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November 23, 2007
Condo of the Day: 395 Smith Street
Even though the 14-unit building at 395 Smith Street went condo over a decade ago, the sponsor is just now getting around to selling the 1,090-square-foot duplex penthouse apartment. The price? $750,000. If the apartment had recently been renovated, this price would not seem unreasonable to us, but the place looks like a 1980s-era rental apartment, which is probably what it is. That said, some buyers may be attracted to the fact that the sponsor only requires 10% down—of course, you have to find a lender in this environment that's cool with that.
395 Smith Street [Brooklyn Heights RE] GMAP P*Shark
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Comments
This is a ridiculous price. This building is across from the F line where the train approaches the ground.
Posted by: guest at November 23, 2007 12:54 PM
The pictures should show windows, as that is always the selling point with "loft spaces". As shown, this unit does not look too bright.
What do you mean about the F train, 12:54?
Posted by: guest at November 23, 2007 1:01 PM
This is one of ugliest buildings I have ever seen.
Posted by: guest at November 23, 2007 1:21 PM
what a stupid comment brownstoner. any condo, new or old, can be had with 10% down. and as long as you have good credit a 90% loan, even a jumbo, is easily obtainable.
Posted by: guest at November 23, 2007 1:24 PM
the 3-d floorplan is pretty cool.
Posted by: z at November 23, 2007 1:24 PM
Since when does a three or four story building have a "penthouse"?
1:01, what he means is that directly across from this bldg is the point where the Culver Viaduct ends and the F&G trains go back under ground . . . in other words, there are above ground subway tracks directly in front of this building.
Posted by: guest at November 23, 2007 1:24 PM
believe this unit was on the market before. saw it maybe 4 or 5 years ago via some small bklyn realtor..
Posted by: ltjbukem73 at November 23, 2007 2:09 PM
completely gross location...i mean unless you like the F/G train rumbling across the street. ...it's the ungliest stretch of smith street.
Posted by: guest at November 23, 2007 2:23 PM
If the unit is in the rear, the F/G train proximity might not be too bad. It'd definitely need some aesthetic reno work -- those cabinets/closets/shelves are pretty yuck -- though you'd be surprised what some DIY effort could do with this space pretty cheaply. Not sure if the price is right though ... If it was $300k I'd buy it right now. :)
Posted by: sstrudeau at November 23, 2007 3:04 PM
If it were 300K it would be 1988 right now.
Posted by: guest at November 23, 2007 4:20 PM
Love the name "The Smith Regency "
Posted by: guest at November 23, 2007 5:19 PM
Super cheap maintenance, though. But currently quite unattractive and the train across the street could be a problem. Would need someone on the block to chime in on noise and vibration issues.
Posted by: Carol Gardens at November 23, 2007 6:00 PM
I looked in this building for a temporary rental when I was planning an apartment renovation. I saw a horrible basement apartment. The whole building is a shit hole. The location sucks. Smith Regency my ass!
Posted by: GHB at November 23, 2007 6:24 PM
I feel the need to repeat my prior posting: This is one of the ugliest buildings I have ever seen,
Posted by: guest at November 23, 2007 6:28 PM
Brownstoner, the financing issue with this place wouldn't be the percentage down for the buyer. Lenders are still doing 90% financing without any headache. An issue MIGHT be whether it will appraise. And I guess in that case the banks would care more about that issue with less money down. But the buyer would probably walk if he felt he was paying more than it was worth anyway I think.
Posted by: guest at November 23, 2007 8:11 PM
Units in this building have been on the market for a long time. I lived next to the train for 6 years; it's certainly not ideal but palatable, depending on price. Note the duplex at 127 4th place that just sold for close to $800k; that's the same distance from the train as this building.
Posted by: guest at November 25, 2007 3:25 PM
3:25
127 4th Place is not facing Smith Street and the elevated F train. There are no trees. Lots of traffic.
127 4th Place is between Court and Smith Street. A major difference.
Posted by: guest at November 25, 2007 8:55 PM
Looked at a rental unit in this building approximately one year ago. All I can say is don't waste your time. It's as bad on the inside as it looks on the outside.
Posted by: guest at November 26, 2007 2:16 PM
I actually live there. I have a duplex on the ground floor. My living room faces smith street, but my bedroom is further back. I was a bit worried about the train when I moved in, because I'm very sensitive to noise, but it hasn't been a problem at all.
Posted by: guest at November 27, 2007 11:45 AM
Two of these units are still on the market. The price has been reduced to $650K but, considering the state of the apartments and the building as a whole, they are still ridiculously overpriced. The duplex on the top floor is in a sorry condition and requires an awful lot of work/money.
Posted by: guest at March 20, 2008 11:18 AM
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