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House of the Day: 7 St. Marks Avenue

Categories: HOTD, Park Slope

7-st-marks-avenue-0110.jpg
How sweet is this! The old rectory building at 7 St. Marks Avenue in Park Slope is now on the market with an asking price of $2,375,000. The 23-foot-wide house is dripping with detail and the portions shown in the listing photographs look very well preserved. It's currently divided into four units, though, which usually means some kind of toll has been taken on the original structure. Still, pretty sweet. What do you think this is worth?
7 St. Marks Avenue [Core] GMAP P*Shark




By Brownstoner at January 28, 2010 1:11 PM | Comments (52)

52 Comments

By wasder on January 28, 2010 1:18 PM

Wow! one of my favorite ever houses featured here on Brownstoner. Considering what some houses with one hundredth of the charm get listed for more this seems like a pretty decent asking price.

By 11217 on January 28, 2010 1:21 PM

I'd give my right testicle for this one.

P.S. the 2 rental listings showing up are:

1 bedroom - $2400
2 bedroom - $3150

Just to give an idea of rent roll...

By ebklyn on January 28, 2010 1:25 PM

Wow! That house is unbelievable. And if I win the lottery, mine.

By bxgrl on January 28, 2010 1:30 PM

I need to find CGar! Just beautiful!

By Maly on January 28, 2010 1:31 PM

Wow! It's spectacular. For once, I can see how the asking price is justified.

By homey on January 28, 2010 1:35 PM

Love the house, but what do you all think of the location. Definitely not the best place on the street.

By Butterfly on January 28, 2010 1:36 PM

the building itself is nice, but that hideous statue and tacky chandalier gotta go.. and and ugh parquet? :-/


*rob*

By Brownstones Half Off on January 28, 2010 1:36 PM

10 (fundamental) x 12 (months/yr) x (2400 + 3150) x 2 (total of four units) = $1.332M. 44% off current ask which is somewhat consistent with how much further comps have to fall to reach half off.

***Bid half off peak comps***

By daveinbedstuy on January 28, 2010 1:37 PM

BHO, you're really delusional if you think a place like this sells on a multiple of the rent roll, really delusional

By Montrose Morris on January 28, 2010 1:41 PM

Very very cool. What Wasder and the lotto people said. I absolutely love the idea of a home like this. Worth every cent. There is nothing wrong with the location, wha?

By Butterfly on January 28, 2010 1:41 PM

and those rents listed are SERIOUSLY absurd

*rob*

By DitmasSnark on January 28, 2010 1:43 PM

> I'd give my right testicle for this one.

I see you and raise you my left one.

Clear out the awful furniture, swat down those chandeliers like piñatas, splash a little paint on the walls, and I'm good to go.

By Maly on January 28, 2010 1:44 PM

BHO, you're a clown. Your analysis doesn't make allowances for beauty and desire, which are as strong motivators as greed. You can go to Bouley, or you can go to MacDonald. 4,000 calories will set you back $300 at Bouley, vs. $12 at MickeyD. Which is the better value?

By dirty_hipster on January 28, 2010 1:45 PM

if i win the mega millions its mine

and i'll pay 5 mill just to piss off BHO

By LuvingModern on January 28, 2010 1:46 PM

The true essence of beauty! I agree with Rob though, a better decor (less in this case) would make one appreciate all those wonderful details all the more.

By daveinbedstuy on January 28, 2010 1:51 PM

Yes, this place would be great with LESS.

By Butterfly on January 28, 2010 1:52 PM

quote:
you can go to MacDonald. 4,000 calories will set you back $300 at Bouley, vs. $12 at MickeyD. Which is the better value?

that was as dumb as someone saying what hits the ground first, a one pound feather or a one pound brick

*rob*

By 11217 on January 28, 2010 1:52 PM

BHO,

If you're going to use your asinine analysis on this, then you are going to need to use it for a lot of other things too.

Diamonds (it's just a rock)
Chanel purse (the materials probably cost about 20 bucks)
Bentley (is that really 250k worth of metal?)

You have zero concept about loving something enough to purchase it for its beauty. And NONE of those things I mention (except perhaps the Bentley) are suitable to live in.

By daveinbedstuy on January 28, 2010 1:58 PM

you can go to MacDonald. 4,000 calories will set you back $300 at Bouley, vs. $12 at MickeyD. Which is the better value?

La Grenouille!!!!!!

By more4less on January 28, 2010 1:58 PM

Snark, think it would take the "tool" too if you want to take it away from 11217.

if rest of the house looks like those pics and the rent 11217 posted is legit, then this is among the best deal we've seen on this blog in a long long while.

DH, can I rent the both 2 flrs?

By dirty_hipster on January 28, 2010 2:00 PM

DH, can I rent the both 2 flrs?

Posted by: more4less at January 28, 2010 1:58 PM

gonna rip out the details and make it my 'party loft'

By 11217 on January 28, 2010 2:05 PM

The widget on this one looks closer to asking than most.

Would be even closer if it weren't for the 2 who guessed 1.5 million.

So taking away BHO and Miss Muffet's guesses, I'd think we'd be right at asking on this one today.

By Pigeon on January 28, 2010 2:05 PM

I'm seduced by the thought of living in sin in a rectory.

By daveinbedstuy on January 28, 2010 2:07 PM

I'm seduced by the thought of living in sin in a rectory.

Posted by: Pigeon at January 28, 2010 2:05 PM


Not half the sins I'd be committing!!!

By Pigeon on January 28, 2010 2:08 PM

How come no one has mentioned that AY... excuse me... I mean Barclay Center... will be just around the corner?

By Pigeon on January 28, 2010 2:10 PM

How will the Barclay Center affect this steet?

By 11217 on January 28, 2010 2:16 PM

Pigeon,

This house is on St. Mark's Avenue.

To get to Barclay Center from here, you would need to hang a a right outside your front door, turn right, make another right onto 5th Avenue, walk to Bergen Street, walk to Dean, cross Flatbush, and then cross Pacific.

You're making it sound as though this is facing Barclays.

In my opinion, this is one of the best non-park-block locales in Park Slope.

By more4less on January 28, 2010 2:20 PM

AY too close. we should slice a $1M off the ask. Hehehe

By hooky on January 28, 2010 2:22 PM

I'm not a fan of the cherubs per se- but it really is highly designed and makes a great statement. It's a wonderful showcase. Bravo for finding something that's really worth it's ask.

By daveinbedstuy on January 28, 2010 2:24 PM

It's not like it's on the same street as AY.

By newsouthsloper on January 28, 2010 2:45 PM

I seriously think this is one of the few homes that will end up selling at or above ask.

By Butterfly on January 28, 2010 2:45 PM

LOL @ 11217 comparing park f'ing slope to Bentley's, Diamonds, and Chanel :-/

dude it's park slope, get over yourself.
if you said Hondas, Ruby, and Jean Nate youd be more spot-on

*rob*

By Pigeon on January 28, 2010 2:53 PM

The term "Barclay Center" refers to the entire development in the AY area. Right? (Or am I using this term incorrectly?)

If this is true, then the Barclay center will begin around 5th Ave and Pacific (0r, is it 5th Ave and Dean?). Is this true?

If this is true, then the HOTD is 2 or 3 short blocks from Barclay Center. 2 or 3 short blocks is probably plenty of insulation from whatever the Barclay Center becomes, right?

What do y'all think?

I'm curious to hear how you think the Barclay Center will affect the surrounding neighborhoods.

By Fjorder on January 28, 2010 2:58 PM

A unique property. It may well sell above ask.

By Fjorder on January 28, 2010 3:01 PM

But what kinda sucks is essentially you have yourself a 2BR (unless those basement rooms are/can be converted. I hate to be a picky sonovabitch but for that $$ I want a triplex in this building.

By CGar on January 28, 2010 3:25 PM

It's nice. I don't love it. Sorry, bxgrl. Their decor really doesn't help matters, though strangely the only thing I like are their crystal chandeliers. The cherubs, friezes, and ruby red carpeting really must go.

By johnife on January 28, 2010 3:25 PM

Did anyone see a floorplan on the broker's site? I couldn't find one. The reason why I ask is that, going to Google Streetview and looking at the building facade, I have a hard time believing that it's 23' 0" wide. With it being only three (narrow) windows wide, and doing a bit of proportional scaling on the assumption it's a 5' 0" wide entry door, I'd be amazed if it's more than 20' 0" wide.

That said, the insides look extremely nicely done.

By johnife on January 28, 2010 3:42 PM

Okay, just checked the deed on ACRIS and it definitely says it's a 23' 0" wide lot but, the thing is, the house clearly, from Google maps, does not extend all the way to the Westerly property line. The house's front fence returns to the edge of the adjacent property to the West but the arial view shows a strip of vegetation between that line and the house itself that's probably at least 3' 0" wide. That ain't no 23' 0" wide house.

By nycdelisauce on January 28, 2010 3:43 PM

- Nice use of a wide angle lense on the photos (facade shot looks much narrower on GMap than on the broker site)

- I beleive the AY footprint reaches Dean St. (not pacific). So that's one block closer.

By daveinbedstuy on January 28, 2010 3:49 PM

It's 23' There's a floorplan on the website and the LR is 20'9" wide on the inside. I'm sure if you look it up on propertyshark it'll say 23'

By Arkady on January 28, 2010 3:51 PM

How do you use the shower in that bath w/o getting water everywhere?

By Brownstones Half Off on January 28, 2010 3:57 PM

It's neighbor, a 30x75 8-unit building at 9 St Marks, sold for $2.1M in early 2008. At over 1000 SF/unit, apartments there would probably command about $2,500/mo. So, 2500 x 8 x 10 x 12 = $2.4M is about right on comp. "Deal" or fair value? (or more than appears on PShark?)

And damn, Pigeon was right to bring up Barclay's. That site is damn close! This is not prime Park Slope. But hey, if it's that special, why not ask $5M? Or $10M? Or...

Yours truly, BHO the clown

***Bid half off peak comps***

By Butterfly on January 28, 2010 3:58 PM

Arkady, rich people do not shower!!!

*rob*

By Brownstones Half Off on January 28, 2010 4:05 PM

PShark has market value under 1.8 but we all know the tax assessment lags comps which are dropping again. And I didn't participate in the widget so I'm not alone.

***Bid half off peak comps***

By CG_ups on January 28, 2010 4:06 PM

i've always been curious, if someone were to turn this into a single family residence, can you get rid of the fire escape?

some of the decorating choices are pretty funny but nice bones and i agree with cgar, i'm kind of digging the chandeliers. they are fun. though does a priest still live there? saw some hanging crosses amongst the cherubs.

By CGar on January 28, 2010 4:08 PM

*rob* is right. They have people who shower for them.

By Brownstones Half Off on January 28, 2010 4:20 PM

From yahoo tech ticker...

http://tinyurl.com/y8k6msc

"House Price Recovery Just A Head Fake, Says Alpert, Especially In New York

In the second half of 2009, house prices staged a surprising recovery, leading many to conclude that the housing bust was done.

Keep dreaming, says Dan Alpert of Westwood Capital.

The rise in the second half of 2009 was mainly the result of pent-up demand combined with a tax-break, subsidized mortgage rates, and other incentives. The housing market is still awash in excess inventory, and Alpert says this will eventually drive prices down to 8%-10% below the lows of early last year [much worse for NYC - BHO].

The good news?

House prices should bottom this year and then begin to recover. Also, for the hardest hit areas, such as those in California or the sand states, the bust is probably over. Prices have fallen so far in those areas that Alpert thinks they're bottoming now.

So where is the sky still falling?

Places where price-to-rent ratios are still well above historical norms [like 10x annual? - BHO], such as New York City.

A staggering amount of excess inventory means the housing crash in NYC is alive and well, Alpert says."


***Bid half off peak comps***

By Brownstones Half Off on January 28, 2010 4:21 PM

From yahoo tech ticker...

http://tinyurl.com/y8k6msc

"House Price Recovery Just A Head Fake, Says Alpert, Especially In New York

In the second half of 2009, house prices staged a surprising recovery, leading many to conclude that the housing bust was done.

Keep dreaming, says Dan Alpert of Westwood Capital.

The rise in the second half of 2009 was mainly the result of pent-up demand combined with a tax-break, subsidized mortgage rates, and other incentives. The housing market is still awash in excess inventory, and Alpert says this will eventually drive prices down to 8%-10% below the lows of early last year [much worse for NYC - BHO].

The good news?

House prices should bottom this year and then begin to recover. Also, for the hardest hit areas, such as those in California or the sand states, the bust is probably over. Prices have fallen so far in those areas that Alpert thinks they're bottoming now.

So where is the sky still falling?

Places where price-to-rent ratios are still well above historical norms [like 10x annual? - BHO], such as New York City.

A staggering amount of excess inventory means the housing crash in NYC is alive and well, Alpert says."


***Bid half off peak comps***

By Pigeon on January 28, 2010 4:45 PM

BHO,
Thanks for the link to the article and video.
The guy being interviewed... that guy isn't you, is he?
He sure sounded a lot like you.

By Brownstones Half Off on January 28, 2010 4:52 PM

Your welcome, Pigeon. No, not me. I can't see the video in my office but I look forward to do so at home. Brownie should make a thread out of it tomorrow but he wouldn't dare.

I put it in the tax/market value forum too. Bulls want to talk up their property values until the tax man cometh. I find it hysterical.

***Bid half off peak comps***

By slopette on January 28, 2010 7:17 PM

Wow, no comment on the floorplans? Those kitchens are TINY. A friend of mine lives in an apartment with the same specs and layout as floor three, and there's not all that much room. Plus you can't cook in the hallway kitchen. I think they did a great job with the paint, decoration, and photography, but I'm not sure why this is so much better than everything else we've seen. Also, if this is currently being used as a four-family, someone is sleeping in the living room on the first floor.

By Pigeon on January 29, 2010 12:42 PM

Slopette,
I agree.
It seems that many of the posters regarding this home failed to look beyond the obvious beauty of the home (which is, I agree, stunning) and discuss more practical issues such as layout, AY, the fact that because it's a 4-family the buyer would need a commercial loan, etc.

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