House of the Day: Fort Greene Ground Zero
This place is pretty much a dump, but the price of $1.2 million for prime Fort Greene reflects that. The property clearly has been rental building for some time, with cheap kitchens and no love given to the old details. (Our favorite one is the small round skylight at the top of the stairwell.) We…
This place is pretty much a dump, but the price of $1.2 million for prime Fort Greene reflects that. The property clearly has been rental building for some time, with cheap kitchens and no love given to the old details. (Our favorite one is the small round skylight at the top of the stairwell.) We bet the ultimate buyer will convert this place into condos, using the remaining FAR to squeeze out a set-back addition on the roof and maybe a small extension on the rear of the ground floor. Maybe some of you who’ve converted buildings like this before can weigh in on whether the numbers work at this price. Shahn?
92 Lafayette Avenue [Corcoran] GMAP P*Shark
Sorry for the late post. I saw this building a year and a half ago when they were trying to sell it occupied (with the RC tenant) in a quick flip for $750k. I didn’t think it made sense then, and I still don’t. The garden floor has really low ceilings, and there isn’t much you can add to the property because of the shallow backyard. It also needs significant renovation. This will sell to a user and a user only.
I have always wondered – and you guys seem more knowledgable than me – whether an SRO could equate to a B&B or small hotel or what they used to call a “Tourist Home”?
I guess I have fantasies of Paris or something
i live in 101 lafayette (@ corner of south oxford) on a high floor. several of my windows face this building and i can tell you from 10 floors up the noise from bus & subway is deafening — i can’t imagine living right on the street level. imagine the screech of air brakes every 5 minutes. i love fort greene and the surrounding blocks, but this is reallly a nasty location imho.
that being said, maybe special noise reducing windows would do the trick?
I think any brownstone over 3600 squ ft is “big” and you pay extra for it. 4,000 squ. ft is not the norm, at least in CG where we live.
Anonymous 01:22,
I’d expect a four story house to be more like 4,000 sg. ft. My fairly modest 3 story house is almost as big and PLG houses are generally considerably smaller than those in FG. Of course you’re right that a 3,200 sg.ft.house is NOT small by any objective standard, but oned of the great advantages ofb browntone ownership IMO is the great luxury of being able to WASTE space 🙂
I saw it a few months ago. Wasn’t allowed in first floor since tenant was still there, but the rest of the building looked horrible – not even “looks horrible but good bones” – I mean everything was bad (oh, except for the boiler, which actually looked like it had been replaced within the last 10 years or so). Needs a total gut job. Also, the bus stop is almost right in front of the building.
In fairness to developerxx, this was originally offered at less than $1m I think. It quickly went up to about where it is now and has sat for months. This seems consistent with it becoming vacant, but 3-years of certificates is pretty tough. Who knows what you have to pay to get them, and one crazy guy could hold everything up forever.
Developerxx keep your day job.
As I said from my previous post I could have bought it for 850K but backed down because it will lose money converting into condos.