Saturday, July 9, 2011

SRO Dealbreaker Pt. II: 121 Cambridge Place

(Celebrating our 1 year anniversary)

Yesterday's pick was a pretty much hopeless SRO case on all fronts, but at least the listing and the agent were super forthcoming about all those drawbacks - be they as insurmountable as they are. Today's pick is more a wolf in sheep's clothing.

121 Cambrige Place is a huge, 5-story brownstone just off of Fulton Street in Clinton Hill. While listed as "Two family Miscellaneous" on Property Shark and the agent's own listing claims an "Owner's Garden Level Triplex with Income Producing Three Bedroom Upper Duplex", the DOB has it as an SRO. And the agent wasn't quick to reveal this material fact upon first seeing it - which really disappointed us. Unclear what the status of the Certificate of Non-Harrassment might be, but at least it's vacant.

Without the SRO issues, this place would have lots of potential. It's a HUGE 4,300+ sqft with high ceilings on many floors and some great original details. While it's in need of several repairs, it looks like mostly cosmetic things from what we saw. We just wish we'd known it was an SRO sooner. The list price of $1.2M is pretty much academic at that point. We'd love it at $900K, if it weren't an SRO. But for all the huff and puff, you're at least better of with 103 St. James Place - and we can see why even the teenie-weenie turnkey 347 Grand went into contract so fast.

Pro's: size, location, original details, not the worst condition, close to Fulton and the train

Con's: definitely requires renovation budget, SRO status, essentially impossible to finance

Ideally: should've been called out as an SRO sooner, and if you can swing this play, there's better moves to be made right around the corner. Contact us for more details.

1 comment:

  1. Amazingly closed for $1.1M on 8/30/11, making 107 Cambridge Place look like a real steal