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]
Haha! Thanks daveinbedstuy, nice to be back. Brownstoner and I kissed and made up (I still can’t believe he tried to slip me the tongue, nor can I believe I was lumped in with The What…I feel so dirty!) It was an odd exchange, that’s for sure…
Well, hopefully 408 didn’t dump a bunch of cash into the renovation or ruin any details doing it. They probably didn’t spend a whole lot on buying the place, so they’ll probably still make some money even with the very very deep cuts to come.
I also think the 408 developer did not think this through. First, you’ve got to get rid of that rent stabalized tenant before you can sell the property. I would have figured that out before renovating. Second, it’s a high end renovation in a somewhat marginal, although historical and beautiful, neighborhood. All the apartments are modest sized one bedrooms. Who is he selling to? An investor? As an investment property the ask is way too high compared to what you get in rents and then you still have the headache of the rent stablized tenant and the change of C of O. If he is selling to a buyer who wants to live there, how many buyers putting down this type of cash want to live in a modest 1 bedroom. The new owner could combine apartments but then why pay for the renovation that was already done?
Biff…nice to see you back. After that back-and-forth on the other post with Mr. B over the unspeakable type issue I though maybe you were 86’d!!!
2:09, horrible for Bed Stuy because the majority of the surrounding neighborhood does not have the income level, amenities or services and schools to support this. 3 million dollar homes here create a false pocket of wealth surrounded by varying degrees of middle class folks, on down to destitute poverty. This does nothing for the homeowner, who feels they must conduct most of their lives outside of their neighborhood, may be holed up in their fabu home in fear of everything, and perhaps cannot relate to people around them with far, far less.
It most certainly doesn’t do much for those who have far less, and make as much a year as 4 months of 3 mil’s mortgage payments. A far better solution is a slow, steady growth, with schools, retail, etc improving as the neighborhood improves. Most importantly, vastly improved neighborhood livelihoods and opportunities for those who will never have all that much, so that Bed Stuy is shared by all those who want to live there. There is so much history, culture and pride in BS. That should not be lost in the pursuit of 3 million dollar homes. For what it’s worth, I don’t feel daveinbedstuy feels differently.
408 has 6 units in total. 2 per floor. 4 rental, one owner perhaps, and the rent controlled one.
2:25, I thought it was taboo and uncool to compliment Brooklyn Heights on this blog. Thanks for your courage. I think both 404 and 408 are beautiful, inside and out (at least the limited part of 408 shown).
I think a big issue with the 408 property is that’s its somewhat of a hybrid. Is it going to be an investment property or owner occupied?
Yes its got the 4 rental units which are nice but the larger unit, which presumably is going to be owner occupied is poorly laid out and not all that attractive except for the first floor. Not sure what kind of rents this place will support. If the four 2nd & 3rd floor units could each fetch $1,500 each (which they won’t depending on which ones are stabilized) thats a good yield for 1/2 of the building, assuming the owner occupies the first floor and basement. Not a lot of new owners will deal 4 renters…a hassle.
404 looks like a much more awesome owner occupied style building. I wonder what the “seller financing” looked like!!
for some reason when I walk through this area I really feel how it might have been like 100 years ago. The only other place in Brooklyn I get that feeling is Brooklyn Heights