House of the Day: 228 Washington Avenue
This corner brownstone at 228 Washington Avenue in Clinton Hill just hit the market with the eye-catching price of $1,260,000. Compared to the prices we’ve become accustomed to seeing in the past couple of years, this seemed incredibly low at first glance. Then we realized that it’s chopped up into five units and will need…
This corner brownstone at 228 Washington Avenue in Clinton Hill just hit the market with the eye-catching price of $1,260,000. Compared to the prices we’ve become accustomed to seeing in the past couple of years, this seemed incredibly low at first glance. Then we realized that it’s chopped up into five units and will need a serious reno to convert it to a one- or two-family residence and the price made a lot more sense. We still think this is a pretty interesting deal, more likely as a condo play than a family residence. The two-car garage at the rear only sweetens the pot.
228 Washington Avenue [Massey Knakal] GMAP P*Shark
Is it legal to convert the garage to housing OR build housing on top of the garage (in Brooklyn)?
wow! a few of those leases go until November 2010! But there isn’t any lease info on the Duplex…that seems like it would be vacant but where do the owner’s live (the basement?) I’ve read that if you are just turning the place into a 1 family then maybe getting tenants out isn’t that hard to do…but the place seems more like a business venture for a landlord then a home for potential income…and if you could get out the tenants and do a decent renovation for about 200K it could be worth it in the long run….
No interior pictures, except the basement? Bad, bad sign.
How much does a replacement cornice cost?
daveinbedstuy –
Maximum permissible increase in assesment is 8 percent a year or 30 percent in 5 years, right? If so it would take 40 years before the assessment could go up enough for the tax to be 68k.
Also, I believe DOF estimates market value for this tax class based on rental income, in which case it doesn’t matter if it sold for $ 1.26 MM. Taxes would depend on the rental income and the cap rate by DOF.
$1.2m initially sounded VERY cheap to me too, but rent stabilized at $1700 is a total deal breaker. It is hard enough to get non-stabilized tenants out if they don’t want to move.
It actually has a CO for 7 units. Also buyers need to be aware that anything classified 2B like this one will be subject to an assessed value at 45% of market value (not 6% for 1-2 units) and the taxes will continue to rise until they are 12% of the assessed value…12% of 45% of $1.26 MM will eventually be $68,000. The economics don’t work then and harder to sell down the road as those taxes rise astronomically.
Ditto, ditto. I keep a car in Clinton Hill and its super easy for street parking.
I don’t find it a problem to park in this area.