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February 26, 2009

House of the Day: 190 Dean Street

190-Dean-Street-0209.jpg
Here's an interesting property: The three-story brick house at 190 Dean Street at Bond Street in Boerum Hill is currently configured as three floor-thru residential units along with a three-car garage at the rear. The building, which is asking $1,600,000, will be delivered vacant, though, so a buyer could convert the ground-floor space back to retail and create a duplex apartment above it. The interior still has some nice detail and looks to be in decent shape, though a new kitchen would likely be in order in the scenario we describe above. What do you think the store could rent for in this location?
190 Dean Street [Corcoran] GMAP P*Shark




Posted by Brownstoner at 1:13 PM | Comments (24)
Categories: Boerum Hill, HOTD

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Comments

corcoran link is bad

Posted by: bowl of dicks at February 26, 2009 1:21 PM

I think Corcoran server is down. Most links to any of their properties aren't working.

Posted by: bk14 at February 26, 2009 1:26 PM

Not too close to the PJ's. Good location. I would guess commerical rent to be $3K/mo. Looks wide.

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 26, 2009 1:31 PM

This makes an interesting comparison to 150 Bond, which is on the same block (on the corner of Bond & Bergen; this one is on the corner of Bond & Dean).

150 Bond is the building that currently stands gutted, as the current owners (who bought for $1.725 million in September 2007) abandoned their remodel and tried to flip the property for $2.45 million. The current price of 150 Bond is $1.795 million.

190 Dean seems like a nicer property than 150 Bond. I haven't looked at the details, but it looks bigger, is certainly in better shape (duh, it could be lived in) and having the street frontage on Dean seems better than having it on Bond (although both are pretty busy with traffic). The Bond house also has a bus stop right under it, which to me would be a big negative (the buses are louder than you might otherwise think).

So...190 Dean at $1.6 million; 150 Bond at $1.8 million. Somethings going to give. If 150 Bond has a big mortgage on it, I wouldn't be shocked if it was one of the first properties in this area of Brooklyn to go into foreclosure.


Posted by: aishling at February 26, 2009 1:37 PM

FWIW, because there's a store here, even if delivered vacant, any buyer will have to put 25 percent down. Though maybe that would be true anyway if you take out a jumbo loan.

Posted by: mopar at February 26, 2009 1:45 PM

Mopar, the store area, according to the floorplan, is configured as a living space. Would the 25% still apply?

Posted by: InsertSnappyNameHere at February 26, 2009 1:50 PM

The link is down, but try this for the photos

http://www.corcoran.com/property/photoTour.
aspx?Region=NYC&Listingid=1500167

This for the floorplan

http://www.corcoran.com/property/floorplan.
aspx?Region=NYC&Listingid=1500167&seq=1

Posted by: InsertSnappyNameHere at February 26, 2009 1:54 PM

Seriously considered buying across the street at 201 Dean and always wondered what the first floor at 190 was configured as, with all that intricate ironwork. This house is very close to the projects though, maybe 2 blocks away.

Posted by: tiptoe at February 26, 2009 1:56 PM

If the property is designated commercial or "mix use" a minimum of 25% would apply, it would be a commercial loan, regardless of how it is currently used.

If it's designated/zoned 100% residential, then whatever the bank is willing to give will determine what you need down.


But then again, that is always the way Almost regardless of the property, especially multi-units, the bank only gives a % of income (be is salary, rentals, or a combo), so the down payment is whatever the difference is. 10%, 50%, whatever.

Posted by: christopher at February 26, 2009 2:01 PM

Tiptoe, 2 blocks away from the projects is very far in NYC terms.

Posted by: DannyBKNY at February 26, 2009 2:09 PM

how much could you rent out each garage parking spot for?

Posted by: i disagree at February 26, 2009 2:28 PM

If the store has been closed more than two years (and I'm pretty sure it has), it cannot legally be re-opened. This building is zoned residential, and any grandfathering for the store is dead after two years of non-use.

Posted by: Troy McClure at February 26, 2009 2:40 PM

I still can't get to any of the links, but $1.6 mil seems quite low. A three-story house in prime Boerum Hill plus three garages!

You "PJ" people are so nonsensical. I live very near this house and am not disturbed by people who live in the projects. It is both hilarious and insulting that you seem to think housing projects are black holes of violent crime, sucking innocent bystanders into their vortex of vice. Unless you actually live within walking distance of Wyckoff or Gowanus Houses, please refrain from "opinionating" about their impacts.

Posted by: Brooklyn Chicken at February 26, 2009 2:43 PM

Should be able to get $200/month for each parking spot. Maybe a bit more.

That store's probably been closed for two decades...

Posted by: aishling at February 26, 2009 2:48 PM

Back in September the limit for a conforming loan on a 3 family was $645,300.

So, regardless of rents and personal income, back in September, the most a bank would give you would be $645,300.

Lets say that has been bumped and maybe a bank cuts you some slack for high personal income, I still doubt you'd get more than $850,000 (Sept's limit for conforming on a 4 family).

That means you have to come up with between $750,000 - $954,700. At that point as long as you could prove to the bank you have nearly $1,000,000 liquid you could probably get away with 10% down (banks also like to see 6 months of expenses liquid in the bank on these deals, so you'd probably need just over $1,000,000 liquid to get a mortgage).

Just spit-balling a bit (also based on my recent experience with financing on a 4 family).

Posted by: christopher at February 26, 2009 3:09 PM

If I had the money and if the first floor could actually be used commercially, this building would basically exactly fit what I dream of: owning a bar with offices on floor 2 and a big living space on floor 3. Hell, the old-timey looking windows even go perfectly with the look I want for the bar.

SOMEDAY!

Posted by: cwbuecheler at February 26, 2009 3:37 PM

I live nearby; there hasn't been a functioning store in there for a long time, certainly more than two years. But I'm all for getting around the two year clock. I'd love to see some useful retail/food establishment open up on that corner.

As a homeowner, I'd actually be pleased to know that a house smaller than mine changed hands at 1.6. But hardly a good comparable with the parking and possible retail. Given the state of things, I won't be surprised to see it go for quite a bit less. It's a new reality out there and I'm not sure we've all adjusted.

Posted by: boerumhull at February 26, 2009 4:59 PM

opining

Posted by: dittoburg at February 26, 2009 5:08 PM

Hold an auction for the parking spots. They might go for well over $200 a month.

Posted by: boerumhull at February 26, 2009 5:16 PM

Christopher,

The loan amounts you're talking about are the maximum amounts to be conforming, not the actual amounts that a bank will be willing to lend you.

Posted by: Boerum Hill at February 26, 2009 8:02 PM

Boerum Hill,
I realize they are not the be all end all of loan amounts, I was just using them as a referent.

Posted by: christopher at February 26, 2009 10:03 PM

i think conforming loan amounts are higher these days. If only there was a kindly mortgage broker who could enlighten us...

Posted by: slick at February 26, 2009 10:35 PM

Tiptoe, what kept you from buying the house across the street? Was it the illegal heavy truck traffic and incessant honking on Bond Street every morning? Or the late-night noise made by the steam of passerbys? Or some other reason(s)?


Posted by: Arlington at March 2, 2009 1:42 AM

Does anyone know where NYC documents the rule about a commercial space loosing it's zoning status after two years of non use? I can't find anything about it online, this related to another property I am considering. Thanks everyone.

Posted by: ALS at April 13, 2009 10:04 AM

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