House of the Day: 110 Berkeley Place
This charming brownstone at 110 Berkeley Place has been on the market for over a year now, having started out asking $2,500,000 with Fillmore and more recently (earlier this week actually) getting revised downwards to $2,350,000 with Brown Harris Stevens. It’s 20 feet wide and full of lots of original detail, so we suspect the…
This charming brownstone at 110 Berkeley Place has been on the market for over a year now, having started out asking $2,500,000 with Fillmore and more recently (earlier this week actually) getting revised downwards to $2,350,000 with Brown Harris Stevens. It’s 20 feet wide and full of lots of original detail, so we suspect the fact that it’s a four-family rental right now (and the configuration and kitchen issues associated with that) has been hurting its chances. Has anyone been inside?
110 Berkeley Place [Brown Harris Stevens] GMAP P*Shark
If it’s not RS, then it depends on how the leases are written. A new owner might have to honor previous leases, or leases might end with new ownership.
Can someone explain this to me? They say “easily convertible to a 1 family.” If the building is not rent-stabilized/controlled, what are the rules on getting people out? Just wait until the individual leases run out?
Too narrow. No closets. The whole entire house needs to be re-configured to a one family home to properly enjoy it.
The seperate apartments are ridiculously too small.
Since the next-door neighbor (same footprint and height) sold for $2,400,000 in September 2008, in a fairly similar good rental condition, it seems a bit optimistic.
Nobody wants to shell out $2MM to have to wait to get tenants out to live there. I suspect the cap rates aren’t attractive enough for it to sell as an investment property.
In terms of a renovation project, I think the other house on Berkeley Place for sale is a better bet…
http://www.bhsusa.com/brooklyn/berkeley-place/townhouse/1172134
The location is excellent.
The layouts are challenging for converting to a one or two family. Mainly because the bathrooms are at the back, you want them in the center. Anyway this will require deep pockets not only to buy but also to reconfigure.