We jumped at this nice-looking brick building on a quaint little block in Clinton Hill with a modest list price of $879K. However, when you look closer, 187 St. James Place is an SRO. Which our lawyer says is 6 months and $50K to convert to a multi-family, nevermind the renovation. Our contractor's saying that making more than strictly cosmetic changes can be more than $50K+/floor. It's looking a little raggidy inside...
A bigger, better canvas to bury that kinda money into might be 109 Lefferts Ave. At this price, in this area, you're probably better off putting a little more down on a finished place. In other areas, even 473 Union still stands tall compared to this place.
Pro's: curb appeal, nice block, price point
Con's: SRO status, needs total renovation, only ~2000sqft?
Ideally: you'd have to have plenty of time and some deep pockets to make it worth it at this price.
Hi there! This house is 189 St James Place (exactly identical to 187 Saint James Place). Yes is an SRO, which means it needs a certificate of non harrassment in order for the new owner to file a new CofO. The beauty: this will be delivered at closing so the only thing that a buyer has to concern themselves with is what use do they want for their new dream home: 1 family or rental income (2,3,or 4 family) it's up to them when they start the work.
ReplyDeleteNow it does need a full gut renovation, so the cost is more than $50/sf and closer to $100. So you can get a beautiful multi-family with great rental income and the renovations of your choice for approx. 1Mil. On a block that has seen recent sales between 1.05 (177 St James at 12' wide) and 1.555 (179 St James). So value is there. Not to mention sweet proximity to the subway at Clinton /Washington: 1 short block to the entrance, which makes it very attractive to future renters.
I am showing the property and can be reached at 347 668-2569 to answer any questions. Thank you.
Valerie Priso
BLS Realty Inc.
Thanks to Valerie, the listing agent, for clarifying this is indeed 189 St. James:
ReplyDeletehttp://www.brownstonelifestyles.com/BLS_Realty_inc._Licensed_Real_Estate_Broker_listings/1B98B288-BE03-1384-760AAFF181B0F009.shtml
Not sure where we got 187 from, perhaps at some point mislabelled on Zillow. We welcome the correction.
This building closed for $735K on 5/5/11:
ReplyDeletehttp://streeteasy.com/nyc/building/189-st-james-place-brooklyn