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
DIBS — I thought you could get rid of RC tenants if you are “re-purposing” the property? Rental –> Sale.
That being said — think about today’s Co-Op of the Day. That’s $500k. Could you get much more than that for each of these units? At $3 million, you’d need more than $600,000 each just to break even (assuming you could just magically flip this without spending any money).
Dave – hypothesizing about income and expenses, back of the envelope:
Income
$20 psf annually (hybrid FM and R/C or R/C ???)
X 7,160 sq ft net rentable (gross sf less 20%)
less 10% credit and vacancy
equals $128,000 effective gross
Expenses
at 20% of gross equals
$100,000 noi
Your thoughts on desired yield would be welcome. Thanks.
I would say its value is in condo conversion potential.
Posted by: Petebklyn at January 11, 2010 2:06 PM
True. Unless there’s a RC tenant. Then, all bets off.
unless you know rental status (and people here are just guessing) hard to know value.
I would say its value is in condo conversion potential.
Expert Textpert… the shower is a glass cube type thing in the middle of the bathroom. You can walk around the whole thing. It’s built into the skylight… 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.
What a fantastic ensuite master bath!!!!!
OH! And not to mention the Cranberry Street place has a soundproof gimp room in the cellar!! How many soundproof gimp rooms does this crappy ass apartment building have?
amazing location though no?
The ground floor window on the last photo appears to be at an interesting angle.