House of the Day: 289 Lincoln Road
If this limestone at 289 Lincoln Road in Prospect Lefferts Gardens looks familiar, that’s because we featured it in a two-part series last year called “Let’s Play Flipper.” As you may recall, a first-time developer purchased the unrenovated property for $800,000 four months after another developer had bought it from the homeowner for $431,000. He…
If this limestone at 289 Lincoln Road in Prospect Lefferts Gardens looks familiar, that’s because we featured it in a two-part series last year called “Let’s Play Flipper.” As you may recall, a first-time developer purchased the unrenovated property for $800,000 four months after another developer had bought it from the homeowner for $431,000. He consulted with Brownstoner readers to see what they would do with the property, and ultimately decided to spruce it up a bit and put it on the market a few weeks later for $995,000.
This week we heard from him again: “We had great interest from buyers in April 2013 but the poor condition of the bathrooms, kitchens and wonky layout worked against the property.” So instead of selling, he did a top-to-bottom renovation. Now, almost a year later, it’s back on the market.
The layout has been redesigned, there is a new plumbing riser, new bathrooms, new kitchens, exterior repairs “and a lot of love,” he told us. Paint was stripped and original details restored.
It’s set up as a duplex over a garden floor rental, and the owner has exclusive access to the staircase and the basement. The first floor entrance is ramped and there is room inside for bicycles and strollers.
Other creative changes:Â A skylight was created out of the old dumbwaiter and plumbing stack space on the top floor. The dining room has a wet bar, and the master bath has heated floors. The developer will finish the countertops and add appliances in consultation with the buyer (the appliances shown in the photos are just placeholders, the agent told us).
The new ask is $1,450,000, and the first open house is this Sunday, May 4, from 1 to 2:30 pm. What do you think of the renovation and the new price?
289 Lincoln Road [Ideal Properties] GMAP
It says the developer will finish countertops and appliances, etc. for the buyer. I think it looks pretty beautiful.
I do not see any evidence in the pictures of a proper electrical update. (not enough outlets) nor any upgrade of the old forced air heating system! (the worst, both health and efficiency wise!)
And it is still going to cost someone some money to put in a deck, access to the garden from the owners unit; as well as the generic kitchen and bathrooms! But at least the bathrooms are white.
It’s a terrible renovation. But perhaps that was part of the contractor’s strategy. Face it, that eastern part of PLG is filled with tenement level apartments and run down townhouses. So he had to go cheap. The further east you go you lose the flavor that is synonymous with the northern PLG historic district and completely out of sync with the Manor. I think the price is aggressive but who knows. Only time will tell.
So the predatory flipper who does nothing makes about as much as the flipper who renovates it. Yes, that makes total sense. Free market! Who hoo!!!
It looks nice. Hope it goes over ask, just because of the above.
I like your idea’s and wouldn’t mind you doing the same to my house next door at 291 Lincoln Road. Reach out to me so we can talk.
No, he took a risk investing a lot of cash and time into it. He should reap a reward, yes.
The sad part is more the guy who convinced the homeowner to sell for 400K and then doubled his money doing nothing. In this scenario, risk vs. reward is jettisoned out the window.
are you always so nasty and bitter? you must be a real treat to live with.