374 Pacific Street Coming Up For Auction
The five-story brownstone at 374 Pacific Street, reputed to be Boerum Hill’s largest, has long been the victim of neglect by its owner, Bruce Marlow. According to a tipster, the government is finally doing something about it. The New York City Sheriff’s Office has scheduled an auction for the property on June 9 at 10:30…
The five-story brownstone at 374 Pacific Street, reputed to be Boerum Hill’s largest, has long been the victim of neglect by its owner, Bruce Marlow. According to a tipster, the government is finally doing something about it. The New York City Sheriff’s Office has scheduled an auction for the property on June 9 at 10:30 a.m. on the 9th floor of the Brooklyn Municipal Building. Many residents in the neighborhood are hoping that the shell of a building is bought by someone with the means and taste to restore the exterior to its former glory, so spread the word if you know any enlightened investment bankers. GMAP
considering the prices in the hood recently, this likely to get at least 900k
Boreum,to answer your question from OT.
To fix this baby would cost more than $1 million dollars. And I’m being conservative. You figure a no frills renovation at $200 sq. ft.
AND that does not include fees (architectural, structural and and HVAC engineering). Those will run about 100k+
And it’ll take 18-24 months to complete.
So funny! My gf and I were walking by this bldg last. It makes me cry everytime. Stunning exterior but that’s about it.
I’d be very afraid of beginning a renovation and somehow having the whole pile of bricks come down, along with my neighbors’ houses. And faster than you can say Annie Leibovitz, you’re broke
Hmmm, toxic black mold and vermin infestation vs another investment banker in the neighborhood. Tough call.
Brooklyn Chicken –
I hear ya, this is the 3rd or 4th time it was scheduled for auction over the last 8-10 years. This is on my block, and a frequent topic at association meetings. Reputed to have toxic black mold, vermin infestation, etc, which is why we were finally able to get the city to seal it up (also was a homeless haven, which was the last straw)
Question for anyone familiar with the process…hard to figure out from looking at the nyc.gov/finance. In the past the owner since 1981 (Bruce Marlon or Bruce Marlowe IIRC) came up with the money somehow. But I think he was finally played out last year…and it appears someone else ‘purchased’ the tax lien by paying the $34K or $41K that was due in back taxes.
How would you find out the details on that transaction? And what would happen after it was sold at auction…would paying off that $40K tax lien be included with the purchase price? Or would the third party have to be paid off separately?
I’m quite ignorant about all this, so I would love to get an education today.’
It is really a gem of a house. Has a great railing that looks like it was lifted out of NOLA and a juliette balcony on the parlor floor. Huge (5800 sq ft?) building with a ton of potential. Hoping an angel comes along and restores it to its former luster. I have seen worse rescued, so you never know…
Some people acquire houses like other people acquire cats. I don’t know his exact story, but the house has a lot of emotional meaning to him. He used to live in it. He wasn’t always so crazy, and the house wasn’t always in such awful repair. I must say, the interior shots shocked me. They shouldn’t have, though. The house has been roofless for several years.
“I know pics don’t tell the whole story, but how does the city let this stand yet recommend the Macdonough st houses come down?”
Umm, ever hear of the word “foundation”?
extrapolating from what you guys usually think renovations will cost – this will be like an 8 million dollar reno, no?