House of the Day: 270 Sterling Place

Worth $800K, tops.

Posted by: guest at December 11, 2007 1:47 PM

let me just get it out now before someone else does.

why would someone buy this when they can buy a 3 bedroom in park slope?

Bleh

Posted by: guest at December 11, 2007 1:49 PM

great old house.

hopefully someone will come along and restore it to its original glory.

Posted by: guest at December 11, 2007 1:50 PM

I hope a developer buys it ,knocks it down and puts up a fedders building .Not kidding

Posted by: guest at December 11, 2007 1:53 PM

As usual, a peice of junk being passed off as 'charmer in the rough'. A real loser and a lifetime-of-headaches to whomever is arrogant enough to think they can 'restore' it. And for $1.8 million I'll take that 3-bed in Park Slope, or better yet, that 2-bed on the UWS.

Posted by: guest at December 11, 2007 1:57 PM

I wish normal working people could afford this house.

Posted by: guest at December 11, 2007 1:59 PM

Park Place: There are contractors who can give you a new stoop. I had mine re-built. The trick is finding the railings and newel posts!

As for the morons who look down their nose at this property, if this was in Park Slope you would say how cheap it is and such a great deal. Get back in your bubbles, you freaks!

Posted by: guest at December 11, 2007 2:02 PM

Given the lack of photos on the listing, how does this rate as HOTD? How can we mock what we can't see?

Posted by: guest at December 11, 2007 2:02 PM

Now, I come on this here thread to do some highjacking. So ifin' your lookin'for a real nice house in the most desirable of delectable neighborhoods in all of Brooklyn, well then look no further than this Park Slope beauty. It's a humdinger.

http://www.prudentialelliman.com/Listings.aspx?ListingID=931051

Posted by: guest at December 11, 2007 2:06 PM

it's lovely, but also over a million dollars more than this place.

apples and oranges.

Posted by: guest at December 11, 2007 2:09 PM

Anyone want to buy breast milk ? My wife just had a baby and she has too much . This milk is comming out of a very healty 32 yr old white mom .. baby has gained 3lbs in 2 weeks so you know it's good . let us know . $20 for 4 ounces

Posted by: guest at December 11, 2007 2:11 PM

I'd say more than any other neighborhood, Prospect Heights has really ridden the coat tails of the Park Slope real estate market in terms of price appreciation.

Wasn't it like 5 year ago that you could get a fixer upper brownstone in Prospect Heights for like 700K?

I love Prospect Heights, btw.

Posted by: guest at December 11, 2007 2:13 PM

Wow, 2:11. That is the funniest post I have ever read.

Posted by: guest at December 11, 2007 2:15 PM

2:11 your wife's breastmilk will be worthless once Atlantic Yards is built.

Posted by: guest at December 11, 2007 2:18 PM

I work for Goldman Sachs and I would be happy to buy this for $1.8 million. In fact, in order to ensure that I get it, I'll bid $2.0 million.

Eat that, working-class stiffs!

Posted by: guest at December 11, 2007 2:18 PM

2:18 on breastmilk. Correction, that's the sickest post I have ever read. Selling bodily fluids over the internet is a federal offense. I'm a lawyer living in Park Slope (the best neighborhood in Brooklyn, by the way), and I know these things.

Posted by: guest at December 11, 2007 2:20 PM

You wouldn't last a day here, 2:18.

You and the wifey would be in your panic room cryin your eyes out all night at the sound of a car exhaust pipe.

Posted by: guest at December 11, 2007 2:20 PM

2:13- you can find that 700K fixer-upper in Ocean Hill or East New York these days. They're riding on the Crown Heights/Bushwick/Bed Stuy coattails as we speak.

Posted by: guest at December 11, 2007 2:22 PM

Everyone knows lawyers don't live in Park Slope.

They're all in Brooklyn Heights.

Nice try though 2:20.

I seriously don't know a single lawyer in Park Slope. In fact, I'm not sure I can think of a lawyer who even knows WHERE Park Slope is.

Posted by: guest at December 11, 2007 2:22 PM

2:11 I can't stop laughing! Please tell me that was a joke.

Posted by: guest at December 11, 2007 2:22 PM

2:18=2:11.

Posted by: guest at December 11, 2007 2:24 PM

2:22. I am the lawyer living in Park Slope. I assure you, I am here. You can find me at Gorilla Coffee, working on my laptop and fielding calls on my mobile.

Posted by: guest at December 11, 2007 2:28 PM

2:11 - Breastmilk

I'm actually interested in the breast milk. If I I suck it out of your wife's tit.

Posted by: guest at December 11, 2007 2:30 PM

Gorilla...YUM...!

Posted by: guest at December 11, 2007 2:30 PM

2:11 I would like to purchase 20 oz. who do I make the check out to!

Posted by: guest at December 11, 2007 2:31 PM

2:22- If that's true. Turn around and smile. I'm about to dump my coffee on your head while one of Frank Black's awful solo album plays in the background...

Posted by: guest at December 11, 2007 2:32 PM

sometimes, the comments on this weblog get a little silly.

Posted by: guest at December 11, 2007 2:32 PM

2:32. Carefull dumping that coffee on someone's head - that's also a federal offense. And trust me, I know these things - I'm a lawyer living in Park Slope (the best neighborhood in Brooklyn, by the way).

Posted by: guest at December 11, 2007 2:34 PM

if 2:18=2:11 then he would be a banker and a lawyer!

Posted by: guest at December 11, 2007 2:35 PM

Okay, everybody working, I mean reading Brownstoner, on a laptop at Gorilla raise your hand.

Posted by: guest at December 11, 2007 2:37 PM

too funny.

i caught someone at ozzie's the other day on brownstoner also...

ha.

Posted by: guest at December 11, 2007 2:38 PM

East New York is the next Bed-Stuy, which is the next Crown Heights, which is the next Prospect Heights, which is the next Park Slope.

That's the food chain.

Posted by: guest at December 11, 2007 2:39 PM

So, Park Slope is the next Cobble Hill, which is the next Brooklyn Heights, which is the next Manhattan?

Posted by: guest at December 11, 2007 2:42 PM

re the Sterling place property:

http://www.prudentialelliman.com/Listings.aspx?ListingID=931051
The listing says

This legal two family townhouse has a completely renovated high income producing garden level rental

But where's the bedroom in the apartment? Windows????

Posted by: guest at December 11, 2007 2:44 PM

This is a good block of Sterling. I would think that it might go for close to its asking price. Could you get a b.stone in PS (even one that needed work) for this price?

Posted by: guest at December 11, 2007 2:48 PM

You couldn't buy anything in Park Slope ever. Its all being snatched up by Goldman VPs.

Posted by: guest at December 11, 2007 2:56 PM

No, no Cobble Hill in this food chain. They are out of this.

Posted by: guest at December 11, 2007 2:58 PM

Are you kidding, in the time that you have been chatting in this thread I have already had my secretary buy and flip the Sterling Place property twice. It is now worth 4 million. You know, cost of closing, state taxes and all.

Posted by: guest at December 11, 2007 3:00 PM

Cobble Hill lives in its own eco system.

Posted by: guest at December 11, 2007 3:01 PM

Hi, I work at Goldman Sachs and am interested in this townhouse. One concern, however, is the neighborhood. Is Prospect Heights good enough for someone like me? Does is shout out to people, 'I've arrived'! Will my banking colleagues be sufficiently impressed by this address?

Any input is appreciated!

Posted by: guest at December 11, 2007 3:02 PM

This is one of the best locations in BK -- access to the best of Park Slope (Park, Farmers Market, Shopping on 7th and 5th,), better transportation than most of PS (2, 3, B, Q within 2 blocks) and without the PS attitude. As we learned re: yesterday's HOTD, 303 Park Place, a 2350 ft 3 story on a slightly less desirable block sold for $1.65M, yielding $701/ft. Also, 303 Park is under a near complete reno. 270 Sterling is 4240 feet, which at 701/foot = $2,972,240. I cant imagine that even if 270 is a complete wreck it will take $1.1M to restore. this is screaming buy.

Posted by: guest at December 11, 2007 3:07 PM

BUY BUY BUY BUY BUY!

Posted by: guest at December 11, 2007 3:09 PM

Lawyer working at Gorilla. Can you tell the owner to clean the sidewalk every day. All those coffee grounds stain the sidewalk and looks like crap.

Posted by: guest at December 11, 2007 3:16 PM

3:16. Those are gorilla turds and are in keeping with the theme of the store. Sorry, nothing can be done.

Posted by: guest at December 11, 2007 3:19 PM

I'm just trying figure out the math here. It's a legal two family, but let's say you rent out the top two bedrooms anyway. what are they worth, 2500 a month? so your getting 5k rental income. The total monthly nut is 9900 per month, so you're paying almost 5k a month to live in a duplex.

Am I missing something here? Who would this make sense for?

Posted by: guest at December 11, 2007 3:42 PM

take another thousand off that 5K for tax deductions and I dare you to find a 2100 sf duplex with garden for $4000 a month in this area.

Posted by: guest at December 11, 2007 3:45 PM

wtf is PS attitude?

i think you can find attitude anywhere if you look hard enough.

Posted by: guest at December 11, 2007 3:47 PM

dare accepted.

granted, I don't know the sq, but still...

http://newyork.craigslist.org/brk/fee/500617660.html

Posted by: guest at December 11, 2007 3:50 PM

Sounds like you have PS attitude.

Posted by: guest at December 11, 2007 3:50 PM

I dont think you're going to get 2500 a floor. Maybe 2200.

Posted by: guest at December 11, 2007 3:52 PM

You guys are not taking into account the amount of money that will have to go into this place. Also, $2500 per month for these apartments is wishful thinking, unless they are in great shape.

Posted by: guest at December 11, 2007 3:54 PM

yeah, that's a good one, 3:50.

but don't know the square footage as you said. probably close to 2000 i suppose.

but it's basically the same price as buying, so it's not THAT bad a deal at 1.8 mil.

that one you found on craigslist is a good looking place for that price though.

i'll give ya that.

but i prefer to own if renting comes nearly in line with owning price-wise.

the peace of mind is priceless for me.

not all, i realize. but for me.

Posted by: guest at December 11, 2007 3:54 PM

oh well I dont live there so...

maybe its everywhere!

Posted by: guest at December 11, 2007 3:56 PM

Shouldn't the conversion to a 2-fam, per the legal C of O, be the responsibility of the seller? And on the other hand, those kitchens can't be very nice... why not just strip one out for the sale so the bank & appraiser et al. see the 2-family, then just put it back in post-sale? No one's looking at the house after you buy it, so how much does the C of O really matter?

Further: assuming you want everything to be above board, anyone have a clue about the time/effort/expense involved in changing the C of O to 3-family? What would happen to the taxes?

Unlike just about everything else posted on brownstoner, this seems strangely reasonable... actually, suspiciously reasonable. Where are the interior shots? Must have some serious problems. Or pests. Or something.

I'd buy it for $1.65M

Posted by: guest at December 11, 2007 4:07 PM

This house did not just come on the market. I noticed the listing almost a month ago. There is a REASON there are STILL no pictures of the house. I don't know what it is, but I'm assuming it's a wreck on the inside and the broker doesn't want to deter prospective buyers. A month is ample time to have gotten at least a pic of the facade on the listing. It's outrageous.

Posted by: guest at December 11, 2007 4:14 PM

If I buy the place, can I get the lactating mom thrown in?

Posted by: guest at December 11, 2007 4:15 PM

yes, and this pricetag would take into consideration that it's a relative wreck on the inside, 4:14.

you think it's perfectly restored for 1.8 million?

ever hear the phrase you get what you pay for?

now, i'm not saying it isn't a gem in the rough (i think it is!) but screaming deals in this city are few and far between.

it's a fair price for a home in this location needing substantial work.

Posted by: guest at December 11, 2007 4:17 PM

negative

Posted by: guest at December 11, 2007 4:37 PM

Many folks in Prospect Heights consider this the best block in the neighborhood. Fabulous location and lots of potential. Because of supply and demand in Brownstone Brooklyn, the cost difference btw renovated and unrenovated houses is ALWAYS less than it should be, ie. the purchase price of a wreck + the actual cost of the reno = more than the price of a renovated house. Obviously the buyer has to be prepared to endure the ordeal of a renovation and that excludes a lot of people. But then, they'll get the house they want -- not somebody elses's idea of a dream kitchen/bathroom/floor plan etc. My guess is that this will sell for something closer to $1.6m.

Posted by: guest at December 11, 2007 4:38 PM

Fuhgeddaboutit! It's not even one of the nice deep lots in Prospect Heights. It's only 94 long. Next.

Posted by: guest at December 11, 2007 4:43 PM

i've seen shells in west harlem go for near 1.4 these days so i certainly think 1.8 sounds reasonable for a "wreck" in prospect heights.

Posted by: guest at December 11, 2007 4:44 PM

So, it's 7400+ under FAR. Does that mean a developer could potentially buy it and just tear it down?

Posted by: guest at December 11, 2007 4:56 PM

For those of you that know, what can I expect to pay for a 1-bedroom rental (apt. in decent shape...don't really care if not fantastic) on the first floor of a building. Looking for something in North Slope close to the B, Q in the 600-650 sq feet range. Thoughts?

Posted by: guest at December 11, 2007 5:03 PM

4240 feet + a FAR of 8

Posted by: guest at December 11, 2007 5:13 PM

Many folks in Prospect Heights consider this the best block in the neighborhood. - I don't think this is correct. Prospect btw Carleton and Vandy and Park Place btw Vandy and Underhill are nicer and more beautiful, no large apartment buildings almost all brownstones.

Posted by: guest at December 11, 2007 5:16 PM

2:09 -- its not apples and oranges at all; this is a block and a half away from the $2.995M Sterling Place house. Anon 3:07's calculation isnt far off

Posted by: guest at December 11, 2007 5:17 PM

of course it's a wreck. . . it's still a good deal . . . put $400K into it and you've got a great place at a good price.
all you guys figuring out how much you would rent out which floor for aren't accounting for the fact that this is going to go up in value.
If you don't think so, keep on renting!

Posted by: guest at December 11, 2007 5:26 PM

995K tops.

Posted by: guest at December 11, 2007 5:36 PM

2:32 - Thank you! Someoneelse who can't stand Franl Black. Hate the Pixies too. Way over-rated.

Posted by: guest at December 11, 2007 6:15 PM

"put $400K into it and you've got a great place at a good price."

Looks like it will need a good deal more than 400K, judging by the fact that there is not one damn picture. So no, it's not a deal.

Posted by: guest at December 11, 2007 6:30 PM

So I just bought a pair of flannel pjs. I washed them before using them, and they've almost disintegrated. I'm out $15. And they're Hanes.

Posted by: guest at December 11, 2007 6:44 PM

i know a lawyer in Park Slope

Posted by: guest at December 11, 2007 8:37 PM

Brownstoner:

Judging from the visible a/c unit????

C'mon - like 1 in 50 houses in Brooklyn has central air.

Posted by: guest at December 11, 2007 9:46 PM

Look Morons- 1.8mm on this block is a BARGAIN! Look at the tax assessments. Are you kidding me. THIS IS A BARGAIN.

This from a person that abhors real estate agents - simply abhor them - but I do admittedly adore this neighborhood- and this block is great - right up the block from that diner that has long lines but gives out snacks to keep you waiting.

Great properry. I only wish I could.

Posted by: guest at December 11, 2007 11:27 PM

The listing reads "No showings before Jan. 15th, 2008". Wonder why?

What is the point of listing it two months in advance? This has been on the market since mid-November.

Posted by: guest at December 11, 2007 11:39 PM

"1.8mm on this block is a BARGAIN!"

Ha ha ha ha ha ha ha ha ha. Ha ha ha ha ha ha ha ha ha. Ha ha ha ha ha ha ha ha ha. Ha ha ha ha ha ha ha ha ha. Ha ha ha ha ha ha ha ha ha. Ha ha ha ha ha ha ha ha ha. Ha ha ha ha ha ha ha ha ha. Ha ha ha ha ha ha ha ha ha. Ha ha ha ha ha ha ha ha ha. Ha ha ha ha ha ha ha ha ha. Ha ha ha ha ha ha ha ha ha. Ha ha ha ha ha ha ha ha ha.

Posted by: guest at December 12, 2007 1:25 AM

Another day of useless blogging...sellers and brokers don't condiser this place the source! Its not.

Posted by: guest at December 12, 2007 8:04 AM

"1.8mm on this block is a BARGAIN!"

Laughable.

"This from a person that abhors real estate agents"

But I'm using one to sell this piece of crap.

"Great properry. I only wish I could."

I only wish I could... sell it.

Posted by: guest at December 12, 2007 8:20 AM

My husband is a lawyer. We live in Park Slope.

Posted by: guest at January 5, 2008 5:10 PM