House of the Day: 467 Union Street
Here’s an unusual one…The house at 467 Union Street in Carroll Gardens is being sold as a tear-down. Of course, that doesn’t mean the entire thing has to be torn down. This could be a great opportunity for someone who wanted a modern interior but likes the idea of being part of a row of…
Here’s an unusual one…The house at 467 Union Street in Carroll Gardens is being sold as a tear-down. Of course, that doesn’t mean the entire thing has to be torn down. This could be a great opportunity for someone who wanted a modern interior but likes the idea of being part of a row of traditional townhouses. You could even add a mansard roof. The asking price of $650,000 (just cut from $750,000) seems quite reasonable given that the current FAR of 2.43 would allow a house of 3,000 square feet to be built as of right. Update: Whoops. Looks like we mistakenly assumed there had been a fire. That appears to not be the case.
467 Union Street [Corcoran] GMAP P*Shark
Plenty of Banks give mortgages on shells if they are going to be renovated. As for this particular shell, it depends on what the appraisal is and things of that sort.. But to give a blanket statement that NO BANK is going to give money for a shell is false.. tons of people get mortgages on shells, with the intent of renovating it
we heard you the first time, armchair_warrior. you’re also wrong. there are various ways the deal could be done with a bank, whether by construction loan (i.e. have plans for a new building approved by the bank in connection with loan application) or working something out with the current owner (e.g. have a side letter providing that you will pay for the land to be cleared prior to closing if the bank objects, which leaves just land which is obviously mortgageable).
no bank is gonna give you money for a shell to mortgage on.
Like most things for sale today, it is pverpriced except to the person or persons who love it or who have a vision for it or who want to build a brand new 2-family, or whatever.
I is certainly not ideal for most people. but then, what is?
I think the price for a vacant lot is reasonable and you get an attractive facade thrown in should you want to re-use it.
This is over priced for one. Second it is not a 2.43 FAR, its 2.2 FAR since it is on a narrow street. They are asking $236 a BBSF. Thirdly, it is highly unlikely you will be able to buy this and get your foundation in to qualify for a 421a Tax abatement
This is over priced for one. Second it is not a 2.43 FAR, its 2.2 FAR since it is on a narrow street. They are asking $236 a BBSF. Thirdly, it is highly unlikely you will be able to buy this and get your foundation in to qualify for a 421a Tax abatement
hey – sorry to ask this – but why all cash? couldn’t you get a mortgage for $1 million based on the fact that you’d renovate?
or are you saying all cash, 2:50pm, so no one else tries to buy it before you? 😉
I like the idea of buying the shell, doing the inside in a very modern manner, adding a Mansard roof level, doing the rear facade in all glass. How great would that be? Best of both worlds.
I hear that there is no more “Quality Housing” bonuses available. Has anyone else heard this? That would limit the floor area, but I would not think it would stop you from adding the Mansard.
True that it would need to be all cash. But this project is not for the feint of heart or wallet.
over priced. you can’t get a mortgage on it. you have to pay all in cash for a shell.