Tuesday, October 5, 2010

Missed Another One in Cobble Hill: 440 Henry Street

A few months ago we tipped our hats to whoever put 49 Douglass Street under contract. Way to snag a 4-Family in good condition in a great neighborhood right around the FHA limit. Buildings in need of gut renovation in this area went for that much during the boom. Now, before we could even say this listing for 440 Henry Street at $1.995M would be great around the FHA loan limit, we see that it sold in July 2010 for $1.442M. Nice pick up for sure!

According to Property Shark, the price dropped to $1.65M in March 2010. That must've been the catalyst for the move to the right price. Property Shark also has the C of O as a 3-Family, it's worth noting, although the listings say it's used a 4-Family. Zillow has a few interior pictures that show large rooms with nice wood floors, lots of a original features, and a work-able backyard.

Although a bit of a hike to the trains, the almost-Brooklyn Heights-y feel of this stretch of Cobble Hill might compensate - if you go for that kind of thing. We're not sure what came of the Zillow listing throwing the Rent Controlled tenant curveball, "Priced below market to accomodate elderly RC tenant."

Pro's: curb appeal, 20' wide, neighborhood-y feel, nice interior with original details

Con's: far from trains, Rent Controlled tenant, 3-Family?

Ideally: We'd found this sooner ourselves. Prices are high, but as we see here and on 77 4th Place, some of these low bids on nice places are sticking.

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