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51 Jay Street
Brooklyn, NY 11201
Joshua Wesoky with Compass, original listing -
$5,500,000
Conventional
Property
Bedroom
4
Bathroom
Full: 4, ½: 1
Property Type
Conventional
Square ft
3016 Square Feet
Property Description
"A rare find, this glamorous penthouse duplex sits atop a converted warehouse in the historic waterfront neighborhood of Dumbo. With a deeded parking space next door at 205 Water Street (purchased separately in 2021 for $140,000), and sprawling terraces that enjoy views of the Manhattan skyline and the Manhattan Bridge, this home truly has it all. This penthouse features top-of-the-line finishes throughout and 4 bedrooms and 4 and a half bathrooms spread over 3,016 interior and 2,764 exterior square feet, offering the perfect layout for indoor and outdoor living and entertaining. The elegant modern interior boasts high ceilings, fumed oak herringbone floors, multi-zoned heating and cooling system, and automated electric shades in every room. Upon entering the apartment, you are greeted by an abundance of natural light through two stunning southwestern facing walls of floor-to-ceiling blackened steel casement windows. The 40.5-foot long great room can accommodate a large seating area and a dining table that could easily seat 20. With access to the terrace, the main living level is ideal for entertaining but also for day-to-day living. The open chef s kitchen boasts Aster Cucine cabinetry with blackened hardware, honed La Rochelle Gris marble countertops, and a suite of Gaggenau appliances including a 5-burner cooktop, convection range, 42"" fridge, wine cooler and microwave drawer. All is accentuated by an oversized 12-foot center island and bar with seating for four. The primary bedroom suite is generously scaled and outfitted with a large custom Henry Built closet and a 5-fixture marble clad bathroom with double vanity, a deep soaking tub and walk-in glass-enclosed shower, and a floor-to-ceiling inset medicine cabinet with brass accents. The bedroom opens onto the terrace with views of One World Trade. Off of the main hall is a guest bedroom with en-suite bathroom, a powder room, a vented laundry room, and a pantry. Up one flight of stairs are two additional bedrooms with en-suite bathrooms and another wrap terrace. The bathrooms feature nickel hardware, tundra gray honed marble, oak vanities, and basalt porcelain tiles. Built in 2016, 51 Jay Street was designed by the acclaimed architecture firm ODA. The building has 75 units over 7 floors. Amenities include a full-time doorman, package room, cold storage, a fitness and yoga room, children s playroom, rooftop terrace with grill and fireplace, landscaped courtyard, bike storage, and pet wash. 421a tax abatement expires in 2033. An indoor parking space at 205 Water Street (around the corner from 51 Jay Street) will convey with the unit as well as a storage unit. The common charges for the parking space are $80 per month, and the annual taxes are $794."
Property Information
Lot Size
0 sqft square ft
Property Type
Residential-Condominium
Year Built
--
MLS Number
--
Location
Address
51 Jay Street
City
Brooklyn
State
NY
Zip Code
11201
County
KINGS (NORTHWEST)
Listing
Provider
Name
Phone
(917) 744-3435
Office Name
Office Phone
Agent Name
Joshua Wesoky
Agency Phone
(646) 586-8268

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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.