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
One of the occupants of this house is someone I noticed some time ago in a cafe I spent time in regularly: one of those unforgettable NYC characters you keep running into. I happened to be walking home one evening two years ago and noticed the person returning here; when I pass it on my way to work I always recall the memory.
As per my 1:39 post, how is this building, with its current SRO C of O different from a 4 unit building, aside from the financing difficulties???
The brokers are the owners. This century 21 group buys up SROs, empties them out, gets the CofO changed and converts them to condos. They try to sell the thing all along the way. This one has been mostly empty for at least 6 months if not a year. The guy on the garden floor was probably the last hold out and was out by the end of the summer I think.
If I recall correctly, it looked well laid out as 4 floor throughs with central kitchens and baths, bedroom(s) in back and front living area.
Generally a very good location for trains and neighborhood amenities. But there is a noisy school across the street.
Overall this is an investment property for someone looking to be a landlord. If you want to run a business, buy it. If you want a home, don’t.
could they keep it as is as an SRO and just remodel it cheaply and sell / rent out the individual units? i assume it’s just a collection of mini studios? and maybe shared bathroom per floor? im sure that would rent and / or sell. why not?
*rob*
Yes, maybe Mr. B or someone else could write a brief summary of the whole process of what’s involved with changing a SRO to a one or two-family house. I’m not even sure how they are delivering it vacant. Did they just pay the people to get out? I guess that’s the first step but probably not always.
Is it illegal to rent it out to fewer than capacity? Can’t you remodel and rent out a unit or two before you change the SRO designation?
This had a big price chop. which means crap cause it is still over priced.
I never suggested that a brownstone, or any stone building for that matter, ever be painted. It’s a travesty.
Dave, here’s your chance! A white, blank slate!
I say chartreuse for the walls, aquamarine for the window surrounds, maybe red sash to set off the aqua and a little gilding on the cornice!