859 St Marks Avenue
hi everyone, I might be the “lucky” person who gets to restore 859 Saint Marks Avenue. I am having second thoughts, though. Our offer was accepted, but the engineer’s report was about as bad as one could expect. The needed repairs greatly exceed the value of the house – by many hundreds of thousands. The…
hi everyone,
I might be the “lucky” person who gets to restore 859 Saint Marks Avenue.
I am having second thoughts, though.
Our offer was accepted, but the engineer’s report was about as bad as one could expect. The needed repairs greatly exceed the value of the house – by many hundreds of thousands. The Now Landmarked building needs a LOT of historical restoration. The side façade is also leaking like a sieve… in need of pointing and brick replacement …which no one has ever mentioned before on any forums.
My question is has anyone else gotten a report or inspection done on this house? Is there any advice to be given. I have the ability to pull out of this sale. I put language in the accepted offer which allows me this option if the repairs are over 750k. I have also discovered the title has some major problems as does the C of O (SRO??). The city swears it is, the realtor swears it isn’t. Who do I believe? It has tenant violations, which means if it is an SRO, I’m in for a very, very long (years) wait to begin any rehab.
I’m afraid I may have bought a rather large paperweight.
Any advice?
I know this house well, too, and don’t know whether to congratulate you, or hate you, as it is my dream house. But, I always knew someone else would get it, I just don’t have that kind of money.
On a purely emotional level, as one 859 lover to another, I would get it. Even if you put twice what it’s “worth” into it, you are getting a one of a kind home. One far better than most of the mansions I’ve seen in Park Slope, or anywhere else. It’s inevitable that Crown Heights North will be one of the best communities in Brooklyn. We have the proximity to Manhattan, decent public transportation, and superior housing stock. This is the premiere block in a great neighborhood. It’s our Gold Coast. You will eventually get back in worth every cent you put in.
If you are in it for the house, well – what a house. You’ve seen it, I don’t need to convince anyone here. No one has lived there for many, many years. You won’t have any issues with certs of non-harassment. It was a doctor’s office and residence, and he rented the top floors to roomers. The family has been holding on to it for years.
I know there are structural problems, most of them in the back of the house, and quite a few in the front. They are all fixable, although it won’t be cheap. Still – you are getting THAT house. Damn!
I know this house well.. How long has it been empty? If you have a certificate of no harassment you should be fine and it should be easy to change the occupancy. I know the major issue I have with this house is the back. I think you should be able to get this house for a super cheap deal seeing all the problems that it has… Try to go down in price as low as you can… This can be a great home I dream about living in this house all the time. I would not pay over 300K seeing it needs 750K worth of work…
That is a phenomenal block and worth the trouble of an expensive restoration. The C of O isn’t what would scare me but the fact that you mention tenants. Unless it is delivered vacant you should indeed RUN. Offer 20K more if they can deliver vacant because it will be worth it. It will be much more enjoyable to watch 750K disappear into bricks, beams and plaster than into your lawyers bank account.
In terms of the Engineer’s report, accept it and put it aside. Get a good contractor to do a walk through and hear what they say and then balance that against the engineer’s report.
Yes, we are in the process of revising the bid. We shared the engineers report and told them to think about a “serious” compromise.
If we end up withdrawing from the deal, I will publish all the info I have so any potential buyer can see the hidden problems I discovered.
Their real estate agent has been less than transparent with us about several things. I had to dig ditches to get info… but I managed it. They were obviously not straight with their client about its true value; it should never have been offered over 1M like it was a few years back. The local values just won’t hold such a price.
This house is breathtaking when you think only about the potential. The reality is water damaged, asbestos ridden, no good title, or c of o, sloping stairs/wall/floors…and many years of abject neglect.
If anyone seeing this thread has had experience with problematic C of O or certificate of non-harassment, please contribute.
I believe that Crown Heights can be revived. I know this house will help that immediate area. We are thinking to find a doctor to use the Parlour floor as an office. The seller was a doctor (pediatrician) who retired several years ago. The community really needs a good doctor.
I think I have about 12 to 24 hours to decide. If anyone has an opinion, please send it now.
Thanks so Much.
we bought a house NO major problems . After buying we found small problems that turned into large water structural damage RUN RUN RUN RUN LIKE THE WIND .
Can you use the engineer’s report to revise your original bid?
Even if you do, is it worth the time and effort to you?
thanks for the comments.
We are buying in cash. That is particularly why I have hesitation. This is it for us. I have the physical energy; I just don’t want to go broke from the possible avalanche of one thing after another, as far as the paper chase with City Hall.
There isn’t a bank on earth that would loan you a dime to get this house! I can imagine a loan shark who would do it, either.
If anyone has gotten close to purchasing this house, I’d like to hear from them. I know there have been a few brave (foolish) souls who have had inspections done. Our own inspector had done another one 2 years + ago.
The city says it will likely have to go through the paces of a Certificate of Non-Harassment. If anyone has gone through this… I’d love to hear your account of things.
thanks again.
Believe your attorney – the broker wants his comission so don’t believe anything he tell you. Btw – good luck finding a bank to finance the house if it is an SRO and / or with open violations. We’ve gone down the latter route and it was a waste of time and money. The things you learn when buying a house…
You’re not loving it and it’s going to be a long slog. “The needed repairs greatly exceed the value of the house – by many hundreds of thousands.” Run.