Breaking: Bed Stuy Brownstone, Former School, Fetches $1.585 Million at Auction
We hear from a well-placed tipster that the once-elaborate brownstone at 272 Jefferson Avenue sold at auction today for $1,585,000. The house was not a foreclosure; rather, the state of New York was getting rid of the property, which at one point had operated as an alternative school. Except for a few rooms on the…
We hear from a well-placed tipster that the once-elaborate brownstone at 272 Jefferson Avenue sold at auction today for $1,585,000. The house was not a foreclosure; rather, the state of New York was getting rid of the property, which at one point had operated as an alternative school. Except for a few rooms on the parlor floor, very little was left of the original interiors, as can be seen on this Flickr page. Our tipster told us the buyer was Australian investment firm Dixon Advisory (or one of its related companies), which has been acquiring property in Brooklyn to rent. The minimum bid was set at $770,000. Do you think they got a good price?
Joe. The building looks structurally sound , it has water sewer electric. Sure you can spend 250 sqft or more. But I think if you are smart you can do this house for 100 sqft. And come out with something pretty good.
The 3 or 4 houses which are a stop or 2 on the c train are the ones I am calling comparable…. Everything else is an inferior location. The 3 or 4 comparibles, I would need to see in person due to lack of pics.
If you can only pull up 10, that’s still not bad. .. the 11th best deal in Brooklyn. I looked at all multifamily houses below $300 psf just now. There are very few in as good a location. There were a few which looked nice, but had no interior pics, so I’m imagining it’s not spectacular.
They will profit short term. NYC will appreciate faster than other global cities, Brooklyn higher than other boroughs and bedstuy higher than other neighborhoods. .. bottom line.
Yes, I was being very generous. That’s why I said someone has to love love this house. There are other houses out there without the headache of converting from school to residential use. Dealing with the violations, and renovating a huge house.
bk333, there’s a difference between an individual buying this as their primary home and an investment firm looking to generate $$$ with this.
If someone saw this house and loved loved it and envisioned themselves living here with a few rentals to offset the mortgage, then it may be a good deal.
I have a brain and calculator and would pay that price if I was house hunting with that budget. Show me a better house under 323 $ psf
Agree with you about East of NYAve as another area with potential but not because of the Jewish population. People are going to be priced out of PLG and start heading east.
Another area that I can see being ‘discovered’ is Cypress Hills. There are some very cute frame houses there. I keep meaning to explore that area.
Also, Sunset park west of the highway. Some blocks have great rows.
Omar you can only say people are paying crazy prices for brownstones if the price on a per square foot basis is higher than local condos. That maybe the case in some more established brooklyn neihhborhoods, where the price of houses with detailed interiors exceed condo prices. However in bedstuy all of these houses are selling cheaper than local condos. I can’t believe why time after time everyone is amazed by the price of bedstuy brownstones (and I could post this below anyone’s post). This house is priced 20% below local condos. Had it been sold in the free market it would have sold for 10% more.
This investment fund is run by suckers.
If they were really in tune to the brooklyn real estate market, they would have been snapping up properties in bed stuy and crown heights 5 years ago. Now they should be snapping up properties in East Flatbush (my prediction for the next ‘it’ nabe)