Dear Mom and Dad,

Well..... I do appreciate the fact they kept/restored the ornate cornice moldings in the main rooms.

Perhaps they need the dosh to renovate their next home, 18 1 Place, to a similar standard. (though renovating poured concrete and cinderblock *is* less expensive).

Ugh, 12+ million and the cook surface is on an island. Those fans do not work.

That's a show kitchen.

The floors are nice (my mother always said if you don't have anything nice to say . . . )

$3.2MM in 2010 + $1.5MM +/- renovation in 2012 = $12MM in 2022??

For those that like to do the rent vs. own calculation, have at it . . .

https://ny.curbed.com/2014/7/3/10079556/impeccable-brooklyn-home-with-pool-returns-for-25k-month

Sport, The prices in that part of BK are up 50% for single family since 2010, if not more. So I can see it $4.7mm cost plus a 50% premium due to market price increase at $7-8mm range. The reno is indeed very nice except narrow kid's bedrooms and today it will cost $2mm.

I have no views on the BK market, but the theoretical $8mm is a pretty significant discount to the current ask, and the last deal ended up in litigation. And how many purchasers in this price range want a tenant, and if you dont, wouldnt you have put the kitchen on the lower floor? Other aspects of the reno are very specific tastes.

nyc_sport,
Do you have more info on the litigation?

@ nyc_sport: "Other aspects of the reno are very specific tastes."

I think that's my key problem with the asking price: A lot of $$ went into realizing those tastes, and the realization is so far from my own tastes, that I couldn't justify the purchase + a reno that would get even a bit closer to my tastes. I also think the market for those tastes at that price is pretty limited.

it's too taste specific

To 30yrs question, a previous owner gave a conservation easement on the property, that allegedly was not disclosed. Current owner sued seller and broker (perhaps why the prior sale listing is not still on its website). Broker was dismissed, case against seller settled during trial.

https://casetext.com/case/schottland-v-brown-harris-stevens-brooklyn

It's a nice enough facade, but one worthy of a conservation easement above and beyond Landmarks protection? Meh.

How is it that buyer's counsel didn't turn this up at the time of purchase?

The original owners probably got some sort of tax writedown for the easement (a topic on which the IRS has since cracked down).

So much wasted space in that kitchen.

I find it kind of insane that seller has no obligation to disclose the existence of the conservation easement. Seems pretty darn material to me.

@front_porch: Totally agree, but it is a public document, which the court has held is acceptable. ("..and the other party has the means available to him of knowing, by the exercise of ordinary intelligence, the truth or the real quality of the subject of the representation, he must make use of those means, or he will not be heard to complain that he was induced to enter into the transaction by misrepresentations..."

The seller's 2010 deed doc* noted that the property was unencumbered, which does not appear to be correct ("...party of the first part has not done or suffered anything whereby the said premises have been encumbered..."). Clearly the facade easement (2002) created an encumbrance, and one could argue that the historic district creation (1970) also created an encumbrance (well, seller didn't create that - it was inflicted on them), and had the 2010 deed been letter perfect, it would have probably referenced both those docs. So, a faulty seller's deed, which was not identified as part of the buyer's due diligence. Caveat Emptor!

* Acris doc_id=2010042600221002