First Comes Flip, Then Comes Reno on Hancock
Speaking of Bed Stuy, here’s a semi-recent sale that was brought to our attention. This 22-footer at 215 Hancock recently traded hands at the end of last summer for $899,000. We hear that the seller was a broker who flipped it for a tidy profit of about $375,000 in less than a year’s time. We…
Speaking of Bed Stuy, here’s a semi-recent sale that was brought to our attention. This 22-footer at 215 Hancock recently traded hands at the end of last summer for $899,000. We hear that the seller was a broker who flipped it for a tidy profit of about $375,000 in less than a year’s time. We also hear that the interior of the five-story brownstone had suffered a great deal of water damage but that many of the woodwork survived. It looks like a beautiful building to us–we hope the new owner can restore it to its former glory. GMAP P*Shark
Wow, I’m kinda glad I never saw it. I would have chained myself to the door. I lived a block away for years and never knew. Damn!
And the building is really 22×75 on the first two floors (garden and parlor) as the property has a two story extension. The other three floors are 22×45. Brownstoner, I’ll try to get the other pics to you this weekend.
The flipper. a Russian in his early forties, was equally shocked when he discovered this jewel. He paid for it “sight unseen” at a public auction”. At auction you have to put 10% down in cash “day of” and provide the balance in 30 days. The property was highly sought after b/c of its size, location and listing as a multi-family invesment property. But no one had any idea what was inside. It’s simply blind bidding. The flipper thought that he had overpiad for the property at $525k. Equally interesting was the fact that he was under the impression that he was buying a five family that needed some sheet rock, paint job, and a cheap Home Depot renovation for a quick turnaround sale. Well he got the shock of his life! Desipte the water damage and the gross state of disrepair, the woodwork was incredible. Everything appeared to be made of solid, thick, massive red mahogany wood with very fine detail! I quickly wondered who had this house built, who was the architect, and who lived here? The floors were solid (various types of floors throughout) as was the massive and commanding staircaise. Just beautiful. I’ve gone on many house tours in FG, CH, BS and SH, but this home was like nothing else. Everything was significant, from the base boards, wainscoting, chair rails, crown mouldings to the coffered ceilings. The place was stacked with details. All the doors were thick, heavy and finely carved. Even better – the bonus was the random assortment of extra fireplaces, doors and pier mirrors that was simply laying everywhere! I could’ve done a complete renovation of another property with the stuff.
Ohhh…I found the old listing. Photos are not great but you can get a sense of things.
http://www.ardorny.com/propertysearch/sales_search_details.asp?id=171200#
I really kick myself in the butt for missing out on this house because my fiancee had sent me the listing two months prior and I totally blew her off because I was intent on “moving on up” from Clinton Hill (not selling just moving) to Carroll Gardens. By the time I finally came to my senses and circled back to the hood, I found this hidden masterpiece but it was already too late. Like the saying goes, “Ya got to feed the ducks while they’re quaking!”
For some strange reason, I think that the flipper and his partners sold the house to the buyer in such a way that they still own a percentage of the property and could get it back in the event of loan default. I always thought something strange was happening. If you’re in contract and the buyer can’t close and you have a higher backup offer from a highly qualified buyer with no finance contingency, then you give back the deposit to the first and move on with the second. But that never happened.
We bid on that house too last year. When we got out of this house I swear I was in tears. I looked at my husband and said “I’ll do ANYTHING for that house!” It wasn’t enough 🙁 That house is simply ma-gni-fi-cent. It’s a palace. I think I have some pics too on a memory card somewhere. I’ll look for them. This house is way beyond even the nicest Fort Greene houses.
That is a hilarious and not atypical New York real estate story.
Any fantastic brownstone that I am aware of had a story like that.
Too bad it turned out for the worse.
Brownbomber,
Email us the 5 or 6 juiciest photos and we’ll run ’em next week. Not full size please! 360 pixels wide ideally…
I hear you, Brown Bomber! Like I said, I’ve been thinking about that house for two decades since I first saw it (and I’ve seen loads of “fantastic” brownstones over that same time period). BTW, when I was contemplating the buy, the original front doors were still there. What a house!
I have about 50 pics of the interior at home!! Where do I send? I still want the damn place!! Offered more money, offered to close in two weeks with no finance contingency but no deal! I was heart broken. The place I eventually bought is awesome too but this house was truly special; one of a kind. It was fit for a King!!! I asked my fiancee back then to pinch me – “where we on the Upper East Side, Brooklyn Heights or was this truly Bed-Stuy?” And I agree with the previous post, that part of Bed-Stuy should be landmarked. Some of the best housing stock in all of NYC and it’s contiguous for about 5 square blocks! Call it “Bedford Heights” or whatever but it’s a shame that this brownstone section of BS gets lumped in with the other 15% of crap in that neighborhood. The area needs to be protected and preserved. Long beautiful, tree lined blocks with incredible homes. I seriously hope the present owner does the property justice. Every now and then I drive by the building just to see what’s happening with it. Owner, if you’re out there and you want to sell, please email me. I’m very much interested.
Man, I’m drooling just thinking about it. Does anyone have pictures of the inside?