Rental of the Day: 162 St. Marks Avenue
This two-bedroom apartment at 162 St. Marks in Prospect Heights is unusually nice for a brownstone rental. This design is a pretty interesting mix of some pre-war details with very modern looking renovations. And no matter how you cut it, this is a lot of space (2,090 square feet plus a basement and yard) in…
This two-bedroom apartment at 162 St. Marks in Prospect Heights is unusually nice for a brownstone rental. This design is a pretty interesting mix of some pre-war details with very modern looking renovations. And no matter how you cut it, this is a lot of space (2,090 square feet plus a basement and yard) in a convenient location. Think the $4,500 a month rent will fly?
162 St. Marks Avenue [Brown Harris Stevens] GMAP P*Shark
the rooftop is disasterville. Owners are definitely milking the property. Pisses me off that they are destroying a historic buildings that in reality belongs to posterity as much as it belongs to them.
I believe the owner was trying the condo the building. Presumably he decided to rent instead. Renovation maximized FAR at the expense of historical context, good taste, overshadowing the neighbors etc etc. Look at the photo of the exterior: they dropped a Southern CA stucco bungalow on the top. Fugly. More relevant to this unit, the large horizontal extension makes for a very dark interior. The rec room is in the cellar. Scuttlebutt in the neighborhood is that the construction was shoddy and caused problems for the houses on either side.
Hopes that will be lived up to. Prayers that will be answered. But it aint so much supernatural as it is mathematical. Prices are still grossly overvalued against historic income, rental and credit fundamentals. Sell while the getting is still okay or minimize loss by living “rent free” for 18 months, or more, and then walking away. The next major stock market event (during or before tax season???) will break the March “lows” and put Brooklyn RE back into a tailspin towards half off peak comps or worse. The reGOVery is a wrap.
***Bid half off peak comps***
I take it back, the bedrooms are not teeny, one is a little tight, but they are OK.
Sort of expensive for two teeny bedrooms in the basement and a windowless subterranean rec room in the cellar.
Small, negligible risk (so far I’ve been blessed with stable ownership) compared to selling into a -37.5% decline or worse, donatella. Good luck!
***Bid half off peak comps***
donatella, BHO WANTS to be an owner.. he just missed out the last 10 years and now he’s hoping and praying (against factual evidence) that the market is still declining.
If he ever comes out to meet us, we’ll recognize him from the brownstuff from having his head up his ass so long.
quote:
Rob, it has three bedrooms.
the post says two tho. i know it’s cool to shove your baby or 17 year old these days in a closet with a stick-up light, but still…
*rob*
It is a 2 bedroom. And it is pretty expensive. If they rent the apartment and find a buyer, then they have to honor the lease. Period. And they might try to incent them to leave and they obviously don’t have to renew the lease. That is what happens when you are a renter. If the owner wants to sell, your future there is uncertain.
BHO, you never really take this into consideration when you rail against ownership.