Last Week's Biggest Sales
1. COBBLE HILL $2,900,000 254 Warren Street GMAP An Open House Pick back in April, the dimensions of this two-family brick building are 21 ft x 42 ft (882 sf), and it’s on 2,097-sf plot — which includes the vacant lot beside the building. According to PropertyShark, the first asking price was $3,800,000 in April…
1. COBBLE HILL $2,900,000
254 Warren Street GMAP
An Open House Pick back in April, the dimensions of this two-family brick building are 21 ft x 42 ft (882 sf), and it’s on 2,097-sf plot — which includes the vacant lot beside the building. According to PropertyShark, the first asking price was $3,800,000 in April ’10, and it dropped to $3,500,000 a month later. Entered into contract on 5/24/10; closed on 7/21/10; deed recorded on 8/4/10.
2. GRAVESEND $2,550,000
1844 East 8th Street GMAP
This 1,660-sf, 1-2 family home is on a 3,495-sf lot, according to PropertyShark. Entered into contract on 5/13/10; closed on 7/26/10; deed recorded on 8/2/10.
3. MIDWOOD $2,200,000
975 East 8th Street GMAP
According to PropertyShark, this 1-family, 2,072-sf home has a garage and is located on a 4,000-sf lot. For whatever it’s worth, it’s in walking distance from Di Fara. Entered into contract on 3/15/10; closed on 7/27/10; deed recorded on 8/6/10.
4. COBBLE HILL $2,000,000
468 Henry Street GMAP
This 4-family brownstone was House of the Day in May ’08 (before we started using the reader appraisal widget), when the asking price was $2,600,000. Entered into contract on 5/28/10; closed on 7/22/10; deed recorded on 8/6/10.
5. BROOKLYN HEIGHTS $1,650,000
23 Pierrepont Street GMAP
Built in 1856, this 4-family, 5,231-sf building has been in the same hands since 1967, according to PropertyShark. Unfortunately, the last sale price isn’t listed in the public record. Entered into contract on 6/10/10; closed on 7/22/10; deed recorded on 8/5/10.
Photos from PropertyShark.
Thanks Minard. These sales of homes that house rent controlled tenants may appear to be bargains, but it seems like the low prices come with potentially significant costs in terms of time, headaches, money, etc. It’s like a roll of the dice in terms of the payoff.
Biff, in theory there are various ways to evict rental tenants in a rent-regulated building, but in reality, if you are dealing with a particularly difficult individual, the courts will string you along in perpetuity. The best way to do it is to throw large amounts of cash at them and hope they want to move to a warmer climate.
I think one loophole to get rid of rent controlled tenants is if you can prove they spend less than half the year living in the place. But it’s probably rare that happens and not easy to prove it even if it does.
So Maly, does that mean if you have a tenant over 62 who has been there 20+ years, that the tenant can pass the apt down to his/her child and that can keep going in perpetuity? Does the rent bump up to market rate when passed down from the original tenant or stays the same?
That’s a lot of latin music CD’s.
Biff — yes, but not if they are in a protected class, which includes tenants who have lived in the apartment for more than 20 years (as well as 62 + etc.).
Rent-controlled, or rent-stabilized over 60, no way. You have to buy them out, or wait for their great-grand-children to die without kids, friends or caretakers.
Boerumresident – The record for Midwood is 10 million paid for a house at 3542 Bedford avenue in 2007.
http://therealdeal.com/newyork/articles/southern-brooklyn-sees-eye-popping-sales
Is it possible to kick out rent controlled tenants if one plans on converting a brownstone to a single family house or can one only do that with rent stabalized tenants?