Prospect Heights Brownstone, needs TLC

Hello Browntoner Community: We have a vacant brownstone in pretty prime Prospect Heights just off Carlton Ave (a Place block). The building was a former SRO but remains nicely intact as far as details go (mantles, moldings, flooring, staircase railings, medallions, etc…..all the details these brownstoner purists get excited about. We are in the process of obtaining the certificate of non-harassment, landmark approvals, and DOB approvals to convert the building to a two-family (owners triplex with garden rental). We are in the RE development business and our plan was to develop the building on spec and sell it to a wealthy Tribeca or West Village transplant (I am poking fun here, but probably true!). We have seen buildings up and down these blocks sell for well north of $2M, many north of $2.5m. Many of these pricey homes, IMO, leave a lot to be desired. Anyway here is my question: Do you think there is a market for selling a brownstone in estate/rough condition? What do think it’s worth? Are there buyer’s out there willing to take on the project? Again we would deliver with CONH and approved plans through DOB and Landmarks. Building is NOT livable the way it is today. Probably needs a minimum of $400K to get it to a typical brownstone standard but could certainly spend $600-$750K to go super high end. Building is 20’ wide by 45’ deep on 4 floors plus a cellar, has a stoop with traditional parlor floor, etc…so 3,600SF above grade with another 900SF cellar. If it were me, and I was searching for a brownstone in PH or surrounding areas, it would be a no brainer but I am used to renovations, DOB practices, construction loans, etc. After all, why would you want to purchase someone else’s vision of a home when you can build your own? Again I am assuming a cash flush buyer already looking at a $2-$2.5m home…not someone stretching for their first purchase. We are a few months away from the aforementioned approvals and given the lack of inventory in the current market are having second thoughts about the renovation and highly considering an as is sale…. BTW, this is not a solicitation to sell our building, so please don’t ask for address, etc. I simply want honest brownstoner opinions. Thanks in advance for your input….

yte

in Real Estate - Sales 12 years and 4 months ago

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hawaiismurf | 12 years and 3 months ago

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Hi yte – I am currently in the search process and after doing research over the past month, am opting for doing the full reno myself rather than buy something at higher price point that reflects someone else’s tastes and will need some work anyway.  If you do decide to sell, would love to take a look, please email me at krtownhouseny@gmail.com

yte | 12 years and 3 months ago

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THank you all for the valuable unput

psp215 | 12 years and 3 months ago

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When I was looking for a townhouse, two years ago, I saw a place that sounds very similar to what you are describing. The open house was mobbed. I made a bid — but I was left in the dust by multiple bids and some all cash. I don’t know exact asking price, but was in the range of $1.3 – $1.4.  I think there is still a big market for renos. Just look at all the major renovations going on in Park Slope. Many of them are not developers but the home owners.  I wound up buying an estate property in the Slope, and despite a very messy, stressful renovation — I don’t regret it.

BigGuy22 | 12 years and 3 months ago

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I sell tons of brownstones all over Brooklyn. In my opinion a buyer would prefer something they can renovate themselves. Most buyers from what I hear atleast HATE investor reno’s. They just dont trust it, no matter how good it might be. If it has the original detail and charm sell it as is. So much less risk this way. You’re in and you’re out.Your location is great, any questions feel free to call me 347.702.3316

jeffwanders | 12 years and 3 months ago

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I am very interested in your place.  I am an architect and looking for a place like this for myself.  Would you be willing to show it?  jeff@palettearch.com

empathie00 | 12 years and 3 months ago

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We’re doing exactly what you talk about now (but in Harlem). To us it was a no brainer as well – why pay for someone else’s reno, then have to spend money again to make it “ours”? But yes, it’s been a HUGE hassle and certainly not for everyone. To be reasonable to me, the purchase price + reno cost would need to come out well lower than the cost to buy the equivalent already finished (since your buyer will have the added expense of the construciton headache – plus likely 2 mortgages for awhile). So if the going rate for a finished bstone that’s equivalent in size and location in your neck of the woods is 2.5, and you think it’ll need at least 500K reno, then you’d need to price well under 2 to make it competitive. of course this is without seeing it – but in Harlem, where I live, the standard 17 or 18-footer in a nicer area (south of 125th) goes for maybe 1.5 – 1.75 if reno’d (depending on quality of reno, of course!); more like a mil or just over if a gut is needed – even less if a TOTAL gut is needed, like ours. All in, we’ll come out under what it would’ve cost us to buy one already done – but we couldn’t be happier with the fact that every single thing in the house is the way we want it – which we never could have done with a fully reno’d place. So all of that to say – it depends on your buyer 🙂   Good luck!

slvillager | 12 years and 3 months ago

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i think you’d have to discount it a lot for it to be worthwhile to someone. we know people that did a similar reno nearby on a smaller house. they bought the place for 800 or so and put about 600 into it. it took almost two years. so it was definitely worth it. but you have to factor in the time and headache into pricing as well.

nf85 | 12 years and 4 months ago

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My impression right now is that the market is being driven by people who for the most part want a finished home in high-end, move-in condition. You will always have people willing to or even looking to take on a renovation project, but my sense from friends’ searches is that at the moment that’s the exception rather than the rule.

eman134 | 12 years and 4 months ago

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several of my clients (i am a heating technician) have moved to park slope in the last year and a half…all in the 2-2.5 million range and they specified  no renovation projects….unlike clients in tribeca that buy a 7 million dollar loft and tear everything out and and spend 2 million on a renovation