35 Stuyvesant St - thoughts?

Totally overpriced

For the amount of reno it would take (i.e., strip it down to the studs and start over with new everything), and the difficult floorplan, the asking price seems like a lot. That said, it's one of those quirky, rare NY spaces that could be a real jewel -- probably a terrible investment, but a beautiful bauble.

Any thoughts on how one can have private bath without having to go through public area?

I was thinking about how to do that, as well as squeeze in an elevator. Both aren't possible, unless they're both tiny. For private baths, you could perhaps turn that closet-y space at the staircase landings on 3, 5, & 5 into a mini-hallway, and block the existing doorways, leaving only 1 door/floor, directly across from stairs, opening into that little space, from which you would either go right into the room, or left into the bathroom), but it's going to be tight (there may be legal limits on landing size that make moving that wall that a non-starter).

But I'd embrace the quirky, and forego private baths (and those closet-y spaces), probably settling for 2-1/2 baths total: a half bath on the first floor (public powder room), and a full each on 3 and 5. (MBR on 3, BR each on 4 and 5, sharing a bath on 5). Or some similar combination on 3/4/5, depending on how you want to live (who climbs more stairs: parents or kids?). Because this is a quirky place, I'd embrace that and restore the fireplace in the 1st floor bath, just for the ability to have it operating when I had people over in winter. Who else in town has one?)

I'd also want to look into whether the fire balcony could be disposed of - it's shared with the adjacent building, and that 'magic' wisteria. #33 manages not to have one (both fire balcony and wisteria), and looks to be a similar layout. I'd also beg the fire department to do away with the sprinklers (possible in a single family?). I don't see this as anything other than a single-family home, and one that would be best served by restoring, and doing minimal reconfiguration.

ok. Wisteria isn't going anywhere:
https://www.curbed.com/2023/10/lee-b-andersons-gothic-townhome-at-35-stuyvesant-street.html

and #35 in it's heyday w/ some of the furniture:
https://decoration-ancientandmodern.com/post/31306343564/lee-anderson-modern-godfather-of-the-american

Aaron,

Thank you for your thoughts. The biggest knock against this place is that it can't accomodate a decent size closet, bedroom, and bathroom on a single floor once you enclose the stairs and keep the passage from bedroom to the bathroom towards the window.

Elevator would be nice due to six floors but somethingelse would have to give.

If you got a lot of kids, the place could be great. Where else you could easily get 6-7 bedrooms at this price in the village. No wonder it was a boarding house in the past.

@300 -- Agree. Closets will have to be dressers or maybe an armoire, and the idea of truly private individual baths is unlikely, both of which is a real non-starter for people these days. (I grew up w/ 6 people sharing 2 baths, so the idea doesn't bother me.) It will be interesting to see where this lands, price wise, and what it ends up being -- a 6- floor walkup of 6 studios? Can't imagine any scenario where there's money to be made.

I think this is a $3mm ish property in its existing condition primarily due to small floor plate but someone will pay much more for the romance of this townhouse, width and low taxes. Basic luxury clean-up with new baths and kitchen for $1mm assuming the property doesn't need facade work or new windows, stack up 4-6 kids (his, hers and joint) on top three floors with two baths and live there. At $2.7mm (just dreaming), I will buy it for myself and have a duplex bedroom with powder room and full bath on a separate floor - add a gunshot capsule elevator.

Some people may AIRBNB/eqt portions of it while living there increasing what they will pay significantly from my $2.7mm. I can see $3.5mm in that scenario. Basement alone probably with get $400 per night.

A friend owns a house on this street, I occasionally stay there when I visit New York. They also Airbnb the basement and yard. They've been there since the '60s. Another friend owned one of the very small James Renwick designed homes, also just a few doors down. Though they've sold their home. Totally impractical but I absolutely loved it!

I love the location, this row and the back of it on 10th street. Even then I could get to only $3mm. Sale price probably will be closer to $3.5mm if not more.

After the major renovation is done, what color lipstick do you put on this pig?

It’s not a question of lipstick. Because of the physical limitations, changes in tastes and lifestyles, and costs of financing, the building is essentially unsalable to anybody who needs to calculate potential income or future sale price* . I do not see a scenario where there is a positive return in a short- to mid-term period (<20 yrs). A full gut (i.e., move the staircase) would help, but it’s never going to be optimal, and that’s a lot of money for just a facade. The right buyer is one who wants the construction challenge, has the pockets full of bills, and the desire for an offbeat and long-term home. I imagine we’ll be back in 10 years bemoaning what a mess they’ve made of the place when it shows up again (or perhpas sooner, wondering how it ‘accidentally’ fell/burned down in the middle of the night during construction).

(*Not unlike many of those big hulking co-ops in 'exclusive' buildings.)

Aaron, What do you think it will sell for factoring in all we are saying? I am between $3.25-$3.5mm.

What will it be worth after a $1.3 million renovation?

$5mm plus nicely cleaned up with staircase staying where it is.

Will need double paned windows if it doesn’t have them already. $100k for landmarked windows.

Sale of the current building: $3.5m, tops. Probably will be closer to $3.1m.

Add a $1.5m+ renovation/restoration (new electric, plumbing throughout, excavate the cellar, probably a new roof, and find a professional and clever way to add invisible central heating and a/c (no wall mounted blower units!), restore most of the plaster in the main rooms, repair/replace hardwood floors, make fireplaces workable, figure out how to get 2-1/2 baths somewhere).

Landmarks should be pleased to work with somebdy who wants to put it back together, so they would be advised to support any sort of good looking window replacement and tasteful upgrades, none of which comes cheap.

And you might be lucky to sell it for a break-even price.

Alternatively, do an absolute low-end reno, turn it into mini-studios for aspiring young-uns, and collect outrageous E.V. rents (payback period? Who knows?)

I look at this differently, I think the buyer should be somebody that plans on keeping it 'forever'. It needs to find somebody that connects with it emotionally and wants to call it home. And then figure out what a fair price for it is.

My oldest daughter lives in a brownstone that her grandfather purchased in 1958. It's a family home filled with countless memories and milestones. Even with the grandparents gone, there are no plans to sell the home.

When I was younger in New York, many of my friends parents owned brownstones in various parts of Brooklyn as well as downtown Manhattan. This included many of our neighbors in Chelsea , and many of these homes are still in the family.

Aaron,

Our prices range is similar. I think $1.5mm reno ($500 per sq ft) is very doable with all the upgrades you suggested ex excavation more than 6-12 inches net (that opens a can of worms) . New electric means that all the walls basically need to be redone. People will probably put in 3.5 baths including one in the basement. Will you get paid for your brain-damage and carry? Unlikely at $3.5mm. But at $3mm you are getting paid $500k for that. For a professional that is too little as there is no ROE but for someone who wants to live there, it is enough as they don't think of ROE. I think finished property is definitely north of $5mm. Could be even $6mm all jazzed up with capsule elevator etc.

Conversion to studios is not optimal as the grand-fathered 1-3 family taxes will change to 3-4x its existing.

https://streeteasy.com/sale/1630110

https://streeteasy.com/sale/1625247

@Keith: I agree - the best possible use is by somebody (and hopefully their kids) who have a very long-term (multi-generational) view. My preference would be that it be done up to the nines with a classic restoration and careful upgrading by somebody who is only leaving it in a box after 30 years.

@300: The walls look like they will need significant work anyway, so electric is probably the least of it. :)
Thanks for the Waverly and Barrow comparisons -- similar challenges there, with some good solutions along the way. At least the costs @ #35 won't be what was put into 4 E 79th, out of which the seller got only about 8 years of use (slightly larger footprint though).