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
Many buildings that are currently four-family, or three-family, or whatever, used to be six or more fmilies in the “bad ole days”. The tenants who remain are covered under their original rent protection. Why is this basic fact debated over and over on this blog?
have you ever met any rent controlled tenants? they are oftentimes hysterical and add a lot to the character of nyc. them and the laws were here way before most of us got here. it will die out on it’s own, stop being jealous cuz someone has a 300 dollar apartment in a prime area. most likely that prime area wasnt very prime before you got here and was just a flicker in your dad’s eye.
*ro
BRG, Good morning!
A landlord cannot refuse to renew the lease of a rent-stabilized tenant. Think about it. If they could, the law would have no teeth. And believe me, the law has both upper and lower incisors and a couple of poison fangs. Even if the tenant does not pay ANY RENT they can, if they are clever, continue to occupy the apartment for years and years. There are many renters in Brooklyn who have not paid rent for a decade.
Now Albany is proposing to strengthen the rent protection law further. In that case a landlord’s hand would be weakened even further, although that is hard to believe. Forget diamonds, a rent-regulated tenant is forever.
Rent stabilization is for buildings with 6 or more units. Those arpartments in those buildings are automatically rent stabilized. This building is a four family, so all the apartments are market rent, unless there are rent controlled tenants, which is a different beast.
You can have rent controlled tenants in any multifamily building (even 2 family buildings). These people don’t just leave. Even if they are old and are dying, a relative can move in for 2 years preceding their death and then become the new “owners” of that rent controlled apartment. If you want them to leave, usually they get paid a lump some based on what they are actually paying and current market rents. I don’t know the actually numbers, but if they were paying $300.00 per month, they could have easily received 50k-100k just to leave. I knew some people who were very wealthy who had rent controlled apartments in Manhatten. It’s a ridiculous law and has to change.
Hello New York: rent-stabilized tenants do not just “happen” to move out. I would guess they were paid handsomely for the favor of their departure. Also the myth that stabilized rents are close to market value is something I hear repeated a lot. As far as I know, and I have in this business a long time, nothing could be further from the truth especially in desirable neighborhoods.
should be:
and once their lease is up,
For all that house….1.6M….not bad at all.
So they now have ONE rent stabilized tenant left and once they’re lease is up, they don’t need to offer a renewal.
rob, you beat me to it.
“instant value”
Minute Price? Looks like a peak price to me.
***Bid half off peak comps***