House of the Day: 190 Dean Street
Here’s an interesting property: The three-story brick house at 190 Dean Street at Bond Street in Boerum Hill is currently configured as three floor-thru residential units along with a three-car garage at the rear. The building, which is asking $1,600,000, will be delivered vacant, though, so a buyer could convert the ground-floor space back to…
Here’s an interesting property: The three-story brick house at 190 Dean Street at Bond Street in Boerum Hill is currently configured as three floor-thru residential units along with a three-car garage at the rear. The building, which is asking $1,600,000, will be delivered vacant, though, so a buyer could convert the ground-floor space back to retail and create a duplex apartment above it. The interior still has some nice detail and looks to be in decent shape, though a new kitchen would likely be in order in the scenario we describe above. What do you think the store could rent for in this location?
190 Dean Street [Corcoran] GMAP P*Shark
Back in September the limit for a conforming loan on a 3 family was $645,300.
So, regardless of rents and personal income, back in September, the most a bank would give you would be $645,300.
Lets say that has been bumped and maybe a bank cuts you some slack for high personal income, I still doubt you’d get more than $850,000 (Sept’s limit for conforming on a 4 family).
That means you have to come up with between $750,000 – $954,700. At that point as long as you could prove to the bank you have nearly $1,000,000 liquid you could probably get away with 10% down (banks also like to see 6 months of expenses liquid in the bank on these deals, so you’d probably need just over $1,000,000 liquid to get a mortgage).
Just spit-balling a bit (also based on my recent experience with financing on a 4 family).
Should be able to get $200/month for each parking spot. Maybe a bit more.
That store’s probably been closed for two decades…
I still can’t get to any of the links, but $1.6 mil seems quite low. A three-story house in prime Boerum Hill plus three garages!
You “PJ” people are so nonsensical. I live very near this house and am not disturbed by people who live in the projects. It is both hilarious and insulting that you seem to think housing projects are black holes of violent crime, sucking innocent bystanders into their vortex of vice. Unless you actually live within walking distance of Wyckoff or Gowanus Houses, please refrain from “opinionating” about their impacts.
If the store has been closed more than two years (and I’m pretty sure it has), it cannot legally be re-opened. This building is zoned residential, and any grandfathering for the store is dead after two years of non-use.
how much could you rent out each garage parking spot for?
Tiptoe, 2 blocks away from the projects is very far in NYC terms.
If the property is designated commercial or “mix use” a minimum of 25% would apply, it would be a commercial loan, regardless of how it is currently used.
If it’s designated/zoned 100% residential, then whatever the bank is willing to give will determine what you need down.
But then again, that is always the way Almost regardless of the property, especially multi-units, the bank only gives a % of income (be is salary, rentals, or a combo), so the down payment is whatever the difference is. 10%, 50%, whatever.
Seriously considered buying across the street at 201 Dean and always wondered what the first floor at 190 was configured as, with all that intricate ironwork. This house is very close to the projects though, maybe 2 blocks away.
The link is down, but try this for the photos
http://www.corcoran.com/property/photoTour.
aspx?Region=NYC&Listingid=1500167
This for the floorplan
http://www.corcoran.com/property/floorplan.
aspx?Region=NYC&Listingid=1500167&seq=1