House of the Day: 526 Carlton Avenue Reduced
When we featured 526 Carlton Avenue as a House of the Day last September, the Prospect Heights brownstone had just hit the market with an asking price of $2,300,000. The price was knocked down to $2,100,000 a couple of weeks ago, and then to $2,000,000 earlier this week. As we mentioned back then, we think…
When we featured 526 Carlton Avenue as a House of the Day last September, the Prospect Heights brownstone had just hit the market with an asking price of $2,300,000. The price was knocked down to $2,100,000 a couple of weeks ago, and then to $2,000,000 earlier this week. As we mentioned back then, we think the extensive renovation that was recently done looks pretty nice but wondered whether the proximity to Atlantic Yards would hurt its chances. Apparently it has.
526 Carlton Avenue [Douglas Elliman] GMAP P*Shark
House of the Day: 526 Carlton Avenue [Brownstoner]
I think DIBS was making a joke that went over my non-PLUSA head.
I was non-plused. Ha!
Minard is correct and this is born out in many books on the subject (eg. charles Lockwood BRICKS AND BROWNSTONES) and I’m sure Montrose would confirm: the front room on the garden level of a brownstone was the original dining room. The parlor floor was a double reception room sans dining room. DIBS: I’m shocked you wouldn’t know this.
Rather obviously, this house was renovated by a flipper. They almost got away with it. For a while there (2006-2007) the market was hot and it looked like AY might never happen. Now it’s the opposite. It faces the Stage 2 site which will likely be undeveloped for at least another 10 years (FCR’s own estimate). That could be OK for some buyers, death to others.
pigeon,
No. Bricks and brownstone tells us that the typical brownstone layout was a double parlor (the front parlor was more formal while the rear parlor was for family) and the dining room was downstairs in the basement or as we now call it, the “garden level”.
The popular modern approach is to rent out the basement as a separate apartment and squeeze a kitchen in somehow on the parlor floor.
Grand mansions had dining rooms on the first floor with dumbwaiters and butler’s pantries to help the staff serve and cart away to the kitchen below. But regular brownstone folks were sensible enough to have the kitchen on the same level as the dining room.
Minard,
I think the formal dining areas in brownstones was originally on the parlor floor.
The informal dining sometimes may have been done in the front basement.
Isn’t this what Bricks and Brownstones tells us?
“a Formal Dining Room cannot be on the basement level”
Isn’t that where they tended to be originally? Front room basement?
According to ESDC documents, Atlantic Yards construction will probably continue for 25 years. This is across the street, and you can expect many large trucks, construction noise, and barren parking lots, followed by a privately owned development that may or may not let you in. You will never see the morning sun, if construction ever ends.
I don’t really care about the rent multiplier debate, but I can comment as someone having been in the market to rent a whole townhouse this last year (and now very happy in a newly renovated center PS single family).
The interest on this place would be 81K per year, at a 1.8M sale price with a 4.5% rate (not realistic most likely). (I include the downpayment in the interest cost because you could otherwise have the downpayment in a different market.)
So the interest thrown away on buying at 1.8M would be more expensive than the cost of renting. If you buy, you also have the upkeep costs which are generally significant, taxes, and water and sewer. Generally at this level, buyers are paying AMT and don’t get much if any mortgage tax benefit, so that doesn’t offset things.
I do realize that buying is not necessarily a financial decision, but the decision between renting and buying does have a significant financial component. It seemed to us, when we were looking, that renting a whole building was moderately less expensive than buying. That seems to be true with this building too.
Unless you’re shillstoner, you would know that a Formal Dining Room cannot be on the basement level.
I don’t really care about the rent multiplier debate, but I can comment as someone having been in the market to rent a whole townhouse this last year (and now very happy in a newly renovated center PS single family).
The interest on this place would be 81K per year, at a 1.8M sale price with a 4.5% rate (not realistic most likely). (I include the downpayment in the interest cost because you could otherwise have the downpayment in a different market.)
So the interest thrown away on buying at 1.8M would be more expensive than the cost of renting. If you buy, you also have the upkeep costs which are generally significant, taxes, and water and sewer. Generally at this level, buyers are paying AMT and don’t get much if any mortgage tax benefit, so that doesn’t offset things.
I do realize that buying is not necessarily a financial decision, but the decision between renting and buying does have a significant financial component. It seemed to us, when we were looking, that renting a whole building was moderately less expensive than buying. That seems to be true with this building too.