House of the Day: 182 Patchen Avenue
This isn’t the fanciest (or the widest) house in town, but this two-family at 182 Patchen Avenue does have some original details and appears to be in clean, move-in condition. For a prospective owner hoping to get into east Bed Stuy for under a million, it seems like a good option. It’s also close to the…
This isn’t the fanciest (or the widest) house in town, but this two-family at 182 Patchen Avenue does have some original details and appears to be in clean, move-in condition. For a prospective owner hoping to get into east Bed Stuy for under a million, it seems like a good option. It’s also close to the shops in Stuy Heights.
It’s set up as a one-bedroom rental over an owner’s duplex. The bedrooms are located on the parlor floor, with living, dining and kitchen on the open-plan garden level. It looks like the front parlor lost its pier mirror but there’s a mantel and plenty of molding in one of the bedrooms. The house also has plenty of curb appeal with an intact brick and brownstone facade, original front door, and 19th century ironwork.
The cellar is dry, one of the agents told us, and the house has forced air. Do you think the ask of $899,000 is reasonable?
182 Patchen Avenue [Halstead] GMAP
I don’t know whether the price is reasonable or not, but it is depressing. $900k gets you:
*On an avenue
*8 or 13 feet wide rooms
*Living room on the garden level
*No bathroom on owner’s bedroom level
*Front parlor bedroom’s occupant sleeps one sad looking door away from the tenant’s stairs
Honestly, I don’t know well enough how to do the math, but does this even make financial sense with the rental? You’re getting what amounts to an inconveniently laid out 2 bedroom apartment, with the same or less space as post-war buildings in somewhere like Kensington or Midwood. Does the rental income (over the owner’s bedroom level) make up the price difference between this and a 2 bedroom co-op?
In 2 years, Bed-Stuy went from possible but a stretch to impossible, and East Bed-Stuy and Ocean Hill have gone from affordable to $1MM in what, like 1 year?
Forget displacement of the poor…in 3-4 years, what parts of Brooklyn will be available to people who are otherwise the middle and upper middle classes, stepping up from starter apartments?? Flatlands? Canarsie? East New York and Cypress Hills will probably be gone by that time.