House of the Day: 156 Hicks Street
You know times are tough when a five-story brownstone in Brooklyn Heights hits the market for less than $3 million. In this case, there are extenuating circumstances: 156 Hicks Street is less than 16 feet wide, and is in need of some TLC. The raw materials are there (woodwork, mantels, etc.) but the $2,875,000 asking…
You know times are tough when a five-story brownstone in Brooklyn Heights hits the market for less than $3 million. In this case, there are extenuating circumstances: 156 Hicks Street is less than 16 feet wide, and is in need of some TLC. The raw materials are there (woodwork, mantels, etc.) but the $2,875,000 asking price still’s not a lay-up, primarily because, well, nothing’s a lay-up in this market. It will be interesting to see if houses that need work get penalized more than those in move-in condition the grim market marches on. Update: A tipster sent in some interior photos “from 4 or 5 years ago” that we posted at the bottom of the post; click through to check them out.
156 Hicks Street [Brown Harris Stevens] GMAP P*Shark
Picky, picky. Point taken… all of Hicks is a busy thruway, from Hamilton to Fulton. Traffic does back up a bit on this block due to the light at Clark, as opposed to the careening velocity achieved by distracted cabbies as they race their way through the Fruit streets.
‘But structural issues are surprisingly not that big a deal. Jacking a house up a bit and sistering a bunch of joist? No biggie’
Sam…it scares me to think that you’re calling structural work ‘not that big a deal’. Opening up the ceilings, removing insulation, discovering rotting beams and joists, sistering (if you’re going to use metal ‘c’s – metal ain’t cheap right now), while you have your ceilings open you might as well run electrical and ducts if you’r doing A/C, insulation, dry wall ceilings, tape, paint….all in a days work.
Upgrading electrical and plumbing through out an entire house….is not that big a deal either. I think it takes about a week to do all this work.
These are the biggest hidden costs and take the most time.
Tiling a bathroom is ‘no biggie’ – replacing the main and branches is the huge.
I am always suprised by people dissing perfetly nice properties like this because they are on a “busy street”
or because there is an apartment building nearby. Hello? This is Brooklyn Heights. Do you want to live in the best neighborhood in Brooklyn or do you want to live in the middle of nowhere?
Anyway, this is a pretty prime house. If I were still in the buy/rehab business I would consider it, especially now when you can really negotiate. I love these 17-foot wide center-stair houses. The folks who will not touch anything less than 20-feet don’t know what they’re talking about. They really don’t. Other posters can’t even see the house for the kithen. It seems like appliances and countertops are how they judge real estate? what is that about?
PS: being concerned about the cost of expediter’s fees when rehabbing a house is like being concerned with the cost of pacifiers when having a baby.
“at the end of the day, you’re on a busy section of Hicks with a dark backyard (135 Willow is the building behind this property).”
Is there a less busy section of Hicks?
I had this as a rental a few years back for $8500/month in as/is condition. The landlord had a relative living on the 3rd floor, but was otherwise vacant. The building had a garden apartment, beautiful parlor floor, front and rear apartments for the other floors. All original, hardly anything updated at all, definitely needed some facade repairs and a whole lot of work inside…
I tried to convince him years ago to sell the thing but no luck.
Even if you could pull it off for 3m, at the end of the day, you’re on a busy section of Hicks with a dark backyard (135 Willow is the building behind this property).
Oh my God you guys have me all frightened now. Fixing up an old house sounds so SCAAARY. I better figure out my costs per square foot (as if I were renovating a fatory building) cuz there are all sorts of scary unknowable contingencies and large men with power tools who will make me nervous. woo hooo.
I better just buy a new loft at One BBP.
And please let’s not forget the $140,000-$200,000 in carrying costs while you do this gut renovation; what with building dept, landmarks etc which may take 4 months just to get approvals and then at least another 6-8 months for the work to be done. There’s a big chunk of your $500,000 blown right there.
I agree with “ITM” and “i disagree” … and don’t forget your:
Expediter’s fees
Architect’s fees
Rent for a place to live in while you renovate
Any unforeseen structural issues
If you’re a professional general contractor and you don’t need an architect or expediter … maybe $500,000 works ($100k per floor).
If not, $225/sf EASY.