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July 2, 2007

House of the Day: 467 Union Street

Here's an unusual one...The house at 467 Union Street in Carroll Gardens is being sold as a tear-down. Of course, that doesn't mean the entire thing has to be torn down. This could be a great opportunity for someone who wanted a modern interior but likes the idea of being part of a row of traditional townhouses. You could even add a mansard roof. The asking price of $650,000 (just cut from $750,000) seems quite reasonable given that the current FAR of 2.43 would allow a house of 3,000 square feet to be built as of right. Update: Whoops. Looks like we mistakenly assumed there had been a fire. That appears to not be the case.
467 Union Street [Corcoran] GMAP P*Shark

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That house has been in that condition for many many years - no recent fire. One of the neighborhood old timers lived in it with his dogs. The rumor is he was mugged by a group of teens and ended up in the hospital - cops went to the house and wouldn't let him go back there so he went to recuperate at his ex-wife's who is the legal owner of the house.
The house has no rear facade. But the fomer inhabitant lived there in those conditions for at least 10 years.

Posted by: Anonymous at July 2, 2007 1:44 PM

I don't know about your evidence of fire recently. As to my recollection, and DOB recs has been wreck and structurally unsound for well over a decade.
Some closer neighbors nay have more inside info, but I remember a rather eccentric man living there for decades, walking his dog late at night (I think is same house).
Lot next door is empty and may explain some of the structural problems.

Posted by: Anonymous at July 2, 2007 1:47 PM

Looks like a cheap house in a great neighborhood. $650K is what you'd pay for a 2 family in East NY for goodness sake. Why must it be taken down. Something sounds fishy here.

Posted by: Anonymous at July 2, 2007 1:50 PM

Does anyone have any knowledge of the school across the street and what the lot dims and bldg dims are?

Posted by: Anonymous at July 2, 2007 1:53 PM

I like how the ad says it is across from a great public school. I just had a conversation with a teacher from that same school, not good, mostly kids from the projects, more baby sitting than learning

Posted by: Anonymous at July 2, 2007 1:55 PM

Lot is 16.6 by 75'. And it is not a house. But part of the shell of what once was a house.

Posted by: Anonymous at July 2, 2007 1:56 PM

brownstoner, you can't build to a far of 2.43. that is for quality housing, with an affordable componet. the true far is 2.2, maybe even 2. so basically it's a 1250 sq ft lot for $675k since it'll be easier/cheaper to tear down than salvage. maybe the facade can be saved, but it'll cost more to keep it than demo it. since there is 2750 buildable sq ft, the cost is $240 bsf for the land. that is very high for the area. you can get 2500 sq ft lots for around $1 million.

Posted by: anon at July 2, 2007 1:59 PM

According to ECB Violations the building has been "in danger of collapse" since 1997. If the facade could be preserved, it might be worth it, but the existing design seemed to only offer 1800 sqft of living space with a 38 ft building depth.

Posted by: Anonymous at July 2, 2007 2:04 PM

over priced. you can't get a mortgage on it. you have to pay all in cash for a shell.

Posted by: armchair_warrior at July 2, 2007 2:14 PM

I like the idea of buying the shell, doing the inside in a very modern manner, adding a Mansard roof level, doing the rear facade in all glass. How great would that be? Best of both worlds.
I hear that there is no more "Quality Housing" bonuses available. Has anyone else heard this? That would limit the floor area, but I would not think it would stop you from adding the Mansard.
True that it would need to be all cash. But this project is not for the feint of heart or wallet.

Posted by: Anonymous at July 2, 2007 2:50 PM

hey - sorry to ask this - but why all cash? couldn't you get a mortgage for $1 million based on the fact that you'd renovate?

or are you saying all cash, 2:50pm, so no one else tries to buy it before you? ;)

Posted by: chuck at July 2, 2007 2:58 PM

This is over priced for one. Second it is not a 2.43 FAR, its 2.2 FAR since it is on a narrow street. They are asking $236 a BBSF. Thirdly, it is highly unlikely you will be able to buy this and get your foundation in to qualify for a 421a Tax abatement

Posted by: Over Priced Listing at July 2, 2007 3:04 PM

Like most things for sale today, it is pverpriced except to the person or persons who love it or who have a vision for it or who want to build a brand new 2-family, or whatever.
I is certainly not ideal for most people. but then, what is?
I think the price for a vacant lot is reasonable and you get an attractive facade thrown in should you want to re-use it.

Posted by: Anonymous at July 2, 2007 3:16 PM

no bank is gonna give you money for a shell to mortgage on.

Posted by: armchair_warrior at July 2, 2007 3:49 PM

we heard you the first time, armchair_warrior. you're also wrong. there are various ways the deal could be done with a bank, whether by construction loan (i.e. have plans for a new building approved by the bank in connection with loan application) or working something out with the current owner (e.g. have a side letter providing that you will pay for the land to be cleared prior to closing if the bank objects, which leaves just land which is obviously mortgageable).

Posted by: z at July 2, 2007 4:09 PM

Plenty of Banks give mortgages on shells if they are going to be renovated. As for this particular shell, it depends on what the appraisal is and things of that sort.. But to give a blanket statement that NO BANK is going to give money for a shell is false.. tons of people get mortgages on shells, with the intent of renovating it

Posted by: banksaresmart at July 2, 2007 5:31 PM

my bad then. its very hard to get i should of said. huge time waster hehe.

Posted by: armchair_warrior at July 2, 2007 5:53 PM

hey armchair, quit while you're ahead. You obviously spoke to the wrong people when you bought your dump on St. Marks, but that doesn't mean there is no room for creative financing.
There are many banks out there who would go as far as giving you the deposit, the entire loan and the construction loan, but your credit has to be impecable. And yours wasn't, that's why your parents had to help with your former crack house

Posted by: Anonymous at July 2, 2007 6:46 PM

thats what the Realtors told me. they told me i couldn't get a mortgage on shells etc.. from a lot of places i look at and had to get construction loans instead.

Posted by: armchair_warrior at July 2, 2007 8:01 PM

As usually Brownstoner is about hearsay
and nothing more. I could have bought the house for 650K on the spot 2 weeks ago, the house is a narrow 16 feet by 75 and not as advertised. The house is doomed by
the city for tear down and can't be saved.
The lot behind and to the side is totally unattractive.

Posted by: developerxx at July 2, 2007 9:18 PM

Where conventional banks leave off, hard lenders pick up, and they get paid handsomely to do so. A good portion of development gets kick started and completed with hard money, the middle and safe money is handed to the banks.

Posted by: banksxit at July 3, 2007 9:23 AM

All I can say is the smell from that building was/is awful...smelled like 1000 cats went to the bathroom there. Not terribly surprised it needs to be torn down.

Posted by: Anonymous at July 3, 2007 12:28 PM

As of last evening, the building is scheduled to be demo-ed on Monday 7/16 due to the roof collapsing yesterday.

Posted by: anon at July 14, 2007 10:34 AM

it's down...but the cat smell remains!

Posted by: Anonymous at July 26, 2007 4:34 PM

The old man who lived there was sweet, although obviously not whole. He smiled to those who smiled at him. Many mornings he got a cup of coffee from Sweet Melissa's aroudn the corner. I miss him.

Posted by: guest at September 23, 2007 1:51 PM

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July 2, 2007

House of the Day: 467 Union Street

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