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]
Has anyone else ever noticed that when one writes the un-varnished truth about rent-regulation on this blog, someone says it’s not true?
Who is this mighty personage who finds Landlord-Tenant Court so easy and user-friendly?
What I said in my 1:42 post is not only true, it is mild.
kick em all out
this is New Brooklyn and we need to renovate
f*ck the rent regulated leeches
go move to alabama!
It is very difficult and extremely expensive to evict rent-regulated tenants.
Renter-protection laws in NYC are vey strong. If you buy this house with the intent of living in it as a single- family, you may be able to eventually move the tenants but it will take you years if they chose to fight you in court. Remember no Brooklyn judge will ever, ever, throw a tenant on the street. In this town it is so much easier to lose your home if you own than if you rent. It is just one of those things.
Wait a sec – are these specific regs for rent-stabilized tenants? Because we unfortunately did end up having to evict someone from a building we intended to occupy, and we were able to occupy immediately AND have an additional tenant in the meantime. And our eviction process was about 9 mos start to finish. But that was a 2-family building.
Sarah – You are correct but the eviction process is very slow in nyc. Someone would be looking at a minimum of a year if not several years to gain full occupancy of the building. Also once the building is vacated you can’t rent out any part of it for at least 2 years (maybe its three i don’t remember). So that means if someone bought it they would have to have enough money to finance the eviction and carry for at least 3 or 4 years if not more. This would require someone with a good deal of money who probably can find a lot better options in bedstuy for that kind of money.
I was really impressed that we had gotten this far without anyone mentioning the “r” word. Oh well.
let the race war begin…
Sam, I stopped counting the ignorant statements in your 1:42 post when I got to three….
^sorry, I meant an earlier poster from back when this was HOTD.