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627 Willoughby Ave
Brooklyn, NY 11206
$3,100,000
Conventional
Property
Bedroom
7
Bathroom
4
Property Type
Conventional
Square ft
4264
Property Description
Nestled in the dynamic neighborhood of Bedford-Stuyvesant, Brooklyn, the four-story brownstone at 627 Willoughby Avenue is a symbol of urban refinement and architectural beauty. This property, which spans 4,264 square feet (one of the largest brownstones on the block due to extensions on the first two floors) and boasts a 20-foot width, stands as a testament to luxury urban living, seamlessly blending modern amenities with the timeless allure of Brooklyn's historic charm. Positioned in a locale celebrated for its vibrant culture and communal warmth, the brownstone offers its inhabitants not just a home, but a slice of New York City's rich tapestry. Its strategic location ensures easy access to the area's best offerings, from cultural landmarks to dining and shopping, all while providing a peaceful haven amidst the urban hustle. The renovation of 627 Willoughby Avenue has been steadily undertaken with an unwavering commitment to excellence and detail. Modern upgrades to the building's plumbing and electrical infrastructures have been complemented by high-end finishes, ensuring that each of the four apartments within this brownstone meets the highest standards of luxury and comfort. Further enhancing the appeal of this property, Units 1 and 2 have been fitted with brand new hardwood floors, adding a touch of elegance and warmth to these spaces. In contrast, Units 3 and 4 boast beautifully refinished original hardwood floors, preserving the character and history of the building. These thoughtful touches underscore the blend of modernity and tradition that defines 627 Willoughby Avenue. In addition to aesthetic updates, significant investments have been made to ensure the building's longevity and efficiency. A new gas boiler, installed 18 years ago, along with a new water heater put in place 4 years ago, guarantee comfort and reliability for all residents. The property's durability is further evidenced by recent roofing updates, with the 4th floor receiving a new roof 9 years ago and the 2nd-floor extension being re-roofed 4 years ago. This roof is of particular interest as it will allow for the construction of a private and beautiful roof deck for the 3rd floor unit, a rare amenity in New York City. Each apartment within the brownstone has been upgraded, ensuring that every unit not only reflects the building's historic charm but also offers the modern conveniences expected of luxury urban living. From the exclusive second-level roof deck available to third-floor residents to the meticulously curated interiors of each apartment, 627 Willoughby Avenue stands as a premier investment opportunity and a distinguished residential offering. • Unit 1, a spacious two-bedroom, one-bathroom apartment on the first floor, spans 1,100 square feet and features an inviting open layout, where natural light highlights the new hardwood floors and contemporary design elements. This unit features a beautiful rear yard with a concrete pad. This unit is rented on a MTM basis at $2,700 • Unit 2 mirrors the elegance of Unit 1 with its own two-bedroom, one-bathroom layout and an open-concept living space, perfect for entertaining and daily living. This unit is rented on a MTM basis at $2,500 • Unit 3, on the third floor, offers a serene one-bedroom, one-bathroom apartment that provides a peaceful retreat within the city, emphasizing tranquility and modern living. This unit will be delivered vacant. • Unit 4 combines the charm of original, refinished hardwood floors with the functionality of modern living in a cozy two-bedroom, one-bathroom layout, offering picturesque views and a welcoming atmosphere. This unit is rented on a MTM basis at $1,800. Overall, 3 units will be delivered occupied and 1 unit will be delivered vacant. 627 Willoughby Avenue is more than a property; it's a landmark of urban luxury and a testament to thoughtful restoration and modernization, offering a unique living experience in the heart of Brooklyn.
Property Information
Lot Size
-- square ft
Property Type
MultiFamily
Year Built
1931
MLS Number
11255072
Location
Address
627 Willoughby Ave
City
Brooklyn
State
NY
Zip Code
11206
County
KINGS (NORTHEAST)
Listing
Provider
THE VERUS GROUP INC, original listing
Name
THE VERUS GROUP INC
Phone
Office Name
THE VERUS GROUP INC
Office Phone
(772) 985-2577
Agent Name
Dennis Taveras

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HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.