Bed Stuy HDFC Co-op With Three Bedrooms in Need of Reno Asks $300K

This unit in an 1890s Bed Study flats building has a spacious layout and windows in every room, but a buyer will need to meet the income restrictions, be able to pay in cash, and have enough funds for a thorough renovation. An eight-unit walk-up building, 388 Halsey Street has been an HDFC (Housing Development Fund Corporation) co-operative since the 1990s.

When new, the building’s advertising hook for rentals was that appeal of windows in every room, the lack of an airshaft, and tiled halls and bathrooms. Owner C. Hagedorn filed plans for the building by architect Henry Vollweiler in 1897. Vollweiler, a German immigrant, set up his own practice after working with Theobald Engelhardt and designed other flats buildings, row houses, and theaters in Brooklyn.

This third-floor unit has high ceilings, wood floors, moldings, paneling, and built-ins. With seven rooms, it also has a flexible layout thanks to the aforementioned windows, which face a neighboring building. A long hall leads from the living room at the front of the unit to the kitchen at the rear. Next to it is another large room, originally intended as a dining room. In the center of the apartment are three smaller rooms configured as bedrooms, each with a window, closet and door to the hall.

Presumably plumbing and electrical upgrades are needed along with a new kitchen, including appliances. The kitchen and some of the bedrooms have worn tile floors in need of replacement.

The bathroom has a claw-foot tub, and could use a riser and ring to replace the shower head that was awkwardly cut into the window frame. The floor isn’t visible in the listing photo.

The listing stresses the sale is “as is” and cash only as the unit will not qualify for financing. (Though it’s worth asking if a construction loan might qualify.) Potential buyers will only be allowed to view the unit after making an offer and having a board application accepted.

Current income restrictions for the unit are $64,746 for households of one and two and $75,537 for households of three or more. Maintenance charges are $700 per month.

Adam Sikorski and Jesse Ramos of Compass have the listing and it is priced at $300,000. What do you think?

[Listing: 388 Halsey Street #5 | Broker: Compass] GMAP