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Lafayette Ave shell on market

88 Lafayette, pictured at right, is now on the market for an astounding $1.4MM via Brooklyn Heights Real Estate and broker Danielle Mosse (formerly of Harbor View Realty). The owner of this house has long been the bane of current owners of the townhouses on Lafayette between South Portland and South Oxford. The townhouse used to be inhabited by squatters a few years back and then was rented out, but in recent years, an absentee owner has had delusions of grandeur. He attempted to gut the townhouse, which released an astounding amount of rats into the townhouse west of it. Another winter, the pipes burst in his basement, which flooded both townhouses on each side. Other design ideas included putting a glass curtain at the back, to take advantage of the sunlight.

Conservatively estimating renovation costs of $250,000, this townhouse will cost the owner $1.7MM dollars. Keep in mind that there are probably a laundry list of unpaid fines on the house. A higher end renovation would make final cost about $2MM. The stately Italianate on the NE corner of South Portland and Lafayette changed hands for $2.1MM in 2005, I believe.


At November 07, 2006 1:14 PM, Anonymous Anonymous said...

She's out of control

At November 09, 2006 11:44 AM, Anonymous Anonymous said...

there is no way this is a $250k investment, try $1-1.5M. The shell is not worth more than $500k.

At November 09, 2006 6:31 PM, Anonymous Anonymous said...

Agreed - $250,000 is totally unrealistic to build an entire 4-story brownstone. Say each floor is 800 square feet (20 x 40), and estimate $250 p/sq/ft to build the house (floors, walls, ceilings - everything but the front curtain wall). That comes to over $200k per floor, or $800k for four floors.
Way, way overpriced, any way you slice it. This should sell for the price of land. A lot on Cumberland just off of Lafayette sold for around $850,000 this summer, I believe. The Lafayette Avenue lot is not as nice, considering the bus stop in front.
Get real, seller!

At November 16, 2006 7:20 PM, Anonymous CG said...

Boy, that would sure be nice...if he got $1.4M for it, not only would we be rid of him, but it would imply that our house on the same block is worth insanely more than we think it is. If wishes were horses...

I let a buyers' rep who was checking it out from the front thru to our back yard to see the view from the rear. He shuddered and left in 2 minutes. (He had mentioned that the place was listed by Massey Knakal for $1M, which I found incredible enough, but I don't see it listed on the MK site, so maybe he was confused.)

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