360 Grand Avenue Goes Into Contract

360 Grand Avenue came on the market last February asking $799,000 and underwent a couple of price cuts before landing at $699,000 in April. Given its, um, unusual exterior and the fact that the interiors were not presentable enough to get included in the listing, we thought that even $699,000 was a stretch for the 2,520-square-foot pad. Then again, for someone looking to do a gut renovation, maybe it was a good "condo alternative," to use broker-speak. Whatever the rationale and the price, someone stepped up to the place because it went into contract last Monday. Surprised? What price do you think this went for?
360 Grand Avenue [Corcoran] GMAP

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I bet this went for 600 flat, which if you think about it is not a bad price for someone with the time and money to renovate. You could come out of the deal with a renovated brownstone at Greene and Grand for a shade under a million which is a good deal no matter how you slice it.

Posted by: wasder at August 10, 2009 11:35 AM

Is it possible, or even likely, that under that siding is a facade similar to it's neighbors? Just curious.

Posted by: InsertSnappyNameHere at August 10, 2009 11:38 AM

Snappy--highly likely that there is brownstone under the siding, which is a cheap way to weather proof when you don't have the dough to re-do the brownstone.

Posted by: wasder at August 10, 2009 11:44 AM

I am surprised because I was told by knowledgeable folks here on Brownstoner that RE was like the worst investment on earth. So the fact that a house obviously in need of an extra yard of width and major upgrades would actually trade…is absolutely the stupidest thing a smart person could do with their hard-earned money.

Isn't that the consensus?

Posted by: antidope at August 10, 2009 11:55 AM

"What price do you think this went for?"

Quarter off peak. We're half way there.

***Brownstones half off peak comps***

Posted by: Brownstones Half Off at August 10, 2009 11:56 AM

A friend and I saw this as a possible double duplex to renovate and live in. The realtor tried to prepare the large group present for the total gut renovation we were to encounter, but what she did not prepare us for was the absolute squalor the renters lived in. The smell was overwhelming and the conditions lived in were horrific. Even with a to-the-studs gut renovation and the right price, it just wasn't worth it. There was no actual basement so the garden level space would have to contain all the mechanicals, taking up much of the already limited space at 13" wide. As for the vinyl siding, all the brownstone had been chiseled away to allow for the siding to be attached flush. The realtor tried to convince everyone present that once renovated it would be worth over a million. Never...

Posted by: sangfroid at August 10, 2009 12:14 PM

"...all the brownstone had been chiseled away to allow for the siding to be attached flush."

YIKES! Really? How hard/expensive is that to put back? Or can it be put back?

Posted by: InsertSnappyNameHere at August 10, 2009 12:21 PM

is the house on the right like 7 feet wide!?!

also, vinyl and aluminum siding is coming back in fashion it seems anyway, so probably best to keep it.

*rob*

Posted by: PitbullNYC at August 10, 2009 12:26 PM

The saleswoman at Corcoran must be some salesperson- the pictures are the dumbest. I would never even consider dealing with an agent who posted nothing but street shots- and 3 of those aren't even of the house.

Posted by: bxgrl at August 10, 2009 12:29 PM

What are you using as the peak comp for this house, BHO, so we can measure where this house falls when we learn the price?

Posted by: slopefarm at August 10, 2009 12:30 PM

Rob, I don't know if it's coming back in style, but up against those two other buildings, it just doesn't seem right at all. Oh, heavens...am i making an argument for contextualism? I've been on B'Stoner for too long...You @sshats have gotten to me!

Posted by: InsertSnappyNameHere at August 10, 2009 12:31 PM

back in 2006, nearly bought 1 of the neighboring units for 699k. vs this unit, it was in much better condition (albeit it too needed some renovation).

Sangfroid, did you determine or the broker provide an estimate on the gut renovation cost where by you would be be ahead per broker's loose $1M+ appraisal?

Posted by: more4less at August 10, 2009 12:32 PM

All of these 13' wide houses should be demolished and replaced with more functional housing.

Posted by: Polemicist at August 10, 2009 5:23 PM

Ugh, I hate that block and I hate those houses - they're narrow and like, ugly by design. And I've especially hated that blue house.

Posted by: new2bk at August 10, 2009 6:20 PM

« 20 Henry Street Gets Emergency Roof Repair Condo of the Day: 1 Northside Piers, #15D »

August 10, 2009

360 Grand Avenue Goes Into Contract

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