Platinum Plays in Bed-Stuy: 183 Halsey Street

Despite the dozens of folks who continue to enter the real estate market looking for one, the million dollar fixer-upper in brownstone Brooklyn is a dying breed.  Especially if you want to be on one of the more-coveted blocks of the now no-brainer neighborhoods that people once thought of as the final frontier, like Bed-Stuy.  In the time it took for Platinum Members to do a barely on-market deal at 183 Halsey Street well under a million, neighbors like 107A Halsey Street have shot up from the $1.4M range (with offers over asking price) to asking $2M today.  But don't try below-market moves like 183 Halsey Street on your Corcoran.com!

Yes, 'twas a frozen winter night with snow on the ground when the deal at 183 Halsey Street was going down.  We were worried that Platinum Members might lose the deal as word about the good buy started to get out.  One broker had rumored to us that a Corcoran broker's client had the deal all locked up.  At a fancy a holiday-type get together at Crown Heights' 1234 Dean Street, a number of Corcoran brokers asked us, "So you work in real estate?" and stood a little dumbfounded as we described how we make our moves and navigate deals that big brokers are typically shut out of.  Then one of them pulled out their business card and patronizingly said, "Well, when you're ready to run with the big boys, give me a call..."  At that very instant, we got the text that Platinum Members and not the Corcoran client had fully executed the contract at 183 Halsey Street.  And the rest was history.

Yup, with a closing price of $800K in February of this year, and a turn-around refinance of $700K+ back out of the property just a few months later, we checked in last week on the renovation under-way...

By now, you know the drill... solid 20' wide 4-story Italianate brownstone with some original details worth preserving.  Slide the A/C and new plumbing and new electrical in.  Set it up as a triplex over garden rental... and -poof!!- you get something with a 2-handle on it in this market in "west" Bed-Stuy.

With a little heat gun and a lot of elbow grease, years of paint come right off of all kinds of original wood in the building...

The blue stone is in, and the yard will clean up even nicer than this when it's all said & done...

Many buyers with deeper pockets have paid significantly more for worse houses on this same block in the past few months (but we won't name names).  Although, we'll name names for the collabo' at Halsey.  With a little help from Steve Hartstein on the refinance, who was temporarily 'mortgage broker non-grata' to us after failing to deliver a loan on 1134 Bergen Street; and a lot of help from Chris Horner, a broker experienced in the ways of underground and above-ground deals - Platinum Members came out on top and Corcoran clients were left in the cold.  Can't wait to follow-up on this reno when it's all done.



Pro's:  curb appeal, west Bed-Stuy location, well under a million, delivered vacant, legal 2-Family, no SRO issues, appraised for much higher soon after closing, refinanced almost all the money back out to fund the renovation, quick walk to Nostrand express A train & voilà!

Con's:  long gone already, not easily repeated, plenty of work to do, took cash upfront to close, sellers delayed for a bit, rocky road to pull it off, "doesn't pencil" as an investment for overly-greedy investors

Ideally:  another barely-marketed slam dunk.  If "running with the big boys" means missing out on deals like this, what's the point?