House of the Day: 397 3rd Street
Oh, boy, this new listing at 397 3rd Street in Park Slope is so nice it almost makes us want to paint our wood floors white! As the listing astutely points out, the four-story brick-and-brownstone house is not over-designed; it is, however, charmingly preserved with just the right touch of modern. It’s also well-styled for…

Oh, boy, this new listing at 397 3rd Street in Park Slope is so nice it almost makes us want to paint our wood floors white! As the listing astutely points out, the four-story brick-and-brownstone house is not over-designed; it is, however, charmingly preserved with just the right touch of modern. It’s also well-styled for sale, with just enough well-chosen pieces to look good but empty enough to be a blank canvas for the fantasies of the aspiring homeowner. All this good stuff don’t come cheap though: the asking price is $3,695,000.
397 3rd Street [Brown Harris Stevens]
The super rich buy $40-80MM townhouses, not $3-4MM townhouses.
It’s about net worth, not income. Making $600k a year and having about $2-3MM in liquid assets is NOT super rich by any stretch. Having $50MM or more in liquid assets is quite a bit different and would be the bottom of the super or uber rich..
“If your mind is already toast then not so bad.”
workin on it
i hear ya though.
DIBS — I think any household in the top 1% in NYC (basically $600K or more a year in income) is beyond just plain old rich. Do you mean that super-rich is something above that? Do they have to $5 or 10M in assets as well?
It’s not that simple, dh. I’ve done the foreign country living thing and done the month or so of beach living…it gets VERY, VERY boring after a VERY short time.
If your mind is already toast then not so bad.
I like the way you think, d_h.
> The higher the price does not = more desirable.
Actually it does. It’s that whole supply/demand thing. You may have heard of it.
You may not think a house closer to the park is worth more than one between 5th/6th avenue, but a whole lot of other people do. Hence the higher price of homes near the park.
Econ 101 is now adjourned for the holiday break. See y’all under the mistletoe.
“Lots of 2-3 bedroom condos in Manhattan with gains of $2-3MM out there, LOTS. ”
why don’t people like this (yeah, they do exist) just sell their overpriced asset, take the gains and buy a villa in curacao for like 500k and live the rest of their years on a beach somewhere?
because yeah, buying a big old house in park slope and taking the R train to your job where you are overworked and unhappy is SOOOO sexy.
No single person is getting 200K in commission, abides.
I’m sorry, Smokey. You were over the line, that’s a foul. Mark it zero, next frame.
3.7M (or whatevs) x .06 does indeed equal $222K. Then we start slicing and dicing.
It will be split two ways – buyer broker and seller broker – so each house gets $111K. Big cheese gets at least 30% and probably 45% (33K-50K). Little guy sales agent keeps the rest – about $60-75K when its all said and done. Big diff between that and 200K.
And before anyone points out the broker is the owner, doesn’t matter. This ain’t no FSBO, he still forks over 30%-45% to BHS.
BoerumResident, I think you described exactly why someone could buy a $3M house and still want a garden rental. Sometimes high assets doesn’t mean high income.