House of the Day: 474 Willoughby Avenue
This brownstone at 474 Willoughby Avenue looked like quite a good deal to us at $650,000, but then we learned that there’s a rent-controlled tenant in place. Still, the parlor floor has lots of charm and original detail and the block, between Nostrand and Marcy, is remarkably intact for this part of Bed Stuy and…
This brownstone at 474 Willoughby Avenue looked like quite a good deal to us at $650,000, but then we learned that there’s a rent-controlled tenant in place. Still, the parlor floor has lots of charm and original detail and the block, between Nostrand and Marcy, is remarkably intact for this part of Bed Stuy and chock full of brownstones. Think it’s an interesting play or is that tenant a deal-killer?
474 Willoughby Avenue [Douglas Elliman] GMAP P*Shark
>You cannot get a conventional mortgage with a rent controlled tenant in place.
Totally untrue. It all depends on the amount of the downpayment, the borrower’s income, etc.
I know people who live on this block, and who have done so for years, and it is not all like mcKenzie describes above. This block itself is well-cared for and attractive. Surrounding blocks may not be as lovely but they, too, have improved greatly in recent years.
Have you lived near there, McK? Because some of us actually have.
this is a 4-unit multiple dwelling in a pretty bad part of a pretty bad neighborhood. it is perfect for a slumlord who will gouge tenants in the three vacant apartments and is willing to crack some bones to get the fourth tenant out. This is not a normal street in middle class America. it may be that in twenty tears, and i hope it is, but right now it is a poverty-stricken high-crime neighborhood with few amenities other than the ease of buying handguns, ammo, and drugs. I am writing this to assist the young and innocent, or stupid, who read this blog and think that these blocks are actually not so bad because the G train is not too far away.
I’m curious if the comment about mortgages being impossible with RC tenants is accurate. Any other opinions/experiences?
(seems a little high for the stuy, generally, but, as everyone else has already said, it would really depend on what the rest of the building looks like, and where the tenant is.)
I wonder if there’s a fireplace behind the stove in the kitchen photo.
McKenzie and astringer seem to go from post to post saying the neighborhood is terrible, anyone will feel unwelcome and unsafe, and whatever house will never sell at any price. They seem full of hate and fear. Doesn’t seem like there’s a spot that meets their criteria in all of Brooklyn based on past comments.
Seriously, this is not an awful location. It’s not the best, certainly, but it’s not awful.
Just about every house I find on Steeeteasy for $500K or less in Bed Stuy is much farther east, usually all the way up by Broadway, and all contain phrases like “TLC,” “Bring your architect,” “Needs work,” or the scariest, “Short sale.” I do think this house will sell for $500K or more, provided it isn’t in really bad physical shape; the block really is very nice, the G train is very close and there are buses on Myrtle Ave. to go into Fort Greene/Clinton Hill if you don’t want to walk.
Heather, anybody who would even think of buying a house like this at this price in this location, with a tenant to boot, is crazy. This is an awful location.
That’s all.
There are good locations, and so-so locations, and awful locations. Its not just on big happy block party out there.
I used to live a few blocks up Willoughby from there. The area was okay, although there was no fresh produce there back then. But that’s probably changed. The trains suck, but this is close enough to all of the Pratt-centered gentrification, plus Von King park. And a quick-ish walk to south Williamsburg. Location really isn’t bad, as long as you don’t need a lot of subways.
The schools are probably bad?
If this was a one family with a RC tenant for the same price, it would sound interesting.
The use of French is not helping you, McKenzie. Ta guele.