House of the Day: 455 Henry Street
This house at 455 Henry Street has a very nice feel to it (or at least the renovated owner’s duplex does), but the fact that the house is less than 17 feet wide and has two rental units make the asking price of $2,250,000, in our mind, pretty aggressive. The house will be delivered vacant…
This house at 455 Henry Street has a very nice feel to it (or at least the renovated owner’s duplex does), but the fact that the house is less than 17 feet wide and has two rental units make the asking price of $2,250,000, in our mind, pretty aggressive. The house will be delivered vacant but converting it to a one- or two-family house won’t be free. Thoughts?
455 Henry Street [Douglas Elliman] GMAP P*Shark
According to my Yahoo! street map, Kane/Degraw is the last block of Cobble Hill. I would not characterize this as the “heart” of Cobble Hill, so I stand by my comment. Based on the $1.8 million widget you have to put 20% down these days to qualify for jumbo + closing costs + minimal renovation = $500,000 to get into this place. That still leaves you with a $10,000+ monthly mortgage. The rentals are no more than $4,000 monthly, so for $6,000+ monthly (above and beyond your $500,000 down) you get to enjoy a duplex in this brownstone. That’s ridiculous for a narrow house that needs work. The alternative is a single family, and that implies at last $150,000 in conversion. Who’s your prospective buyer?
“This house should sell for less than $1.5 million. It does not add up to a great family home or a great investment. ”
Amen to that fundamentals-driven perspective brother.
$2600? That’s got to be a pretty large floor thru and definitely renovated.
I disagree Whuh. Perhaps find $1800 and patience from some old landlord (like me) a floorthru that hasn’t had much more than new coat of paint in 25 years. But am guessing/assuming that the rentals are fixed up. I see nothing listed in prime blocks (historic district) of cobble hill renovated like that rent you talk about. I do see as high as $2600.
Agreed that this is a nice block (although not as nice as many in Cobble Hill). I am not sure how anyone can be commenting on the rentals without floor plans or pictures.
Interestingly, almost directly across the street is a 20′ wide house for sale under $1.7 million — BUT there is a rent control tenant in place. Also, I don’t know how the mechanicals are.
I live very near this house and while this is a nice block, and hardly fringe, it isn’t the nicest patch of the neighborhood. Also, I know people now in the market for rentals, and $2400 is not currently the market price for rentals like these — with $1800/mo and some patience, you can do better. Why anyone would buy this for more than $2 million is completely beyond me. Sits, sits, sits some more.
Agree, 1.5m is nuts. Not sure it clears 2m, but 1.5? And fringes of Cobble Hill? Huh? I live on an equivalent block in Carroll Gardens. Am I in the fringes too?
Have I mentioned that I like the wallpaper? It’s homey and comforting. I would keep it until it’s moldy and faded and then for another 30 years after that. “Ick, it’s like somebody’s granny exploded in there.” That’s not only mean, but insulting to all grannies!
This isn’t my favorite block of Cobble Hill, but it’s definitely not on the “fringes”, HellsBelles. I think most people consider any blocks between Henry and Court to be prime Cobble Hill, and you are better off on Henry here (zoned for PS 29) than on Pacific St., which is zoned for 261 (also an excellent school, but many Cobble Hill buyers prefer 29). Pluses are you are near the only grocery store in the neighborhood. Minuses are that this block of Henry has more commercial establishments than other residential blocks. It seems the $2 million price tags in Cobble Hill is reserved for one families (or triplexes) in excellent condition, and not a house like this. The basement level is lower than typical 4 story brownstones (which have higher stoops) and that often means there isn’t an additional sub-basement that has the mechanicals. Since there’s no floorplan, it isn’t clear which is the case for this house.
it is 16 and a 1/2 feet not 17. But we go thru this each time when this size gets sold around here and does not appear to be the $ factor some think it is.
Ad says new mechanicals and renovation and does appear true.
Pics show they incorporated part of hallway on parlor floor in middle room and real dimension and space.
So no big cost involved if 1 wanted single family not reality. Doesn’t cost much to get rid of that Laura Ashley influence.
And rentals very minimum $2000 for a floorthru there (I do check craigslist) even in this market. Closer to $2400 if renovated nicely.
Fringe CobbleHill —uh, I don’t think so. You should live in such ‘fringe’. Cobble Hill is too small and nice of area to begin with to call any of it fringe (if still in historic district).
PS29 , beautiful block, etc.
$1.5 m …absolutely nuts. Definitely clears $2m.(if they change that hideous front door).