Just Sold in Brooklyn
BEVERLY SQUARE WEST $1,375,000 1410 Beverly Road Prewar four-bedroom, 3 1/2-bath, three-story 30-foot-by-37-foot center hall house on a 5,000-square-foot lot, with two formal living rooms with fireplaces, formal dining room with fireplace, eat-in kitchen with butler’s pantry, attic storage, original details, pocket doors, parquet floors, basement and central AC. Taxes $3,800. Asking price $1,395,000, on…
BEVERLY SQUARE WEST $1,375,000
1410 Beverly Road
Prewar four-bedroom, 3 1/2-bath, three-story 30-foot-by-37-foot center hall house on a 5,000-square-foot lot, with two formal living rooms with fireplaces, formal dining room with fireplace, eat-in kitchen with butler’s pantry, attic storage, original details, pocket doors, parquet floors, basement and central AC. Taxes $3,800. Asking price $1,395,000, on market three months. Broker: Alexandra
Reddish, Mary Kay Gallagher Real Estate.
BUSHWICK $465,000
369 Menahan Street
Six-family, three-story townhouse, 4,680 square feet on a 24-foot-by-100-foot lot; each unit is two-bedroom, one-bath railroad-style apartment. Taxes $3,324. Asking price $475,000, on market 41/2 months. Broker: Rodolfo Lucchese, The Corcoran Group. Photo by Scott Bintner for Property Shark.
Just Sold! [NY Post]
Bushwick building had a multitude of issues, at least five of six apartments with stabilized tenants, and from what I could tell, significant drug activity.
This area of Bushwick is becoming popular with young working manhattanites looking for cheaper rents. I think the new owner will find 6 adults willing to pay $800 for an apartment. Oh definitely.
I was actually serious about the central air but, yes, the alarm system is part of a running joke in which someone suggested that a house in Vic Flatbush was worth an extra 300K for an alarm system.
The Bushwick 6 family must have rent controlled tenants or rent stabilized tenants to sell that low. You have to consider the rent roll on these investment properties; if you have 6 families paying an average of $500 per month with no intention of moving out, you can begin to see why these properties are sold cheap. And woe to the landlord who expects to just come in and boot them out. Unless he can come up with 6 adult family members who are in “need” of the 6 apartments, the landlord is in for a long-term low rent roll.
B’stoner, why no link back to the Open House Pick where 1410 Beverly Road was listed as being a FSBO @ $1,525,000 that dropped to $1,395,000 when the listing changed to realtor?
People though the 1.5 M was off base and that it was overpriced by at least 200k. Another said it should only be 1.3M.
http://brownstoner.com/brownstoner/archives/2006/09/open_house_pick_83.php
So the drool worth woodwork and stain glass won out over the vinyl siding and kitchen in need of reno,and it went for $1,375,000 which is over what the naysayers projected.
The comments about central air and an alarm systems are part of a running joke where someone thought the price should be ridiculously lower due to the lack of those “amenities”
diffence is the 6 family makes it rent-regulated …which is why price is low.
But the anti-reg people think you should be able to buy low and still kick people out and charge whaever they want instead of just buying a non-regulated building at market price.
these 6-family houses are routinely cheaper than 2-family townhouses, at least in bushwick. there are tons of these buildings, so that’s one thing that drive down their prices. but i also have to assume they’re all messed up inside.
i saw one 6-family going for $350K last year, and found that the tenants had banded together to protest the sorry state of the building. i like a good deal, but sure wouldn’t want to take on such a hornet’s nest.
That Bushwick price is way low. I lived not too far from there until recently (one block over on Grove), when my LL sold the building for upwards of $500K — and that was a two family being illegally used as a three.