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
“We were wondering why the price tag on this Berkeley Place house was only $2,799,000”
Well, I can’t live in New Your anymore.
I hate this Website.
There are some differences between rent-control and rent-regulated tenants, but not in terms of getting them out. Either way, you are stuck with them for life unless you can buy them out, which seems unlikely in this case.
I would wager that the current family is selling the building because of the tenant.
It does say ‘stabilized’ in the listing. That would mean that there’s a process to take the building over as a one family. If that’s not the buyers intention, then they’re stuck with a bunch of little apartments, and one of them will be stabilized. If the other three are not, then it looks like they could still take the duplex and pay for some of the mortgage. Seems like a headache of rent collection though.
anyone with the funds and motivation to buy a house like this will do their own research re: the tenant situation and not rely on the broker’s representations.
The ad copy says the tenant is rent-stabilized, not rent controlled as Brownstoner says- definitely a difference.
Also, the RE agent states that, as an option, the house may be used as a one-family, but how is that possible if you can’t easily get the tenant out? (And from what I understand, it can be almost impossible or prohibitively expensive to do so in these cases.)
Can the agent advertise the house this way?
Many posters on this blog refuse to admit that there can be such a thing as a rent control ot regulated tenant in a rowhouse. Some of my past postings have been called moronic and uninformed because I recounted stories about renters who wil not be moved. Well here is the classic situation of a renter, with keys to your front door of course, who will co-habitate with you and your family if you buy his 2.8 million dollar house. Only in New York.
hey corcoran…if you’re reading this…you might want to update your photo of the place as there are now leaves on the trees…
might make things seem more current.
this is one of the most beautiful blocks in all of park slope, in my opinion.
Maybe the building had two apartments on every floor, back when the current owner bought it. In that case it would be 8 apartments total. These big 4-story Park Slope houses are rabbits warrens of apartments above the owner’s duplex. And often the owner’s duplex is chopped up funny. You never see pictures of the rental apartments on these types of listings either, because most of the time they look like crap. Really run down by longtime tenants who don’t do any repairs or renovations. Why not just buy a 2 or 3 story single family in Park Slope for a million dollars less?
Why do people to continue to use Corcoran. They are sooo awful. The one thing I love about Bklyn is the human element – Granted you can get your highest price as a seller and still maintain some sort of Human side to you – Corcoran doesnt. Neither does this said broker. I just wish they would get their act together – Sorry to be such a downer.