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
This is a pretty narrow house, no? 15-17 feet? I’m thinking that it may not be that deep either. Wouldn’t that by itself make the price make more sense?
Sam, I agree with 99luftballoons that 500K is very optimistic in terms of renovations costs. We’ve gotten quotes on different houses and have learned that renovation is very expensive. Even as the market goes down, renovation costs stay high due to inflation re: materials prices, insurance, etc. Places that need to be gut renovated need an even steeper discount these days.
Sam
Putting in $500,000?? – try about another $300-400 on tpp of that. The kitchen alone will set you back $120,000 add light fittings, central AC, 3 bathrooms + major plumbing changes etc and there’s just no way for $100k a floor you can turn this into a fine 5 story brownstone.
You hit that right on the head sam.
Turning a multi-unit brownstone back into a single-family house is a snap as long as the renters are gone. The expensive problems are human, not architectural. This seems like a great opportunity to buy low in the best neighborhood. Renovating the house yourself means you will get exactly what you want. The real idea behind being a brownstoner is not necessarily to buy a house in move-in condition but rather to oversee the work yourself and be a hero.
How about offering 2 million, buying for 2.3, putting in another 500,000? Then you end up with a 5-story Heights brownstone for 2.8- 2.9 million. With no tenants or hassles to deal with. Not bad really.
and “wonderful potential for the right buyer who wants to customize to their personal taste.” pretty much means it’s in need of total renovation.
At least we have two helpful pictures of the tree in front. bkheightscoop, I would assume you’re correct that this is divided up into apartments based on the listing’s wording, “Truly a wonderful opportunity to create a number of different options…”
No floor plan, no pics of the kitchen or baths. Hey agents, Could you please attempt to put some effort into selling it? I’m sure you won’t be as lackadaisical about collecting your commission.
If the info says it is being delivered vacant, does that mean the house is divided into apartments?
If so, this price makes the house especially overpriced, considering the amount of work needed. At least it has updated electrical wiring.