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October 21, 2008

House of the Day: 22 Remsen Street

Let's hope there are still some rich people out there! It's not everyday a $7,300,000 listing hits the market so naturally this place at 22 Remsen Street in Brooklyn Heights caught our eye. The 25-foot-wide brownstone has clearly had a major makeover since its current owner purchased the 13-room mansion for $2,792,000 in 2003. Surprisingly for its price range, the five-story house is actually a three-family, raising the question of whether someone with this kind of dough wants to be a landlord to two different tenants. Regardless, this will be a nice test of the high-end waters right now. Thoughts?
22 Remsen Street [Sotheby's] GMAP P*Shark

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Killer width and locale. I predicted between 5 and 6 before I saw the 7.3 figure. Bzzzzz!!! Sticker shock!

Nice fish net though. Gotta start somewhere. Definitely off limits to HOBOKENROCKS.

Posted by: DOW8000SP800 at October 21, 2008 1:15 PM

Killer Bull painting... Clearly this guy worked at Lehman and is now out of work

Posted by: PropJoe at October 21, 2008 1:17 PM

the painting in the l.r. lets you know how bullish they still are. knock off $50k for even making me have to look at the horrid canopy bed, blue velvet couch, and red rooster in the backyard.

Posted by: goldie at October 21, 2008 1:20 PM

What would a floor-through rent for on that block? With 20% down this place will cost 40k a month.

Posted by: Frederick Law Homestead at October 21, 2008 1:23 PM

I think this is priced way too high.
It is a nice house though. The 3-units could be used by a rich person to house a n'er'do-well offspring with substance abuse problems, or a nanny/personal assitant type of employee. Although the usual thing people with this kind of money do when they buy a used" house is to gut and start from scratch. Hopefully they will spend a little money restoring the facade, which looks a little bedraggled.
I say it will sell for 4.5-5 million. Maybe.

Posted by: sam at October 21, 2008 1:26 PM

Oh Frederick,

The kind of person that would purchase this house, isnt putting down 20%, they would have a higher percentage if not 100%.

As far as rent, this is prime bk heights so the owner is sure to make several thousand a month for the apartment.

Posted by: bkheightscoop at October 21, 2008 1:27 PM

I find it amazing how jealous (relatively) well-off people can be toward people more well-heeled than them.

Moral: don't be too poor or too rich or people will hate you.

Posted by: moreteasir at October 21, 2008 1:33 PM

A built-in refrigerator...a counter with an eased edge. I can be happy here.

Posted by: bayridgegirl at October 21, 2008 2:05 PM

Uh! I do not like this house. It lacks charm, the built-ins are awful, the bull painting is dreck (sorry PropJoe). Except for the yard they've turned a perfectly nice brownstone into a hotel.

Posted by: Susan Elkins at October 21, 2008 2:10 PM

Got to agree with Susan.

Posted by: daveinbedstuy at October 21, 2008 2:15 PM

brg - that is not an eased edge, it is a bullnose.

Posted by: ITM at October 21, 2008 2:17 PM

I'm with you Susan,

How is it that so many of these "high-end renovations" manage to make a house look cold and uninviting.

Posted by: cobblehiller at October 21, 2008 2:17 PM

That garden floor apartment is nicer than our co-op...and I'll bet you could probably...wait for it...TAKE DOWN the bull painting...

Anyway, it does seem like it's 1.5-2 mil over what I would consider a reasonable price. Think I'd keep the garden apartment for visitors/maid but I'd want the rest of the house for myself...of course this is all idle speculation.

Posted by: Bolder at October 21, 2008 2:18 PM

high end renovations like these arent done by the people who live in them. they are done by interior designers who coincidentally get a lot of their business from hotels....

Posted by: slick at October 21, 2008 2:20 PM

Bullnose...I'm shattered.
Then that just leaves the built-in refrigerator.
On the plus side, the current owner will take all their furniture and art work with them. Too bad they can't that cut out in the wall on top of the blue sofa with them.

Posted by: bayridgegirl at October 21, 2008 2:28 PM

this price is laughable. good luck getting 5.5

Posted by: bktycoon at October 21, 2008 2:29 PM

This block of Remsen St. is a good as it gets in Brooklyn, but the house itself looks kind of dull.

Posted by: Boerum Hill at October 21, 2008 2:32 PM

As they say, beautiful "bones" but the decorating is horrible! Considering that this is high-end real estate porn, I'm surprised at how uninviting the interiors are.

Posted by: Carol Gardens at October 21, 2008 2:50 PM

It's that clean modern chic look. Very modern denoting taste the sort epitomized by the "Bull" painting. Yes, very Lehman or Bear Stearns. Notice the empty Nebuchadnezzar champagne bottle next to the fireplace? What says "I'm rich" more than that?

Whatch the desperate price cutting on this one!!!

Posted by: daveinbedstuy at October 21, 2008 3:00 PM

Whatch? Maybe a good login name for a new poster!!!

Posted by: daveinbedstuy at October 21, 2008 3:03 PM

are you sure its not chamfered?

Posted by: dittoburg at October 21, 2008 3:21 PM

What are the comparables for this type of property? Anyone have any insights?

Posted by: ITM at October 21, 2008 3:28 PM

ditto...a chamfer would have a flat 45 degree face. It is actually referred to as a bevel edge for countertop work....this looks to be actually a full or double bullnose. An ordinary bullnose, like a tile, would stop halfway through and this edge is fully rounded

http://www.marble.com/countertops/3d-edges.html

These points of discussion have a disproportionately large effect on the value of the house!!! :)

Posted by: daveinbedstuy at October 21, 2008 3:31 PM

iRobot lives here.

It seems so devoid of life but I bet I could pimp it out with a couple pair of crocks,a Harley in the living room and an old school pacman machine.

Posted by: BlueBerry at October 21, 2008 3:31 PM

Here's a comparable...for a mere $1.2 MM more wouldn't you rather have this one?????

http://www.sothebyshomes.com/nyc/sales/0134264#

Posted by: daveinbedstuy at October 21, 2008 3:34 PM

And for $1.4 MM less...this beauty (already under contract by someone who didn't realize that there was a Mutant Real estate Bubble)

http://www.sothebyshomes.com/nyc/sales/0134290#

Both of these make this listing on HOTD look like a POS!!!

Posted by: daveinbedstuy at October 21, 2008 3:36 PM

Yea I don't know if my old meat grinder would clamp to a double bullnose edge. Might be a dealbreaker.

Posted by: dittoburg at October 21, 2008 3:40 PM

With that Cobble Hill place going for $5.3 (No, its not BH, but its a far superior house with a carriage house) our HOTD should come in at just under $4MM.

Posted by: daveinbedstuy at October 21, 2008 3:42 PM

ditto...you need to get the meat grinder (and sausage maker) that attaches to the $399 KitchenAid mixer if you live in this house.

Posted by: daveinbedstuy at October 21, 2008 3:44 PM

Dave - Same listing broker for Cobble Hill and 22 Remsen properties. Why do you think she would advise setting price the way it is? Also, do you believe there is a correlation btwn pricing and sellers need to move or not? What might you be able to divine btwn these two properties and their respective asking prices?

Posted by: ITM at October 21, 2008 3:47 PM

I have a chamfered edge on my Marble Countertop (sorry DIBS...and it's white). I wanted an eased edge, but Hubby screwed it up. That and he got a polished finish (I wanted Honed).

It makes a difference to a detail nut like me. I can't stand to look at my counter edge.

Posted by: bayridgegirl at October 21, 2008 3:51 PM

I think the Cobble Hill property was a real deal what with that carriage house and the parking. Also, spectaularly high end kichens and baths.

This HOTD is priced way too high. Not sure if it's the broker doing that or the seller on some hallucinogen. If the seller truly is a Wall Street casualty then he probably has nothing else and whatever he gets out of this house above his cost will be his only nest egg.

Posted by: daveinbedstuy at October 21, 2008 3:53 PM

BRG I've said here before that one must never use marble in the kitchen. It absorbs all sorts of stains and bacteria.

Posted by: daveinbedstuy at October 21, 2008 3:55 PM

ITM,

Warren Street to Remsen Street is a "long distance" mentally in the minds of some. And the Remsen St place is just off the Promenade - which is really pretty unbeatable.

Despite how much nicer the Warren Street place it, some chowderhead will want the Remsen St. 'address'.

Posted by: cobblehiller at October 21, 2008 4:03 PM

You need to clamp the meat grinder to one of the servants, not to the counter for heaven's sake!

Posted by: sam at October 21, 2008 4:17 PM

Dave - I happen to know that the owner is NOT a casualty of Wall Street. As opposed to the asking price comps (which are not comparables by the way) you provided above, do you know what the closed sale comparables are in this particular part of Brooklyn?

Posted by: ITM at October 21, 2008 4:19 PM

No, those two listings I gave are not comps. But I did throw them up there to show what you could get if you spent a little more (or a little less) money. In both cases I think you get something spectacularly better. But as for closed comps around that part of BH, I don't have those.

Posted by: daveinbedstuy at October 21, 2008 4:24 PM

DIBS, you really think this will go for under $4MM? I'll bet you this goes for closer to the $7.3MM ask. Loser becomes the Chair of the Brownstoner Social Committee.

Posted by: Biff Champion at October 21, 2008 4:44 PM

DIBS, I got the counter before I saw your advice.
So far, it's been fine. I wipe after every spill. And if it does stain, I don't care. Things are bound to get worn out and abused.
Bacteria on the other hand.

Posted by: bayridgegirl at October 21, 2008 5:20 PM

Hhm No. This is frankly only an average house in an excellent location and describing it as a "mansion" is really a massive inaccuracy. There are real mansions on Clinton Ave in CH.
We are sorry to be overly critical folks but that facade is not appealing with the cheap looking cornice and horrendous addition on the top. Decor leaves much to be desired even though the owners clearly spent big $$ on it. The brick work in the garden is however very nicely done. Tres jolie!

DIBS we agree the pricing should not be in xs of $4million but Biff is feeling bullish on this one. Qui sait?

Posted by: pierre de taille at October 21, 2008 5:31 PM

Pierre, my bet is that this will go for more than $5.65MM. I have been quite bearish lately, but this location is primo and the block is easily one of Brooklyn's, make that all of New York's, most gorgeous. Perhaps people aren't crazy about certain elements of it, but it's a solid home once you get past the bad furniture, the overdone built-ins and the bizarre red cock out back.

Posted by: Biff Champion at October 21, 2008 5:39 PM

I'm sorry but I find this house interior to be bland if not tasteless with a dose of ugly thrown in. Hhh... Did anyone notice the cheap looking ceiling fixtures in the bedroom? Tell me they are not serious about this asking price.

I would not not want this house. It looks like the family has moved out already and they've left dribs and drabs of furniture from 1989 they didn't want any more or the left over furniture from a country house. This is hardly the way to show a place if you're asking this kind of money.

Posted by: BrooklynGreene at October 21, 2008 5:54 PM

Biff...I think you're having an "off" day. At 4:44 you say that it'll go "closer to the $7.3MM ask" and then at 5:39 you say it'll go "for more than $5.65MM". Although there is no inherent inconsistency in these two statements you could drive the proverbial taco truck through the hole.

This house has location,location,location but not much more as compared to those other "high end renovations" that I cited and this HOTD is certainly being marketed as a high end reno.

I'll make that bet with you, splitting the difference between $4MM and $7.3MM.

Posted by: daveinbedstuy at October 21, 2008 6:33 PM

That giant red cock in the backyard has thrown everyone a bit off today.

I'd say 5.5m, but, as BG pointed out, the place does reek of 1989. If they've had it that long, they'll still make out fine.

Posted by: buttermilk channel at October 21, 2008 6:59 PM

Last bought in 2003... sorry, my comprehension skills were overwhelmed by the interiors, and the giant cock.

Posted by: buttermilk channel at October 21, 2008 7:11 PM

I'm glad to hear that the "real" mansions are in Clinton Hill and not in Brooklyn Heights. Flash bulletin to all the rich folks out there: You all are living in the wrong place!!!

Posted by: sam at October 21, 2008 7:29 PM

Buttermilk: Never let a giant cock overwhelm you. There are plenty of ways to deal with one that makes everyone happy.

Posted by: 11233 at October 21, 2008 7:43 PM

I used to live in Brooklyn heights, and its not as architecturally ornate as some other neighborhoods that were developed later.

Clinton Hill, Crown heights, and of course Bensonhurst have houses that would more properly be called mansions.

Posted by: slick at October 21, 2008 9:38 PM

Hey DIBS,
Nice shout-out on 155 Warren Street. If it's "under contract" at a last listed price of $5.9M, wonder what it will close at.
Remember (almost one year ago today) when it was HOTD at $8.75M? That's a healthy chop. Still, probably the most expensive house in CH.

http://www.brownstoner.com/brownstoner/archives/2007/10/house_of_the_da_395.php

Posted by: NorthHeights at October 21, 2008 10:34 PM

DIBS, not "off" at all. I said the place would go for closer to $7.3MM (meaning closer to $7.3MM than $4MM) and that I would bet you on it. The halfway point between our two estimates is $5.65MM, which is why I then said it will go for more than $5.65MM. There's no hole at all between my statements. Perhaps it would have been clearer if I said, "I will bet you this place will go for closer to the $7.3MM asking price than your estimate of $4MM. Therefore, if it goes for more than $5.65MM, I win the bet". It's like me saying I'll bet you it's closer to 8am than 7am and I'll bet you it's past 7:30am. So are we on?

Posted by: Biff Champion at October 22, 2008 7:59 AM

Yes, we're on. But its now 9:17

Posted by: daveinbedstuy at October 22, 2008 9:17 AM

Yes, it's 9:17, but each passing moment that this doesn't sell works to your advantage! :-)

Posted by: Biff Champion at October 22, 2008 9:40 AM

I see a price cut coming around noon. Argentina is spreading contagion around the globe.

Posted by: daveinbedstuy at October 22, 2008 9:50 AM

I like the curb appeal but on this inside this house seems dull. For the money they are asking they need to bring in a stager or someone to give this house some punch.

Posted by: boroughbred at October 22, 2008 10:08 AM

Tacky, tacky, tacky!

Posted by: mopar at October 22, 2008 12:04 PM

« Condo of the Day: Newswalk Two-Bedroom Streetlevel: A Florist for Front Street »

October 21, 2008

House of the Day: 22 Remsen Street

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