NOT LISTED FOR SALE

Estimated Value: $1,581,000 - $1,767,000

5 Beds
3.5 Baths
3,600 Sq Ft
$473/Sq Ft Est. Value

Last Sold June 17, 2024

Last sale price $1,700,000 $472 Per Sq Ft

Est. 4% increase in value since last sale

Current estimated payment $10,097/month

133 Days on Market

About This Home

As of June 2024

Upon walking up to 551 Madison, your eyes are drawn to the dog-legged front stoop that still has its original metal work and handrails. Your eyes then notice the height and presence of the structure, and see that the whole tree lined block is full of well kept brownstones.

Measuring in at 20x 45 on a 100 foot lot with an extension on the rear of the garden level, this property is full of intact original details that have been preserved throughout the years. The home features original wood details— hardwood floors, moldings, decorative mantles, pier mirror, window shutters, and wainscoting.

The parlor floor is perfectly situated for grand entertaining with its high ceilings, and rear windows overlooking the garden. This is also where you will find an abundance of detail, particularly the pier mirror with such beautiful crown molding. Wainscoting follows up the steps to the higher levels where you will find the rental units. The legal use is a two unit, being used as a three, but an ideal setup here would be a triplex over a garden rental, or two double duplexes. It’s all up to you.

This block is full of delightful neighbors, where their smiles and good mornings will warm you daily. Also steps to cafes, restaurants, groceries, and a quick walk to the A express train at Utica.

Last Agent to Sell the Property

Sean Henry

Compass License #10301215382 Listed on: 07/29/2023

Compass

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $5,700

Year Built

  • Built in 1931

Lot Details

  • Lot Dimensions are 20.000000x100.000000

Interior Spaces

  • 3,600 Sq Ft Home
  • 3-Story Property

Bedrooms and Bathrooms

  • 5 Bedrooms

Utilities

  • No Cooling
  • No Heating

Community Details

  • No Home Owners Association
  • 3 Units
  • Bedford Stuyvesant Subdivision

Listing and Financial Details

  • Legal Lot and Block 82 / 01640

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$5,700

Year Built

Built in 1931

Lot Details

0

Listing Details

  • Property SubType: Multi Family
  • Property Type: Residential
  • Neighborhood: Bedford-Stuyvesant
  • Entry Level: 1
  • Structure Type: Multi Family
  • ResoPropertyType: Residential
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Stories: 3

Interior Features

  • Fireplace: No
  • Living Area: 3600.0
  • Living Area Units: Square Feet
  • Rooms (Total): 8

Beds/Baths

  • Full Bathrooms: 3
  • Half Bathrooms: 1
  • Bathrooms Integer: 4
  • Bedrooms: 5

Garage/Parking

  • Garage: No
  • Attached Garage: No

Utilities

  • Laundry Features: See Remarks
  • Cooling: No
  • Heating: No

Condo/Co-op/Association

  • Common Charge/Maintenance Fee Frequency: Monthly
  • Association: No
  • Common Interest: None
  • ResoAssociationFeeFrequency: Monthly

Lot Info

  • Lot Size Units: Square Feet
  • Lot Size Dimensions: 20.000000x100.000000

Building Info

  • New Construction: No
  • Units: 3
  • Total Stories: 3
  • Year Built: 1931

Rental Info

  • Furnished: Unfurnished

Tax Info

  • Tax Block: 01640
  • Tax Lot: 82
  • Tax Annual: 5700.0

Multi Family

  • Building Area Units: Square Feet

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Jul 29, 2023
Closed on
Jun 17, 2024
Sold by
Charles Albertha and Charles Joseph Catherine
Bought by
Burke David and Scruggs Donnie L
Seller's Agent
Sean Henry
Compass
List Price
$1,999,000
Sold Price
$1,700,000
Premium/Discount to List
-$299,000
-14.96%
Views
265
Current Estimated Value
$1,762,985

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$62,985
Avg. Annual Appreciation
3.16%
Original Mortgage
$700,000
Outstanding Balance
$692,917
Interest Rate
7.02%
Mortgage Type
Purchase Money Mortgage
Estimated Equity
$1,070,068

Purchase Details

Closed on
Oct 8, 1999
Sold by
Joseph Catherine
Bought by
Charles Albertha and Joseph Catherine

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$4,128
Interest Rate
8.21%
Mortgage Type
Commercial
Source: Public Records

Range of Values:

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Burke David $1,700,000 --
Charles Albertha -- Online Title Agency
Charles Albertha -- Online Title Agency
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Burke David $700,000
Previous Owner Charles Albertha $3,271
Previous Owner Charles Albertha $4,128
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
06/17/2024 06/17/24 Sold $1,700,000 -5.5% $472 / Sq Ft
03/08/2024 03/08/24 Pending -- -- --
01/02/2024 01/02/24 Price Changed $1,799,000 -10.0% $500 / Sq Ft
10/26/2023 10/26/23 For Sale $1,999,000 -- $555 / Sq Ft
Source: Real Estate Board of New York (REBNY)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $5,886 $66,420 $10,200 $56,220
2024 $5,886 $63,480 $10,200 $53,280
2023 $5,717 $58,200 $10,200 $48,000
2022 $5,325 $47,640 $10,200 $37,440
2021 $5,743 $36,780 $10,200 $26,580
2020 $5,743 $30,720 $10,200 $20,520
2019 $5,108 $24,420 $10,200 $14,220
2018 $4,782 $23,460 $10,200 $13,260
2017 $6,139 $48,267 $1,976 $46,291
2016 $6,027 $46,748 $2,388 $44,360
2015 $3,741 $43,290 $2,658 $40,632
2014 $3,741 $40,098 $2,954 $37,144
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Real Estate Board of New York (REBNY)

MLS Number: RLS10975963

Real Estate Board of New York (REBNY)

APN: 01640-0082