House of the Day: 60 Montgomery Place
Not that $3,450,000 ain’t a lot of dough, but sometimes it’s a reasonable price to pay for a house and sometimes it’s not. While it’s hard to tell exactly how much restoration work a new owner would have to invest, this house at 60 Montgomery Place in Park Slope has that something special that would…
Not that $3,450,000 ain’t a lot of dough, but sometimes it’s a reasonable price to pay for a house and sometimes it’s not. While it’s hard to tell exactly how much restoration work a new owner would have to invest, this house at 60 Montgomery Place in Park Slope has that something special that would at least get our attention were we in the market to write this kind of check. Currently configured as two duplexes, the house is 70-feet deep on the first three floors and has “large rooms and distinctive details,” according to the Townsley & Gay listing. The sellers have owned the place for close to two decades. Has anyone been inside recently? If you had to put a million bucks into it, think it could still be worth it?
Montgomery Place Mansion [Townsley & Gay] GMAP P*Shark
But how much would it cost in Ohio?
and it would cost half that picie in NJ. Why the hell do people keep comparing stuff to Manhattan. That is a DIFFERENT MARKET!!!!
I agree — a renovation would cost at least 1.5 million, unless you DIY… so 5 million for a gorgeous brownstone on one of the best blocks in Park Slope — That might be a lot, but it’s certainly 50% of what you’d pay for something similar in manhattan.
Also considering that they’re asking 2.8 or 3 million for brownstones in other parts of Brooklyn that are less grand — houses that still need work — it doesn’t seem out of line. I’m surprised the other one on Montgomery hasn’t sold.
” i wouldn’t be surprised to see a 4 million dollar plus home in park slope in the next 2-3 years.”
I guess you missed the article in today’s Metro section about the serious slow-down on Wall Street and the universal projections of a recession in the city?
http://www.nytimes.com/2007/10/22/nyregion/22economy.html?em&ex=1193198400&en=c134c0bdbacb4aa6&ei=5087
52 Montgomery is FAR from move-in condition. The bathrooms and kitchens when I saw it in the summer were maybe from the 60s, and there were wires hanging in some places… definitely untouched for at least 35 years.
The renovation for a house like these would cost no less than 1.5 million, and that is for high quality but simple finishes. So a total of more than 4 million… too much even for 3 exposures in such a lovely block as the house has some obvious drawbacks.
Sorry, 45 Montgomery and this house are two completely different properties. Re-read Brownstoner’s HOTD for 45 and you’ll see why:
http://bstoner.wpengine.com/brownstoner/archives/2006/10/45_montgomery_s.php
Who gives a shit what is would cost in Manhattan. This is not Manhattan. It’s BROOKLYN. Two different PRICE RANGES.
This is a very special block. 45 Montgomery sold for over 6 Million this year. There is a lot of renovation going on this block, but good luck if you think you can renovate a townhouse for a million in this day and age. I would put the renovation (if high-end) at least at 1.6-2.2 million.
In this price range there is a smaller pool of buyers, but as we’ve learned, this place in Manhattan would be closer to 7-10 Million.
I think it’s a great deal.
Look, 52 Montgomery (see previous HOTD) which is only 4 houses over and is in move-in shape, even if you’d have to maybe update some mechanicals, has not moved at a mere $200K more. This means that buyers at that price point are being very discerning and want a better package for their dough, even if you’re on Montgomery Place.