306 Washington Sells for 26 Percent Below Initial Ask
When we last checked in back in November, the price on 306 Washington Avenue had already been reduced from $2,300,000 to $1,900,000. Not far enough, it turns out. The five-story brownstone just closed at the end of last week (not long ago enough to make it into public records or the Top Sales list) for,…
When we last checked in back in November, the price on 306 Washington Avenue had already been reduced from $2,300,000 to $1,900,000. Not far enough, it turns out. The five-story brownstone just closed at the end of last week (not long ago enough to make it into public records or the Top Sales list) for, get this, $1,680,000. The four-family brownstone went to contract in January just shortly before one of the rent stabilized tenants vacated, creating some instant value for the new owners. GMAP
kaylas,
really??
I am surprised.
You evict renters every day?
Is this a new Brooklyn?
I work in Brooklyn housing court, and believe me, rent stabilized tenants get evicted every single day for not paying rent. Personal use holdovers work too, though you have to do it right and they usually take 6-9 months. Again, I see those cases every day. In my office, we actually think manhattan judges are more tenant friendly thatn the brooklyn bunch.
Well, that’s a whole new side of you, brg…you enabled this client? Sort of like a lawyer who takes on a client who’s obviously guilty, but needs a good defense.
I’m sorry, any ??? who takes a 6 (SIX!) story townhouse in Manhattan to make it a single family has no sympathy in my book. I sincerely hope he got taken to the cleaners, or at least paid through the nose for his excess.
1842, thanks. I must admit I’m perplexed.
BRG, I realize you probably don’t want to move to Bushwick, but just FYI if anyone’s looking for a place to completely re-do, you can buy a 2400-sf two family in Bushwick for $250,000 now. With original details. It’s crazy.
No mopar, they don’t, unless in need of a complete overhall and on an unattractive block, and even then they’re still expensive. In bubble times, without the rent control issues, this place would likely go for over 2MM.
Speaking of logic, I am still waiting to see your comps for this building at $1.1 mil, what. I have no stake in this one way or the other. But you made an assertion and I am curious to see you back it up with data, which you know how to get.
“How is $1.68 million a good business decision for a 4-unit rental property? (See my posts above)”
Please do not bring Logic and Math into this argument! Only Greedy and Delusional people! Stay out!
The What
Someday this war is gonna end…
Mopar…I was privy to the costs as Hubby and I were Architect/Designer.
Very very high end traditional renovation.
New EVERYTHING and also added an elevator from cellar to roof and a dumb waiter between two floors…..close to $2M just on construction. It is beautiful, if I do say so myself 🙂
Let’s pretend there’s no rent stablization issues here… let’s set that aside.
How is $1.68 million a good business decision for a 4-unit rental property? (See my posts above)