House of the Day: 189 6th Avenue
For the millionth time, why do sellers use brokers with crappy websites! This four-story brownstone at 189 6th Avenue in Park Slope is an interesting listing though. At first glance, the asking price of $1,395,000 seems absurdly low for the neighborhood. Look a little further and the explanation makes itself known in the form of…
For the millionth time, why do sellers use brokers with crappy websites! This four-story brownstone at 189 6th Avenue in Park Slope is an interesting listing though. At first glance, the asking price of $1,395,000 seems absurdly low for the neighborhood. Look a little further and the explanation makes itself known in the form of the capital letters: SRO. The listing says it will be delivered vacant, but that’s barely half the battle when it comes to converting an SRO. The real battle is getting HPD to sign off on a Certificate of Non Harrassment, which can take the better part of a year. Meanwhile, your carrying costs are burning a hole in your pocket. SROs are also much harder to finance. Still, a cash buyer could probably end up doing well with this.
189 6th Avenue [Century21] GMAP P*Shark
Keep it as an SRO. Rent the entire building to a NFP Social Service Agency for supportive housing. Ground floor to be used for office space to provide in house service to those in their care. Landlord has minimal responsibilities as renter has own maintenance staff. ????
The reasoning shoud be banks are looking for a ROI in ten years so if rents are 1800 a month minus yearly maintance costs you are looking at and annual income if 50,000 dollars give or take a penny. Therefor banks not I value that property at no more than 600-650,000 dollars so when they half that 1.3 it will be sold at a fair price.
Shahn…what’s the website for HPD to get that info?
cornerbodega & What….eat shit for the New Year….you don’t go into an investment property with numbers like that and really care what’s going to happen to its “value” in the next 2 years. You’re both showing your ignorance here.
HPD has this building listed as 1 “A” Unit and 9 “B” Units. The I-Card shows this as being divided up with an owners apartment on the garden floor, and 9 SRO rooms spread through the other floors. This is the only way to legally occupy this building until going through a hellish C of O change.
cornerbodega,
You “reckon” wrong.
Next time you feel the urge to hit the crack pipe, eat an apple instead.
from personal experience, this agent is a slimeball. wouldn’t touch a thing that this company’s name is attached to.
It’s a fine mess to work out the permitting problems when you’ve changed the configuration without a Certificate of non-Harassment. Now, you’ve got to straighten out problems with both the DOB and HPD. Good luck with that.
Dave IBS can’t seem to comprehend the simplest of cause-effect. I reckon hes one of those “well housing won’t go down because the sellers simply won’t sell until prices jump back up”
Onefineday,
I don’t know this agent and was just making a general comment.
I’m not a real estate agent, and, if anything, I’m the kind of person to try selling FSBO first.
All it takes is running an advertisement in the NY Times, because that’s where 99% of folks look for properties, since there’s no real MLS in NYC.
It’s unbelievable how many real estate agents don’t even return phone calls.
When the market was flying, I had particular trouble getting in touch with one of the most successful agents at one of the largest firms.
Big or small, there are jerks everywhere, and it’s best to use somebody you trust.
Obviously, this guy trusts this agent, or he wouldn’t be using him.
“You’re a fool what. There’s no loss of equity if you keep this as a rental property jackass.”
Let’s say that you took you own money a brought this retail property for 1.3 million. The Mutant Asset Bubble implodes and now that house is worth 650,000. That’s a 50% haircut and let’s factor in falling rents Dave and you will see that investing in these conditions is very difficult. I hope that when people are buying now they should look at all aspects of the deal.
The What
Someday this war is gonna end…