House of the Day: Bainbridge Beauty
How sweet it is! This four-story brownstone in Stuyvesant Heights Bedford Stuyvesant has mucho architectural detail and is priced at under a million bucks. Seems like a great combo to us. Unfortunately, we don’t have an exact address: The url of the listing suggests it’s 16 Bainbridge but Property Shark shows no such address. Judging…
How sweet it is! This four-story brownstone in Stuyvesant Heights Bedford Stuyvesant has mucho architectural detail and is priced at under a million bucks. Seems like a great combo to us. Unfortunately, we don’t have an exact address: The url of the listing suggests it’s 16 Bainbridge but Property Shark shows no such address. Judging from the description in the listing, it’s on Bainbridge at around Patchen. The three-family house is configured as a lower owner’s duplex topped by two floor-through one-bedrooms. Let’s say you put down $200,000 of the $975,000 asking price; your monthly mortgage of $5,000 would be significantly defrayed by rental income of between $2,500 and $3,000 (for the two apartments combined). Not bad. Update: The address is 167 Bainbridge Street. According to the LPC map, this puts it just a few houses shy of the Stuy Heights border. (Number 145 is the last house in the historic district.) Commenters report a bidding war and an accepted offer at $999,000.
Bainbridge Street [Urbanview Realty] GMAP P*Shark
I recently moved to Bed-Stuy after looking for a 1+bedroom pretty close to the subway (preferred the A; considered C or G or J/M/Z) for a couple of months. I looked at around 15 apartments, none of which rented for less than $1100 and my top limit was $1400. Check Craigslist! $2500-3000 for 2 floorthrus in a good block of Bed-Stuy is definitely realistic. (my new place is a few blocks from the Nostrand stop on the A and has 1.5 bedrooms, for $1300.)
we’re getting $1450 and $1495 for our 1.5 and two bedroom floorthrus. just outside the stuy heights official boundaries.
I agree. You won’t be seeing rents that high for another 5 years. Also, those projects will be there forever. This place is no bargain.
Posted by: Al at March 19, 2007 11:34 AM
To 11:34AM
this place will be a bargain!!! Bed-Stuy will be the next Fort Greene, years ago people had doubts about Red Hook and Clinton Hill and look what has happened. Ia own in a brownstone right here in the Tuy i my property value has increased tremendously!!! i dont even live near Styvesant heights!!! and once the AY is completed people in the Stuy will see pay dirt!!!!
Wow, what a beautiful place! And I heard that Urbanview is a great group to work with.
“The property will go no higher than 999k. No one will want to pay the mansion tax . I believe it’s 1% of the purchase price.”
Duh!!
But surely you jest since many homes have sold north of 1MM in Bed-Stuy and other nabes in brownstone Brooklyn. Was this an absolute statement or was the context simply inferred and understanding assumed?
The mansion tax is typically inconsequential to most buyers. If you can a afford a $1MM property, you’re usually not worried about coughing up another $10k at closing. Further, if you really want a home and the pricing of such home by the seller requires you to pay such mansion tax, guess what? You’re paying it!
“Is there some sort of magic wall around Stuy Heights?”
I hear you Pietro. So much is made about artificial boundaries on this site. Does it really matter if the house is located 1 block from the historic district or even a few houses away? IMO, most of Bedford Stuyvesant, (between Lafayette and Fulton/Nostrand to Malcolm X) is prime brownstone living and those homes located outside of Stuyvesant Heights is no less worthy (architecturally significant) than those homes within the historic district. This a fantastic house, on a great block – whether in Stuy Heights or not.
your right just saw the HPD website .But why did you downtown? NYC.GOV baby .Saved me countless trips.
eletricgreek,
Actually, it’s a legal 3 family that has been taxed as a four. I went down town to research the change and it’s an oversight by the finance dept. that can be corrected with some paperwork. The tax is roughly $2500/yr
Dear 12:18, yes you are right and yes, I did figure that out, but I appreciate your expressive and helpful clarification.