This rental is a textbook example of renovations we might not see much of going forward thanks to Albany’s recently passed rent reforms. But here’s the now-obsolete playbook: New owner gut renovates, deregulates apartments, and maximizes market rents by adding bedrooms and shrinking common space.
In this case, what might have originally been a one-bedroom simplex in a 1915 apartment house with 16 units is now a renovated two-bedroom duplex with a rec room on the lower level, shared outdoor space, three bathrooms and in-unit laundry. It’s located at 241 Ocean Parkway in a walkup with Juliet balconies and tapestry brick facade over a banded limestone base and arched doorways.
The new open kitchen has Shaker-style cabinets, stainless steel appliances — including a dishwasher — a white Caesarstone-topped island, and enough space for a dining table, the photos show.
While we don’t see a living room on this level, in the cellar is a rec room outfitted as a living room. It has two windows facing a narrow shared patio, which has wood fencing and concrete paving. (The listing suggests the rec room could be a third bedroom, but that’s not exactly kosher.)
The two bedrooms are shown, both large enough to fit a queen bed, although one may be slightly more narrow than the legal size.
The updated bathroom pictured has marble patterned tile walls. The apartment has a full bathroom with a tub and powder room on the main level as well as another half bath on the lower level, according to the listing.
Slot registers pictured in the bedrooms suggest the unit has forced air heating or air conditioning, though the listing makes no mention of it and an old listing shows radiators.
City tax records state the building dates from 1923, but historic maps shows it in existence in 1916, and it is referred to as “new” in a real estate transaction in 1915.
All that said, it looks like a nice place if not exactly a bargain at $3,600 a month. It was last listed a year and a half ago for $2,508 with two months free on a 16-month lease. See for yourself in the open house on Sunday, October 13 from 4:30 to 5 p.m., shown by Katy Porte and Ariane Dembs of Corcoran. Is it worth it?
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