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
That was our calculation yrs ago when we bought a brownstone in CG for under $800k (which seemed like an enormous amount of money at the time). If you were fortunate to scrape up the money for the down payment, your carrying costs for the duplex after rental income were well under $1,500/month, very affordable by NYC standards.
Not too far off IMO.
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.
And what makes it even more desirable is that you’ll be just about 3 blocks or so up from me!!!!
What is totally “crazy” is that all these people, Bstoner front and foremost, who bought for nothing and have low monthlies, think that a 4K a month house is “in the first-time family homebuyer range.” Or think that living in Bed Stuy is worth 4K a month. Or even 2K a month. That’s what I call crazy.
“the first-time family homebuyer range for sure.” Not if your income is less than $200k a year.
The house is owned by a church in the neighborhood. The church ran a small daycare/school in the home. ANyone who knows the area will quickly figure out that this is a steal! Stuyvesant Ave is the best walk in the neighborhood. It seems priced to sell quickly but of course I haven’t seen the interior. FYI…a friend and I looked at a house priced at $950K, one block up the street from this one.
P.S. This is far from a war zone…trust.
This building used to be occupied by a school affiliated with the Bridge Street church up the street. The Bridge Street community development corporation also used to be housed in the building.
BTW-Stuyvesant is a great block from Fulton through about Monroe. In fact, I would wager that it is the nicest north/south stretch of a street in Bed-Stuy proper.
This building used to be occupied by a school affiliated with the Bridge Street church up the street. The Bridge Street community development corporation also used to be housed in the building.
BTW-Stuyvesant is a great block from Fulton through about Monroe. In fact, I would wager that it is the nicest north/south stretch of a street in Bed-Stuy proper.