Recently Sold in Brooklyn
PARK SLOPE $1.75 million 338 First Street Legal 3-family, 3-story brownstone being used as a two-family home; 3 bedrooms, 2 baths in primary duplex; 1-bedroom, 1-bath simplex; 18-by-100-ft. lot; taxes $3,414; listed at $1.75 million, 13 weeks on market. Brokers: Brooklyn Properties of 7th Avenue; Corcroan Group Brooklyn. GMAP P*Shark BROOKLYN HEIGHTS $410,000 111 Hicks…
PARK SLOPE $1.75 million
338 First Street
Legal 3-family, 3-story brownstone being used as a two-family home; 3 bedrooms, 2 baths in primary duplex; 1-bedroom, 1-bath simplex; 18-by-100-ft. lot; taxes $3,414; listed at $1.75 million, 13 weeks on market. Brokers: Brooklyn Properties of 7th Avenue; Corcroan Group Brooklyn. GMAP P*Shark
BROOKLYN HEIGHTS $410,000
111 Hicks Street
1-bedroom, 1-bath, 700-sq.-ft. co-op in prewar building; 24-hr. doormen; 500-sq.-ft. terrace; common rof deck; maintenance $1,063, 60% tax-deductible; listed at $425,000, 4 weeks on market. Broker: Klara Madlin Real Estate. GMAP P*Shark
CROWN HEIGHTS $551,000
71 New York Avenue
Gut-renovated semidetached three-family home, 4,324 square feet, with three-bedroom, two-bath unit over three- bedroom, two-bath unit with combination living/dining area over three-bedroom, two-bath unit; all units have combination living/dining area. Taxes $4,400. Asking price $551,000, on market three weeks. Broker: Gregory Todd, the Corcoran Group. GMAP P*Shark
MIDWOOD PARK $595,000
1610 Foster Avenue
Prewar six-bedroom, two-bath detached brick- and-stucco 22-foot-by-37-foot house on a 55-foot-by-85-foot lot, with fireplace, formal dining room, office, kitchen with original porcelain sink and parquet floors, heated front porch, Japanese fountain, driveway and garage. Taxes $1,202.12. Asking price $675,000, on market two weeks. Broker: Mary Kay Gallagher, Mary Kay Gallagher Real Estate. GMAP P*Shark
Items 1 & 2 from the print edition of today’s NY Times.
Items 3 & 4 from today’s NY Post
$551K would be after renovations. Homeworks is an HPD program that transfer NYC-owned brownstones to developers for a song and with a development subsidy attached so as to make post renovation houses affordable to middle-income buyers(there is an income formula). This is the manner in which most of the NYC-owned brownstones in Harlem were rehabbed and sold. The City had a staggering inventory of brownstone shells 10 to 15 years ago due to tax foreclosures and other City liens.
HomeWorks sponsored many such renovations in Bed Stuy when I was living there, and I’m glad to see the program is still alive. Several former renters on my block were able to buy houses in the neighborhood with the same stipulations, and are now proud homeowners with valuable property that was once derelict.
The only downside I can see, is that the potential buyer has little say in how the home is renovated, or by whom -they use contracting firms who go by specific city guildlines, and usually, the houses are gut rehabbed with no original features, and questionable construction quality. However, it does give someone a chance to own a real live valuable brownstone, and after 6 years, they are free to sell, or renovate further, and the look of the neighborhood is retained – no fedders.
Faithful, I don’t know if the price includes reno, I can’t imagine how it could.
That crown heights house was a steal –even if you are “trapped” in a house for six years with reduced taxes and a rent roll that covers the mortgage.
It does make me wonder about the renos though. If the city did them, the buyer may need to redo them at the end of the six years.
Midwood Park must have had some cash involved, ortherwise why would they chop $80,000 off the asking price in just 2 weeks?
So, the $551,000 price on the Crown Heights house is before renovations?
I thought the crown heights property seemed really cheap. Then I found this on the Corcoran website:
Due to city subsidies, the purchaser must occupy a unit in the building as a primary residence for a minimum of six years. Real estate taxes will be abated. This building is being renovated under a New York City program named HomeWorks.