Real Estate Market

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We enjoyed the article–and particularly the narrated slideshow–about the group of friends who got together to buy and renovate a 5-story, 6,000 square foot building in the East Village. In addition to the voyeuristic enjoyment, we were surprised at the lack of discord. For some reason, we have the impression that these types of ventures typically result in infighting and acrimony. We’d love to hear any first hand accounts from people who have teamed up with friends to buy a brownstone together. The pitfalls are many, but clearly there is some price arbitrage that can be benefited from.
Among Friends: Buying and Rehabbing a Townhouse [NY Times]

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We got excited when we saw the exterior of this Lincoln Place 4-Family in Park Slope for $1,750,000. After checking out a couple of the interior shots, however, now we’re not so sure. We saw some original windows and shutters but it looks like the moldings have been removed and the ceilings dropped with recessed lighting. Ouch! The ad says there are many original details so who knows. The house has a lower owner’s duplex and a studio, one bedroom and two bedroom on the top two floors. Could still be worth a look as a single family in good condition on this block would probably run you a few hundred thousand dollars more. Anyone seen it?
Landmark 4 Family [Brown Harris Stevens]

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We just noticed this recent Ditmas Park listing at Aguayo & Huebener. Not too much info posted, but here’s what we got: 2-family Victorian on quiet tree-lined block with original parquet floor and stained glass windows. The 4-bedroom house also has multiple decks and porches. No mention of a driveway, a common feature in Ditmas Park. We haven’t seen any interior pics but think the $975,000 asking price sounds about right. Anyone been inside?
Ditmas Victorian [Aguayo & Huebener]

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Our favorite Bed Stuy big boy is back! A regular Brownstoner tipster steered us to the reemergence of this 7,500 square foot five-story place on Madison Street. The building was on the market in November for $1.5 million, then was reduced to $1.3 million in January, and now has been jacked up to $1.6 million. Personally, we thought $1.3 million was a lot of dough and will eat our shorts if this fetches $1.6 million. Thanks, Yoti.
Immaculate Corner Brownstone [Craigslist]
Bed Stuy Bohemoth [Brownstoner]

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We hope everyone saw the article in the City section of the Sunday Times updating the story on 142 Bergen Street where, we initially reported, the ceiling caved in at an open house last month. According to the article, the seller ended up receiving multiple bids within an hour of the open house. Initially listed at $1.595 million, the house went to contract last week at $1.68 million. As the buyer points out, plaster caving in doesn’t necessarily mean the house is structurally unsound.
Would the Price Be Higher… [NY Times]
Ceiling Crashes on Elliman Open House [Brownstoner]
142 Bergen Street [Douglas Elliman]

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This is about as cheap as they come in Clinton Hill these days (though technically this is Prospect Heights in our book since it’s south of Fulton). Recently listed for $599,000, this place was on the market for a while last year too, we believe. Not sure for how much. Grandma’s been living here for 60 years, according to the ad, but that ain’t necessarily such a good thing: Clearly the place hasn’t been touch since she moved in at the end of WWII. It’ll definitely need all new systems–electrical, plumbing, boiler–and a fair amount of cosmetic work. Even with a fairly serious reno, though, we think you can keep the all-in cost under $1 million. The ad suggests you may even be able to squeeze a small rental unit out of the floorplan as well.
Grandma’s House [Corcoran]