House of the Day: 547 10th Street
A victim of a fire some time ago, the three-family house at 547 10th Street in Park Slope isn’t exactly putting its best foot forward in the facade department. And despite an ad that boasts “Beautiful Original Details Intact,” it’s not looking historically significant enough to us to justify the $2,300,000 asking price. Anyone have…
A victim of a fire some time ago, the three-family house at 547 10th Street in Park Slope isn’t exactly putting its best foot forward in the facade department. And despite an ad that boasts “Beautiful Original Details Intact,” it’s not looking historically significant enough to us to justify the $2,300,000 asking price. Anyone have any thoughts on this place?
547 10th Street [Craigslist] GMAP P*Shark
Photo by Kate Leonova for PropertyShark
The Real Estate Broker says – “Yes that is fire damage, and yes the facade is horrid, but 5 minutes you’ll save on your commute is totally worth it.”
The Real Estate Broker says – “Yes that is fire damage, and yes the facade is horrid, but 5 minutes you’ll save on your commute is totally worth it.”
The interiors look very basic and the exterior of course is horrible. The improvements are not worth much if anything. Certainly, no one would pay money to construct something so wretched. The land is worth $300/FAR tops. It has 5,400 square feet of developable area, so I say $1.6MM at the most. There is no way that building is worth $700,000 exclusive of the land.
Wow, I thought this was Greenpoint. It is a great location, Slope-wise (it’s been decades since this was way-out-there ‘South Slope’), but it’s bloody hideous…
I’d point out that the house, while rather fugly, is 20′ x 65′. That’s 1300 sft per floor, times 3. If the basement is finish-able, times 4. That’s a lot of space. Could live in a duplex 2600 sft apt and still have two large 2BR rentals at $3000 per month easy.
The interior seems OK, altho you never can tell. THe location, one block south of ‘prime’ PS is pretty good.
Agree it’s over-priced by a few hundred thou, but not as much as all the haters think. Of course a lot depends on the interior, mechanicals, and so on.
I could get a several bona-fide mansions just outside the city for this price. Or I could buy a few 8-unit apartment buildings in ENY or bed-stuy for this price. The rents on those would be much much better than the rents on this one.
This was very middle class housing 10-20 years ago; I got walked at knifepoint on this block about fifteen years ago.
To put it mildly, people’s rent versus buy expectations are massively out of whack — this building would rent for _MAYBE_ 100k/yr (optimistic) before expenses.
Call me when this gets cut by half or when NYC incomes double.
That location s*cks. For that money you can get a real brownstone with real original detail that’s really in park slope, not south slope.
The ad doesn’t say anything about fire damage. I know brokers don’t highlight negatives, but I really hope they fixed it as opposed to letting people come see the property and say, “oh by the way, those fire charred walls can be easily restored with some TLC.”
restoring the facade would cost about a hundred thousand. That part is easy. But what are you going to do about the adjacent buildings? It is quite an ugly stretch. Your investment may not pay off because of the shitty neighbors.
I think this property is over priced by $800,000.