Celebrity Investor Gears Up at 470 Washington Avenue
The listings have been pulled at his most recent project 433 Warren Street, but that’s not slowing down Real estate investor and author Boaz Gilad from jumping into another project, this one at 470 Washington Avenue. The removal of plywood from the top-floor windows tipped us off earlier this week that something might be up…
The listings have been pulled at his most recent project 433 Warren Street, but that’s not slowing down Real estate investor and author Boaz Gilad from jumping into another project, this one at 470 Washington Avenue. The removal of plywood from the top-floor windows tipped us off earlier this week that something might be up with the four-story brownstone. Formerly owned (and “x’d”) by HPD, the building was sold by the city to an individual in March 2005 for $750,000. This guy then transferred it to an LLC in February 2006. Boaz closed on the building for $1,010,000 in September of this year, pulling down a mortgage of $1,080,000 at the same time. (Bet that’s how he tells you to do it in his book!) The DOB paperwork is a little confusing on this one, but it looks like Boaz has reactivated some existing permits to convert the former SRO to a five-unit condo. It looks to us like there’s some extra FAR to play with if he can get it past Landmarks. GMAP P*Shark
visible mold does beat the invisible kind at least you know you need to rip it out.
why not skip these disasters and just buy that condo at the Oro?
Corcoran has been trying to sell the place next door at $1.875M for months. They only include 3 photos because it really looks awful inside and there is a lot of visible mold in the basement.
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=924578&ohDat=
I would stick to the neighborhood’s rich traditions and put in three apartments per floor and rent by the half hour.
I also like the rolldown gate. It has that old-world flavor and it is practical.
i would put there 8 units: two in each floor
This picture captures perfectly my memory of much of Clinton Hill from years ago. I see not much has changed in the neighborhood but the real etate prices.
FIVE units? Where?
I’m just glad somebody is going to fix this one , next the white house nearby?
2 brokers enter. 1 broker leaves.
I’m really digging the pull down grate in the entry way to that brownstone. Very “Beyond Thunderdome.” I think I’m going to do that to my land marked brownstone as soon as I finish installing my white vinyl windows.