Condo of the Day: 932 President Street
After being bought for $1,425,000 back in the Summer of 2004, this brownstone at 932 President Street has been converted into four condominium units ranging in price from $700,00 to $1,190,000. If the seller gets his asking prices, he’ll gross just over $3.6 million. Of the difference between the selling price and what he paid…
After being bought for $1,425,000 back in the Summer of 2004, this brownstone at 932 President Street has been converted into four condominium units ranging in price from $700,00 to $1,190,000. If the seller gets his asking prices, he’ll gross just over $3.6 million. Of the difference between the selling price and what he paid for it, how much do you think will be profit and how much renovation and finance costs? Of course, whether the developer will get anywhere near the askind prices is a whole ‘nuther question. The renovation definitely preserved some nice original details (and the location is fabulous), but without seeing floorplans it’s pretty hard to say whether these things are realistically priced. Anyone seen ’em yet? There’s an open house on Sunday from 11 to 1.
932 President Street, Multiple Units [Warren Lewis] GMAP P*Shark
Photo by Kate Leonova from Property Shark
11:52, someone buying a unit in this building will be paying about $300K more than they would for a same-size unit in a Park Slope brownstone co-op building. Plus remember school tuition is tax-deductible. I still personally think it’s not worth it to spend anywhere from $250K to $400K more to buy into PS 321 where your child will go to that school only 5 years. 5 x $25K = $125K. And beyond that, anybody who is that picky about schools will likely choose to pay for private middle school and high school, anyway, regardless of what elementary school district they are in. PS 321 is an excellent school, absolutely. But brokers really really milk it when it comes to that district. They totally push parents’ buttons. So don’t get hyped. That’s all.
Just to note for the previous poster who mentioned it would be more affordable to put your kids in private school – not a chance. Tuitions of $25,000 per year are pretty common in NYC now, so if you have two kids in private school that equals around $4,200 per month.
Extrapolating from my own mortgage I’m guessing that’s the equivalent of monthly payments on roughly $600-700K? I can’t think apartments like these are priced at that much of a premium, and even if they were you are in theory gaining equity that has a resale value, which is not the case with tuition.
Furthermore, those private schools are EXTREMELY competitive to get in to, so some parents may be moving into the area because they know admission is guaranteed.
Er, 1:17, read more carefully. 12:43’s buildings are in Sunset Park too.
What you mean, I believe, is that a property purchased now, in Sunset Park, will probably appreciate in value more in the next decade than a similar property purchased in Park Slope. If that’s what you mean, then I agree.
Besides, it sounds like the guy who purchased in Sunset Park was looking for a place not just as an investment but as a home. And it sounds like he wasn’t all that keen on PS. In that case, he made a wise decision.
I’m assuming here that AY won’t undermine property values in both of these neighborhoods.
You are wrong. Neighborhood is everything. I own several buildings in Sunset Park. They are worth a fraction of what they would they would be worth in Park Slope. You may disagree with the market, but the market is right, and you are wrong.
Regarding overpricing, Anon 6:56 (and I mean severe overpricing, not just the scary, garden-variety appreciation NYC has seen in the last 5 years): My point is that overpricing doesn’t work in hooking in Manhattan suckers or Des Moines suckers or any other kind of suckers. Overpricing means your property goes unsold for months, endures repeated price drops, and acquires the unfortunate status of Damaged Goods. Seen it a million times. You gotta look at the market, be real, aim a little high but not tooooo high. IMO. Also: Never use a broker who refuses to co-broke (there I go again). –B 🙂
When wannabe New Yorkers and snobs stop paying the ridiculous prices.
The building was pretty badly ruined decades ago by the jackass who removed the stoop and put that blank window where the parlor front door once was. So it might have been pretty denuded inside, too, and as such probably wouldn’t have been the best candidate for a real restoration. Someone (the current developer or a previous one?) removed the glorious side staircase and curly bannister and replaced it with a center-hall stair–somewhat logical when converting to condos (if still criminal), given that this is a skinny, 17-foot-wide building, because it allows for slightly less horrible floorplans and decent private entrances for each resident. But the resulting bedrooms still ended up teeeenytiny, and god knows where people are supposed to hang clothes. Agreed with previous posters that bath and cucina look cheap and pre-fab–kitchen looks like it it fell out of the sky (or more accurately, from the Home Depot catalog). It’s not the worst thing for the neighborhood to have clean, new condos in the building. But at those prices, with those finishes, I’m not gonna be buying one; you can do much better for the money. When are people going to learn that overpricing your property is a huge mistake?
I lived next door at the time the place was bought. It was a real dump. I think the developer spent a ton and didn’t tear out much detail that hadn’t been torn out years ago.
Yuck.