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
Used to live in the big apartment building at 99 Lafayette. That looks like a typical sized building for that section.
No wonder all those SROs are so inexpensive – you have 3 prior years to worry about tenant complaints.
I was bidding on this house with intention to convert into condos but backed down because the lot and house FAR is a losing money.
Bob, – REALLY small? thats 3200sq ft.
I know we live in days of McMansions- but 3200sq ft 4 story sounds REALLY typical to me.
Not your big glorious house tour house – but more the usual.
That is correct re: Cert of Non Harasssment. Getting the cert, assuming everything’s kosher with the tenants, takes 3-6 months in a good case. Only after that can you get DOB to approve plans.
My understanding is that unless there are certificates of non-harassment from all prior tenants for the last three years, the city will not approve any building plans to convert the SRO into a regular family house. This will certainly crimp anyone’s abilty to renovate the property for quite a while.
This looks like one of those gut renovation required houses asking a few 100K less than market price. If it requires rewiring electric (you might have to give up old plaster walls along with original details, if any left), oil tank removal, asbestos removal, roof, lead pipes etc., those savings would never cover renovation cost. And you and your engineers never know what inside of walls look like until it’s opened. Those houses are for someone has incredible cash flow and time (and love for house).
Er, whoops, should have refreshed my memory by reading the actual updated listing linked above.
It’s chopped into 1 apartment + 9 SRO rooms. (not 6 fam SRO as I said above)
My mistake.
This is a non-vacant SRO which explains part of the low price.
I’ve always heard that SROs are very difficult to convert. Is it just hard to buy out the residents, or is there something else?
I’m curious to hear people’s experience.