House of the Day: 113 Columbia Heights

There must be some sort of catch to this house, because it's been on the market FOREVER. There are some other smaller brokers that also have it.

Posted by: guest at February 11, 2008 1:37 PM

Is it typical to list at three brokers at once, or is this a hint of desperation?

Posted by: guest at February 11, 2008 1:43 PM

i can name about 5,750,000 of them.

Posted by: guest at February 11, 2008 1:43 PM

Most of these big old houses in the Heights come complete with a collection of rent regulated geezers who are blessed with remarkable longevity -and who are among the crankiest and most litiguous seniors on the planet.

Posted by: guest at February 11, 2008 1:44 PM

I don't know the story here, but I'm guessing the people who bought the house immediately to the right of this house (or, in the picture, on the left) bought this one at same time. They tried to flip the first one after a lengthy and bizarre renovation and still hasn't sold (I think). Then the figured they'd sell the other too and ran out of moeny for that flip.

I think the owners ARE skyline realty are very closely connected. Anyway, I think they got over their heads on these. If someone is really interested, offer 4mm in cash and 24 hours to decide and I bet they'd take it.

Posted by: guest at February 11, 2008 1:46 PM

anyone know if those are the original front doors?

Posted by: guest at February 11, 2008 2:08 PM

from the floor plan...looks like there's a kitchen on each floor. Tenants???? It didn't say anything about delivered vacant...just said bring your architect.

And you're going to need one, cause it's such a cooky layout.

Is the price right for for something that needs that much work in Brooklyn Heights?

Posted by: guest at February 11, 2008 2:09 PM

For a high end gut renovation, you're looking at $350/sq. ft.

purchase at 800/sq. ft. + 350/sq. ft. for renovation, you're looking at $1,150/sq. ft. - NOT worth it.

Posted by: guest at February 11, 2008 2:11 PM

Those are not the original doors. They look like circa 1860's doors. The house is 1840's.
Originally there would have been a single door with sidelights. But these are fine historic doors, the Landmarks Commission would not allow them to be touched I'm sure.
I like the layout but how many people live there?
If it does not say "delivered vacant" -then guess what? It probably isn't.
Can the broker clarify?

Posted by: guest at February 11, 2008 2:16 PM

maybe they dont like whoever is looking at buying the large watchtower building directly across the street? (college dorms?)

Posted by: guest at February 11, 2008 2:18 PM

135 Joralemon Street is perfection inside and out, and it is a perfect size for a single family. What would you do with all the space in the columbia heights house? Take in boarders? Its too damn big.

Posted by: guest at February 11, 2008 2:18 PM

It says on skyline delivered vacant

Posted by: guest at February 11, 2008 2:21 PM

I'm going to spend five million on a mansion and take in renters/boarders?
That's kind of middle-class isn't it?

Posted by: guest at February 11, 2008 2:37 PM

I thought Brookly Heights was middle class....am I looking in the wrong neighborood?

I'll start looking in Park Slope that's middle class?

Posted by: guest at February 11, 2008 2:44 PM

And, 2:37 you have a problem with middle-class? What are you- some high falutin nose in the air snob?

Posted by: guest at February 11, 2008 2:44 PM

Oh, so it's a little apartment building.
Perfect for a developer to fix it up and convert it to condos. It could possibly be a two-family for two very large families, but the floor-through condo thing is a better idea.

Posted by: guest at February 11, 2008 2:44 PM

OK class, am I going to have to make you do a book report on "Das Kapital" (Marx).
A person who buys a five million dollar house is no longer middle class. They obviously own the means of production.
Middle class is not everything other than food stamps. There is middle class, well-off, affluent, and there is upper class. super affluent, lives in a five million dollar house. There are upper class people in Park Slope but there are more per capita in Brooklyn Heights but not as many as say in Sutton Place or upper Park Avenue.

Posted by: guest at February 11, 2008 2:49 PM

"Perfect for a developer to fix it up and convert it to condos."

Except for the fact that the developer would be paying about $1000/sf and then have to renovate. No room for profit.

Posted by: guest at February 11, 2008 3:01 PM

135 Joralemon sold two years ago for $2.4 million in decrepit condition. The buyer was a contractor who did the renovation himself on spec. This house is more than twice as big, but I think the wind has gone out of the sails of that kind of flipper mentality (as evidenced by 135's resale travails). Plus, as discussed above, 135 is a livable one family, so you can imagine the owner holding out for someone who works at place where bonuses haven't yet been slashed, and getting the comensurate 1 family premium. Whereas this property is just too big to conceive of anything less than a 2 family or multi family condo.

Posted by: guest at February 11, 2008 3:27 PM

For a very rich person with a large family and staff this location is ideal, and these Greek Revivals clean up nicely. Little condo buildings are a dime a dozen and besides, the price is too high even to make into five condos, but a single-family mansion on Columbia Heights with views of the harbor and the Manhattan skyline is a rare commodity. I say it sells as a one-family.

Posted by: guest at February 11, 2008 4:23 PM

I just realized that this house is not on the "view" side of Columbia Heights.
Forget it.
It will not sell at this price.
Who will want it?

Posted by: guest at February 11, 2008 4:48 PM

As discussed above, two types of buyers: (1) high-end single family, who will do a gut reno, and (2) condo developer, who will do a gut reno and conversion. Price is too high for either buyer, given the necessary expenses, though buyer #1 will have more emotional attachment so probably easier to reel them in compared to buyer #2 who's only looking at the profit margin. Still, the comps in the neighborhood for a house of this size and condition only support a price that's $1 million or more lower.

Posted by: guest at February 11, 2008 5:24 PM

This building will be delivered vacant. There are no rent control or stabilized tenants. It needs a complete renovation. A renovation will reconfigure each floor and each floor will also have outdoor space. An ideal buyer would be 2 couples looking for spacious duplexes (3 floors have extensions). The building is large and buyers could also have a garden rental to help with the costs of maintaining the property. There is no mystery to this building. It is a beauty in its current condition and will only be further enhanced when renovated. As to the writer who wrote about the building next door - you are absolutely incorrect. Why speculate(gossip)when you have no facts? This building has amazing details and tremendous potential.

Posted by: guest at February 11, 2008 8:05 PM

FYI, according to Skyline, both 111 and 113 are for sale as a package deal:

http://www.skylinerealtynyc.com/sales/owner%20users%20main/unique/111113.htm

111/113 Columbia Heights
Brooklyn Heights
Unique opportunity
Price: $12M

separately:
$6.5M for 111.
$5.75M for 113.

buy both and save $250k!

Posted by: guest at February 11, 2008 8:06 PM

135 Joralemon Street has taken a $1,000,000 haircut and is still sitting on the market.

Posted by: guest at February 11, 2008 8:32 PM

"There is no mystery to this building."

There is one mystery: What the owner is smoking to think this price is going to fly.

Posted by: guest at February 11, 2008 8:33 PM

What is considered a reasonable price per square foot for a renovated brownstone in a prime Bklyn location i.e. Park Slope? I really want to know as we are on the verge of buying one that needs a fair amount of work and I'm trying to calculate whether it's a good deal. It seems that nice apts can easily go for 800-1000 psf but is the same true for a townhouse, esp if it has a good school zone, big garden etc? Advice greatly appreciated!

Posted by: guest at February 11, 2008 9:41 PM

Brownstones don't command the same price per square foot as apartments. It's like a bulk discount. Don't go by price per sq ft so much--go by comps for similar size, location, and condition.

Posted by: guest at February 11, 2008 9:47 PM

sounds like she/he wasn't absolutely incorrect about the bldg next door if they are being offered as a package

Posted by: guest at February 11, 2008 10:19 PM

This sounds right for the location and condition. I've lived around the corner for 20+ years, and this is not out of line.

Posted by: guest at February 11, 2008 11:14 PM

Hee hee. Good one, 11:14.

Posted by: guest at February 11, 2008 11:50 PM

I'm the person asking about $psf for townhouses. While apts in prime areas are expensive, when I do look at comps, it actually seems that townhouses are really expensive too - I've looked at few recently and they easily come out to 700-900 psf. This house, before any kind of renovation, is priced at 800 psf and it's a total gut job. Also, how much are intangibles worth i.e. good school zone, big garden, sunlight, etc.? Or are these impossible questions? It seems kind of hard sometimes to impose logic/reason into the real estate market since sometimes there are big variations in comps, but I wonder if that just has to do with a scarcity of properties...

Posted by: guest at February 12, 2008 12:39 AM

square foot costs are are a crock. Why does it appeal to people? They can't judge wether they like a house or not withour meaningless numbers? Believe me, square footages are meaningless numbers, they are useful for builders of track homes, but not for buyers of old buildings.

Posted by: guest at February 12, 2008 9:22 AM