House of the Day: 285 Park Place
We suspect this new listing at 285 Park Place will last about two seconds on the market so you better get cracking. The two-family limestone has beaucoup de-tails and is located on one of the nicest blocks in Prospect Heights. Some buyers will want to sink some dough into modernizing the kitchen but we’re finding…
We suspect this new listing at 285 Park Place will last about two seconds on the market so you better get cracking. The two-family limestone has beaucoup de-tails and is located on one of the nicest blocks in Prospect Heights. Some buyers will want to sink some dough into modernizing the kitchen but we’re finding the retro cabinets to be quite fetching. The asking price is $1,600,000.
285 Park Place [Townsley and Gay] GMAP P*Shark
Dude: This is New York City, OK? Plenty of potential buyers will be putting down more than 20%. Especially if they have built up equity over the past 10 years in a Manhattan apt. Brownstones are a very finite commodity. There are buyers with high incomes and young kids who really want a house not an apt but still require the amenities of the inner city — restaurants, shops, BAM, Brooklyn Musueum, Prospect Park etc. Supply and demand keeps prices high. Is that artificial or irrational? Maybe, but no more than many other financial transactions in this crazy little world.
numbers shnumbers
Dude, you are not going to get a 10% cap rate on a brownstone in Prospect Heights. That would take a dramatic shift in the market.
You can get those kinds of cap rates on 2 family homes in Florida right now. But that housing market has been obliterated.
Now you’re getting it dude. I decided to buy a house and sell the condo because I was bored and wanted some projects, among other reasons.
This is just absurd. There is a direct rent comp here, and assume you can get $2k/mo. for the garden level rental and assuming a very very aggressive $1K/month for all expenses that is a sub 4% cap rate. 20% down and you have a $9,000/mo. mortgage payment against $6,500 in revenue not to mention $320K out the door in opportunity cost (which I can tell you is decidedly NOT the risk-free rate).
So I guess my conclusion is that people are not buying properties in Brooklyn these days based on rational economic decisions, but I think that is the consensus of pretty much everyone on this board regardless of what they think is going to happen to the market in the future.
what’s really really the killer deal here is the dude paying $4500/month for the top 3 flrs. Now, that’s is a GREATTTTTTT deal
Nomi, Hard to say from the photos but I did notice the door to the front parlor had some big splits in it. Also the floors look real beat up. Still, none of its painted so it could be a DIY project. I’d use wire wool and something like Howard’s restore-a-finish. Just to feed the wood and bring back its lustre. Of course it would take a month of Sundays.
This is a better deal than either of the two places on Sterling between Underhill and Washington. Even though they have both gotten price cuts recently.
Do you have to restore the woodwork?
I would hardly change anything as far as I can tell from the photos.