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August 19, 2008

Foreclosure of the Week: 707 Quincy Street

707-Quincy-Street-0808.jpg
The most interesting property coming up for foreclosure sale this week is this corner brownstone at 707 Quincy Street in Bedford Stuyvesant. The four-story, five-unit house currently has a lien of $201,870 against it. Personally, we could see this making a nice condo conversion with all those side windows.
707 Quincy Street [Property Shark] GMAP




Posted by Brownstoner at 1:15 PM | Comments (16)
Categories: Bedford Stuyvesant, Foreclosure

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Comments

24 footer. Interesting.

Posted by: DOW8000SP800 at August 19, 2008 1:38 PM


Who the hell is doing condo conversions in this market?

Posted by: IronBalls at August 19, 2008 2:20 PM

IronBalls has a good point....especially on Malcolm X and Quncy. However, at the right price even gold stocks are a buy!!!

Posted by: daveinbedstuy at August 19, 2008 2:26 PM

This is right in my neighborhood i would definitely make this a rental, this is a steal!!! and trust me i have seen the inside pretty nice!!!

Posted by: mysideofstuy at August 19, 2008 2:48 PM

Hey dave in Bedstuy why do you say especially on Malcolm X and Quincy you don't this Condo conversion is possible in theis neighborhood....just asking

Posted by: mysideofstuy at August 19, 2008 2:53 PM

In Manhattan the garages alone would be worth the $200k lien.

Posted by: daveinbedstuy at August 19, 2008 2:53 PM

It was more of a comment on condo conversions in general and that's assuming the building goes for somewhere near the neighborhood price of $250 or so psf...for a building that needs work...that's $960k...a fair price if the "bones" are good but I suspect it needs new mechanicals. It's 3,840 Ft

The CO is for a four family each about 960 sq.ft....if they were made to be nice they'd fetch $2,000 each as apartments. Again, depending upon the overall condition, it could do well as an aprtment building and then could be converted to condos in a different market environment.

I'm not so certain about the prices that far up on Malcolm X though.

Posted by: daveinbedstuy at August 19, 2008 3:03 PM

Mr B are you certain on the lien amount? It looked like there were more from Property Shark.

Posted by: daveinbedstuy at August 19, 2008 3:28 PM

Anybody know why the Massey Knackal sign has come down from the Decatur Stuyvesant Senior Citizen Center...375 Stuyvesant...the big mansion house on the corner???

Posted by: daveinbedstuy at August 19, 2008 4:12 PM

Hmmm this property is not even listed as a foreclosure on Reality Trac. Don't know what I pay my $50 a month for!

Are you sure it is a foreclosure Mr B?

Posted by: Aussie at August 19, 2008 4:34 PM

Never, n-e-v-e-r rely on property shark for important information. Notoriously incorrect on current zoning, FAR, and sq. footage.

Posted by: pig three at August 19, 2008 9:18 PM

Dave, just noticed the missing Massey Knakal for lease sign on the Senior Center the other day. Beautiful building. Peter Schubert was the agent for the lease and he doesn't work there any more. Emailed a friend at the agency and he wasn't aware of the building at all. Apparently was for sale at one point too...curious what the asking price was...

Posted by: housebywe at August 20, 2008 2:22 AM

I think the fact that this post generated all of 12 comments, most by Dave, shows just how weak the market is.

Posted by: Brooklynnative at August 20, 2008 6:50 AM

Yes Brooklynnative...it was a very slow day yesterday for all of us. I suspect the story of the brooklyn Sex Toy Shop today will ignite a fire of truly useful comments regarding real estate and brownstone renovation, inside and out!!

Posted by: daveinbedstuy at August 20, 2008 8:27 AM

I like the windows and the mansard roof, but wonder what the interior is like. Based on the size and window layout, I'd guess at 2.5 BR units - and under $2,000 per unit rent. It's far from the A at Utica, and I don't know if units closer to the JMZ would have the same rents as one further south.

At $200/sq ft or less, this might make sense as an investment property. Oh, I just saw that this is probably a 5-unit property. That would probably make financing, insurance, etc. more expensive - the property taxes are already higher than many in the neighborhood.

Posted by: Heatherie at August 20, 2008 9:32 AM

It has a CO for 4 units

Posted by: daveinbedstuy at August 20, 2008 10:34 AM

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