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August 18, 2008

House of the Day: 105 Willow Street

105-Willow-Street-0808.jpg
The Watchtower group first announced that it planned to sell the brownstone at 105 Willow Street in April 2007, but it wasn't until a year later that the five-story house hit the market with an asking price of $4,950,000. There aren't a lot of photos to go on, but from the few that are included in the listing it looks like the place is in decent shape, especially for a building that has been chopped up into ten units. (There's definitely no central air, either, judging from all those in-window a/c units.) Speaking of the ten units, each of those "studio style efficiency apartments" would have to fetch at least $3,000 a month for someone paying the current asking price of $4,690,000 to get close to breaking even. Given the additional cost required to return the house to a one- or two-family, it seems like a tough sell at this price, no?
105 Willow Street [Halstead] GMAP P*Shark
Watchtower Divesting Six Heights Props [Brownstoner]




Posted by Brownstoner at 1:18 PM | Comments (26)
Categories: Brooklyn Heights, HOTD

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Comments

Now that's a Heights price. Aaaaaaand it's a sub-twenty-footer.

Posted by: DOW8000SP800 at August 18, 2008 1:42 PM

The the lounge room has no couch and the picture must have been taken standing on a single bed ...because I'm pretty sure a queen wont fit in there with that table.

Posted by: Aussie at August 18, 2008 1:49 PM

Forget about it!
Really great houses in the Heights are seling for 2.7 to 3.5 million dollars. The Orange street house posted here last week sold for 2.7 and it is a sweet house. 19 Cranberry street, the "moonstruck" house, which is one of the finest houses anywhere, just sold for 3.5 million.
These are handsome sums, but not the ridiculous excesses of last year or the year before. No way the witnesses will get anything close to ask on their dormhouse.


Posted by: sam at August 18, 2008 1:52 PM

That lounge room pic gives me the creeps.

Posted by: dittoburg at August 18, 2008 2:00 PM

Sorry everyone to go off topic.

Daveinbedsty, I took a good walk around S Heights on Sunday. The architecture (particularly around Macdonought, Throop and Decator) is incredable. The combination of that architecture and the massive effort residents have put in to beautify the streets and upkeep the houses is a knockout. How did residents get that organised? This has obviously been going on a long time. I tip my hat to everyone concerned - this is one of the most beautiful areas of brooklyn.

Posted by: Aussie at August 18, 2008 2:29 PM

Thanks Aussie. They were doing it long before I got there. The other think I notice is that the streets and sidewalks are incredibly clean on a lot of blocks. I know specifically on my block that the neighbors (most of whom are retired) come out during the day and pick up litter.

Its a nice quiet neighborhood in which to live. On Sept 20th there's a street festival on Lewis with a lot of vendors and the "Shops On Lewis Ave" hosting.

Posted by: daveinbedstuy at August 18, 2008 2:32 PM

Overpriced for a narrow building with dorm rooms for units.

Aussie: Planning on moving to our neighborhood?

Posted by: 11233 at August 18, 2008 2:49 PM

Sam,
This house is twice as big as the Orange Street house. So that's not a useful comparison. And several houses in Brooklyn Heights sold this year at prices near or above the asking price on this house, not in the $2.7 - $3.5 million range as you say. Finally, where do you see that 19 Cranberry Street sold for $3.5 million? The last listing that I see was at $3.95 million.

I'm not trying to justify the price on this house, just clearing up some data points. I happen to find this listing amusing - for example, trying to sell it to a college looking for dorm space. What's the size of that market - 2, maybe 3 institutions?

Posted by: NorthHeights at August 18, 2008 3:00 PM

11233;
I wouldn't hesitate to live there. As well as its beauty the area has a dignified sense of peace about it. Walking around your area on Sunday gave me the same sense of excitment that I got when I first came to Brooklyn looking to escape Manhattan 5 years ago. It is incredible what can happen when people take pride in their areas long term.
When did you move there 11233?

Dave; thanks for the tip about the 20th.

Posted by: Aussie at August 18, 2008 3:19 PM

Certainly doesn't make any sense as an investment property as the per unit rent would have to exceed $3,300 (only 9 units as 2F has no kitchen) to provide appropriate amount of debt coverage on loan, after expenses. Average unit size in the building is 410 sf, which is below the avg market size for studios (approx 475 sf). Newly minted owners of former Watchtower properties - 6,8,10 Clark St and 169 Columbia Heights aren't even asking that much rent for their studios. Colleges looking for dorm space, like Brooklyn Law School, have recently paid in the $500 psf range for Watchtower properties. Most likely not interested at $950 psf. So it looks like broker and owner are positioning it as a single family conversion. No single family conversion property in Brooklyn Heights has traded any where near $950 psf. This needs at least a 30% haircut in order to move as a single family conversion and a minimum 50% reduction in price in order to appeal to an investor. Maybe since the Watchtower deals with all cash they are not in tune with the on-going and worsening credit crisis the non-tax-exempt masses are dealing with.

Posted by: ITM at August 18, 2008 3:29 PM

Apparently Jehova needs money and lots of it.

Posted by: wburghipstersaredirty at August 18, 2008 3:36 PM

NorthHeights, I do not think that this house is twice the size of the Orange Street house. what makees you say that? The Orange Street house is 3-bays wide, this is only two. And although this is one story taller, it is hardly twice the size, at all.
Prices for houses in the Heights are really soft now, it is a little surprising. There are also quite a few languishing in that "secret market" of high-end properties one does not often hear about. I think the news is pretty bad for rowhouses in general. If the Heights market is softening, I would imagine other areas would follow suit.
19 Cranberry sold for 3.5 million. I have that from a good source.

Posted by: sam at August 18, 2008 3:37 PM

Aussie:

I moved in in December '04. I always defer to Dave for the gossip on the area. Montrose knows more of the history.

I love the area and it has gotten so much better since I moved in. Fewer troublemakers. Still needs more services, but we slowly getting there. People have parties in their backyards and go to bed by midnight. People you don't know just say hello on the street. Street parking is easy. A real neighborhood feel that is missing in some neighborhoods.

Must admit I perfer the southern part of the neighborhood, where you were, than further north, which has a totally different feel. Not knocking it. Just my preference.

Please come back again. We always welcome the chance to show off our unique neighborhood.

Posted by: 11233 at August 18, 2008 3:48 PM

Some on brownstoner might consider you a "troublemaker" 11233!!! :)

Posted by: daveinbedstuy at August 18, 2008 3:50 PM

Prices in Brooklyn Heights are "soft" now probably because of the high concentration of those who work in Finance. It is probably one of the least diverse areas of Brooklyn in terms of careers. It doesn't have a base of Artists or Creative workers to keep it feeling vibrant in tough times.

People equate Brooklyn Heights with Wall Street in many respects and Wall Street doesn't exactly have a pristine record right about now.

Posted by: 11217 at August 18, 2008 3:51 PM

Dave: I would wear that badge with honor!

Posted by: 11233 at August 18, 2008 3:56 PM

Dave, aussie, etc.
thanks for killing this thread.

You all should get a room.

Posted by: Gary Cooper at August 18, 2008 4:50 PM

Gary: The "efficient" room above would work for me ...space for a round table discussion and nothing else.

Posted by: Aussie at August 18, 2008 4:59 PM

Gary Cooper...thanks for adding at least something "off topic" Go back to pretending to be someone you are not.

Posted by: daveinbedstuy at August 18, 2008 5:10 PM

dave, you really are a nasty piece of work,
other posters are right.
who is pretending here if not you?

Posted by: Gary Cooper at August 18, 2008 5:17 PM

The tax records say this house is supposed to have a 17.83x55 footprint over 5 floors. The Orange Street house is a 20x30 footprint over 4 floors. This one may only be 2 bays wide instead of 3, but it's much deeper.

Posted by: NorthHeights at August 18, 2008 5:26 PM

Yeah, Dave, I could have read the 15 other comments faster if you hadn't posted your silliness.

Posted by: 11233 at August 18, 2008 5:55 PM

This may be worth it to another non-profit institution such as St.Francis College or the Brooklyn Law School. Since the witnesses maintain their properties perfectly, I assume these are ten move-in dorm rooms. So perhaps they would be willing to pay a higher premium than an individual but unless they get in a bidding war with each other, which I doubt, it will not reach 4.6 million.


Posted by: sam at August 18, 2008 7:42 PM

Ms. Gary Cooper...what has gotten up your a$$???? Aussie made a comment about Bed Stuy and I responded pleasantly. I made a funny remark to 11233 who lives in my neighborhood.

You need to lighten up or get back on the meds. Either way, you're not an asset to the discussion here today and the type of guest largely unwanted.

Posted by: daveinbedstuy at August 18, 2008 7:55 PM

This sale

http://curbed.com/archives/2008/08/19/moonstruck_house_finally_sold_after_1m_pricechop.php

doesn't give me much confidence that the Willow Street listing will fetch five mil.

Posted by: sdrubbins at August 19, 2008 5:01 PM

Looks like 19 Cranberry Street sold for $4 million, not $3.5

Posted by: NorthHeights at August 19, 2008 10:14 PM

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