Every real estate listing has a story, but most of the time the tales go untold. That's because real estate brokers are understandably more focused on selling a property's positive qualities than talking about, say, the ongoing litigation against a tenant, or the bad breakup that led to the listing in the first place. But one very honest Greenpoint seller, who is trying to get $719,000 for his three-story, three-family house at 29 Newel Street, has decided to tell the whole truth while spreading the word about his soon-to-be-former home. His forum? The unofficial Brooklyn Community Board 1 Yahoo group. A tipster passed along his full confession:
My house in Greenpoint is for sale. It's a 3 family on Newel, between Nassau and Driggs, close to both parks, the G train, and Williamsburg. It's a relatively quiet block, so it's easy to visit all the Williamsburgy-type stuff, without having to live in the middle of it all. I have building dept approved plans to expand the first floor apt., excavate and expand the basement, and build a deck for the 2d floor apt. over 1st fl apt. extension.
The 2d floor 2BR apt is very nicely renovated, including an exposed tin ceiling in the kitchen and bamboo floors throughout, (and I can tell you how to do it all yourself, if you want--it was not expensive). 1st fl apt. is a 1BR (but at one point, we had a wall up and rented it as a two-BR. 3d fl apt is a 2BR, and it has a great yard.
The building is priced as a two-family, and is currently listed at 719,000.
So, why am I selling, and what's the catch?
I'm selling because I own the building 50/50 with my crazy ex, who stopped sharing the building's expenses, won't talk to me about the building management, mortgage modifications, or any other solution other than selling.
And the catch: the 3rd floor apartment is, for now, subject to rent control with a *current* base rent of $450. However, I have continued to fight the rent control battle myself, so the case is currently still open--I've been doing this to leave future owners with options. If a buyer didn't want to bother continuing to fight this (and I do have an appeal pending in NY Supreme Court), all they would have to do is register the apartment with DHCR, and apply for annual increases--it's really a no brainer! The ONLY reason I haven't registered the apt. and applied for increases myself is that I wanted to leave the option of continuing the appeal open for the new owners.
The occupant is in her early 60s, is a pleasant enough person, and has no family who could claim succession rights. Once she's gone, the apt. will no longer be rent controlled. In the meantime, the apt. pays for it's own expenses. I am *more than happy* to share my honest opinions and extensive experience and knowledge of the situation with anybody who buys. I am easy to reach, know more about this than most attorneys, and am happy to provide any support or assistance I can.
Really, it's perfect for someone who is community-minded, has some savings, and would like to own in Greenpoint but not break the bank.
Or, as the broker puts it, "Lots of original details remain in this charming 3-story house."
· Listing: 29 Newel Street [Kline Realty]