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November 10, 2008

House of the Day: 591 Union Street

561-Union-Street-1108.jpg
We totally have a crush on this funny little house at 591 Union Street in Gowanus. It's not big and it doesn't have a lot of old-school architectural detail, but it's a charmer. The 60-foot front yard has huge possibilities and the old floorboards and exposed wood-beamed ceilings provide the building blocks of a very cool place. According to Property Shark, the house is only 1,000 square feet, but there's tons of unused FAR if you wanted to add another floor or two. Anyway, in the right hands, this could be something special, IOHO. Thoughts?
591 Union Street [Aguayo & Huebener] GMAP P*Shark




Posted by Brownstoner at 1:16 PM | Comments (31)
Categories: Gowanus, HOTD

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Comments

will be a knock down and new building (if economy ever gets better).

Posted by: Petebklyn at November 10, 2008 1:27 PM

That block is zoned for industrial use, so redeveloping the property means adding on to the existing structure - a much less desirable scenario than knocking the thing down. The building itself abuts a warehouse in the rear.

$900 a square foot for that place is just crazy.

Posted by: Polemicist at November 10, 2008 1:28 PM

That would be a shame.

Posted by: brownstoner at November 10, 2008 1:39 PM

3.5 million.
Estate ready.
FAR possibilities are breathtaking.

-Corcoran

Posted by: Prodigal_Son at November 10, 2008 1:45 PM

oh my goodness that is pretty great. Bet you could get it for substantially less. that has inspired me to expose beams on top floor of my house.

Posted by: gkw at November 10, 2008 1:49 PM

The exposed beams are lovely, and I'd love to do that too, but wouldn't it get really cold? How would you do that?

Posted by: honeycut at November 10, 2008 1:56 PM

I think you'd have to put a layer of insulation and roofing on top of the old roof, which come to think about it, probably gets pretty expensive.

Posted by: gkw at November 10, 2008 2:00 PM

900/sq foot in Gowanus? No, thanks. The economy is tanking, fourth avenue development is slowing, and that area's going to continue to be mostly industrial for decades. It's a cute house, but I can't imagine who'd pay $900k for it.

Posted by: cwbuecheler at November 10, 2008 2:07 PM

someone should fix up the outdoor space and convert the property into a rentable wedding site. Urban Swamp Weddings LLC.

Posted by: z at November 10, 2008 2:09 PM

no!!! make it into a giant roller disco!

-r

Posted by: PitbullNYC at November 10, 2008 2:20 PM

Yes, it's very quite.

Note to broker: proofreading always makes it more professionalish


Posted by: Park_loper at November 10, 2008 2:21 PM

it's just an asking price to get people interestd cwbuecheler. And, believe it or not, some people like industrial gowanus more than the brownstone neighbs surrounding it. However, I agree that the allure of this neighborhood should be cheap prices for interesting spaces - I honestly cannot fathom who bought overpriced, cookie cutter condos on fourth. However, for less than $800k I think this house could be a decent investment - not least because you can be pretty confident that one day some big developer will want to buy you out.

Posted by: gkw at November 10, 2008 2:22 PM

gkw - re: "one day some big developer will buy you out" - "One day" is the operative phrase. That "one day" may be 10-15 years from now given how protracted this downturn might be (think of late 80s - that one took a long time to recover from). Do you really want to tie up your 800K this way until then? Even $800/ft is crazy in this location, in this market.

Posted by: Miss Muffett at November 10, 2008 2:44 PM

gkw - I'm fine with people liking whatever neighborhood they want to and don't look down on people who like living in Gowanus. I actually think it's a really interesting area to go walking in because of the strange mix of industrial and residential. Wouldn't want to live there because I like having lots of restaurants, bars and stores around, but to each their own.

But $800k is a loooot of money. Yes, you're buying based on the land's potential more than on the house that's there, but I'm unsure that the amount of time you have to wait (and pay interest) would make that the wisest investment ever. I actually think MM's estimate of 10-15 years before Gowanus really picks up might be low. Until they clean up that canal, I have my doubts about its viability as a popular housing destination, even if they start rezoning big chunks of land.

Posted by: cwbuecheler at November 10, 2008 2:57 PM

I agree 800k is too much. But I still think it could appeal to some well-situated people (i.e., someone who's not going to lose their job). Union street btw the canal and third is kind of fun - there is a nice old warehouse building that always has flowers growing in front of it, and it's close to the subway. Again, some people like the urban wasteland vibe - I am not one of them, but I sent this listing to a friend who is crazy about Gowanus. around $4000 a month (which is what you would pay w/20% down and a 7% interest rate) probably would seem cheap to him since he's renting a 2 bdrm in downtown nyc.

Posted by: gkw at November 10, 2008 3:08 PM

this is just plain crazy. place needs lots of work. the psf price is ridiculous and the building is wierd.

Posted by: wine lover at November 10, 2008 3:20 PM

Wheres the broker who used to call this area "edgy"?

Probably not working any more...

Posted by: Prodigal_Son at November 10, 2008 3:31 PM

By the way, Aguayo & Huebener is currently indulging in shocking acts of overpricing. There is a house that just went up on their site that they have listed for 1.4 million. This house, which is 15' wide and a TOTAL wreck (think "Grey Gardens" - that was vibe of family living there until very recently) just sold about a month or so ago for $975K cash after going on market for 950. It needs EVERYTHING redone - it's basically a total gut job, a shell, and a dubious one if that since it was clearly so incredibly badly taken care of. For them to now turn around and re-price it for 1.4 million in this market is total insanity!! Yes, it's Center Slope, but even that is not enough to justify such a ridiculous strategy. I am deeply skeptical of their pricing strategies if this is what they think makes sense. Clearly, their values are out of sync with current economic reality.

Posted by: Miss Muffett at November 10, 2008 3:34 PM

I think it's charming.


Posted by: Ringo at November 10, 2008 3:39 PM

Come to think of it, I think that Center slope house being sold by A&H for 1.4 sold for 975 just BEFORE the current meltdown - which makes their pricing strategy all the more ludicrous. Are they just losing it?

Posted by: Miss Muffett at November 10, 2008 3:47 PM

Hello folks,
we like this building but the location makes the pricing absolutely insane even as an "asking price". We think $650K will be generous and that is taking the FAR into consideration.
Ms Muffet Aguayo & Huebener have always overpriced everything they sell this one just seems more pronounced with the economic crisis...

Posted by: pierre de taille at November 10, 2008 4:29 PM

I've always loved that little house but looks like it needs a big price chop. Right in the flood zone as well.

Posted by: denton at November 10, 2008 4:46 PM

Miss Muffett, I am also astounded by the overpricing on the Center Slope house, though have a hunch its not entirely the fault of Aguayo & Huebener since the same house was recently FSBO on Craig's List for 1.35. Can't imagine what they are thinking, since they have made no improvements to the place and anyone can log onto property shark and see what they bought it for! But this is not the first or last example of that kind of wishful thinking, I suppose. I was hoping a market correction would help me and my family get in the door as first time home buyers...we shall see.
As for the house of the day, although obviously overpriced it has some charm- I love the rafters and the idea of a huge front yard!

Posted by: onefineday at November 10, 2008 7:04 PM

onefineday - be patient, I think you will be rewarded. Yes, what the new owner of Center Slope house is thinking is a mystery. Clearly, the market already spoke on this house - he had the highest bid and won at 975K, but if the market could bear a higher price, it would have when he bought. Now, the economy is in a much different place, and he wants to jack UP the price? Crazy. That said, there is ample evidence of a correction beginning. Just recently, a prime house on 3rd St, being sold by Corcoran, was cut $400K (from 2.999 to 2.599). Granted, this is still very expensive for a 1st time home buyer, but suddenly, the much more modest homes asking 2.599 (i.e. a recent HOTD on 8th Avenue) seem to be priced much too high compared to this much grander house which is suddenly at the same price level. So, the cuts will eventually trickle down and indeed you should finally be able to buy a home as a first time buyer.

Posted by: Miss Muffett at November 10, 2008 9:08 PM

An amusing error on the A&H website - they actually left off a zero on the asking price of that Center Slope house, so technically it says 140,000 - is this some kind of realtor's version of a Freudian slip?

Posted by: Miss Muffett at November 10, 2008 9:37 PM

It's cute and loads of FAR...but it's zoned M1-2 so until the government changes the zoning...YOU CAN'T CHANGE A THING.

It's got to retail it current footprint or become a non-residential building. I've looked into it.

Posted by: doghouse at November 11, 2008 10:05 AM

It's cute and loads of FAR...but it's zoned M1-2 so until the government changes the zoning...YOU CAN'T CHANGE A THING.

It's got to retail it current footprint or become a non-residential building. I've looked into it.

Posted by: doghouse at November 11, 2008 10:05 AM

I like how those rough floors look with the exposed beams, especially. It could inspire somebody's reno. If you exposed beams in a house then laid down reclaimed, wide-plank wood floors with lots of character and texture, it would have a nice effect. European farmhouse-esque.

I don't understand the zoning thing Doghouse talks about. But as a residence, is it possible to build a 2nd building as part of the residence in front of the main house? If so, somebody could put a car garage all the way in front, with a guesthouse/office over it, then there'd be a private enclosed garden in between that and the main house. Very cool if that that were possible.

Posted by: traditionalmod at November 11, 2008 10:15 AM

And let's not forget the overflowing Gowanus, which I imagine reaches this place during a good summer storm. Can we call the front yard a private 'lap pool' then?

Posted by: parkedslope at November 11, 2008 3:08 PM

Nope.

You cannot build any additional residential area on that lot as long as it is zoned M1-2.

The house was built BEFORE the zoning was made manufacturing and the houses in the area were grandfathered in. Now that it is M1-2...and it IS...you cannot add any additional residential area on that spot. It can only ever be the house that it is. You probably can't even tear it down and rebuild it.

I've looked at houses in the area and had my contractor look into it. I've also seen people not know this and try to buy homes around there and not be able to get a mortgage because YOU CANNOT BUILD there. It's true.

You could build an office building or something...but NOT residential. That's why all the hotels are around there...commercial not residential.

That and it backs up to a very bad/toxic smelling warehouse with overflowing barrels of stuff right under the rear windows...so you can't even open them without stinking up the whole TINY place. I've seen it.

Posted by: doghouse at November 12, 2008 10:42 AM

But it is super cute...that is undeniable. I just wouldn't want to live there...and I love the Gowanus area.

Also I hope the slump does make realtors start doing just a little work...like proof-reading their listings!

Posted by: doghouse at November 12, 2008 10:45 AM

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