House of the Day: 40 St. Marks Avenue

The lot is 16.67 ft x 62.08 ft. Sorry, but you cannot command $2 million+ for that size house/lot. Next.

Posted by: guest at November 1, 2007 1:44 PM

Looks pretty nice.

I'm sure The What will comment that the sky is falling and its all doom and gloom.

Posted by: guest at November 1, 2007 1:44 PM

Looks like a nice reno job and the location is great. I think that part of Park Slope is much more diverse and happening than the streets further in. BUT, a 62 foot long lot is too short, in my opinion, for that price. No way.

Posted by: guest at November 1, 2007 1:48 PM

1.7M. Topps.

Posted by: guest at November 1, 2007 1:54 PM

Is this really only a 2 bedroom house? Please tell me it isn't...

Posted by: guest at November 1, 2007 1:57 PM

seems weird to stuff the kitchen in that spot.
beautiful though.

Posted by: guest at November 1, 2007 2:08 PM

A bit steep for that short lot, but very nicely done. No central a/c after all that reno?

Posted by: guest at November 1, 2007 2:08 PM

It looks like a beautiful home, but I think they're hindering the sale with listing it as a 2 bedroom (it could be 3 with the den/office) - that top floor master suite is pretty amazing though!

Posted by: guest at November 1, 2007 2:15 PM

I'd still rather be closer to the Prospect Park, but having 5th a couple blocks away is great.

Having said that, this home looks beautiful and so close to the 2/3 Bergen Stop and just a skip to the Q at 7th Ave as well.

Super convenient for a young family from Manhattan making the move to Bklyn.

Posted by: guest at November 1, 2007 2:22 PM

2:15...guess as you get older, walking a few blocks gets tougher?

I can't understand why someone would rather live near shops and restaurants that are boarded up past 11pm than to a lush, verdant oasis of a park. To each his/her own of course.

I don't think we'd hear too many people say...I'd much rather live on Amsterdam Avenue than on Central Park West...

Being near the Park will always be a premium. That's why homes between 7th and 8th and 8th and the Park sell near the 3 million and over mark.

Posted by: guest at November 1, 2007 2:25 PM

if you want a park move to the country.

Posted by: guest at November 1, 2007 2:29 PM

Boreum Hill ain't the North Slope.

Posted by: guest at November 1, 2007 2:30 PM

2:25 -- You spend much time in that "lush, verdant, oasis of a park" after 11pm?

Posted by: guest at November 1, 2007 2:41 PM

The kitchen looks more like a modern art gallery than a place to cook. Food is messy. My advise to the buyers: Don't have kids, or build a second kitchen somewhere if you do.

Posted by: guest at November 1, 2007 2:43 PM

boerum hill and the north slope ain't no gowanus adjacent.

Posted by: guest at November 1, 2007 2:49 PM

Personally I'd rather live near 5th Avenue will all its amenities, closer to the subway and access to Smith/Court Streets, - even if they are boarded up at 11pm, than the "lush verdant oasis" after 11pm, 2:25!

Posted by: guest at November 1, 2007 2:50 PM

Looks lovely but realistically this is a 2 bedroom house. The office has no window. Am I the only one that thinks this is exorbitantly priced?

Posted by: guest at November 1, 2007 2:55 PM

None of you would have wanted to live anywhere near 5th Avenue 10 years ago.

You'd be dead.

Posted by: guest at November 1, 2007 2:56 PM

Living near the Park is living near the Park.

Some people have their preference to be near the shops and action, but close proximity to the park will always hold more a premium.

You don't find any 2.1 million dollar brownstones on park blocks.

Posted by: guest at November 1, 2007 3:01 PM

Your point, 2:56?

Posted by: guest at November 1, 2007 3:03 PM

Love the park. Love the homes near the park. Hate the douchebags in the homes near the park.

Posted by: guest at November 1, 2007 3:04 PM

They will get this price, or very close to it.
The layout is great.
Most people would rather have more usable, premium space (look at the top floor master suite) than a bunch of little rooms that add up to more square feet.

Posted by: guest at November 1, 2007 3:06 PM

3:06 is the broker or owner.

Posted by: guest at November 1, 2007 3:12 PM

Being directly ON the park is amazing. Being near it doesn't mean anything and it is a drag.

It only means you're much farther away from all the new and best amenities on 5th Ave and the amenities that will be coming in Gowanus like Whole Foods. I'd rather be near 5th Ave any day. And yes actually, walking a longer distance does become harder as you get older because you have children to drag along with you much of the time. Also when it's late at night who wants to walk 5 blocks to get a carton of milk at the deli. You need one right nearby.

Posted by: guest at November 1, 2007 3:15 PM

The 62 lot--VERY short. No yard, hence the "enclosed outdoor dining area" the broker describes. They will not get that price. You're better off with the President Street house (also between 5th & 6th Ave) listed with BHS for $1.895. Same width and square footage, but the lot is 95. Brokers should really pay more attention to comps instead of thinking they have something unique. No way in hell they get that price for a 62 foot lot.

Posted by: guest at November 1, 2007 3:15 PM

2:55 - the office does have a window and a door to the deck... not ideal for a little kid, for great for guests! I think I agree with 3:15 that the bigger issue is it is a little house for big money...

Posted by: guest at November 1, 2007 3:20 PM

I will be SHOCKED if they get anywhere NEAR this asking price. Stranger things have happened and maybe if this was the price before the credit crunch... (BIG maybe). But now with winter nearing, the housing market falling, prices get cut even in brownstone Brooklyn, Wall St. getting hammered, etc.- I honestly think there is no way it will sell.

ESP. given the lot size- it's not only narrow but ALSO short. Not ideal.

As far as the location, I actually think it's pretty ideal. This is exactly where I would want to buy if I was a Manhattan transplant, b/c of the proximity to express trains.

Posted by: guest at November 1, 2007 3:30 PM

That short lot really screws it up for this poor house. Too bad.

Posted by: guest at November 1, 2007 4:13 PM

The renovation will sell it - to the right buyer.

Posted by: guest at November 1, 2007 4:17 PM

At the right price.

Posted by: guest at November 1, 2007 4:39 PM

they must want a lot of weekends full of people tramping thru their place. not exactly "priced to move"

Posted by: guest at November 1, 2007 4:40 PM

how far do you think the park is from a grocery on 7th ave. 2 blocks, and there are many on 8th ave in the south slope, as well. So no you're talking one blcok lol. Gimme a break, living near the park will always command a premium.

Posted by: guest at November 1, 2007 4:42 PM

4:42 - I disagree. I am a potential buyer looking for brownstones in PS (coming from Manhattan). And my husband and I are less interested in the park than we are express trains. We can afford a longer walk to the park when we need to (even if it's far away) but the daily commute is MUCH more important to us.

Having said that, I think this home is well located for our needs but totally overpriced for what it is (small lot, narrow, etc.).

Posted by: guest at November 1, 2007 4:47 PM

hahhahah ... I love it.

All the "traditional Park Slope" 7th Avenue snobs are crapping their pants as potential buyer after buyer voices a preference for 5th Avenue on this thread (better shops, restaurants, subways).

Down with Connecticut Muffin 7th Ave snobbery, long live 5th Ave and the NEW PARK SLOPE!

Huzzah!!

Posted by: guest at November 1, 2007 5:09 PM

Do think that $750 would be fair. And, someone may pay $800. This is closer to $900 tho. corcoran always overprices everything, so no exception here.

do think it's a good place tho. a renovated house that doesn't need work is a huge time saver.

my one comment would be - WHY NO CENTRAL AIR? i will no longer live anywhere without it.

Posted by: guest at November 1, 2007 5:10 PM

i rent by 8th ave and lincoln and would rather live closer to 5th and 4th ave.

but im also under 30

Posted by: guest at November 1, 2007 5:33 PM

"Also when it's late at night who wants to walk 5 blocks to get a carton of milk at the deli. You need one right nearby."

Yeah, no milk on 7th avenue.

Posted by: guest at November 1, 2007 5:38 PM

"Also when it's late at night who wants to walk 5 blocks to get a carton of milk at the deli. You need one right nearby."

dude, it's called a wetnurse. get with the program.

Posted by: guest at November 1, 2007 5:41 PM

Cow's milk, not breast milk.

Posted by: guest at November 1, 2007 5:43 PM

"4:42 - I disagree. I am a potential buyer looking for brownstones in PS (coming from Manhattan). And my husband and I are less interested in the park than we are express trains. We can afford a longer walk to the park when we need to (even if it's far away) but the daily commute is MUCH more important to us."

You obviously haven't looked around too much or know the neighborhood at all.

The express trains (2/3 at Grand Army Plaza and Q train at 7th Avenue) are closer to the Park than they are to 5th Avenue.

Posted by: guest at November 1, 2007 5:44 PM

I think the price includes a "move-in-condition" premium. Honestly, how many single family houses in PS in the 1.75-2.25 million range are totally finished? The ones described as "dripping with details" seem to need "just a few finishing touches" while the multi-family ones have tenants to deal with (and probably under 2,000 sq ft of living space for the owner).

It may sit for a while, but I think eventually there's a buyer at this price.

Posted by: guest at November 1, 2007 5:44 PM

a manhattan couple with possibly one child will sell their 2 bedroom on the uws and snatch this up in a second.

Posted by: guest at November 1, 2007 5:46 PM

Th broker is kinda cute, no?

Posted by: guest at November 1, 2007 5:50 PM

Sell two bedrooms in Manhattan to get 2 bedrooms in Brooklyn?

REally?

Posted by: guest at November 1, 2007 5:54 PM

2/3 train is an express train?!?!

Please remove your head from ass. 7 stops from Grand Army Plaza to Wall Street is not "express."

4 stops on 4/5 from Atlantic Ave. to Wall Street, 2 stops on N to Grand Central, that's express.

PLUS, if you're center slope by the park (3rd Street and 7th Ave., etc.) that's a loooong walk to Grand Army. At least 4th Ave has M/R to get you to Atlantic Ave.

5th Ave wins again!!!

Posted by: guest at November 1, 2007 5:55 PM

Also when it's late at night who wants to walk 5 blocks to get a carton of milk at the deli. You need one right nearby."

"Yeah, no milk on 7th avenue".

on 8th street there is even a deli between 8th ave and the park. what are these people talking about, far from a carton of milk.

Posted by: guest at November 1, 2007 5:57 PM

5:46pm: "Upper West Side" and "snatch" should never be used in the same sentence.

Thank you.

Posted by: guest at November 1, 2007 5:58 PM

yes, actually the 2/3 is an express train.

if 15 minutes from Grand Army Plaza to Wall Street is too much for you, you need some help.

I find Bergen or Grand Army a world more pleasant than Atlantic Terminal.

And have fun once 14,000 more residents are piling in there every day.

I don't consider the M to even be a train.

Posted by: guest at November 1, 2007 5:59 PM

there is ace supermarket at berkeley and 7th. they have lovely milk.

there is key food at carroll and 7th. just had a terrific makeover. also carry milk, last i checked.

or if you like your milk, stricly organic, there is back to the land at garfield and 7th.

too far for you?

well then there are about 15 delis from flatbush to 15th along 7th and some of 8th.

Posted by: guest at November 1, 2007 6:01 PM

5:59: ooooooh, you don't consider the "M" train a train! Damn! You nailed me!

Well, this is the "M" train here and I consider you an elitist 8th Avenue turd (except white).

I better not catch your stay-at-home ass on 5th Ave or there's going to be trouble.

...and when being a snob, don’t split your infinitives, it makes you look stoopid.

Posted by: guest at November 1, 2007 6:06 PM

5:59 - Thanks for helping to prove my theory that there is a giant douchebag magnet buried in Prospect Park.

Posted by: guest at November 1, 2007 6:16 PM

I thought all the douche bags were in Vinegar Hill?

Posted by: guest at November 1, 2007 6:40 PM

Any buyer with small children will tell you being closer to the park is way better than having to walk long ave. blocks to get there 1 or more times a day. I know most of you hate children and people who have them, but it's the way it is. Trust me I've lived closer to 5th and closer to the park and I know the difference. I think the CPW comparison is a good one. Some people may prefer being near restaurants and shops, but properties on the park or on a park block will always command higher prices. Just look at comps people-- it's the truth.

Posted by: guest at November 1, 2007 7:15 PM

prospect park is nice and all but i just take my kids to jj byrne and they're just fine. concrete builds character.

Posted by: guest at November 1, 2007 8:01 PM

As with almost all real estate blurbs, it is so poorly written and annoying I just couldn't resist this time:

Absolutely no detail was overlooked or spared being ripped out of the modern (as opposed to “ancient”) renovation of this classic (oh…maybe it IS “ancient”) Park Slope townhouse. On the parlor floor, with soaring jet-propelled 12" (that’s one foot) ceilings, oak flooring (WOW!), a wood-burning fireplace (Yeah! Smoke backdraft!), and a “wall of windows” overlooking the secluded (uh…?) and serene (peaceful whirring white noise of the neighbors window air conditioners as they hum away and the neighbors peek out at you), Ipe-enclosed outdoor dining area, you'll find the living room, dining area, kitchen and half bath. “Honey…I can’t find the living room, dining area, kitchen or half bath! Oh…no…Sorry… I just found them!”

The stunning (as in cattle prod?) kitchen features custom-designed walnut cabinetry (you mean those aren’t KitchenMaid from Home Depot?), Italian limestone countertops (Fabrique au Mexique?), Bosch dishwasher, Wolf cooktop, Sub Zero refrigerator, Gaggenau double-oven, and Vola fixtures (no additional comment needed).

On the second floor of the house (of the house?…I forgot we were talking about a house so had to be reminded) are two spacious bedrooms (one is not a legal bedroom and neither room is that spacious) and a full bath. Off the back bedroom, currently being used as a den and office and guest room and floor pilates area and library and keeping room, is a lovely deck (lovely, I say). The front bedroom has two generous closets (they give to the Met and to GMHC) and a wood-burning fireplace (more smoke and will suck air right out of the house in winter).

The entire third floor is an enormous master suite (ginormous!) with a wood-burning fireplace (ibid), two skylights (WOW!), custom ash (Must have ASH!) built-in closets, and bamboo flooring (sustainably harvested 12,000 miles away). The five-piece master bath (no bidet…they’re counting the his-and-his sinks as two “pieces” out of the five…Hhhh…that’s like counting all the lids in a cookware set to up the number…misleading…) is the epitome of luxury (I’ve seen better) with an extra-deep Kohler cast iron whirlpool tub, custom Wenge cabinetry, marble flooring ready to be ruined by pee or cracked by a dropped bottle or somesuch, and Italian ceramic tile (Wow! Italian AGAIN!).

In the fully-finished English basement (“English”? It’s a basement, okay?) you'll “find” the laundry area (i.e. “room”), complete with “a” Kenmore Elite (“Platinum Class”, Business First!) front-loading washer and dryer. (if it’s so hot, why no photos?)

A legal two-family (it’s not a “legal” two family because it needs a second kitchen, hello!), the house is currently configured as a single family home . Best of all (better than the house itself), the house is just a few blocks from Prospect Park, a short walk to all the trains at Atlantic Avenue, and steps from the restaurants and shops of 5th Avenue and tiresome real estate verbiage.

[Now…does anyone know what the issues are around renovating a C. of O. two –family into a one-family with only one kitchen without changing the C. of O. to a one-family? Does it create problems for the bank writing the mortgage? Do they want to see a second kitchen? Or do they only want to see a second kitchen if you request the mortgage on a two-family basis?]

Posted by: guest at November 1, 2007 8:13 PM

That really is a pathetically tiny back yard. Ugh.

Posted by: guest at November 1, 2007 8:22 PM

Cute house, if a bit narrow.
Very nice reno.
Too close to AY.
$1.6mm.

Posted by: guest at November 1, 2007 9:01 PM

It will get ask or close to it. I live in a house close to 7th - but this is truly move-in!!! Can't find anything like that (unless you are buying in Novo/Argyle/Crapo).

Posted by: guest at November 1, 2007 9:22 PM

$1.5mm

Posted by: guest at November 1, 2007 9:33 PM

The lack of yard and narrow width of the house outweigh the high-end reno. The lot and width are two permanent factor you can never change. Factoring in the move-in condition, this house is worth $1.8 tops.

Posted by: guest at November 1, 2007 9:54 PM

You know how sometimes the highest-end, best renovation job on a house just doesn't pay off? This is one of those times.

Posted by: guest at November 1, 2007 9:57 PM

This is the owner of 40 St. Marks. In the light of the comments here, we are lowering our asking price to $1.5M. We'll probably take $1.4 or $1.3, though -- we're kind of freaking out.

Posted by: guest at November 1, 2007 10:01 PM

Before credit crunch: $1.8 million
Now: $1.6 million TOPS. Short lot = big problem and major turn-off.

Posted by: guest at November 1, 2007 10:01 PM

"Th broker is kinda cute, no?"

"That's what I thought too....if only she got rid of that demonic and insincere smile that seems to be de rigueur for broker pics."

Ooooh, nice neg, johnife. The girl is yours now.

Mystery

Posted by: guest at November 1, 2007 10:04 PM

Well, you gotta admit that the broker's profile is a total hoot (look under "view my listings") - she was previously in publishing, joined a motorbike club and taught sex ed at a middle school before doin' the RE gig.

"I love coming home to Brooklyn. I want you to love coming home too and I want you to love where you live."

Posted by: guest at November 1, 2007 10:17 PM

Is'nt this the block with tons of low income housing??

Posted by: guest at November 1, 2007 10:29 PM

st johns

Posted by: guest at November 1, 2007 10:41 PM

huh? What low income housing?

Posted by: guest at November 1, 2007 11:00 PM

The price is ridiculous - I almost think it's reverse psychology to shoot way over the moon, but I would be shocked if they got anything close to it, esp when the buyers paid $900K 4 yrs ago - even with the nice reno, and market increase, it simply is not worth that much. The schools in that part of PS are not as popular, the lot is tiny, and overall, it's a pretty small house. 1.6 seems more like it.

Posted by: guest at November 2, 2007 12:10 AM

$1.4mm this year. $1.2mm next year.

Posted by: guest at November 2, 2007 12:38 AM

RE the low income housing on St John's:

FROM THE NEW YORK TIMES:

September 29, 1985
PARK SLOPE TENANTS RENOVATING THEIR 23 BUILDINGS

Work has begun on 23 Brooklyn brownstones purchased last year by their residents from the United States Department of Housing and Urban Development after more than five years of complex negotiations with Federal and local housing officials.

With the purchases, the 80-year-old brownstones, on St. John's Place between Fifth and Sixth Avenues, became the first subsidized cooperative apartment buildings for low- and moderate-income families in Park Slope.

The subsidies, under Section 8 of the National Housing Act, are linked to family income: Tenant-shareholders pay 27 percent of their annual income to the co-op for maintenance and H.U.D. makes up the balance of the maintenance costs.

Posted by: guest at November 2, 2007 12:41 AM

"Low income" in NYC can mean police, teachers, firemen just as much as anyone else, don't forget. And coops available for purchase by low to middle income people is a very different thing from "the projects". If anybody is freaking out about this development being on their street or in their neighborhood, they REALLY finally need to move to Connecticut. Buh-bye, been nice to know you.

Posted by: guest at November 2, 2007 8:42 AM

its been there since 1985 and most people didnt even know it existed. I didnt know it was there until I walked down the street and there were security guys in little vests which were obviously government employees.

if it wasnt for that I wouldnt have thought it was low income. It just looks like a poor condo conversion that extends half the block.

looks better than any low income housing ive ever seen.

Posted by: guest at November 2, 2007 9:29 AM

8:13 must have been pretty bored. Nice house, I hope they get whatever someone is willing to pay. Whether it is close to asking or not remains to be seen. And all this talk of backyards, most people on my block don't even use theirs, it's funny, you pay out the nose to get one and then it sits there empty most of the time.

Posted by: guest at November 2, 2007 9:34 AM

While people may not use their backyards, 9:34, no one wants to "pay out the nose" as you say, but not even get one. That would be the case with this property.

Posted by: guest at November 2, 2007 11:26 AM

Is anyone else disturbed by the unending whiteness of the house? It's like living in a huge dream sequence on a soap opera. Please - even creamy beige is looking good, here. At least get some color in your accessories. Argh!

Posted by: guest at November 2, 2007 12:14 PM

In a market where -- in spite of recent volatility -- demand for town houses in move-in condition far out-strips supply, there are plenty of affluent young families in Manhattan for whom this would be a very attractive purchase. Brand-spanking new reno, nothing to do but move in and enjoy. Most of the comments above are just nit-picky. Don't lose sight of the big picture.

Posted by: guest at November 2, 2007 4:28 PM

Sorry 4:28. Those Manhattan buyers you mention are mainly moving to Brooklyn so they can have some outdoor living space, as least I am. I'd rather have to fix it up a little (and to make it suit my tastes in the process) and have a backyard than not.

Posted by: guest at November 2, 2007 4:36 PM

That yard is still bigger than the average Manhattan balcony.

Posted by: guest at November 2, 2007 5:15 PM

4:36- I agree with you. I think 4:28 is way off. I'm a buyer as well coming from Manhattan and a yard is pretty much our #1 requirement. There is no way we'd pay over $2mm for no back yard. You can get all sorts of newly renovated (or newly constructed!!!) inventory if you go for condos in Manhattan or Brooklyn. The main appeal of a house is related to the yard.

Posted by: guest at November 3, 2007 11:48 AM

Hmmm, I tried to post recommendations about attractive things to do with small yards, and I provided links for photos as options. But I guess Brownstoner decided not to post it. Don't know why. Maybe I wasn't being snarkey enough to merit being included.

Posted by: guest at November 3, 2007 3:06 PM

3:06 - If you included more than one link, the the blogging software probably thought it was spam. Nothing conspiratorial at work.

Posted by: guest at November 4, 2007 1:43 AM

Impressions from the open house...

A lot of attention was obviously paid to details on the reno. They also managed to make a fairly narrow house feel rather airy.

However, many things were either not well thought out or not completed. For example, a door in the kitchen that lead to nowhere. I guess they were going to put some sort of deck there, but I can't see how that would possibly work, given the rather minuscule back yard. Frankly I've seen larger diner booths, but the outdoor space was nicely done for what it was. There was a deck on the second floor which was a more pleasant space.

They did a good job on the cabinets and closets, but I was puzzled by a large window-like opening from the master bedroom to the stairs. There was a sliding glass door in the master bath that covered either the shower OR the toilet stall which was, well, just kind of weird.

The other bathroom looked like they had not renovated it yet and it did not fit into the modern look. The stair banisters also looked out of place, like they had been transplanted from a rather bland suburban home.

The house might be legally a two family, but there was no kitchen or bathroom in the garden floor, there was also only one small window in the front and one in the back, so it would not make the most desirable apartment.

The interior is about as far from a brownstone as you can get. Very little detail or period charm. It looks as if the owners would rather be in a slick new condo.

Posted by: guest at November 4, 2007 11:49 PM

Thanks for the great report 11:49. I always think to look back at past HOTDs after open houses, but rarely do people post because it's been a few days. Thanks for doing so!

Posted by: guest at November 5, 2007 12:37 AM

Yeah, I agree- thanks 11:49. Very helpful comments!

Posted by: guest at November 5, 2007 2:06 PM