House of the Day: 87 First Place, Reduced
This massive brownstone at 87 First Place in Carroll Gardens hit the market last June with an asking price of $3,500,000 and after three months was reduced to $3,299,999. After failing to sell, the house again had its price tag chopped to $2,975,000. We’ve got no idea where the market-clearing price is, but given that…
This massive brownstone at 87 First Place in Carroll Gardens hit the market last June with an asking price of $3,500,000 and after three months was reduced to $3,299,999. After failing to sell, the house again had its price tag chopped to $2,975,000. We’ve got no idea where the market-clearing price is, but given that this place has 8,950 friggin’ square feet, we can’t see it getting too much cheaper, can you?
87 First Place [Vita Realty] GMAP P*Shark
A rent control unit in that building will get more like a $1,000 per year and $1,000 per month.
Ty – re-purposing strategies have met with some pretty stiff resistance in the NYC housing courts recently. Probablility of succeeding with such a strategy is very low.
I would require no less than an 8% return on a property like this. That implies a $1.25MM value using my I&E assumptions.
tybur6, it might work out well if you need a method for laundering money.
The Cranberry Street house is sublime perfection. Thanks, ringo. But $7 million is a tad outside my price range. Pray that bxgrl doesn’t see it.
Donald — I’d say those rent roll calcs seem very fair for this property. So, that makes it about 50% short of the monthly mortgage payment at $3 million. That’s not very good. Right?
> DIBS — I thought you could get rid of RC tenants if you are
> “re-purposing” the property? Rental –> Sale.
Seems unlikely. If that were true, there wouldn’t be a single RC apartment left in this town.
The Cranberry Street home is wonderful.
But 7M?
I can’t wrap my head around that figure.
Tee hee.
“so the kids on the third floor can watch the shadows of their parents ravaging each other in the shower below.
I guess I have to explain everything.”
No you don’t. Next time keep this type of info to yourself, thank you very much.
🙂