House of the Day: 266 Stuyvesant Avenue
Most recently used as a school, the four-story brownstone at 266 Stuyvesant Avenue in Bedford Stuyvesant still retains much of its original (and quite impressive) woodwork. It’s definitely going to need some work (how much, we don’t know) but it’ll certainly be an interesting barometer of the Bed Stuy market. Priced at $699,000, it’s in…
Most recently used as a school, the four-story brownstone at 266 Stuyvesant Avenue in Bedford Stuyvesant still retains much of its original (and quite impressive) woodwork. It’s definitely going to need some work (how much, we don’t know) but it’ll certainly be an interesting barometer of the Bed Stuy market. Priced at $699,000, it’s in the first-time family homebuyer range for sure. In this market, though, we’ve got no idea whether this is a $699,000 house or a $599,000 house. Let’s think about the math: If you bought it at the asking price and put another $100,000 into it while racking up a $600,000 mortgage, your monthly costs, with taxes, would probably be somewhere in the mid-$4,000s. If you could rent a duplex out for, what, $2,000, then it could cost you less than $2,000 a month after tax to own this place. Not crazy.
266 Stuyvesant Avenue [Stuyvesant Heights Brokerage] GMAP P*Shark
The building currently pays no property tax because of the exemption. All of the assessment data is on Property Shark so you can do the calculations to figure out what it would be. However, no guarantees on that formula working correctly and the issue of changing the CO
Interesting point about the C of O. Commercial sales rate are typically less than residential due to the higher property tax rate.
This is such a great house for the price
To guest 3:24. It’s entitled smug idiots who make me hate this borough which has been my home for 20 years.
Try 2k a month rent and another 2k for childcare if you have small children.
A first time homeowner in NYC will be very lucky to be only coughing up $2000 out of pocket. You can rent a Duplex in Bed Stuy for over $2400 Dollars and there rarely become available. Its a solid buy…
If 2 parents can’t pull down enough in NY salaries to pay 2K/mnth for a home for their kids, they aren’t even trying. Get a job or stop complaining that you can’t afford your home.
“There is little in this city for less than 2k for god’s sake. My one bedroom rental in CG goes for $1900 so I would say yes, 2000 for a family size duplex is pretty affordable.”
The fact that YOU can afford it does not make it affordable. The fact that there is little or nothing in the city that is affordable doesn’t make this house affordable for a first-time buyer either. The only way anyone buys anything in the city is if they already own or if they have a salary that is well above average.
Rents along that whole stretch of Stuyvesant Ave start at about $1,200 for a small one-bedroom so I don’t think $2,000 would be diffficult.
One would have to change the C of O to live here. It’s legal for use as a school, not residential. Interestingly, the builidng is legal to accommodate 280 people.