Wednesday, March 16, 2016

The Buschenschank Building At 320 Court Street Back On Market With Suggestion To Turn Into 1-Family

Listing for 320 Court Street on Trulia

Exactly a year ago, restaurateur James McGown, tried to sell off  several of his Brooklyn properties at a "pre-foreclosure" auction held at the  Brooklyn Marriott Hotel.

Included in the March 2015 auction was the three-story brick corner property at 320 Court Street, which houses McGown's Buschenschank, a "farmhouse style tavern inspired by the Alto-Adige region in Italy" and the Ratskeller, an illegal private events space in the basement.
The estimated value of the building, according to the offering, was $9.4 million. The description stated that the storefront was owner-occupied and would be delivered vacant.

However, the auction did not go as planned and several properties failed to get any offers.
320 Court Street only received one bid for $3.8 million. McGown, obviously disappointed, released a statement saying that he was "reconsidering the sale process."

Now, twelve months later, the "Bankruptcy Baron" as he has been called in the press, has obviously come up with a new approach.  He is offering the Buschenschank building for the slightly reduced price of $7,200,000.  
A PMFA reader sent us the link to the listing on Zillow just yesterday. 
Strangely, the listing suggests turning the 6,000sqft 4 bedroom, 4 bath building into "a one family home.
"It seems like a weird suggestion for that building," wrote the reader.  
I agree, especially since the second floor has also been used as commercial space and currently houses Lift, which offers floatation pods for restricted environmental stimulation therapy

Do you think McGown will get his asking price this time?  How about the idea of turning the building into a one family home?


Anonymous said...

If I'm buying a 7.2 million dollar home, I'm buying 393 Clinton Street over this eyesore.

Anonymous said...

McGown, not McGrath (last sentence).

I don't know, if you can get $100 psf NNN for the ground floor, that's worth $4,000,000 alone, and then the upper floors you could probably get $5k/month for each, so that's worth maybe another $2 million? So it's getting closer to a realistic value, but still too high.

And god help whoever signs a contract with this guy.

Anonymous said...

He is really unrealistic, and pretty crazy.

Anonymous said...

The apartments in the building were just listed for rent, one was a full time airbnb the last year or so

Katia said...

Those are actually lovely apartments. the description says that they are "located on the 3rd floor of a quiet walk-up on the corner of Court st and Sackett st.".
I would not call this a quiet building, given that Buschenschank is right below.

Nancy said...

Does the contract include all the beer you can drink?

Anonymous said...

While the building was listed as being "in contract" about a month ago, I now notice, that it is listed as being Back On The Market now and that the asking price has been reduced to $6.5M.
There are so many outstanding DOB violations on the building I imagine it might be hard to find a buyer for it.

I think it would be totally possible to make it into a single family home, the question is, does anyone want a home of that size and cost right on Court Street?

Katia said...

is it still listed with the same realtor?

I honestly think that it only would appeal as an investment property or if you are a restaurateur and want to live right above your eatery. Def not as a residential 1 family home.

Anonymous said...

Yes. It is currently listed with the same brokerage firm.
On the surface it is a great building in a great location. Of course, I have no idea what kind of illegal renovations have been done. From what I have heard of how Mr. McGown operates, I would imagine there are a lot. Alsi, the amount of outstanding violations and fines might be daunting for most reasonable, responsible and law abiding citizens.

Anonymous said...

I thought people would appreciate seeing the newest Grade for Buschenschank:

Current Grade

Grade Pending
Inspected on
More Information
How We Score and Grade
Graded Inspections
Date Points
07/13/2016 19
06/10/2015 7
01/21/2015 13
07/11/2014 10
10/03/2013 48
Ungraded Inspections
Date Points
06/02/2016 17
01/09/2015 21
05/30/2014 n/a
05/30/2014 43
11/29/2013 n/a
11/21/2013 n/a
11/06/2013 11
08/26/2013 45
Violations recorded in the following area (s) and a Notice of Violation issued at the reinspection conducted on 07/13/2016.
"Critical" violations are displayed in red.
Violation points: 19
Sanitary Violations
1) Evidence of mice or live mice present in facility's food and/or non-food areas.
2) Filth flies or food/refuse/sewage-associated (FRSA) flies present in facility’s food and/or non-food areas. Filth flies include house flies, little house flies, blow flies, bottle flies and flesh flies. Food/refuse/sewage-associated flies include fruit flies, drain flies and Phorid flies.
3) Food not protected from potential source of contamination during storage, preparation, transportation, display or service.
4) Facility not vermin proof. Harborage or conditions conducive to attracting vermin to the premises and/or allowing vermin to exist.
5) Plumbing not properly installed or maintained; anti-siphonage or backflow prevention device not provided where required; equipment or floor not properly drained; sewage disposal system in disrepair or not functioning properly.

© 2016 Google

Katia said...

Amazing that this place is still in business.

Anonymous said...

I know, right?

Anonymous said...

This is kind of interesting….