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January 3, 2008
921 Greene Avenue: Pregnant with Possibility
On our way to pick up a new Argington trundle bed for the eldest of the Brownstoner brood over the holidays, we passed this beautiful brick and brownstone house at the corner of Greene Avenue and Malcom X Boulevard in Bed Stuy. Instantly smitten, we headed back to headquarters to find out what the story was. Turns out that it's an example of what can be scored via foreclosure auction. After the former owner defaulted on a $423,011 loan, some opportunistic investor picked up the four-story house for $575,000. This looks like a great condo conversion to us. GMAP P*Shark DOB
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Comments
Word up.
Posted by: guest at January 3, 2008 11:40 AM
Whats the best way to find foreclosures like this. I've tried public records with no luck. Do I really need to pay for a listing service?
Posted by: guest at January 3, 2008 11:45 AM
foreclosures.com
Posted by: guest at January 3, 2008 11:56 AM
Brownstoner you are clueless as fuck. "This looks like a great condo conversion to us'. ON WHAT PLANET??!!! what person i their right mind would do a condo thing at 921 Greene Ave??? Animal practice for the youngins.
The What
Someday this war is gonna end...
Posted by: guest at January 3, 2008 12:02 PM
The What - do the math!
Four floors of say 700 sq ft apartments with an entry cost of $150k each. Spend a max $100k on each of them and sell them for $350-$400k.
If you're not greedy it's not too hard to make money of property conversions.
Posted by: guest at January 3, 2008 12:06 PM
How do I start a blog where I write 1000 words/day and visitors write 10,000 words of nonsense, so I can buy my kid $1,000 bed?
Posted by: guest at January 3, 2008 12:13 PM
how does the default on $423k mean the bank sold it for $575k? was the original owner an idiot?
Posted by: guest at January 3, 2008 12:16 PM
12:13 - HA H!! that is hilarious...sorry Mr. B, but you have to admit that was truly funny! I need to find a gig like that as well.
Posted by: guest at January 3, 2008 12:16 PM
It is not going to be a condo conversion....
Posted by: guest at January 3, 2008 12:17 PM
The What makes me want to stop reading Brownstoner.
Posted by: guest at January 3, 2008 12:18 PM
What do you mean? Not every condo conversion has to be for luxury buyers only. For a couple trying to get into the market why wouldn't they buy a decently done condo here? I say $300K each would still give the converter a decent profit and a few people a chance to build some equity in an error that may not be pretty but its a 3 minute walk to the J train, 20 minutes into downtown Manhattan. Not many amenities but a decent vegetable market is around the corner along with a grocery story, huge clean laundrymat and everything else you really need.
I bought a condo conversion around the corner for $400/sq ft, neighborhood not so great, paying the same amount i was paying in rent into my pocket, priceless. Even as the market drops, I still look around and don't see anything for around the price of what I got. Low price you trade some stuff in but its better then nothing in my opinion.
Posted by: Tdeezy at January 3, 2008 12:20 PM
Tdeezy: you paid $400/sq ft? Sounds really high for the nabe. I bought a whole house in the area for less than $190/sq ft. 3 years ago. How long ago did you buy?
Posted by: guest at January 3, 2008 12:28 PM
are you doing product placement now?
Posted by: guest at January 3, 2008 12:30 PM
I bought it a few months ago, but from my experience condo's are never the same as a whole house for sq ft costs so i'm not sure that's apples to oranges. plus we got all higher end finishes appliances, laundry in the apt and two bathrooms (its a two bedroom) so I think in all it was decent. Plus there's a balcony and a communal roof deck. its smallish but they did a good job with the floorplan so every inch is usable space.
Posted by: Tdeezy at January 3, 2008 12:32 PM
correction, i shouldnt say high end, ther's no sub zero in there, but good quality as in G&E, fisher&packal (sp?). Plus there's zero maintenance/work to be done, low maintenance and zero taxes for 12 years thanks to 421a abatement.
Posted by: Tdeezy at January 3, 2008 12:36 PM
You did well, Tdeezy. Btw, anyone who is considering the condo vs. house thing, you can't look only at price PSF. With houses the work is NEVER done, never. You're always putting money into a house. We own a house and love it and it was the right choice for us, but it's too much time and money for many people.
Posted by: guest at January 3, 2008 12:42 PM
Sorry, bad day. Don't mean to take it out on you guys. Me and my mom got into another argument over who gets to use the good loofah. Just for fun, I'm going to try out some extra ellipses after my signoff.
The What
Someday this war is gonna end...........
Posted by: guest at January 3, 2008 12:47 PM
B: your comments (i.e., "This looks like a great condo conversion to us.") are becoming more silly (and dangerous) by the second. Actually, this whole website (concept) has become way to silly. I wonder how many people have bought into Crown Heights, Bed-Sty, etc because of you and now are "paying" for it.
This will be my last visit to your site.
Good luck! I wish you well.
Posted by: guest at January 3, 2008 12:48 PM
I said it before and repeat it again, in the interest of quality development and preservation, somebody should be hosting workshops on how to buy foreclosed houses in brownstone Brooklyn. PLEASE consider it.
It's good for the community, especially during so much worry over foreclosures, to see some good coming out of it. It helps regular people buy an affordable property. And would help keep away cheesy flippers. Like the guy who bought our house in foreclosure then flipped it and sold it to us after having to cut his overly high price twice. After which we had to undo everything he did and had done wrong, and fix all the more important things that needed fixing that had been totally ignored.
Posted by: guest at January 3, 2008 12:50 PM
hey! we bought the same trundle bed in September. Did you get it at Mini Jakes? Best place ever! they delivered and set it up. we went with the toddler bars too. sure, we spent over $1200 for it all, but the kid can have a decent bed frame with an extra bed for forever versus some kiddie thing that'll just have to be replaced.
FYI - Mini Jakes is on N. 9th in williamsburg bet. Bedford and Driggs.
also functions as a great free playground if you live nearby.
Re the other posts - there are still cheapish psf prices around in east williamsburg, but sounds like the above condo buyer got a good deal.
Posted by: guest at January 3, 2008 12:53 PM
I don't think anyone will be sorry to see you go, 12:48. This country needs economic improvement, not the great depression. Anyone who wishes for that is mentally ill.
And if you hate black people, don't buy in Crown Heights and Bed Stuy. It's your choice. Who is making you go there? Some words on a blog? Nobody with any intelligence spends lots of money to buy in a neighborhood because Brownstoner talked about condo conversions there. People are not as stupid as you are. Certainly not the ones with money. If they are buying in those neighborhoods it's because they've done the research and believe it to be a good investment. Period. Meanwhile, if you don't think it's a good investment then please give us specific facts, not your emotional opinion.
Posted by: guest at January 3, 2008 12:56 PM
It's a cute bed but face it, y'all spent that much money because it was modern and hip, not because it's high quality. Hardwood construction is what lasts a lifetime. The sustainability of their materials is touted on their website, which is cool, but it still means the furniture is made with plywood. I love vintage furniture - it's way more "green" than anything like this, because it's not new furniture being made, it's furniture being recycled and used again. And the quality to today's furniture isn't even comparable. Though baby and toddler beds of the past aren't as safe as they are now.
Posted by: guest at January 3, 2008 1:06 PM
this place, having side windows, avoids the biggest downside of brownstones: gloominess indoors.
Posted by: guest at January 3, 2008 1:07 PM
12:13--your post was the best i've ever read on this site.
1:06--you've got a lock on second place for the sound advice.
Posted by: guest at January 3, 2008 1:22 PM
"How do I start a blog where I write 1000 words/day and visitors write 10,000 words of nonsense, so I can buy my kid $1,000 bed?"
First, stop hating on this blog and start working on your own.
Posted by: guest at January 3, 2008 1:32 PM
"This will be my last visit to your site."
What a terrible, terrible loss. Certainly Mr. Brownstoner is quite distraught over this development!
Posted by: guest at January 3, 2008 1:35 PM
Oh, have some humor, 1:32. The person who posted that was doing it in all good humor. Pretty obvious to everyone else here including Brownstoner. And if it wasn't he can stick up for himself.
Posted by: guest at January 3, 2008 1:53 PM
I have had the honor of touring this great work in progress. This Mansion is being restored to a level beyond your wildest dreams. With every original detail painstakingly revived and a few pleasant tasteful contemporary twist for good measure, this is a sight to behold.
MY advice is to Keep watching for those boards to come down.
Dark People.
Posted by: gofyours at January 3, 2008 2:02 PM
Hmm. Looks like an edgy location. Good luck with that.
Posted by: guest at January 3, 2008 2:26 PM
loathe vintage furniture (except for some asian stuff) - sorry! also, try attaching toddler bars to it or a trundle pull out ....how?
sure, you could have something made from scratch - which i have done with a big armoire, several cabinets, dressers and even now, my dining room table, but this twin bed and trundle is great. it's also really smart in how the trundle hides and pulls out and the shelf surrounding the bed is very practical. brownstoner knows his stuff!
even ugly stuff is almost this much anyway...
Posted by: guest at January 3, 2008 2:53 PM
I'll take the trundle bed, please.
Posted by: guest at January 3, 2008 6:28 PM
Pair of vintage Hollywood Regency style armchairs I bought last year: $300 for the pair.
Perfect condition. Hardwood frame. Feather stuffed cushions. Horsehair stuffed back and arms.
Pair of NEW chairs constructed in the same manner with same materials (George Smith is one of the only furniture manufacturers that constructs chairs and sofas in this way) will set you back $5,000 to $7,000 EACH chair.
As for everything being uncomfortable, hard-edged, modern and mid-century, it's SO out of fashion. Sorry!
Posted by: guest at January 3, 2008 6:34 PM
That bed is fugly . Nuff said !!
Posted by: guest at January 3, 2008 8:14 PM
not enough said - it is awesome - even brownstoner likes it! these new children's furniture makers really need to be thanked. saving us from still kinda expensive real crap.
love this modern design.
Posted by: guest at January 3, 2008 10:09 PM
why not do product placement? If I had a blog with the readership of this one, I'd do it in a heartbeat for a discount on furniture I'd want to buy....
Posted by: guest at January 5, 2008 11:30 PM
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