Tuesday, April 12, 2011

Masked Man Revealed: 124 Wyckoff Street

Smith Hanten has been sitting on this listing for a little while in a very undercover way, and now they're finally giving us the address. 124 Wyckoff Street is a 3-Family brick building in the heart of lovable Boerum Hill. We like Smith Hanten. They kindly laughed us out of their office many years ago when we inquired whether anything in their neighborhood could be acquired for $1M anymore. A broker literally had to excuse herself to put down the phone and enjoy laughing at the very concept. They also gladly snatched one of our finds before the crash on Warren Street. Now they're offering something for $1.6M, the kind of price for which we'd like to see pictures of in this neighborhood (see 476 Degraw).

Instead, all they're telling us is the rent roll of $65K/year, which doesn't move the needle, but might give us a small glimpse into what the interior might be like. We're told there are "separate Boilers and hot water heaters", which is pretty standard in these buildings. Nothing to boast about there. And the most specific, and perhaps useful, detail is the "1st floor apartment rented until July 2011" letting owner-occupied buyers know when they might have a chance to get in. We still think you need more than just this exterior picture to get things moving over here:

Compare to one of their other listings around the corner, the incredible buy 82 Butler Street or the stale, unmovable 82 Dean Street. To add a little irony to things, the title history shows a mortgage from the previous owner with the failed sub-prime lender New Century. And we've gotta assume the "illegal realty firm" this building once housed is all taken care of.

Pro's: truly great neighborhood, close to the F/G train, rental income potential

Con's: what's the inside like?, around the corner from the projects, how long are the other leases for?, current rental income doesn't match price

Ideally: not the pricing or look for a high-end rehab, and there are better ways to spend this kind of money, even over here.


  1. I don't understand why Smith Hanten doesn't believe in floorplans. I find it hard to *understand* a house without one and they don't show them on their website.

  2. "Accepted offer" after a price drop to $1.199M on Halloween