Two Bed Stuy Open Houses Tonight

287 has a nice facade, but missing the cornice.

I'm just wondering what would possess a owner to post a picture of a property for sale with two random dudes sitting on the steps. Doesn't anyone follow the rules of, "what to do when putting your house on the market", anymore? Presentation people!!

Fran,

Where you get the law that says rent control is any building with more than two units?

Here is information on the New York State Rent Control and Rent Stabilization. Am I missing something???

Which apartments are under Rent Control?

The rent control program applies to residential buildings constructed before February, 1947 in municipalities that have not declared an end to the postwar rental housing emergency. There are 55 municipalities that have rent control, including New York City, Albany, Buffalo, and various cities, towns and villages in Albany, Erie, Nassau, Rensselaer, Schenectady, and Westchester counties.

In order for an apartment to be under rent control the tenant must have been living there continuously since before July 1, 1971. When a rent controlled apartment is vacated in NYC or most ETPA localities, it becomes rent stabilized (where the building contains at least six units), or completely removed from regulation.

Which apartments are under Rent Stabilization?

In New York City, apartments are under rent stabilization if they are in buildings of six or more units built between February 1, 1947, and December 31, 1973. Tenants in buildings built before February 1, 1947, who moved in after June 30, 1971, are also covered by rent stabilization. A third category of rent stabilized apartments covers buildings with three or more apartments constructed or extensively renovated on or after January 1, 1974 with special tax benefits. Generally, those buildings are only subject to stabilization while the tax benefits continue or, in some cases, until the tenant vacates.

Outside New York City, rent stabilization applies to non-rent controlled apartments in buildings of six or more units built before January 1, 1974, in the localities which have adopted ETPA in Nassau, Westchester and Rockland counties. Some municipalities limit ETPA to buildings of a specific size- for instance, buildings with 20 or more units, or 100 or more, but in any event, not less than six.

TOM: Yes, trendy Tompkins Ave. You should check it out. Boutiques, antique shops, and a very cool bakery/coffee shop recently featured in Brooklyn Record.

This is a very desireable part of Bedford-Stuyvesant, and the price of this house is within striking distance of the much smaller HOTD in Kensington.

I live a few blocks from this house and it's a beautiful area, although I don't know this particular block. The building on Willoughby is on a block that's not so pretty, and although it's close to a beautiful park, the public transportation is not nearly as good.

Fran,

Anon 1:26 here. Just wanted to clarify the acuracy "two or more units" part of the rent control statement. Was not debating that rent control tenants, which may qualify under rent regulation passed on by taking over parent's apt, etc was not tough, nor did I suggest evicting a tenant in a regulated apartment.

I happend to be a 25 year resident of Brooklyn and own a 3 family non-regulated building - had one nightmare tenant that I ended up in housing court with last year. Not fun.

anyone else out there want to shed some light on rent control/rent stabilization issues?

Fran, if you believe that rent control laws apply to any building with more than two units, you are quite misinformed. With such misinformation, I assume you did not have a lawyer while in housing court. If you did, I hope you were not paying for such inadequacy.
Affordable housing advocates and rent regulated tenants would love the laws if there were as you incorrectly believe them to be.

Many of the row houses in our area became rooming houses and are subject to SRO regulations. Still occupying these units are mostly an elderly population, many of whom just do not want to move no matter how much the offer to vacate is and thus some owners have just remodeled around their rooms. Re: eviction -- Regardless of the rent regulation status it is not easy and the suggestion to hire a specialist attorney is good advice.

Fran,

Alot of people have illegal apts, mostly basement apartments. Tenants move in and when they realize the apt is illegal, they practically blackmail the owner and hold it over their head. Although the apt is illegal, if they report the tenant, the owner is subject to fines. That's what creates the nightmare situation for many owners.

I love it! More foreclosure means more gentrification in Bed-Stuy! Yes, bring it on and let's weed out the "less capable"!!! A massive foreclosure wave in Bed-Stuy is just the what the nabe needs after ten consecutive years of rapid appreciation. The subprime mortgage crisis will bring prices down a bit but not as much as some would like. Nevertheless, it will definitely bring about more gentrification which is in the long term interest of the nabe and the stable homeowners who can ride the temporary downturn in the market. I'm excited. There's nothing better for a "marginal neighborhood" than more turnover!

My husband was inside 287 Halsey a few months ago. The broker, Jeanne (she pronounces it Jeann-e) was not very professional and couldn't even get into a couple of the apartments to show them. Actually, I believe she only showed him one floor. It was partially renovated with only few remaining details. She talked about doing more renovation -- I believe she is the owner as well as the broker -- and perhaps she has done so before hosting the open house, but I wouldn't expect it to be a quality job. She's not from Bed-Stuy, by the way, and didn't seem to know the neighborhood (we've been here two years, and, yes, Halsey Street has good subway access and there are good eateries on Halsey and Throop as well as the trendy shops of Tomkins).

anon 7:49 wrong on couple points - RC tenants also receive rent increases just as RS do.
And if RC tenant leaves apt in building otherwise not subject to RS (less than 6 units) apt is decontrolled.
And who ever said any of these houses have a RC tenant? It is rather rare to have any rent control in this size house at this time although it is possible.

287 Halsey -- stopped by last night. Could not see lower duplex as tenant was not home and broker apparently needed tenant there to show apartment. Middle apartment is unrenovated but habitable. Top apartment is renovated. New flooring in top apartment and hallway -- unattractive wood tile. Hallways painted unattractive yellow. Building would be delivered vacant.

Viewed 287 Halsay last weekend. Broker is owner/flipper. Not very professional (rehab and broker). Top unit was redone (but strangely they did not update the tiny bathroom), i'm guessing $1100-1300 for rent. Second floor needs a total reno - had drop down ceilings, this aweful stucco type material on walls and ceiling (like giant "popcorn") - currently rents for $640. Needs cosmetic updates to make it rentable - I'm guessing it could rent for $1250-$1450 (maybe). Duplex unit was not available for viewing, but was told it needs updating. Depending on size and renovation, i've seen nice duplexs in BS rent for $2350

Observations: This was a cheap rehab to sell building. There is no cornice (which is noticable compared to the other houses around it - also makes it look cheap). For $745k you still need to do a little work, I don't believe the plumbing or electric was upgraded. Numbers could work if you want to own/live/rent or buy/rent. But not by much. Rent 2 units and live in duplex for less that $2000/month.
Blended 5/1 IO at WAMU: $700k at 6.85% is about $4000/month.

(ps - i've been looking for the past 10 months and have seen nearly 100 buildings. I talk to tenants, landlords and brokers about where rents are). 'nuff said.