I know of someone who was able to get a 3 family in South Slope in the low $800Ks. With a little work she is getting about $1600 - $1700 each for the 2 rentals. Fortunately she made money on a 1 BR she owned prior to put down 20%. So her monthly mortgage plus tax/insurance/expenses is under $4500, making her net effective outlay (including tax break, she makes in the $60K range) under $1000. She has a great apartment with a yard
and a basement. It is possible DIBS.

Posted by: NewYawker at June 17, 2009 11:33 AM in response to Seeking Advice on Multi-Family

Fourth recommendation. Have worked with him since 2004 on four different properties. Full building re-wiring jobs to small apartments. Great work and Good people.

Posted by: NewYawker at May 13, 2009 5:23 PM in response to Recommending Great Electrician

FYI - This is the condo project that was featured on DIY's Under Construction show.

Posted by: NewYawker at May 12, 2009 10:05 AM in response to 53 Lincoln Condos Hit the Market

I believe there have been a number a shootings and murders in Fort Greene and Clinton Hill over the last few years. Just like Back in the Day. Really friendly.

Posted by: NewYawker at May 4, 2009 11:56 AM in response to Rosie and Nelson Redux

Diversity. The only people that talk about diversity are white people who grew up in white bread communities.

Posted by: NewYawker at April 23, 2009 2:35 PM in response to Lessons From the Foreclosure Front Lines

Discussed adnauseum on Curbed.com yesterday. So ridiculous and off base. Writers, they have to write about something.

Posted by: NewYawker at April 23, 2009 9:55 AM in response to Lessons From the Foreclosure Front Lines

Not everyone likes pre-war.

"Most folks who can drop this kinda dough on an apartment in The Heights are going to want something prewar."

Ridiculous commentary.

Posted by: NewYawker at April 21, 2009 1:05 PM in response to Co-op of the Day: 75 Henry Street

"the seller had to settle for $995,500." The snarky comments on this site are ridiculous. Isn't this final price still pretty close to a record for the nabe.

Posted by: NewYawker at April 15, 2009 10:22 AM in response to 208 Midwood Sells for $995,000

I think more of a testament that fringe areas, like Clinton Hill are not holding up their values. 7 family meant at least 25% - 30% down.

Also just because the initial ask was so high only meant the sellers had no clue about the market and the market showed the real price. There was no big discount or great deal. It's just perception. I could ask $50M for a house and get $1M, would that be a great discount.

Posted by: NewYawker at April 13, 2009 12:19 PM in response to 423 Clinton Sells for Half Price

BKNY,

I hope you didn't get mugged several times and stabbed as I did growing up in NYC. It's a very competitive, challenging, diverse life for a child in NYC. It's what you want for your kids.

Posted by: NewYawker at April 7, 2009 12:27 PM in response to The Shifting School Equation

I wish luck to everyone who chooses NYC public schools for their children. I hope it works out for them. Unfortunately, I feel it is terrible system for a myriad of reasons already discussed (budgets, bureaucracy etc...). One thing that hasn't been discussed is the testing system. Great you move into a good school district to get a good elementary school, but by age 8 (3rd grade) they are testing to see if they can get into a good middle school (which more than likely they will need to commute to). Then they again need to test into a good high school (of which they are only a few) which more than likely they will need to commute a minimum of 30 minutes. All the while they never go to school with kids from their own neighborhood (after elementary school). And even then that isn't even always the case since so many families move after getting into a good school district. These reasons along with a host of others lead me to feel that NYC Public Schools are just not the way to go if you have the choice. I wish Brooklyn could become the utopia that all of you people not originally from NYC want it to be. Good luck.

Posted by: NewYawker at April 7, 2009 12:02 PM in response to The Shifting School Equation

Answer: Move to the Suburbs. Cheaper, Safer and Better Schools. Now you can sleep at night (or on the train).

Posted by: NewYawker at April 7, 2009 11:06 AM in response to The Shifting School Equation

I thought the banks had a grace period during the holidays where they were not going to foreclose on any home. Maybe that was a factor in this new data.

Posted by: NewYawker at April 3, 2009 9:28 AM in response to Brooklyn Foreclosures Drop Dramatically in First Quarter

Wasder, I have been discussing these same points for a few months now. Having been a life long New Yorker, I have seen some good and bad times. If prices drop back to a more 'affordable' level, the consequences will be less taxes and may be less resources and amenities.

I saw a white flight happen when I was a child. My immigrant family was too poor to move to the suburbs. Unfortunately, crime increased ( I was mugged several times as a kid). Though fortunately, I was able to get a good education through the more 'affordable' catholic school system. but I am unsure if my kids will be able to get a good education in NYC.

I now have a young family and wonder if my kids can get a good education in the public school system, if there are not incredibly bright. And I can't afford private schools.

It is a tough dilemma. I saw NYC turn around and become not a place you wanted to move away from (and I didn't). But now I wonder if I will need to if things become more affordable and therefore less desirable.

Posted by: NewYawker at March 9, 2009 12:12 PM in response to Where and When Will The Market Bottom?

Hannible, if those luxury condos drop to a price where it doesn't make sense to build, there will be very little new construction. This could lead to a housing shortage which then could help prices. Though of course, this is also predicated on the fact that there are more people moving here for jobs, which may not be here. This also may cause NYC to be less wealthy and not attractive for new businesses and less tax dollars. Which then leads to us becoming no less attractive than (fill in the blank middle of the road metropolis, like Boston or Philly).

Wake up to the New America.

Posted by: NewYawker at March 9, 2009 10:30 AM in response to Where and When Will The Market Bottom?

daveinbedstuy, where are you from. I am a native new yorker and remember a time when crime was rampant and I'm not talking about the 70s, how about 1993. When 12 year olds are being mugged last week in brownstone brooklyn (read your local police blotter) this is not the glitzy New York that Seinfield, Friends and SATC promotes.

Shillstoner, My point is if this happens in New York and I agree it will happen in a lot of places. Will there be somewhere else to go. Are we headed back to the urban flight of 70s and 80s. Is everyone moving to Westchester and Long Island, like a generation ago did?

As quickly as New York got better over the last 10 years, it can go right back down. First it got too expensive to own a home, now it might be cheaper, but you have to pay $30K a year for private school.

Posted by: NewYawker at January 19, 2009 11:39 AM in response to Average Joes Giving Market a Heartbeat

RE prices will come down some more over the next couple of years (I predict 40% off the highs). Unfortunately this comes at a time when the city's economy sucks. Therefore if you waited on the sidelines and you want to buy in the near future, you may be buying into a different city than say from 2007. Schools, amenities and transportation will all be worse (how bad who knows). With no new jobs and huge defecits, New York will be a different place. So you may be able to buy , but do you want to if you have to worry about your job security, your child's education and whether you will be robbed on your way to the subway.

Posted by: NewYawker at January 19, 2009 11:00 AM in response to Average Joes Giving Market a Heartbeat

I know of a 14 footer on Union Street that sold for $2.25M this past fall. It of course was fully gut renovated and had a lot of 'wow' factor. Shows size doesn't always matter.

Posted by: NewYawker at January 8, 2009 1:44 PM in response to House of the Day: 295 Pacific Street

I am curious as to what are the alternatives to Housing for the area. Besides just leaving it the way it is, has there been any other proposals?

Posted by: NewYawker at November 13, 2008 10:32 AM in response to CB6 Says Full-on Yes to Toll Brothers Rezoning

They can dock in Sunset Park Terminal where there is better road access, less residential and an underused supply of commercial spaces. It's what people have proposed for years.

Posted by: NewYawker at November 11, 2008 10:17 AM in response to Redevelopment Stalled in Red Hook

Width is not an issue with everyone. In fact I know of a 14 footer that sold for $2.25m in Carroll Gardens a month ago. This place was renovated and did not feel like a 'bowling alley.'.

Posted by: NewYawker at September 25, 2008 3:26 PM in response to House of the Day: 186 Washington Avenue

My wife and I have been struggling with this dilemma for quite some time. We have a young child, planning on a second. We own our home (fortunate enough to get in early) and have quite a bit of equity. Our concern has been that there are so many strollers around these days that where are all these kids going to go to school. District 15 has great elementary schools, but only a few good middle schools. Plus one has to test into the Middle School, and what if you're child is a late bloomer. We estimate that private middle school and high school will average $35K to $40K/year by the time our kids are middle school age (assuming we send them to public school for elementary school). With all the influx of families into Brooklyn, can the schools support it. We already see overcrowding issues at PS 321 (with trailers in the yard).

We love Brooklyn, but can one really afford to stay. We know taxes are higher in the suburbs, but no where near the difference it would be to pay for a private school education. We feel our children would be more well rounded growing up in Brooklyn, but will they get the education (plus there is the safety concerns). I grew up in the city and was mugged several times and stabbed. I know the city is a different place now, but it is still the city.

We have looked at towns like Larchmont, Scarsdale, Montclair, Rye. None of them is Brooklyn, but they have their charm. Larchmont may be closest in terms of amenities.

There are definitely more interesting people in the city, we fear the burbs may be a little 'vanilla'. But these are affluent people that care about education and raising good kids.

We could have never imagined ever leaving the city a few years ago, but now with a family, it is now a consideration.

A dilemma I think a lot of other people have or will be facing. What to do.

Posted by: NewYawker at August 14, 2008 2:19 PM in response to And the Discussion on the Future of Suburbia Continues

I got my tree after 9 months.

Posted by: NewYawker at August 14, 2008 2:04 PM in response to Street Tree Request

Anyone know if anyhting else is going to be built west of Columbia Street. I heard at one point a small park was going in one of the old parking lots. Or is this the Shipping Company's land, the one that just got the lease renewal. Seems ashamed if all we get is 6 blocks of a bike bath.

Posted by: NewYawker at March 27, 2008 12:07 PM in response to Columbia Street: Still a Bumpy Ride

112 butler was always overpriced. Too Modern for many buyers and 50 feet from the projects. Final price seems to be reasonable.

Posted by: NewYawker at February 12, 2008 12:08 PM in response to Last Week's Biggest Sales

Good for them. Good prices will always help sell property. Shows there are still a lot of buyers out there. I was at a few open houses this week and they were quite busy. One house at 304 President has an accepted offer already. Broker said it's been on the market for 3 weeks. Another house on 6th Ave in PS got multiple offers that day. It was the first showing. I left the open house, got home, 2 hours later the broker calls to say that if we were interested , we needed to put in an offer by 11am Mon since there were mutliple bids at ask and above.

Both houses I feel were priced right.

Posted by: NewYawker at February 12, 2008 11:12 AM in response to Windsor Terrace Condos Sell in a Heartbeat

This house closed on 8/8/07 for $2,860,000.

Posted by: NewYawker at February 11, 2008 12:29 PM in response to House of the Day: 380 Degraw Street

A HighLine like the one in Paris would be wonderful. Parks on top, commercial/residential on the bottom. No more shadows and a lot of tax dollars for city to help move the traffic closer to the water. This way no need to spend the money to tear it down and the city gets more housing/amenities.

Posted by: NewYawker at January 7, 2008 11:39 AM in response to Could the Gowanus Expressway Become a Greenway?

It's so fun to see how easy you take the bait. Have a Happy New Year everyone! Hope we all continue to make money in 2008.

Posted by: NewYawker at December 28, 2007 4:11 PM in response to Six Months Later: Open House Picks 6/29/07

Market is fine. Carroll Gardens prices still strong and only getting better. I have heard from a few broker sources about a few properties in Carroll Gardens that are in contract for over asking. These were properties that went on the market in Sept/Oct time frame.

Everyone calm down (especially if you're in it for the long term).

Posted by: NewYawker at December 28, 2007 1:42 PM in response to Six Months Later: Open House Picks 6/29/07

Unbelievable! The people on this site are incredulous. 86 Garfield was a HOTD and everyone thought it was way overpriced. Now that it sold for less than ask, everyone can't believe that it went that low and thinks the market is crashing.

Bottom Line - this site only brings on negativity, pessimism and bitching.

Posted by: NewYawker at December 7, 2007 12:29 PM in response to Residential Sales in Brooklyn

Anyone know if you can get your money back on sales tax you already paid.

Posted by: NewYawker at August 29, 2007 4:57 PM in response to Capital Improvement sales tax?

I've always thought of this area as a possible comparison to the West Side Highway. When I was in college (early 90s) the Far West side was filled with drugs and prostitutes and no one wanted to go there. Then the park was built and now it's the real estate is pricier than the heart of the west village. I wonder if the park/bike path ever gets built, will it have a similar effect.

Posted by: NewYawker at August 28, 2007 11:20 AM in response to Columbia Street Faces Fading Prospects

Anyone know what the final result of the couple from Brooklyn who bought a 12 or 14 unit Rent Stabilized building on East 3rd Street in the east village. I believe they have evicted a number of tenants in the hopes of making a grand 12,000 sq ft home.

Also I believe Steve Croman, (a alleged slum lord) tried to do the same thing a few years ago with a building on the Upper East side.

What is the status of these similar cases? This would give an indication of how viable this would be.

Posted by: NewYawker at August 27, 2007 11:15 AM in response to Tenants Fight Eviction on Bergen Street

Obviously the owners got a much lower price on the buildign since it was rent stabilized. Multi-unit properties with rent stabilized are significantly cheaper than a 1 to 3 family of the same size.

In the same light, this building most likely needs significant renovation to be converted.

I feel it is the new owners right to take over the building for their personal use. However, I propose the law be amended. There should be a checks and balance clause. Maybe the new owners need to prove they are living in the building the way they stated within 3 years. Potentially add another clause that states they have to live in the building for a specific period of time like 5 years. Also, add a significant tax hit if they don't meet these time requirements. This is what many of the city's housing works programs require. This way it prevents someone from clearing a building out, rehabbing it in a year or two and turn around and flip it.

Posted by: NewYawker at August 27, 2007 10:57 AM in response to Tenants Fight Eviction on Bergen Street

How much did that system cost?

Posted by: NewYawker at August 15, 2007 9:36 AM in response to Central Air in Brownstone

nuts
doesn't mean it's a bad idea
but it is nuts

Posted by: iz at June 17, 2009 1:04 PM in response to Seeking Advice on Multi-Family

it's not just nuts, it's COCONUTS! - buckwyld fro, charm school

*rob*

Posted by: PitbullNYC at June 17, 2009 1:07 PM in response to Seeking Advice on Multi-Family

Rob, it's easier to get laid if you own property.

Posted by: denton at June 17, 2009 1:57 PM in response to Seeking Advice on Multi-Family

u know denton, i think u might be right hahahahah

grrr

*rob*

Posted by: PitbullNYC at June 17, 2009 2:00 PM in response to Seeking Advice on Multi-Family

keep doing your research and go look at what is for sale.
Make a spreadsheet of all expenses involved. taxes, insurance, fuel, supplies...project a few years into future for income and expense. Talk to mortgage lenders.
Yes, can be done with enough savings. Be sure you have some cushion or family to lend a few bucks in an emergency.
Possible to roommates if need to use one of the apts yourself instead of basement.
Be very careful about tenants - make sure they are financially sound and responsible too.
Learn all you can about simple repairs and plumbing and mechanicals of houses.
I did same thing - alone - (but was early 30's not 20's) -
now own with no mortgage.
p.s. - Also do sample tax return - including depreciation schedule. That writeoff of depreciation is what saved me.

Posted by: Petebklyn at June 17, 2009 2:08 PM in response to Seeking Advice on Multi-Family

I think the OP was mainly asking about new construction their are some new (IMO rather ugly) houses in PLG on Parkside Ave. and Bedford and on some Nostrand--New York Avenue blocks. They're less expensive than many older houses but AFAIK they're three, not four family.

Posted by: Bob Marvin at June 17, 2009 2:14 PM in response to Seeking Advice on Multi-Family

Yes it is, denton. But then they want to marry you too.

Posted by: daveinbedstuy at June 17, 2009 2:20 PM in response to Seeking Advice on Multi-Family

True that, Bob! But, I was responding more to Etson's statement about PLG being mainly one family houses. Not saying s/he was confused about the LM/PLG distinction but many who post here tend to think of LM and PLG as being the same. As one who lives in PLG -- but not in LM -- I admit to being sensitive, at times, to certain broad claims about the neighborhood. :-)

Posted by: Brooklynista at June 17, 2009 2:22 PM in response to Seeking Advice on Multi-Family

Thanks for the correction, and sorry for the error, Brooklynista. I do not live in the neighborhood but I have looked at some places there, all of which had been one family.

(I am a he, btw)

Posted by: etson at June 17, 2009 2:25 PM in response to Seeking Advice on Multi-Family

To answer your questions:

1. It's up to you, but your monthly costs (after figuring in rent roll, maintenence, heat, etc.) shouldn't exceed what you can easily afford. Certainly no more than 30 percent of your income after taxes, and hopefully a lot less.

2. The softening rental market has already trickled down in some areas. I would check current listings on Craigslist. In general in Bushwick and Bed Stuy (I am not familiar with PLG) a two-bedroom railroad rents for about $1200.

Other points:

*You are asking for trouble if you rent out more than the legally allowed number of apartments. For example, your tenants can stop paying rent. Two, sometimes the bank will not give you a mortgage if there are more than the legal number of tenants, baths, kitchens, etc., at close. Three, the lowest floors in true three-families in Bushwick and Bed Stuy are usually well below grade and have the boiler at this level. They are really not fit to live in. OTOH, true two families in Bushwick frequently have an English basement with a boiler that you really could live in (and many do).

*I was going to say you won't be able to borrow much with an income of $60,000, but amazingly the Manhattan Mortgage calculator says you can borrow up to $396,985. (This is assuming two rentals at $1200 each.)

*If you have to include the rentals to qualify for the mortgage, the bank will demand the units be rented out (or you have signed leases) for the units at that amount at closing.

Posted by: mopar at June 17, 2009 2:37 PM in response to Seeking Advice on Multi-Family