House of the Day: 113 Boerum Place

This house at 113 Boerum Place in Boerum Hill is a tough sell. It was in the process of being converted from a four-family to a one-family when the owner ran out of either money or patience and decided to put property, mid-renovation, onto the market for $1,599,000. Given that this is far from the most scenic stretch of Boerum Hill and that it'll still require a fair amount of blood, sweat and tears (not to mention money) to get this baby finished, that seems like an aggressive asking price. Kudos to the brokers for at least putting photos of the exterior up—we wish they'd given potential buyers a look inside while they were at it.
113 Boerum Place [Douglas Elliman] GMAP P*Shark

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"Not risking my life for a lousy set of interior photos" - broker (think 51 Cambridge, no?)

Excellent location. Exterior photos hardly enticing for 1.6. But doesn't seem too far off compared to that 75% sold condo thread. At the end of the day, it's location that you pay for (or overpay for), not Toto toilets.

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 7, 2009 1:35 PM

The chart shows 1 out of 4 Bronwstoner readers are brain dead

Posted by: brickoven at July 7, 2009 1:36 PM

"a tough sell" is being kind. Are there any DOB violations to boot???

Posted by: daveinbedstuy at July 7, 2009 1:55 PM

How can anyone be "appraising" this place?

Posted by: Nomi at July 7, 2009 2:06 PM

So $1.5 Mil gets me a construction awning? And I get to live near tree-lined pacific and dean too...AWESOME.

My only complaints are they did a really sloppy job painting the intersection (is this the outdoor space?), and the wood used for the bill posting area seems to be a cheaper laminate, not original.

Man, every time I think brokers might start getting real they pull this crap.

I'm adding them to my "most deserving of scorn" list for 2009.

Posted by: MoneyForNothing at July 7, 2009 2:40 PM

I`d venture to say it`s patience they ran out of not money considering that they sold out to Ratner at 177 Flatbush Ave.

Posted by: shchune at July 7, 2009 2:59 PM

By any stretch of the imagination, this is not a "good" location. This an incredibly busy intersection, where Boerum necks down from many lanes to less than two, with lots of traffic turning west to Pacific and even more turning east onto Dean. There currently is construction on both sides of Boerum at Atlantic.

After the construction is done, you are still essentially living on the Atlantic Avenue bypass.

Not a deal at this price; someone needs to figure out what the cost is to return to a four or three family and the potential rental income and see how that works.

Posted by: very bored at work at July 7, 2009 3:53 PM

traffic uses this turn off from atlantic, constantly, it's incredibly, busy. noisy etc

Posted by: binnyG at July 7, 2009 5:47 PM

Anyone know the story behind this? I've been watching the renovations with great anticipation everytime I go to New York Sports Club across the street. I wonder why the owner has suddenly bailed midway through the project. Lost a job perhaps? Maybe one of the thousands of Wall Streeters that were laid off? It's a great place for rentals if someone wants to make it back into a 4 apartment building. You'd definitely make a monthly profit that would cover your mortgage and and home improvement loan if you want to be a landlord.

Posted by: BrooklynSteve at July 8, 2009 12:35 PM

This could have been a great property if the owner had finished the renovation. Hopefully, someone else will finish the job.

Posted by: Jumbo at July 9, 2009 4:08 PM

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July 7, 2009

House of the Day: 113 Boerum Place

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