House of the Day: 227 Berkeley Place
We were wondering why the price tag on this Berkeley Place house was only $2,799,000. Then we got to the part in the description about the single rent controlled stabilized tenant in a studio on the top floor. Losing the half-floor of space is less of a bummer than the fact that you have to…
We were wondering why the price tag on this Berkeley Place house was only $2,799,000. Then we got to the part in the description about the single rent controlled stabilized tenant in a studio on the top floor. Losing the half-floor of space is less of a bummer than the fact that you have to keep the entire stairwell public. Then again, that’s why this place (which has some pretty kick-ass plaster and woodwork) isn’t priced in the mid-threes. It’s a tricky situation though: Most folks with $2.8 million to spend don’t want to be bothered with this kind of thing. Clearly the tenant doesn’t want to bought out or the current owners would have done so before putting the house on the market.
277 Berkeley Place [Corcoran] GMAP P*Shark
Photo by Kate Leonova for Property Shark
It seems our brave pioneering brownstone homeowners are morphing into Gordon Gekkos. Lets look at basics. The city instituted rent control and stabiliziation because of public policy decisions. There is some logic behind this, though there is always the ‘welfare queen’ of renters, the stinky bum that the landlord can always hold up. On the other hand, ask people what they associate with the word ‘landlord’ and it probably isn’t Mother Theresa. It is obvious from reading this board that there are new, amateur, seasoned and professional landlords who post here, but everyone should realize that you are investing in a highly regulated industry. Thats just the way it is, so don’t whine. Also there are good reasons for it being regulated – people die buildings that collapse, or don’t have smoke detectors, etc. Anyway, if the regulations isn’t to your taste, try putting your money in a hedge fund or overseas, whatever
Just for the record:
renters are fine, but it is the folks who have mortgaged their lives and poured their all into the purchase, restoration, and upkeep of these old houses who deserve the credit. Renters are primarily interested in keeping their rent as low as possible regardless of what imporvements or repairs the building may need. I don’t buy the “we made it good for you” arguement. You mande it as cheap as possible for yourselves and in so doing you cheated yourselves of the opportunity to buy when the prices were low because you had rent protection. A shame.
By the way congratulations that you keep your apartments tidy and clean, what do you want a girl scout medal?
Most agree that the worst possible rent-protected tenants are in the Upper West Side, next worst: Greenwich Village, next Worst: Brooklyn Heights.
Maybe the tenants in Park Slope are nicer. Don’t know. But its true that you will stay in your apartments until you die, so people who buy have to make a rough judgement about lifespan.
That’s just the way it goes.
4:19, Exactly how much of an income stream do you expect to get from this building. I can’t see buying this for $2.8 and having to share it with a tenant.
4:49:
I think I wrote that I enjoy this site tremendously and don’t believe I indicated at all that BrownStoner sets the prices. I did say that the reported prices made me ill and a bit sad sometimes. I enjoy the NY Times. The articles make me ill and a bit sad, but I don’t blame the reporters, it’s just how things are.
do you live in the apt. with the door that looks like it’s about to fall off its hinges with a burn mark on it or something?
should definitely get your landlord to replace it. it’s an eyesore.
as for the rest, i hope you are able to stay in the hood, and i agree that we should all be more respectful of those that made this neighborhood such a great place to live.
anyone have anything NICE to say about the house/location or just the normal bitter crap?
I happen to live in a rent-stabilized apt. a couple buildings down from that one. My building is the crappiest building on the block, but I have spent a lot of money fixing up my apt. to my tastes. Everyone else is rent stabilized in my building (2 women for over 45 years) and not one of us are “stinky bums” who don’t pay our rent when the sun doesn’t shine. All of our apts. are kept up by ourselves (there is no maintenance man here) and are tidy and clean. The rent-stabilized tenants in PS have been here for a long time, creating a genuine sense of community in a nabe that is now changing quickly with the influx of quick money from Manhattan & the desire for the nouveau riche to live in a fantasy world populated only by themselves. It should be a hassle to “get rid of” or to “wait for us to die” We have made this neighborhood desirable for you!
3:48 … it seems you are blaming “this site” for the prices of the properties they write about. don’t blame brownstoner or the people who post on the site. they are just commenting on what “is” … not what you think should be.
love you 4:19. the first one.
apparently jake hasn’t come out of his hole in the last 10 years or he’d realize that indeed prices have risen in brooklyn, and no, one does not need work in finance to purchase a house.
why some people read and comment on this site when they either know nothing of what they speak about or have no seeming interest in brownstone brooklyn is beyond me.