Eye On Real Estate
By Lore Croghan
Brooklyn Daily Eagle
Fire. Foreclosure. Eviction.
Awful afflictions, all of them.
They have left their mark on prime properties in sought-after Brooklyn neighborhoods, a stamp still visible in certain spots though our post-recession real estate markets get more prosperous by the minute.
Here is one such building which seems like it has “Rescue Me” written all over it.
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Mehran Shahravan and his fellow investors bought 11 Van Buren St. for a fire-sale price. We're not talking metaphors here.
A fire two years ago left the yellow Bed-Stuy house with the mansard roof uninhabitable. There's a full vacate order from the city Buildings Department.
They bought the scorched property last summer for $185,000 through 245 New Jersey Avenue LLC, city Finance Department records indicate. The seller, Danielle Williams, had paid $640,000 for it in 2006.
The purchasers haven't started renovation or filed any plans with the Buildings Department. What's the hold-up? It's not in a Bedford-Stuyvesant historic district, so they don't have to seek the Landmarks Preservation Commission's approval.
The place looks awful, we told Shahravan. “I know,” he said.
“We still don't know whether we will knock it to the ground or renovate,” he explained.
The buyers haven't done their decision-making because they've been busy with other metro-area projects. They do want to start work on the Van Buren Street house in two or three months, he said.
If they decide to renovate, they will spend at least $200,000, maybe $250,000 to $300,000, for the two-family house's fix-up, he said.
If they go for demolition, they can build either a two-family or a three-family house.
Whether it's a rehab or something brand-new, “it will definitely be a beautiful building,” he pledged.