House of the Day: 44 1st Place
The four-story house at 44 1st Place may indeed be one of the “Grand Dames” of Carroll Gardens, as the listing claims, but is it the house to break the $1,000 a foot barrier in Carroll Gardens it’s looking like a big stretch to us. It’s hard not to get excited by the parlor floor…
The four-story house at 44 1st Place may indeed be one of the “Grand Dames” of Carroll Gardens, as the listing claims, but is it the house to break the $1,000 a foot barrier in Carroll Gardens it’s looking like a big stretch to us. It’s hard not to get excited by the parlor floor detail but some of the other finishes (the ground-floor kitchen, for example) leave us a little limp. Seems that to get anywhere close to the asking price of $3,842,500 this place would have to be absolute perfection throughout, which it’s clearly not. More power them if they can get this price but we think they’re off by a good million bucks.
44 1st Place [Douglas Elliman] GMAP P*Shark
You are going to be hard pressed to find anything in Carroll Gardens for under $500 a sq. ft., so I think that a building with some fairly impressive interior detailing on one of the nicest blocks of all of Brooklyn can justify $730 a sq. ft. It is certainly a whole lot more value than that Lincoln Pl. coop in Park Slope yesterday that was going for $750 a sq. ft.. Or the coop in South Slope today that is also going for $750 a sq. ft.
at least this building is big enough to contain four apartments. I am still thinking about the little house in Bed Stuy that was cut up into four units, and it was a doll’s house to begin with. Pathetic. Anyway, this may be a good investment as a small apartment house depending on the rent rolls.
You could rent renovated apartments for quite a bit, deduct the depreciation from your taxes, watch as the price appreciates.
It could work. As a luxury home? not so much.
Jusging from the floorplan and the photos the interior has been chopped up in a most unsympathetic way. If I was a buyer in this $$ ballpark, I’d rather put my money into something smaller but nicer. And a condo developer would surely rather pay less for something in rougher shape.
it’s a 4 family. no one will pay that much for a 4 fam. as an investment it doesn’t make sense cause best case scenario you’re getting $11,000 a month. as condo conversion it’s overpriced since it’ll need at least some reno and it’s price per sq ft is close to what the market for floor through brownstone condos is now. no one that wants to live there will would pay that much just to rent out 3 floors. so whoever buys it will need to convert it into a 1 fam. no one who can afford a 3 million plus house wants any tenants or should need help with the mortgage, if they do they won’t get a loan in this day and age. if it ever sells (and for this price it won’t since there have been 4 fams on Place block in this price range sitting for some time) it’ll be to someone who just love th house and location and is fine with paying this price plus another half mill minium (and 8 months or so) to get the house they want. you’re better off buying a wreck of a house for around 2 million and doing a top notch renovation to get exactly what you want. how many 4 family houses outside of brooklyn heights have even sold for over $3 million?
this may sound strange, but i find the 3-story brownstones in this neighborhood so much nicer (at least from the outside) than the 4-stories. the former looks more like a brownstone, the latter more like an apartment building.
All it takes is 1 buyer.
1) Anyone looking in that price range is not looking for rental income to help cover the mortgage.
2) In order to convert this house into a 1 family, it will need a serious renovation, as already stated by an earlier poster, “it’s a 4 family with kitchens on each floor”.
3) At the end of all this, you’re looking at at least a total price of $4.9 million. Which is delusional unless, as the new love of my life has already stated, “it’s carved from a single giant rock of crack”.
4) The price is so grossly over-stated, that prospective buyers wouldn’t even bother negotiating it down to earth.
Please tell me who in their right mind would pay this much for something that will need this much work?
this needs a gut reno.. mucho dollars and dump the tenants.
Other than some of the parlour floor detail, I don’t think the place looks that great for the price. The upper floor pictures leave a lot to be desired. It’s a four family with kitchens on each floor for goodness sake.
For this price, it should be pristine, not four floor through apartments, a stripped facade, non-period ironwork, and the need for, at a minimum, major aesthetic overhalls of most of the floors other than part of the parlour floor.