Thursday, August 13, 2009

Listing of the Day: Mott Haven Brownstone

414 East 136th Street, 6 bedrooms, 4 Bathrooms - $444,000

This brownstone is just off of Willis Avenue and north of the Deegan (meaning you can literally see Manhattan from the stoop). The listing doesn't clearly delineate bedrooms and bathrooms, but my count from this very cool floor plan is six bedrooms and four lavatories. The garden and so-called "garden apartment" are pretty damned cool as well.

It's hard to even get a handle on the market for brownstones down here because there are so few publicly for sale. BoogieDowner used to profile the price amputations and chops down on Alexander Avenue during the nervous hysteria of a few months ago, but those listings have disappeared, yet were never filed with ACRIS and the City as being sold. So there are no recent comps to use as a gauge of the market.

This is a pretty big house, with the aforementioned garden. The fact that there are some interior shots in the listing makes me think that it's in better shape than the Alexander Avenue houses the ole BD used to stalk (which never had interior shots and made one think that they needed to be gutted completely).

Mott Haven has some cool stuff to offer. There's the nascent and growing arts scene, great bars and restaurants (Bruckner Bar and Grill, Alexander's, Santa Clarita, Pio Pio etc.), beautiful architecture, and proximity to Manhattan.

The nearest train is a block and a half away at 138th and Brook Avenue.




Jacob said...

The ones on Alexander ave are in contract and tied up in court - whatever that means. That is why they havent closed. There were all kinds of issues with encroachment and the places were in poor condition including some structural things so who knows what the problems are.

I would think that north of 138 would pay a premium - so this place for 440K which is just south might have to come down a little but if it is livable its not a bad deal. There is an SRO on the same block for 380 but it would be a headache to get ready for a family to live in.

Anonymous said...

Respectfully, I find it hard to believe that the buildings are in contract. I was a serious buyer interested in the several of the buildings on Alexander Avenue. However, all of the buildings need extensive renovations - entire electrical, roofing and plumbing updates required. Additionally, the buildings are considered landmarks and the majority of renovations would have to go through tons of red tape before you could even begin. I can tell you while there is great potential, the sellers were being unrealistic with prices. For one location, they were asking for over $350,000, but needed $60,000 worth of work alone for an entire first floor to be replaced because the floor is caving in.

Additionally, the seller's agent after working on these sales for over a year, walked away because the seller's refused to be flexible and realistic.

So unless you have $500,000 to sink into these properties, you may want to consider looking elsewhere.