Rental of the Day: 98 Lincoln Place
Renting out this entire brownstone at 98 Lincoln Place will give you more space than you’ll know what to do with: it has thirteen rooms, eight of which can be used as bedrooms. There’s also an 800-square-foot basement, a porch, terrace, and backyard. The only bummer: the kitchen looks a little too Home Depot-ish to…
Renting out this entire brownstone at 98 Lincoln Place will give you more space than you’ll know what to do with: it has thirteen rooms, eight of which can be used as bedrooms. There’s also an 800-square-foot basement, a porch, terrace, and backyard. The only bummer: the kitchen looks a little too Home Depot-ish to us from the photo. Otherwise, beautiful details throughout and a great exterior. The rent is $12,500 a month. Nice price?
98 Lincoln Place [Corcoran] GMAP P*Shark
Wow! I have such fond memories of visiting family members who owned this home in the 60’s and 70’s. As a child, I thought it was the grandest space in the world. I still think it’s pretty grand. Except for the kitchen, looks like nothing has changed since I was last there, ca. 1977.
What purchase price are you referring to, mopar?
***Bid half off peak comps***
BHO, you said prices are too high and must collapse because 10x rents don’t equal purchase price? But here they do.
Is this the place that’s been on Craigslist for the last 4+ years and doesn’t have any appliances?
“500,000 dollars a year or more to qualify to live here” – Butterfly
Arguably your typical North Slope family. Fundamental 3x income metric not good for that estimated 2.4 purchase price. Again, another -37.5% to go.
***Bid half off peak comps***
“So BHO, you’re totally OK with the rent here because it’s on par with the cost to own? Doesn’t this blow your theory about how Brooklyn real estate is overpriced?” – mopar
Yes. Expensive in absolute terms but consistent with North Slope stickershock. No, my theory is intact. I predict a collapse to 10x. Another -37.5% to go.
***Bid half off peak comps***
And yes, I realize that Minard said that comment probably just to get a reaction out of me, but she knows full well that many of the recent homebuyers in Park Slope who are spending upwards of 2-3 million dollars work in the “business districts of Manhattan.”
“Park Slope is a bit of a shlep from the Business Districts of Manhattan.”
Ill informed. This house is about a 60 second walk to the 2/3 train at Grand Army Plaza stop, which is no more than 15 minutes to Wall Street. 30 minutes to 42nd Street on a bad day.
quote:
Park Slope is a bit of a shlep from the Business Districts of Manhattan.
that isn’t true at ALL. my actual time ON the train from PS to soho is about 22 minutes. and the lower lower manhattan would be even faster no? i guess im talking about the R train, i dont know about the north north slope and how long that would take.
also with the 40x rent rule, one would need to make exactly 500,000 dollars a year or more to qualify to live here. lol
*rob*