I’m not gonna lie, I think the place looks skeezy from the outside. But the neighborhood around this 6-unit building at 643 Central Avenue is full of well-built and still-attractive facades, most of which just need a good cleaning. Around the corner, lots which had been vacant for years due to fire have been replaced by city initiative with somewhat nice homes with owner-occupants. Also in the area are a handful of condo conversions completed a couple years back, and it’s very convenient to the L train. As for neighborhood amenities, let’s say the only way to go from here is up.
As for the property itself, it has “good bones” and one of those cool half-bay window areas, and seems rather well maintained inside. There are signs of modest updating in the kitchens. A foreseeable problem is that this is certainly a rent-stabilized building, and you’re guaranteed by the odds at least one problem tenant paying almost nothing. But this is reflected in the price, and it’s completely within the realm of possibility — if you know what you’re doing — to live for free after collecting rents. It’s been done. You’ll have to look at the buildings numbers to make a correct determination, obviously.
643 Central Avenue | $395,000
5100sqft | 25ft-wide | 6-family, 6 bath | brick
Wilson L
Christopher January 29th, 2010 at 7:48 pm
If that place looks skeezy from the outside, you’d never get NEAR my place. It looks like it needs a little TLC. But not a bad building. Price is fantastic, though.
Mike January 30th, 2010 at 7:28 am
I check out this building and found out that the seller does not have clean title to the building. He tryed to pull a fast one by holding the morgage. And the rents are only $500 except for one unit paying $1100 which is the only one that is paying the others have not payed rent in more the 2 years. Then the over 200 voilatins on the building. That looks like a bargain is realy just a nightmare.
Mike
tenant February 1st, 2010 at 10:53 am
“A foreseeable problem is that this is certainly a rent-stabilized building, and you’re guaranteed by the odds at least one problem tenant paying almost nothing.”
What is with the pro-landlord and pro-real estate bias on this website? Why are rent-stabilized tenants a “problem”? Rent stabilization protects affordable housing in the face of aggressive real estate speculation and gentrification. Most of the buildings in Bushwick are rent-stabilized, except for the ones that have been deregulated by unethical landlords who base their entire business model on displacing tenants through harassment. If rent stabilization is a problem for you then maybe you should not buy buildings in this neighborhood!
Mike February 1st, 2010 at 9:08 pm
I have no problem with rent stablized buildings or the rent rates. Just that the rent roll is to low to justify the asking price. And the seller is a crook how treats his tenents like crap.
Rent stablized buildings help make it posible for the avrage working guy like myself to become a small building owener. To live in and provide quality housing at an afordable price for my tenents.
Mike
Jeremy Sapienza February 1st, 2010 at 9:42 pm
Your last sentence reiterates what I said here. The person who buys a stabilized building should know what he’s getting into or he’ll be ruined. This isn’t a bias, it is a fact.
Anyway, the house of the week is geared toward buyers, as the apartment roundup is geared toward renters. If the former is “pro-landlord” then the latter is “pro-tenant.”
Mike February 1st, 2010 at 10:25 pm
Is it possible for a landlord to be pro-tenant?
Professional Alternative February 4th, 2010 at 12:07 am
haha what the hell does “pro-real estate” mean? BushwickBk fighting for the rights of inanimate bricks and mortar! It’s the good fight, I say.
tenant February 4th, 2010 at 11:29 am
Pro-real estate means favoring real estate profit over affordable housing. This website seems to spend a lot more energy on stories about luxury condos than it does on how these changes are affecting the long-time residents of the community. I guess this isn’t surprising considering that a lot of the site’s advertising comes from the real estate industry.
Tenant February 4th, 2010 at 12:04 pm
Before becoming a home owner, people should do the research necessary to learn about rent-stabilized buildings. The funny part about this beuatiful building is that it is not only rent-stabilized it is also rent-controlled. So it depends on the buyer if they are ready for that. Good luck.
Cynthia February 4th, 2010 at 2:07 pm
Cost:$395,000, a rent-stabilzed and rent-control buliding, and the cost of a Landlord that is selling with no legal documents,and lots of violations in this building PRICELE$$……keep your money in your pocket.
liz February 4th, 2010 at 2:34 pm
This landlord sells to lots of people by phone, but however never shows up to meet with you to show his face, he gets his super from the 1st floor to give you a tour around the building, and the only things she’ll show you is her patch work apt. the hallway, the roof and the crazy looking basement is this broken apart, that actually the meters are the only outlook to this basement. I asked the super of this building some questions about the building all she kept saying ” IT’S A GREAT BUY”. Just coming into the building you start caluating all these violations and damages to the buliding, it’s not even worth the price at all.
greg February 8th, 2010 at 10:56 pm
“As for neighborhood amenities, let’s say the only way to go from here is up” …Upclass that is!!!
There is a Texas Chicken around the corner delish it will have any foodie hipster’s tote bag in bunch once they have a bite of the fine fare that they offer and its defitiely quite savory not to mention the array of corner bodegas surrounding this block there is a total of four..thast right 4… that when combined would have as much food selection sq footage as a Whole Foods Market…Plus there’s a very friendly doorman at the L train staion that will gladly open the doors for you while he mumbles on abt asking u if u have any change…
jw February 12th, 2010 at 7:19 pm
Don’t forget it’s just the asking price.
Offer something that makes economic sense.
Christopher February 23rd, 2010 at 11:43 am
Can someone explain to me how rent stabilization works. I thought it was all buildings of 6 or more? How can I landlord just pull a unit off stabilization? Please enlighten me.