Yeah, it’s stabilized, but it seems to be in good shape and has a high rent limit — which a sharp investor could find a way to get raised. Plus it’s vacant, so you can decide who gets in to begin with. It’s across the street from the park behind the high school, so it faces lots of trees. The block itself is a row of nice, neat brick tenements. They’re in a several-block chunk of Bushwick that is almost totally intact architecturally, and will one day in a booming future probably be landmarked and full of yuppies obsessed with low-VOC paint. Then you can sell it and flee.
1398 Putnam Avenue | $699,000
4080sqft | 20ft-wide | 6-family, 6ba | brick
Myrtle-Wyckoff LM
Plazma April 12th, 2009 at 6:29 am
This write up is the same delirious thinking that helped to crash the housing market. Think of overpriced housing in Billyburgh and Bushwick. You only need to look as far as 100 Wychoff Ave (Dekalb) to see how ridiculous the market got. Those poor hipsters paid boku dollars for units that are not worth HALF million and up they paid.
Sure the building in this ad is stabilized but why over pay because you MIGHT be able to raise the rent on stabilized apartments or the area MAY be the next booming area. Look to Stuytown to see how hard it is to raise rent or get apartments off of the list. If they can’t do it a small mom and pop landlord cannot do it.
How about if the area doesn’t become a booming area the seller give back $250,000 of the purchase price so the buyer pays what this building is probably worth?