House of the Day: 11 Wyckoff Street
The location of this new townhouse listing at 11 Wyckoff Street in Cobble Hill is great and it’s a 25-footer, but, from the looks of it, the interior’s going to need a lot of love. Given that, we have a hard time seeing how this baby can fetch it’s asking price of $2,300,000. Do you?…
The location of this new townhouse listing at 11 Wyckoff Street in Cobble Hill is great and it’s a 25-footer, but, from the looks of it, the interior’s going to need a lot of love. Given that, we have a hard time seeing how this baby can fetch it’s asking price of $2,300,000. Do you?
11 Wyckoff Street [Smith Hanten] GMAP P*Shark
Feeling a little neighborhood sensitive. I couple of weeks ago houses on Warren and Bergen in Boerum Hill were beaten up for being “too close to the projects”. This Wykoff Street house gets a Cobble Hill listing and gets lauded for its great location which just happens to be two blocks from the Gowanus Houses.
This place is a rape shack.
Donald — Do you want to look at the property as a principal? They shouldn’t give you any hassle about that.
If they don’t want to co-broke, I don’t see why that’s a problem as long as that was disclosed to the sellers in advance. Usually the decision not to co-broke accompanies a lower commission to the seller.
I went to see this house just before it came on the market and it is one of the most overpriced properties in recent memory. It has zero original details and the interior is much smaller than the dimensions would indicate. The main issue is that the stair case must be close to 8ft. wide which looses a lot of the width. Also, this block is not very pretty and is not in PS 29 or 58.
It’s pretty bad. I’ve seen part of it. I don’t know what those interior photos are of, but it’s in worse shape than that. Have been looking in the $2m range for a while and I literally laughed out loud when I heard what they are asking for this building. Great location, but the price is a joke. Same owners forever and it doesn’t seem like they have done a thing to keep it updated. I’d be scared of the inspection results.
…that a broker refuses to accept an offer.
Back in the day, borrowed funds to undertake a conversion of this size were avialable to any Tom, Dick, Harry or Mary. Not so much today. Also, end-user pricing was a little easier to approximate. We track all properties like this and the common theme is that acquisition pricing dictates end-user pricing in the ballpark of $1,000 psf. I am pretty certain that is not where the market is today, especially in this type of location.
Always strikes me odd when folks list investment properties at retail prices. Can’t say I blame seller for trying but doesn’t work price-wise as a conversion, likely rent rolls don’t add up as commercial, and bloody expensive to turn back into nice 1-2 fam residence.
Interesting to see what happens.
broker BS for a POS.
if i were the seller, i’d be PO.