House of the Day: 472 Washington Avenue
Perhaps the news that the derelict house at 470 Washington Avenue was getting a makeover is what inspired the next-door neighbors at number 472 to put their four-story brownstone on the market just before Christmas. There aren’t enough photos to say for sure, but it appears that the house has retained most of its original…
Perhaps the news that the derelict house at 470 Washington Avenue was getting a makeover is what inspired the next-door neighbors at number 472 to put their four-story brownstone on the market just before Christmas. There aren’t enough photos to say for sure, but it appears that the house has retained most of its original detail. No word on when the last time the plumbing and electrical were upgraded. The asking price of $1,875,000 is definitely in the right ballpark, assuming the market doesn’t take a nosedive this month.
472 Washington Avenue [Corcoran] GMAP P*Shark
Agree… That is whats going on in Harlem 4:57
This looks like it could be gutted and turned into eight studio rentals that could produce a good income stream. This isn’t like shopping for a house in the suburbs where multiple dwellings are prohibited. These properties are priced as apartment buildings. If you are looking for a family house, you are screwed because the commercial market can pay way more than residential. I don’t get why folks on this blog look at these properties as “homes” they are commercial income-producing properties. Walkup tenements or flats. If you have the dough to buy one and turn it into a home, fine. But you could get a much bigger bang for the buck if you bought somewhere with one-and-two family exclusionary zoning, that’s what the suburbs are all about. And oddly, it keeps the speculative prices under control because you can’t buy a house in most residentially zoned communities outside of Brooklyn and turn it into an 8-unit tenement.
ALl of these brownstones will be turned into 8 or 10 unit Tokyo style apartments in the next few decades. Zoning allows it, why not get the “best and highest” use?
Brownstoner along with Barbara Corcoran are trying to single-handedly turn around the re battleship wihich is sinking.
“Anyone gt the feeling Brownstoner’s trying to drive up clinton hill prices because he wants to put his place on the market?”
Either that or he has just plain lost his mind since the re correction got on the way
Anyone gt the feeling Brownstoner’s trying to drive up clinton hill prices because he wants to put his place on the market?
“The asking price of $1,875,000 is definitely in the right ballpark” I guess thats why its been sitting on the market for over a year now hey Brownstoner?
This house is gonna need a serious renovation, all new mechanicals, electrical, plumbing etc., and clearly needs millwork and plaster work to patch in the missing “original details”. Not to mention the exterior work. I’d say a $250/sq ft renovation, and that’s on a really lean budget. Bringing us to $1 million lean, $1.5 million realistic.
If the house is 1.8, it’s gonna easily go over a 3 mil investment by the time you’re done. This is way over the appraised value of most buildings in the area, which sell for under $600 sq foot. Yours would be at $810 a square foot. That’s Brooklyn Heights prices! And this isn’t brooklyn heights, and wont be for many years.
More realistic would be a price of $1.2m for the existing building. Then you throw in the million, you end up with a 2.2 million brownstone, which is still at the priciest end of the range, but still within the range of area values.
I thought this place was already a HOD? In any case, it’s been listed for quite a while and is definitely NOT in the right ballpark. Just like the (douglas elliman/2 trees?) listing further up washington, this is overpriced. I am looking in this area and have this much money. These are just not worth it. There are not more photos because they would be too telling.
The story the broker tells is that one of the grown kids moved his family back in to sell it. This house has some original detail, but not very much and needs work/$ before it is even livable. There is serious visible/smellable mold in the semi-finished basement. Broker said there was a leak because of piled leaves when noone was around. I’d question that. That whole floor will have to be redone.
There is a huge, hideous garden level kitchen to be redone.
The rear parlor has been destroyed with the addition of a strange wall and bathroom. More money.
The 3rd floor has been modified as well to make a front of house master suite with bath. Some people may like that after they tear out the carpet and fix the floors. It’s not what I’m looking for in a brownstone.
Are townhouses in Bed stuy really going for close to 2 mil now? I have seen nicer places in South slope and propect heights for the same prices and lower within the las year.
I am that out of touch, or is this a really exceptional place?