House of the Day: 186 Quincy Street
We first noticed the 6,600-square-foot mansion at 186 Quincy Street when it was on the market back in December 2005 for a whopping $1,600,000. Not surprisingly, given the fact that it’s long been chopped up into 11 units, it never found a buyer and is currently back on the market for a more realistic $1,100,000….
We first noticed the 6,600-square-foot mansion at 186 Quincy Street when it was on the market back in December 2005 for a whopping $1,600,000. Not surprisingly, given the fact that it’s long been chopped up into 11 units, it never found a buyer and is currently back on the market for a more realistic $1,100,000. Because seven of the apartments are vacant and the other four have long-time rent stabilized tenants, the sale’s a little trickier than your average house. According to the broker at Marcus & Millichap, it’ll probably take about $500,000 down to get this financed. Still, theres lots of original detail on the inside and the layout is such that with a little creativity some of the vacant apartment could be connected. The only thing that’s really unappealing to us is that further east on the block there’s a rash of new fedders townhomes that really tarnish the landscape. This could be an interesting opportunity for the right person though. Hopefully it won’t be a developer looking to maximize the unused FAR (which there’s a ton of given the lot size).
House of the Day: Bed Stuy Mansion [Brownstoner] GMAP P*Shark
Architecture 101: 186 Quincy Street [Brownstoner]
i’m in landlord tenant court now with my brother who moved into my 3 bedroom in manhattan off c.p.w. without my permission.i started a holdover .how long will it take me to get him out? worst case scenario. does any one know ?
If you intend to claim occupancy of a rent-regulated apt, then you can refuse to renew the lease and initiate holdover proceedings when they dont leave.
If you are lucky, they will not fight or take some money that you would spend in expenses anyway. The worst case scenario is that they delay the process and loot the building down to the copper wire before they leave.
The short answer: It’s not for everyone.
anonymous 4:01,
I agree, that is what I said, I would not touch this but an investor who needs to show a loss to balance out gains, may find it ideal.
I have high blood pressure and whenever I go to my doctor he seems suprised to see me again, so I don’t need the aggravation of rent-regulated tenants.
A big company, or sadly a Tony and Carmella Soparano type Company, with “ways” of inducing tenants to vacate, may buy it.
Rent control sometimes brings the worst out in people.
I steer clear of it, There are so many other ways of making money.
“you can’t afford it, you can’t afford it and your mother is an alcoholic”
4:23 – Under certain circumstances you can and some you can’t (age of tenant, etc).
Either way is long process. But people do it. And remember – they are getting the prop at cheaper price because of regulated tenancy.
Plenty of non-reg propery available for those they want those. Or they can build there own. So quick crying just ’cause you can’t afford it.
I think I read (here perhaps) that if you plan on making “substantial improvements” and/or taking over the house as a single family home, then you can remove rent-controlled tenants. Does anyone know if that is correct?
2:51 – this is 2:37 – Yes this is specifically talking about rent regulated tenants. 99% of the time 2-family houses are not rent regulated, so your situation was totally different.
FWIW sam i agree with all your comments 🙂 I wouldn’t touch something like that with a ten foot pole. Whoever buys this place is going to have to be someone who just loves the property and doesn’t mind throwing away a ton of money on it. A true labor of love.
so Sam – Don’t buy it. It is not for you, great.
For someone else it will be. Great.
Big deal.
What you really want is a non-reg property at regulated property price. And when you can’t you blame the system.
Sam, I was 2:51 and you cannot be serious. I was just trying to figure out if what you said was specific to rent-regulation. No one accused you of lying.