Houses of the Day: 404 and 408 Stuyvesant Avenue
The gorgeous limestone mansions at 404 and 408 Stuyvesant Avenue in Stuyvesant Heights have both been on the market for over a year. (In the case of Number 404, it’s been about 18 months since the owner tried an auction approach.) Many open houses and price cuts later, 404 is showing up as having just…
The gorgeous limestone mansions at 404 and 408 Stuyvesant Avenue in Stuyvesant Heights have both been on the market for over a year. (In the case of Number 404, it’s been about 18 months since the owner tried an auction approach.) Many open houses and price cuts later, 404 is showing up as having just gone into contract; the most recent asking price was $1,475,000. As for 408, which is listed at $1,550,000, there’s still no buyer. Could have something to do with that pesky rent-stabilized unit.
404 Stuyvesant Avenue [Halstead] GMAP P*Shark
408 Stuyvesant Avenue [Corcoran] GMAP P*Shark
HOTD: Price Cut at 408 Stuyvesant Avenue (Again) [Brownstoner]
404 Stuyvesant was featured in Bricks and Brownstones. Great book for true fans on NY rowhouses.
Again Jerri, your command of investing and economics need some brushing up. $3 million today and $3 million in 1968 dollars (unthinkable then) are completely different. And the economy now STILL is far stronger than it was from 1968 to about 1990…22 years!!! Bed Stuy props were $450-500 just 2-3 years ago and now are $700-850. In 1968 these homes were $20,000 (maybe not these two but every brownstone)
Jerri: The basis of investing is based on risk and reward. The greater the risk, the higher the reward should be. That said, these homes are not being bought primarily as investment properties but as owner-occupied homes. People who move into areas where all the doomsayers are spouting the same old stuff that you stated are the ones that will reap the rewards. These blocks between Stuyvesant Ave and Tompkins and as far up from Fulton Park as Hancock as FAR nicer than many are in, say, Fort Greene going at much higher prices
It’s taken Park Slope since about 1968 to gentrify to the point of any 3 million dollar sales, Daveinbedstuy. And even now, they are quite rare. Only the top properties on the top blocks receive anything like that.
But you think Bed Stuy will be at that same level in 5-6 years, with probably the first 2 of those in a moderate to deep recession??
I don’t think you should quit your primary job for real estate.
Wow looks like something on PPW
404 I hear that this house went into contract for 1.3. The owner was not really rushing to sell since he got this house from his late mother and lives in Long Island.
magician?
This will get a lot of the usual uninformed highly opinionated comments about how such prices could be possible….can’t wait to start reading them.
There will be $2.0, $2.5 and then $3.0 million sales in Bed Stuy in about 5-6 years. Pure speculation on my part? Yes. Do I have a vested interest? Certainly. But I’ve been dabbling privately in real estate markets in various cities in the US for 27 years and gut feelings are rarely wrong with that amount of experience. I am not a broker. My primary profession is not real estate.
I heard that 404 went into contract for a little over $1mm. No where close to the 1.4 asking. If and when it closes, we will find out the truth…