Two Bed Stuy Open Houses Tonight
287 Halsey is a four-story, three-family brownstone with quite an elegant facade; we’re always a little worried when we see something like this with no photos advertising the fact that it has been recently renovated. But for $745,000, could be worth the subway fare to check it out. Open house tonight from 5:30 to 7….
287 Halsey is a four-story, three-family brownstone with quite an elegant facade; we’re always a little worried when we see something like this with no photos advertising the fact that it has been recently renovated. But for $745,000, could be worth the subway fare to check it out. Open house tonight from 5:30 to 7. Do you think either of these places sound like they’re worth it?
287 Halsey Street $745K [Craigslist] GMAP P*Shark
477 Willoughby is a four-story, four-family brownstone that is, allegedly, “filled with original detail” but in need of renovation. (That front door doesn’t augur particularly well, does it?) The asking price is $800,000 but the seller is motivated. Open house tonight from 5 to 6:30.
477 Willoughby Avenue $800K [Craigslist] GMAP P*Shark
Personally, I think anyone would be crazy to buy in Bed-Stuy right now. While people may legitimately debate whether a market downturn will greatly affect prices in Park Slope, Fort Greene, and other prime areas of Brooklyn, the subprime and foreclosure wave will no doubt have a huge effect on areas like Bed-Stuy and Crown Heights. All you have to do is look at the charts of foreclosures over at the Daily News website to see Bed-Stuy is being inundated with foreclosures. What affect will it have on a property listed for 750K when you can get a foreclosure on the same block for 600K. It seems best to wait 6-12 months to see how this all shakes out before buying in these more marginal neighborhoods.
Fran, I think you are confusing people about a few separate issues. “Rent control” refers to a very specific set of laws in NYC that only apply to certain buildings. Ditto “rent stabilization” which is similar but less extreme. SRO’s have their own set of particular regulations, and personally I would not buy a building with an SRO certificate of occupancy. (But I don’t believe either of these buildings are SRO’s.)
What you’re referring to however is simply the fact that even when no special regulations apply, existing tenants in NYC can be extremely difficult to get out from any building. This is very true. Been there, done that, hope never to do it again.
However that’s not to say that the only good buy is a vacant building. Far from it! You just have to do your due diligence, figure out if people are paying their rent on time, how long they’ve been there, etc. and make a judgment call just like you would if you went out and got your own tenant. Furthermore, buying out a tenant, evicting a non-paying tenant, etc. are stressful and expensive propositions but still worth it for some buyers who are getting a great deal.
Fran,
Alot of people have illegal apts, mostly basement apartments. Tenants move in and when they realize the apt is illegal, they practically blackmail the owner and hold it over their head. Although the apt is illegal, if they report the tenant, the owner is subject to fines. That’s what creates the nightmare situation for many owners.
Yes, SRO regs cover many tenants living in brownstones from Brooklyn Heights to Bed Stuy. Whatever the term you use, existing tenants are forever. As a landlord, you will never be able to bring their rents up to anything apporaching market rates. In fact older people pay only a fraction of their very low rent and the landlord then has to wait -sometime for months- for the supplemental checks from the city.
Call it what you like, I call it rent control, it’s a fact of life whether you buy an apartment building or a brownstone with only a couple of units.
Only two-family houses are truly exempt.
Many of the row houses in our area became rooming houses and are subject to SRO regulations. Still occupying these units are mostly an elderly population, many of whom just do not want to move no matter how much the offer to vacate is and thus some owners have just remodeled around their rooms. Re: eviction — Regardless of the rent regulation status it is not easy and the suggestion to hire a specialist attorney is good advice.
Fran, if you believe that rent control laws apply to any building with more than two units, you are quite misinformed. With such misinformation, I assume you did not have a lawyer while in housing court. If you did, I hope you were not paying for such inadequacy.
Affordable housing advocates and rent regulated tenants would love the laws if there were as you incorrectly believe them to be.
Fran,
Anon 1:26 here. Just wanted to clarify the acuracy “two or more units” part of the rent control statement. Was not debating that rent control tenants, which may qualify under rent regulation passed on by taking over parent’s apt, etc was not tough, nor did I suggest evicting a tenant in a regulated apartment.
I happend to be a 25 year resident of Brooklyn and own a 3 family non-regulated building – had one nightmare tenant that I ended up in housing court with last year. Not fun.
anyone else out there want to shed some light on rent control/rent stabilization issues?
I live on Halsey and actually find it’s much safer than the 1 way streets – people watch their speed more than on the 1-ways and there’s a lot more people on the street at night here.
I feel much better about my child growing up here than on the other streets where the speed demon jerks in their huge escalades zoom by.
And you don’t even hear the busses. I know some people who live up around Greene/Van Buren and in the summer it’s like a perpetual block party – loud and rowdy all night. I am very happy here.
TOM: Yes, trendy Tompkins Ave. You should check it out. Boutiques, antique shops, and a very cool bakery/coffee shop recently featured in Brooklyn Record.
This is a very desireable part of Bedford-Stuyvesant, and the price of this house is within striking distance of the much smaller HOTD in Kensington.
I live a few blocks from this house and it’s a beautiful area, although I don’t know this particular block. The building on Willoughby is on a block that’s not so pretty, and although it’s close to a beautiful park, the public transportation is not nearly as good.