud is absolutely correct. This is actually a very significant house. 1888, designed by Mercein Thomas. I wonder if it is on the landmarks commission radar? They should not wait for the district, this house could stand on its own as a landmark.
Posted by: Serge at April 10, 2007 4:34 PM
Hey, Mercein Thomas designed my house too. It's almost like they are sisters. I hope someone gets it and rehabs it.
Posted by: Shahn Andersen at April 10, 2007 5:14 PM
is this the same house?
http://new.photos.yahoo.com/caseokiki/photo/294928804315039657/71
Posted by: Anonymous at April 11, 2007 11:14 AM
No. The house in question is it's neighbor immediately to the east.
Posted by: Hal at April 11, 2007 11:22 AM
The Crown Heights North Assoc. is working with the Landmark Preservaton Commission to have this declared a historic landmark building. This was done successfully with 1375 Dean Street and 70 Lefferts Place. Both had had demolition permits issued and both were landmarked before demolition began. Anybody who buys this building should be aware that this option is entirely possible. If so, the building will be worth considerably less as a development site. In both the previous cases cited, the purchasers spent way too much for the properties, given that they can not be used for the intended purpose.
Incidentally in this month's Real Deal magazine, there is mention of a draft bill in the City Council that would make purchasers of buildings conform to landmarking reg's passed after the purchase. Another nail in the coffin for would be "knock-down and build" developers.
Posted by: Anonymous at April 11, 2007 3:20 PM
what did she go afor at auction? anyone attend?
Posted by: mcteague at April 12, 2007 9:42 AM
any updates on this lovely house? I live right around the corner and I'm really interested in see what will become of it.
Posted by: mineemee at July 29, 2007 1:02 PM
979 Park Place was purchased by a couple who have been renovating for a couple of months. For now, it is saved.
Posted by: Hal at March 10, 2008 1:02 PM
This house was owned by my aunt and uncle, Mary and Tony Nardi from 1944 to 1950.
Someone mentioned there was no real kitchen - it use to have 3 kitchens. The one in the basement, a small one on the first floor and one on the second floor.
There was many family gatherings and the holidays were very festive.
Janice Healy
Posted by: janice healy at May 7, 2008 10:20 PM
I am Janice's (the post directly above)cousin. I spent the first two years of my life in the house 1949-1951. I went by there last weekend and was happy to see it in such great shape.
Jeannette Newman
Posted by: guest at May 8, 2008 10:45 PM
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