615 St. John's for sale

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615 St. John's for sale

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eastbloc
comprador bourgeois
Joined: Jul '09
Posts: 902

http://www.trulia.com/property/3071590441-615-Saint-Johns-Pl-Brooklyn-NY-11238

The little one-story shell across from Franklin Park is for sale. Ask $339k soliciting cash offers.

No affiliation, I'm just a real-estate dork. I'd love to buy it myself if I could -- it's a very good price for the land alone.

If the seller was properly motivated and a little patient in terms of time to close (which they might be if they get no cash offers fast), a 203(k) loan on the property would turn up a very nice single-family home for the price of a condo.

# Posted 1 yr ago
armchair_warrior
retsop cixelsyd
Joined: Dec '05
Posts: 7,946

too small for anyone but someone who wants to build on there.

Fight white guilt and injustice by smoking tax free guilt free Reservation Smokes or go gamble in a Native Casino.
I like to stick it to The Man, The Man happens to be Liberal in NYC(power Structure).

# Posted 1 yr ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,082

I imagine that plot is zoned R-6, meaning that one could build a six story building with one condo per floor.

...I'd build something short enough that an elevator was not required under the building code.

There have been a few small "infill" buildings in the 'hood that seem to have made fiscal sense.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 1 yr ago
eastbloc
comprador bourgeois
Joined: Jul '09
Posts: 902

It's R6B, and needs to not exceed the buildings which surround it, meaning you could go four stories. Max buildable on the lot is 5200 square feet.

The existing shell is 900 square feet. The lot is 2600 square feet, so even without adding floors (which one could readily do) you could extend the existing shell into a sort of "townhouse ranch".

# Posted 1 yr ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,082

I don't like the idea of having a front lawn in the city, so would tear down the existing shell, and make the new building's footprint as close to 2600 sq ft as code would allow.

If I have 5200 to use, I would build four stories at 1300 per floor. ...with a nice roof deck, and back yard.

I'd build condo to get my money back quickly. I'd try for 600k for the first floor and back yard, 570k for floor two, 570k for floor three, and 600k for the top floor and roof deck.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 1 yr ago
eastbloc
comprador bourgeois
Joined: Jul '09
Posts: 902

And you'd probably get it. The issue is that no one is giving out construction loans right now, so that would be a cash-only proposition.

An FHA-backed 203(k) loan on the other hand (that pays off the seller and gives you money for renovations) is available to anyone with 3.5% down.

# Posted 1 yr ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,082

Could I get such a loan on new construction?

Could I use it to build a multi unit building, that I would only occupy one unit of?

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 1 yr ago
eastbloc
comprador bourgeois
Joined: Jul '09
Posts: 902

No. It's for improvements to existing structures only.

You _can_ use it to renovate a multi-unit building which you would occupy one unit of.

You _may_ be able to use it to extend an existing structure (i.e. use its foundations or existing structural components) and change the C of O to a multi-fam. This is a technique that is sometimes used to streamline a new construction by making it an "alteration".

An example is 590 Sterling Place, which was (poorly) built on top of existing foundations and one of the exterior walls of an old two-story single-family dwelling, but there is no reason such a job has to be shoddy.

# Posted 1 yr ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,082

Another example is the half brained plan to alter the structure that is located at St Johns and Underhill.

He was going to alter a two story building on a small lot into a 8 story building, but it lost financing and may forever be stuck because of how much he borrowed.

....maybe I could built a building around the one we are considering. Could that be defined as an alteration?

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 1 yr ago
eastbloc
comprador bourgeois
Joined: Jul '09
Posts: 902

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203k--df

"The extent of the rehabilitation covered by Section 203(k) insurance may range from relatively minor (though exceeding $5000 in cost) to virtual reconstruction: a home that has been demolished or will be razed as part of rehabilitation is eligible, for example, provided that the existing foundation system remains in place. Section 203(k) insured loans can finance the rehabilitation of the residential portion of a property that also has non-residential uses; they can also cover the conversion of a property of any size to a one- to four- unit structure."

So you can use the existing ~1000' foundation to erect a three- or four-story building, no problem.

# Posted 1 yr ago
MHA
rocking it
Joined: Feb '10
Posts: 1,352

Why don't you tell MySpace about it? I'm sure they can renovate it, and find ingenious ways to fit thirty people inside.

# Posted 11 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,082

MHA,

If we know about it, they surely know about it.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 11 mos ago
eastbloc
comprador bourgeois
Joined: Jul '09
Posts: 902

My suspicion is that this property has title issues and/or the seller does not have a clear deed. I can't imagine any other reason for it to be a cash only deal and not having moved yet.

The DOB records show title going back and forth between members of the same family. It might be an issue of a contested will or something along those lines.

# Posted 11 mos ago

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