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
“A new stoop alone would cost about $250,000 but is not necessary. ”
It’s REALLY that much??? I had NO idea. I would have guessed 40-50K, tops.
The LPC would possibly consider it though it would require an architect to essentially to recreate a period-style stoop and that could you thousands if not more. As of now, the LPC would just leave the building as it is. If you wanted to add awnings or some other exterior or non-period detail, you’d have to go through them first.
here’s a dumb question – if you need to do anything to the facade, with the LPC require you to put the stoop back first?
Ha, stoop removed. Classic.
You can actually see two brownstones with original ground level doorways (i.e. no stoop), complete with columned portico entryways further up Washington. Though they may have lost their stoop in years past only to have a nicely done entryway replace them. Who knows but they are nonetheless attractive next to their stooped brothers.
As for this house, it sadly is missing a stoop given the awkward redesign of it’s door being turned into an odd window, which is sad but nonetheless, a lovely home.
11217, your renovation costs are conservative but I suppose doable if the house is relatively OK and the new owners is not too picky. A new stoop alone would cost about $250,000 but is not necessary.
However, I suspect that this is priced so that someone will buy it and make floor-through units. Perhaps that would make financial sense, no?
“The question I have for you is whether you think one could restore it and resell it in two years and break even?”
Not knowing the status of the interior and the cost for renovation, I’d think it likely that a pretty substantial renovation could be made for 300-400K and I’d also think that a renovated house in this area wouldn’t be so far from 1.5 million…? People in the area would know better than I though.
The entry door is called “stoop removed.”
11217, I have no problem wrapping my brain around buying a nice two-bedroom apartment in Manhattan for 1.15 million.
In terms of monthly carrying costs, this house has low taxes but that cost alone is $400 a month-and will go up when you renovate. Add to that your insurance, water and sewer fees, as well as costs to repair and maintain the facades and roof and a 1,000 a month will seem very affordable.
Really, it’s apples and oranges. I like this house but it is a hundred-year-old fixer-upper. There is no way to compare the enormous costs of fixing it up and maintainng it to $1000 monthly maintenance in a nice co-op.
The question I have for you is whether you think one could restore it and resell it in two years and break even?
The broker’s quote leaves it unclear but if the broker believes it is bonkers to sell for the highest bidder, what is the reason why?
What is that type of entry door called? Any specific name? Reason being, I’m not a fan of huge stoops.