Paddle Time: 404 Stuyvesant to Hit Auction Block
All of Stuyvesant Heights is aflutter over the latest beauty to hit the market - 404 Stuyvesant Avenue. (Check out the full page photo on p. 252 of Bricks and Brownstone.) According to an email we received from a reader, the current owner, who lives on Long Island, inherited the place a few years ago…
All of Stuyvesant Heights is aflutter over the latest beauty to hit the market - 404 Stuyvesant Avenue. (Check out the full page photo on p. 252 of Bricks and Brownstone.) According to an email we received from a reader, the current owner, who lives on Long Island, inherited the place a few years ago from the old lady who’d lived there for years. He’s been collecting the modest rental income for a while but recently decided he wanted to sell. We hear that the guy’s already been offered as high as $1.5 million for the place but thinks he can do better. So who’d he go with? Corcoran? A local broker? No way. He’s going for a balls-to-the-wall no-minimum auction. It’ll be interesting to see if he’s right. In the meantime, he should make sure his auctioneers know the difference between Brooklyn Heights and Stuyvesant Heights!
Limestone Mansion [Absolute Auctions & Realty] GMAP P*Shark
If you read the post, it Bstoner hopes the “auctineers” not the buyers know the difference between Brooklyn and Stuy heights (i.e. that the actioneers are competent and know the area).
You guys have to be smoking something. The house is indeed beautiful, but $1.5MM to live in that neighborhood? After you restore, you’ve spent another $500 -$750k. You had better plan on living there forever, because you will never be able to resell that property for $2.25MM.
Chill 11:16. The commenter meant that the listing says at the top “Limestone Mansion – Brooklyn Heights, N.Y.” (below it does say Stuyvesant Heights).
I am wondering what is actually meant by “I hope the prospective buyers know the difference between brooklyn Heights and Stuyvesant heights”? beauty is beauty and there are alot of beautiful properties in Bedford Stuyyvesant. If the writer of the comment is insinuating crime then my response is that there is crime all over the city. I plan to visit this auction and if the house warrants over 1.5 million then I will be one of the bidders.At this price, for a mansion in New York City is a steal
What an amazing house. These really don’t come up for sale very often, and usually only because someone who’s had it for the last 50 years, dies, as seems to be the case here. Ah, the irony of a gem like this landing in the hands of someone who doesn’t seem to appreciate the beauty, and is going for the bucks. Seems to me, they should have gone with a broker, too, in order to get top dollar. Since you have to bring cash to the table, as well as the other financial conditions, in a very short amount of time, does it not seem likely that the house will end up in the hands of someone with very deep pockets and easy access to cash, or perhaps even to a speculator who will just flip it? Neither sound like the kind of people who would want to live in it. Or I am I just being my usual cynical self?
No. The house is indeed vacant.
someone correct me if I’m wrong, but — the C of O is listed as 3-family, so I don’t believe it is possible that any of the tenants can legally be rent-controlled. (Nor rent-stabilized either, though I’m less certain about that.)
That’s not to say evicting tenants so you could live in the house would be easy, but my guess is it would be legal, no?
Stunning! I can’t wait to hear about what happens with this house…B’stoner, please re-visit this story after the auction. Thanks!
Oh my goodness, that house is stunning…sigh. When they say “collecting modest rent” does that mean it is rent controlled and the tenants probably won’t leave?