Murder house for sale - Brooklynian

Murder house for sale

709 Sterling, between Bedford and Franklin, is now on the market.
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For sale: $1,550,000. Location.... Prime Crown Heights minutes to Museum, Prospect park & more! Brick limestone Immaculate Legal 3 family 3 over 3 over 2 bedrooms (Currently being use as 3 over 3 over 2 Studios) with huge living room , dining area, Eat in Kitchen & Finished basement! Building 18x55 Lot size 18 x 131.08 R6 zoning! FAR 1.53 max 2.43! Low taxes! Huge backyard! Will not last our EXCLUSIVE! Minutes to City & all trains!
Aside from the hilarious, sideways photos of someone's unkempt bedroom and shoe habit, the use out of conformance with the certificate of occupation, and the ridiculous asking price under those circumstances, this house was also the location where Joseph Battle was killed by two individuals presumed to still be at large.http://savebrooklynnow.blogspot.com/2011/05/wanted-for-march-murder-on-sterling.htmlSomething tells me it's not going to have buyers tripping over themselves to bid, even considering the recent real estate boom in the area.

Comments

  • This house certainly has attracted the notice of police and Brooklynian members over the last few years.http://www.brooklynian.com/forums/topic/massive-police-action-on-sterling-place/
  • 709 Sterling did attract some attention from the police and Brooklynian members over the past few years.http://www.brooklynian.com/forums/topic/massive-police-action-on-sterling-place/http://www.brooklynian.com/forums/topic/police-on-sterling-between-franklin-bedford/I suspect this was because the drug activity was so obvious, it was hard to ignore. Under the theory that the present owner is part of the problem (or does little to address the problems caused by his tenants) I do hope he gets what he considers to be a "good offer"....BTW, it would not surprise me if whoever buys this property promptly tears it down; the site has available FAR and the building is reportedly in a poor state of repair.
  • I would be surprised by a full teardown. That seems to only happen to frame houses that can't be easily expanded with additional cinderblock, or that adjoin other vacant properties that can be torn down for high-rise construction.Look at 796 Classon for instance, or the new rental building down the street on Rogers. It was a two-story shell that had been standing without a trace of a roof, and still it managed to grow two floors and reach back to max out the FAR. It's far more economical.
  • True.There are also advantages from "altering" existing properties; I'm told the new parts only have to meet the fire code in effect at the time that the original structure was built.I can still hope someone wants a shiny glass building on that exact spot, however.
  • I don't think that fire code bit is true anymore. I know of a number of parties that are being made to install sprinklers during renovations that do not change the C of O.Certainly someone paying within 75% of ask for this property will not have the budget to do a new building while still making money. Based on my experience as a small-time property owner, I think this property and several others east of Franklin Ave are an example of the real estate market in the nabe jumping the shark.
  • ...yes, although I don't known how much the plot sold for, I suspect that the developer who bought the garden on Rogers is going to do better than someone who buys this house and tears it down.However, every time I get the feel we are in a bubble similar to 2008, the properties sell for even higher amounts.
  • LOL, look at this:


    Someone added an extra zero to the listing, but the fun part is that Zillow picked this up and you can see how the ask for a place affects their "Zestimate".  It's a rare view into the black box algorithm that's used to generate this value, and it's hilarious.

    Zestimates
     ValueRange30-day change$/sqftLast updated
    Zestimate What's this?$3,772,739$3.17M – $4.41M+$2,504,509
  • A 30 day change of $2.5M.

    Seems like that should set off a "is this right?" flag at Zillow....

    Guess not.
  • It's gone up by another $400k.



     ValueRange30-day change$/sqftLast updated
    Zestimate What's this?$4,270,188$3.46M – $5.08M+$2,996,206$1,07803/16/2014
  • Fast forwarding.... They're doing a *major* gut renovation to the place. 
  • I have commented on 709 Sterling in the past. My grandfather bought this building sometime before 1920. My mother grew up in the building and lived there with my grandparents until she married my dad.  I was there probably every Sunday with my parents and brother visiting my grandparents. I have great memories of playing on Sterling with my brother in the 50's.Unfortunately my grandfather who had a custom tailor-dry cleaning business on the first floor was held up a few times and finally died as the result of the last robbery. He was pistol whipped. After that we had to move my grandmother out and sold the building for about nothing as the area had become very dangerous. Whenever I am back in Brooklyn I go to Sterling to remember my family. Nice to see the neighborhood getting better. When I first went back in 1997 my grandfather's store had been turned into a convenience store, I think called Triple 7. The cashier was behind bullet proof glass. Now the first floor is bricked over, looks really ugly but at least there is now no sense of danger. Really sad though how the building has been labeled Murder House, and I'm sure the people who labeled it that have no idea how far back the bad history goes.
  • Odd for the developer bail out this early in the game, given the market temperature.

    It will be interesting to see how close they get to their ask.


  • This was my grandfather's building. I'm guessing he was the original owner. If I had the money I would love to buy it. It's nice for me to see it was completely gutted so now there is a chance for a new beginning for a building that had such a bad history
  • Greetings @EastbayBob -

    From zillow:

    "The building is currently 3,960 sq.ft. spanning across three vacant floors with approved plans for a 4 story, 5 unit, luxury condo development maximizing at 5,700 sq.ft. A second alternative set of amended plans are also available for buyer's choice, as well as a J-51 Tax Abatement ( January 2016) for 18 years."

    The ask is $2.4M

    So, because only 5 units can be created under "plan 1", the buyer will already have about $500k per invested in each unit.

    ...and each unit will be about 1100 Sq ft.

    Do we think this location can break the $1000 PSF mark?   ($1.1M a piece)

    If so, there is some room for profit.  
  • Greetings to you whynot_31 
     How much do you think it would cost to renovate?
  • In this market, I would estimate finishing the building would cost around $500k, give or take a few hundred thou depending on whether you wanted to go lux or wrap it up on the cheap. As per the DOB, the building has not changed owners in 20 years. That suggests to me the pre-gentrification-era owner was trying to either to do this on their own or with some partners. I'm guessing they ran out of either patience or money or both, or some problems developed between some of the investment partners. As for prices in the area, I would be completely OK with them going to $1000 per square foot :) and they're certainly not far from it. I do think the sellers here are more likely to have to negotiate down than they are to have a bidding war.
  • edited March 5
    I would think if someone could put together $2.3 million and then add another million to make it luxury, it would really payoff. I would do it for sentimental reasons if I had the money which I don't. I'm just very happy to read that the neighborhood is safe again. I have very good memories of the neighborhood when I was a child. Studebaker building when it was a showroom, Loheman's where my mom and grandmother shopped, barbershop on Sterling
  • My aunt was bookkeeper there for many years
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