House of the Day: 113 Columbia Heights
The five-story, 7,200-square-foot house at 113 Columbia Heights in Brooklyn Heights is being positioned as a make-over candidate by both brokerage firms handling the listing but, frankly, it doesn’t look in such bad shape to us! Perhaps the assumption is that anyone willing and able to plunk down the $5,750,000 asking price for the 25-foot-wide…
The five-story, 7,200-square-foot house at 113 Columbia Heights in Brooklyn Heights is being positioned as a make-over candidate by both brokerage firms handling the listing but, frankly, it doesn’t look in such bad shape to us! Perhaps the assumption is that anyone willing and able to plunk down the $5,750,000 asking price for the 25-foot-wide manse will have a certain intolerance for rough charm. Probably something to that. Anyway, it’s under $800 a foot for a prime Heights location so someone’ll probably jump on it. At this price, though, it seems more likely to be a BSD looking for a trophy home than a condo converter.
113 Columbia Heights [Brown Harris Stevens] GMAP
113 Columbia Heights [Halstead] P*Shark
113 Columbia Heights [Skyline Realty]
FYI, according to Skyline, both 111 and 113 are for sale as a package deal:
http://www.skylinerealtynyc.com/sales/owner%20users%20main/unique/111113.htm
111/113 Columbia Heights
Brooklyn Heights
Unique opportunity
Price: $12M
separately:
$6.5M for 111.
$5.75M for 113.
buy both and save $250k!
This building will be delivered vacant. There are no rent control or stabilized tenants. It needs a complete renovation. A renovation will reconfigure each floor and each floor will also have outdoor space. An ideal buyer would be 2 couples looking for spacious duplexes (3 floors have extensions). The building is large and buyers could also have a garden rental to help with the costs of maintaining the property. There is no mystery to this building. It is a beauty in its current condition and will only be further enhanced when renovated. As to the writer who wrote about the building next door – you are absolutely incorrect. Why speculate(gossip)when you have no facts? This building has amazing details and tremendous potential.
As discussed above, two types of buyers: (1) high-end single family, who will do a gut reno, and (2) condo developer, who will do a gut reno and conversion. Price is too high for either buyer, given the necessary expenses, though buyer #1 will have more emotional attachment so probably easier to reel them in compared to buyer #2 who’s only looking at the profit margin. Still, the comps in the neighborhood for a house of this size and condition only support a price that’s $1 million or more lower.
I just realized that this house is not on the “view” side of Columbia Heights.
Forget it.
It will not sell at this price.
Who will want it?
For a very rich person with a large family and staff this location is ideal, and these Greek Revivals clean up nicely. Little condo buildings are a dime a dozen and besides, the price is too high even to make into five condos, but a single-family mansion on Columbia Heights with views of the harbor and the Manhattan skyline is a rare commodity. I say it sells as a one-family.
135 Joralemon sold two years ago for $2.4 million in decrepit condition. The buyer was a contractor who did the renovation himself on spec. This house is more than twice as big, but I think the wind has gone out of the sails of that kind of flipper mentality (as evidenced by 135’s resale travails). Plus, as discussed above, 135 is a livable one family, so you can imagine the owner holding out for someone who works at place where bonuses haven’t yet been slashed, and getting the comensurate 1 family premium. Whereas this property is just too big to conceive of anything less than a 2 family or multi family condo.
“Perfect for a developer to fix it up and convert it to condos.”
Except for the fact that the developer would be paying about $1000/sf and then have to renovate. No room for profit.
OK class, am I going to have to make you do a book report on “Das Kapital” (Marx).
A person who buys a five million dollar house is no longer middle class. They obviously own the means of production.
Middle class is not everything other than food stamps. There is middle class, well-off, affluent, and there is upper class. super affluent, lives in a five million dollar house. There are upper class people in Park Slope but there are more per capita in Brooklyn Heights but not as many as say in Sutton Place or upper Park Avenue.
Oh, so it’s a little apartment building.
Perfect for a developer to fix it up and convert it to condos. It could possibly be a two-family for two very large families, but the floor-through condo thing is a better idea.