If there were lots of identical houses for sale, then the widget's median/mean would produce good estimates for the last sale in an equilibrium market.

Because the number of houses for sale is low (especially since they are often high-end houses), I'd guess that the 75th percentile of the widget estimates would be a better estimator for the actual sale price.

Posted by: thwackamole1 at November 17, 2009 1:07 PM in response to Last Week's Biggest Sales

Happened to me. Get some fox urine scent and douse the area.

Annoying, but hardly a violation of the warranty of habitability. The judge would laugh you out of court, and you are probably liable for LL's costs.

Be prepared to offer your LL 2 months of rent if you really want to escape.

Posted by: thwackamole1 at November 10, 2009 3:46 PM in response to Lease Termination Notice

Probably not. But hire a good and aggressive lawyer (E.g. Belkin Burden or someone else) and plan on spending $10k. It will be worth it.

Posted by: thwackamole1 at November 9, 2009 11:20 AM in response to Rent Stabilization Succession

To shine some more light on it:

The developer was Penson, if I recall. Frank Farricker took over his father-in-law's business and tried to go all-out on the 'luxury' front. Then he got divorced from Ed Penson's daughter and they started unwinding.

Everyone knew that the price was crazy. 3.5 M still seems like a lot, though the reno was very luxurious.

Posted by: thwackamole1 at November 6, 2009 1:27 PM in response to 85 State's Roller Coaster Ride

Bottom full floor sold for 1.25 down from 2m ask. lower floors have sold for 500-600 per unit. The constant buzz of the BQE is annoying, and a 5th floor walk-up leaves something to be desired. With the new giant 1BBP garage charging low rates, the parking space isn't worth as much as it was.

This will go lower.

Posted by: thwackamole1 at November 4, 2009 1:08 PM in response to Co-op of the Day: 32 Willow Place, #9

Make them move out early in the month, and keep their security deposit.

Suing them is pointless.

Posted by: thwackamole1 at November 3, 2009 1:31 PM in response to Tenants Breaking Lease

Last one into the ark hauls up the gangplank.

Snob zoning strikes again.

Posted by: thwackamole1 at October 29, 2009 3:05 PM in response to Carroll Gardens Downzoning Sails Through Council

It isn't the tourist copters that are annoying -- it is the police and traffic copters hovering over the BQE and the bridges for hours.

No choppers before 7:30 would be fine with me.

Posted by: thwackamole1 at October 26, 2009 11:53 AM in response to Copter Rage in Brooklyn Heights

Stuy Town decision is out, and it went for the tenants.

Say goodbye to the real-estate bubble...

Posted by: thwackamole1 at October 22, 2009 9:24 AM in response to Thursday Links

Prices on this block have gone up at roughly 10.5%/year over the past 30 years. They went up at roughly 1.5%/year over the preceding 120 years.

In 1980, this house was worth about 10-12 decent pickup trucks. Today it is priced at 40 pickup trucks.

Even adjusting for the huge drop in interest rates (9% drop) the total return on this house is north of 8%/year over the last 30 years. This is a crazy return for a pile of bricks.

This house is roughly the same size as the average American house, but is priced at 6-7x the average price.

The average household income on the block is not all that high -- perhaps 150k. This puts the house at 8-9x incomes.

You would have trouble getting more than 2200 for the ground floor rental; the top floors would be worth less.

Conclusion: Likely to lag inflation for quite some time.

Posted by: thwackamole1 at September 22, 2009 7:47 PM in response to House of the Day: 297 Vanderbilt Avenue

Extremely expensive to heat, given its position on the end of the row. Not to mention the neighbor's never-ending construction project.

I think that the upper kitchen is more of a 'snack kitchen' -- I don't think that the current owners used it as a 2-fam, and if so, only with relatives.

Posted by: thwackamole1 at September 22, 2009 3:29 PM in response to House of the Day: 297 Vanderbilt Avenue

Change is hard--I'm sure you'll get used to it.
This sounds reasonable, and unless you're fishing for a lawsuit, let it go -- following the rules perfectly is prohibitively expensive, which is why NYC housing is simultaneously crappy and expensive.

Posted by: thwackamole1 at September 22, 2009 10:42 AM in response to Help! Legality of Extension

Makes no sense:

Price to rent ratio -> Fail
Comparison to other houses (e.g. clinton st brownstones) ->Fail
Price to Income -> Fail
Price to Condo equivalent ->Fail

Somebody may buy it, but they might lose a ton of money on it as well

Posted by: thwackamole1 at September 10, 2009 2:51 PM in response to House of the Day: 455 Henry Street

The houses on willow went for 1.2-1.8 in unrenovated condition, but were much bigger.

This is on top of the subway (vibration!), on a steep cobblestoned street 10 minutes away from the aforementioned subway, nowhere near food or restaurants, and next to a noisy highway overpass.

It is small, poorly laid out, and 2x the price per foot of 1BBP.

1MM for the house and some huge amt for the 'history'

Posted by: thwackamole1 at September 9, 2009 2:56 PM in response to House of the Day: 40 Joralemon Street

CALL THE CAMPAIGNS TO PROTEST THIS RIPOFF OF TAXPAYERS!

Posted by: thwackamole1 at September 3, 2009 6:49 PM in response to State, City Enter Stalled Project Discussion

This is an underhanded grab by the politicians to get cheap housing for their friends, 'community activists', and other associated hangers-on.

Total UGLY political payoff -- absolutely corrupt.

Wait until the condos go bankrupt and revoke the tax exemptions. This will encourage the banks to sell the apartments and the market will clear.

NYS needs 20-40000 new apartments per year to keep up with population growth. The only reason that we have boarded up houses are due to government interference, not lack of demand (as in the 70s).

Posted by: thwackamole1 at September 3, 2009 4:05 PM in response to State, City Enter Stalled Project Discussion

NO BAILOUTS FOR DEVELOPERS!

NO $50000 DISCOUNTS FOR FRIENDS OF HAKEEM!

VOTE AGAINST EVERY POLITICIAN THAT SUPPORTS THIS!

Why should I pay taxes to subsidize a luxury apartment that I can't buy?

Posted by: thwackamole1 at September 3, 2009 1:51 PM in response to State, City Enter Stalled Project Discussion

Price to rent ratio is still extremely high. Rents are falling in the immediate neighborhood, and I don't think you'd get 3500 for this (and couldn't keep it rented at that price).

Also, NYS taxes for the rich are going way way up as are property and water taxes -> less money to spend on RE

Posted by: thwackamole1 at September 2, 2009 4:27 PM in response to Co-op of the Day: 56 Garden Place, #2

The designs are terrible for the clients that I know that can afford it.

The square footage is wasted on these giant bathrooms.

I'd love to see an apartment with the following rooms:
= bedroom
= smaller guest bedroom
= living room
= office
= dining room
= 1 or 2 (max) bathrooms.

This is an elegant apartment for a couple that may have a kid in a few years, or that has regular long-term visitors.

Instead, the space that could go to the office and living room is occupied by 2-3 excess and useless bathrooms with double sinks, separate showers and soaking tubs, etc -- the floorplans are very wasteful and at 700/sq ft, why spend $150k on very marginally useful space.

Posted by: thwackamole1 at August 18, 2009 11:42 AM in response to Price Cuts at One Brooklyn Bridge Park

Tough shit. Buy a fan.

He'll stop when the weather gets cooler or it rains. It is his driveway, and as long as he isn't doing anything explicitly illegal.

BTW: he's not idling the car -- he's testing it or using it to charge the battery. That's allowed.

Stop being a nanny.

Posted by: thwackamole1 at August 14, 2009 11:38 AM in response to Noxious Neighbor Help

You don't have a prayer.

If you take an upstairs apartment, forget about kicking out the downstairs tenant without a MONSTER fight.

If the tenant is disabled (or claims to be), forget it.

If you can't afford the place with the tenant in place, you can't afford the lawyer to kick the tenant out OR the risk that you won't get the tenant out or the lack of rent for 5+ years.

Good luck, but I'd pass on this deal.

Posted by: thwackamole1 at August 13, 2009 8:31 PM in response to Eviction for Owner Occupancy

You don't have a prayer.

If you take an upstairs apartment, forget about kicking out the downstairs tenant without a MONSTER fight.

If the tenant is disabled (or claims to be), forget it.

If you can't afford the place with the tenant in place, you can't afford the lawyer to kick the tenant out OR the risk that you won't get the tenant out or the lack of rent for 5+ years.

Good luck, but I'd pass on this deal.

Posted by: thwackamole1 at August 13, 2009 8:30 PM in response to Eviction for Owner Occupancy

16D is on the developer's website for 940k. You'd be an idiot to pay more than that for a lower floor.

Posted by: thwackamole1 at August 10, 2009 2:14 PM in response to Condo of the Day: 1 Northside Piers, #15D

Fundamentally

New York needs housing. This developer is willing to put up low-income senior housing for 100-200 people on a VACANT lot.

It is immoral to use aesthetic considerations to block a needed public accommodation.

If you want a community garden, buy the land yourself.

Posted by: thwackamole1 at July 28, 2009 10:25 AM in response to Lefferts Place Threatened by Healthcare Developer

The trick is to nail the broker at the end:

1) Figure out who your buyers are and agree roughly on a price.
2) Now tell your broker to get 2% more and tell the buyers to walk away if you don't move.

3) Broker will kick in 1-2% to make the deal happen.

Posted by: thwackamole1 at July 22, 2009 4:23 PM in response to 6% Broker Fees Still Happening?

This is the most asinine decision that I've seen in a long time.

Investor offers to improve the property, to ameliorate the parking shortage, and to add green space, and the DHCR (which should have NO jurisdiction here) says no.

Kill rent control.

Posted by: thwackamole1 at July 17, 2009 11:37 AM in response to Tenants Win Garage Fight at Riverside Apartments

The reason for the high prices in ft greene is that the free market hasn't been allowed to function.

between snob zoning, landmarks, rent control, and grasping city council/mayor/legislators, not enough gets built (or got built), meaning that the rest of us fight for what's left.

Posted by: thwackamole1 at July 14, 2009 10:46 AM in response to PACC Cuts Ribbon at 566 Gates Avenue

I think that there is still considerable demand for moderately nice apartments without the crazy designer finishes of the condos. This location has good access to a park, subways, restaurants, highways, and the bridge.

It is also close to a lot of offices and muncipal buildings.

Lots of people want to live close to manhattan, and because of snob zoning in brooklyn heights, dobro is getting the brunt of the development.

As an FYI: by building 1500 units within a few blocks of each other, AB will be able to get significant economies of scale in running the buildings.

Posted by: thwackamole1 at July 14, 2009 9:52 AM in response to Avalon to Top Clarett in Downtown Brooklyn

I've seen some 26 footers on Clinton with a lot more space go for 3, and they were crazily priced.

This is an 18 footer. I've visited 5 on that block.

The last sales were usually low 2.0 range; penson sold a bunch of beaten up R/S ones for around 800 each last year.

Rents for each apt would be perhaps 4-4.5?

Call me in at least a million bucks off.

Posted by: thwackamole1 at May 21, 2009 5:31 PM in response to House of the Day: 169 State Street

You were pretty unsociable in not confronting the owner directly.

The city has made it virtually impossible to comply with every law, and the fines are extremely high.

You can either make peace with your neighbor or figure out how to defend your multi-million dollar unguarded property.

Be thankful that he didn't mix roofing tar in with the paint.

Posted by: thwackamole1 at May 4, 2009 10:45 AM in response to Retaliation for DEP Complaint

I'm sorry to see that they reopened. I'll second the strut comments. They will not install self-supplied parts and charge you 100% markup for the same part.

At least the condo developers only screw you once rather than on an ongoing basis.

BEWARE: They will constantly identify 'issues' with parts that are worn but not out of norm; you have no inexpensive way of determining the accuracy of their diagnosis. Their labor rates are much higher than the norm, and their parts are 100% over wholesale.

I won't be going back.

Posted by: thwackamole1 at April 27, 2009 3:12 PM in response to Streetlevel: Atlantic Avenue Shell Station Open Again

It can be done in theory. In practice, it tends to depend on the difference between R/S and free market rents.

To begin with, you need to know when the leases expire and plan your closing for at least 5 months before that. Then you give them a Golub notice, and be super-careful about service. Then you try to evict them.

What I would do here (assuming infinite money) is convert the two empty apts to 1; obtain a C of O for a five-family. Now rent out the owner's apt and the newly combined apartments.

Now you and your parents each go after two R/S apartments each.

Posted by: thwackamole1 at April 8, 2009 10:35 AM in response to Buying a Rent-Stabilized Bldg

Sorry -- that should be www.spony.org

Posted by: thwackamole1 at April 3, 2009 12:45 PM in response to Problem With RC Tenant

Join the Small Property Owners of New York -- they can help you with these situations. (www.spony.com)

Posted by: thwackamole1 at April 3, 2009 12:44 PM in response to Problem With RC Tenant

One of the giant 26 footers on that block with 5 floors (incl a doctor's office that paid good rent) went for about 3MM 2 years ago; it was an incredible building.

Call me at 2MM.

Posted by: thwackamole1 at March 30, 2009 1:52 PM in response to House of the Day: 135 Clinton Street

Right now there are too many brokerages and cell-phone stores -- I'd expect one or more to fold.

In the last recession, they opened up a 99c store.

Posted by: thwackamole1 at March 10, 2009 10:00 AM in response to High Rents Killing Montague Street

I've been in it. Very nice; they maximized the width by using a fairly nice center stair.
Owned by an Ibanker; I assume he got canned, or their two kids outgrew it.

I thought he paid too much back in 2006, and the BQE noise can get a little annoying in summer.

If and when the park is built, it will be really nice. Until then, it is a jewelbox.

Posted by: thwackamole1 at March 9, 2009 2:44 PM in response to House of the Day: 18 Willow Place

Not sure about the legality in NYC. Firewood is heavy and bulky; at current prices it is more expensive per BTU than oil.

If you really like splitting and stacking wood, a wood heater is great, but I wouldn't do it in NYC.

Posted by: thwackamole1 at February 2, 2009 3:08 PM in response to Wood or pellate stove?

I have access to about 20 mostly italianate brownstone mantels for sale. This would probably be cheaper and nicer than having a mason make one from scratch.

Posted by: thwackamole1 at February 2, 2009 2:35 PM in response to seeking mason to make mantel

I have access to about 20 mostly italianate brownstone mantels for sale. This would probably be cheaper and nicer than having a mason make one from scratch.

Posted by: thwackamole1 at February 2, 2009 2:35 PM in response to seeking mason to make mantel