House of the Day: 915 Sterling Place
The four-story house at 915 Sterling Place is a little on the narrow side (17 feet) but makes up for it with an extra-deep lot (120 feet). The listing claims that the house is “loaded with original details” but the one interior photo included isn’t too convincing; the fact that it’s divided up into four…
The four-story house at 915 Sterling Place is a little on the narrow side (17 feet) but makes up for it with an extra-deep lot (120 feet). The listing claims that the house is “loaded with original details” but the one interior photo included isn’t too convincing; the fact that it’s divided up into four units also doesn’t bode particularly well for the preservation of interior details, but this part of town does have some great woodwork so maybe there’s something to it. And what about the asking price of $895,000? We suspect it’ll go for a little less, especially since the seller is already being touted as “motivated.” Anyone been inside?
915 Sterling Place [Elliman] GMAP P*Shark
You are correct, 1:56. Chances are many of the tenants have been living in their kitchenettes for many, many years. I couldn’t do it, especially since the choices of where seniors or people on small, fixed incomes would go in the neighborhood are getting fewer every day. Sometimes it’s easy to forget the human cost involved, which I admit I did, in thinking about what a nice block this is, etc, etc. 1:54 has it right – yesterday’s house on Bainbridge is a much better deal in all ways.
Piece. Of. Shit.
a tiny bldg full of rent controlled tenants in the heart of brown heights for 900K???
um, no thanks
Since the building has seven units, it is regulated under rent stabilization and therefore converting it to fewer units could be extremely difficult. Unless tenants are willing to leave voluntarily (not likely if the rents are low) you are stuck with them for a long as they want to stay. Anyone who wants to buy this and live in a portion of building better be prepaired to spend a lot of money and time in court to get anyone out.
If that beautiful building in stuy heights could not get a million, what makes anyone think that this place, which clearly needs much more work and has no detail, could get anything close to $900,000?
The listing also says “investment opportunity” which tends to be code for “full of rent stabilized tenants that will never leave so you will lose money every month you own this place.” Which is probably what is motivating the seller.
Well, better sprinklers than an ugly fire escape. You have to have one or the other for this multiple family dwelling.
This is a quiet, nice block. The architecture is interesting, and I have several friends on the block, all of whom are very active in community organizations and their block associations.
Turning this into even a three family will be a lot of work, if every current apt has a kitchen and bathroom. If there is any detail left that someone would want to keep, that means a careful full renovation, which is not the same as a gut renovation. Some original floors, walls, ceilings could certainly be saved, if that was what a buyer wanted. If it only needed cosmetic touches, or electic/plumbing upgrades and maybe a new kitchen or bath, the price would be a tad high, but negotiable. With all of the work needed to just turn it back to a solid 3 family, I think the seller is going to have to adjust his/her reality downward.
I live on this block, and although there’s a small bit of a rough element, it’s a wonderful, neighborly group in general. I LOVE IT HERE. People care. The buildings are beautiful and well kept, except for a few abandoned houses {go figure}, so weird. Backyards are extra deep with huge old trees that rustle in the breeze. I would buy this house in a second if I could.
Seven Family? Well that explains bed in the dining room.