House of the Day: 408 Stuyvesant Avenue
This drool-worthy limestone mansion at 408 Stuyvesant Avenue in Stuyvesant Heights just hit the market. It’s so impressive architecturally (except for a couple of recently-reno’d spots) that we almost feel bad questioning the asking price of $2.1 million. Although the building has a large footprint (22 by 60 feet), it is only three stories and…
This drool-worthy limestone mansion at 408 Stuyvesant Avenue in Stuyvesant Heights just hit the market. It’s so impressive architecturally (except for a couple of recently-reno’d spots) that we almost feel bad questioning the asking price of $2.1 million. Although the building has a large footprint (22 by 60 feet), it is only three stories and therefore only 4,000 square feet. (It’s hard to tell from the photo whether the basement is habitable or not. We’re guessing that’s what the photo of the windowless modern room is.) We’re not aware of any house in the historic area selling for more than $1.5 million. Also, we’re not sure how it’s six-family status should affect the sales price. At this price, it seems like the only option for a buyer will be to convert it to condos. Starting at $500 a foot pre-conversion even makes that route a stretch, no? Is there any precedent for this price? Any chatter in the neighborhood about this?
408 Stuyvesant Avenue [Halstead] GMAP P*Shark
Bedstuy is becoming to overpriced and yes people are still getting shot. Dont move in!!!!!!
I have been inside various limestones on the same block and whereas 408’s exterior stands above the rest, it doesn’t match up on the inside. No real thought was given when making rennovations. There are some great details throughout; however, it has been carved up into 6 small apartments. There is also a rent stabalized tenant on the parlor floor. Turning this into a 1 family or 2 would require a significant investment. Only after knocking off half of the price would I consider making the investment.
This is a lovely stretch of BedStuy; however, there are no services, and I unsuccessfully tried to get the make and license plate of a vehicle that smashed into two parked cars a block away from the house while I visited the property.
I live right there. The house on the corner had an asking price of $1.8. it appraised at $1.2 and he ended up selling at $1.2 It had a run down bath and kitchen and the cellar smelled like mold. I’d also like to point out that my roommate almost got mugged on that corner Friday (it would be her 3rd time). I am a single female street smart and have lived there for a while. Although I would never raise a family there. The brownstones might be great but people are still getting shot in the face on your street daily. Dont mistake it..
If true, the seller will surely not fetch anything above $1.3M for this property. Halstead is a joke! Any building above 4 family is a real big head ache: stringent building codes must be adhered too; higher property taxes; larger downpayment; appraisal will be almost impossible to obtain for anything above $1.3M; rent contrrol is a huge pain in the ass and seriously limits your options and income potential, etc.
Even if you rent out all of the units, the owner would have to shell out 7k per month just to hold a building that’s fully occupied with tenants. This is insane!!! Does the property come with a letter of no harrassment?
408 is an almost-fully renovated six family. One tenant refused to move and his apartment was left “as was.” He continues to live in the 1st floor front apartment. The property had been rent-controlled.
awesome response to the 12:24pm that was brilliant. i agree these homes are beautiful, bedstuy in todays market gies you the best bang for your buck believe it or not in today’s escalating market.
I agree. This house is not small. Property Shark shows the building as 22×60 (three stories not including the basement) on a 25×100 lot size. That’s pretty big to me. Moreover, I actually prefer a deeper house rather than a taller house, especially if it’s a single family. Who wants to trek up and down four flights of stairs? I also like the center staircase set up which gives you much larger rooms. Lastly, a deep house such as this typically has three parlor rooms thus enabling you to have a living room, dining room and large eat-in kitchen. I agree with Pietro that size does indeed matter and to this extent this house appears to be quite significant.
Pietro, what are you talking about? These are not small homes. They are far bigger than the average brownstone. They are 22 feet wide on 25 foot wide lots (side alley) and are 60 feet deep (with three sided exposure). They’re 4k sft on three floors and over 5k sft if you include the finished basements. The avg NYC brownstone is only 18x45ft. Have you lost your mind this morning? In addition, the basement levels are finished, have windows (front, side and rear) and have ceiling heights great than 7.5 feet. I’ve been in some of these homes and small is the very last thing that would come to mind. Nonetheless, $2.1m is unobtainable. Both homes will mostly likely fetch something around $1.5-$1.6 million which I consider to be a steal for such beautiful trophy homes.
just thot i’d add my 2 cents. $2.1 is way overpriced and I really don’t think they’ll get it. I dont care how architecturally significant they are. Size does matter and they’re smaller than 4 story brownstones.