House of the Day: 358 Washington Avenue
We wish we had the money and the time to take on a renovation project because this brownstone at 358 Washington Avenue, at the corner of Lafayette, is just calling out to be restored. The 3,500-square-foot house has tons of beautiful architectural details to work with. In addition, because it’s a corner house, it has…
We wish we had the money and the time to take on a renovation project because this brownstone at 358 Washington Avenue, at the corner of Lafayette, is just calling out to be restored. The 3,500-square-foot house has tons of beautiful architectural details to work with. In addition, because it’s a corner house, it has windows along the entire eastern exposure. Wow. And given the location, the asking price of $1,150,000 doesn’t sound crazy, though it’s obviously completely dependent on how much dough you think you’ll have to sink into bringing this place back to life. UPDATE: This just in from a broker in the know…”This guy showed it first on Friday and is taking best and final today at 5pm. Totally bonkers…Will go for over ask.”
358 Washington Avenue [Corcoran] GMAP P*Shark
pierre, i am in agreement with your numbers. others here, routinely think less than i do, but i have access to very good subs and i still come out on the high side, compared to other posters.
M4L: we think $700K is more like it when carrying costs are included with architectural fees for a renovation and restoration type of setting.
DIBS it can be done for $600K but will not included new windows (LPC approved Marvin or Pella is about $2300 per window installed), radiant heating, or a stoop. Remember placing a new stoop will probably require new facade “brownstoning’ which by itself is around $85k.
Of course it could cost $600k + but it doesn’t have to, even with all new systems required.
Putnam,
assuming you’re right with the 1.35M, how much more would you expect the agent to secure, offer-wise, before shutting it down. 1.35M would be a pretty solid sale. not saying it couldnt get more but 1.35M should please the seller
pierre, I was pivoting off Dibs’ estimates. my guess per what I read others saying on this blog is that it would cost 600-650k. are you saying even that is way too low?
Hey m4l your renovation estimates are way too conservative. This beauty here will most likely need new plumbing, wiring, hvac, etc. We are almost done with a larger gut reno and the price is $250 per square foot if you are doing central AC and new windows. This doesn’t include high end fixtures and appliances…more $$.
Minard is correct a new stoop with period ironwork can be very expensive. The ironwork with gate alone is about $45k and LPC will insist on period stuff given the location.
Having said that this place is a gem and will most certainly go for asking price or more.
This house already has multiple offers and my guess is that it will go well OVER ask. Best and final is happening today at 5pm according to the broker, so we will soon see what is going on. I saw the interior of the house this weekend and think it’s a disservice to the sellers that the broker is only showing it for 5 days and then going to best and final. Listings should be given AT LEAST two open houses just to make sure all qualified buyers have a chance to visit. This being a holiday weekend and all.
It’s absolutely gorgeous inside, with 4 big floors of detail (marble sinks & consoles, original floors, plaster moldings & doors, etc.) — however, it does have 10 windows per floor (40 total), it needs a new roof, new cornice, new boilers, stairs, kitchens and baths, and the rental apt downstairs is bisected by the entrance to the upper triplex. It’s stunning, but it needs A LOT. No doubt that one would make their reno back if they were somewhat conservative, but it is a real gem.
my guess it gets over 1.35M
To go that fast, definitely looking at a 1-family renovation project. Besides, look at the floorplan: it’s not easy to cut it up without major loss.
As to the price, it was designed for a fast sale. Just a few doors down on Lafayette, a much more mediocre house, also without a yard, went for $1,197,000 in a few weeks. This one has much better details and light, so I’m not surprised.
I thought the price was incredibly cheap not knowing what needs to be done to repair and restore it.
That said, the strikes against it are that it is located on Lafayette Avenue, which is a heavily trafficed street, and that it has little to no back yard.
A house this size, fixed up on a quieter block in Clinton Hill would go for 1.6 and up, easily, even today (if renovated nicely). There is very little on the market in this area that is in good shape on a nice block etc.