House of the Day: 242 Washington Avenue
We had already started to write up 242 Washington Avenue as a House of the Day when it hit us: We’ve been inside that house. We were guests at a lovely al fresco dinner party last summer. In fact, Mrs. B had just been talking about how the owner’s duplex would make a good interiors…
We had already started to write up 242 Washington Avenue as a House of the Day when it hit us: We’ve been inside that house. We were guests at a lovely al fresco dinner party last summer. In fact, Mrs. B had just been talking about how the owner’s duplex would make a good interiors post. Given the conflict of interest, we’ll steer clear of opining about the $2,300,000 asking price, and just say that the owner’s duplex of this five-story, 5,500-square-foot house is really nicely done in a simple but elegant manner. We’ve never seen the upper three rental units, but judging from the photos they’re not as nice. They do, as the listing points out, generate over $50,000 a year in income. This’ll be an interesting one to watch.
242 Washington Avenue [Corcoran] GMAP P*Shark
The photos are cell phone pics.
The floor plans don’t make sense, cause have the floor is missing.
Corcoran, I expect more from you.
And the photos are not great either.
I don’t know what the comps are, and frankly, I don’t care.
Not interested.
1:59
Where do you live? The Bowery?
Totally agree, 1:53.
The only way this could make sense is for around 1.6 – 1.8 or so. And even then, it’s a stretch. In this market 2.3?…hellz to the no!
But sellers in Clinton Hill think that because other brownstones in other neighborhoods like Park Slope and Ft. Greene are getting these prices, that they should be able to as well.
It’s called greed.
Anyone who doesn’t live in a bubble could walk around this neighborhood and realize that to spend 2.3 million for a house there is a little ridiculous.
But lots of people live with little “truth” in their lives.
Mr. B
Ever consider leaving your blog bubble at some point?
1:49 – you beat me to it. I was going to say if this house were in Carroll Gardens it would be listed for 7.5 but I think you’re right about 18.75 million.
By my math, you are renting out 2/3rd of the square footage and getting less than Half of your mortgage payments. Add tax, maintenance and utilities and you are in a werious hole.
Ex – Mortgage with 25% Down is approx 1.7 Million or over 10K/ month.
Rental income per corcoran 50K annual or $4150/ month.
Carrying costs on mortgage approx $6,000/month plus utilities, taxes, maintenance.
and that is after putting $500,000 down.
I cant see this making much sense, better to buy a duplex condo in a brownstone or something in a more prime neighborhood. Agree?
To the architecture buffs out there: is that particular type of dormer original or was it added later? I always thought those dormers with the windows smack in the middle were really weird and awkward looking.
Can’t figure out the dimensions of this building to make it 5500 squ feet. It looks a bit narrow, but perhaps that’s just poor photography. Is it extra long to add up to all that feet?
Also, the floorplan is confusing, except for the upper floors. Are there 2 bedrooms on the ground floor, or just one?