House of the Day: 110 Lefferts Place
The case of 110 Lefferts Place exemplifies why house-flipping can be a tricky business. The current owner paid $950,000 for the five-story brownstone (which is “not in move-in condition,” according to the listing) last August, suggesting he probably went into contract in May or June. He put the house back on the market in January…
The case of 110 Lefferts Place exemplifies why house-flipping can be a tricky business. The current owner paid $950,000 for the five-story brownstone (which is “not in move-in condition,” according to the listing) last August, suggesting he probably went into contract in May or June. He put the house back on the market in January for $1,100,000, which would have been enough to earn a good return on his equity given that he had managed to finance more than $900,000 of the original purchase. Just last week however, the price was cut to $950,000, meaning that with the broker’s fee, his equity will be wiped out. This stuff always sounds good on the way up.
110 Lefferts Place [Corcoran] GMAP P*Shark
11.17 am here, I meant to say it is not public housing, just a normal apartment building.
I agree with you Putnamdenizen, the house being renovated on the Classon to Franklin block, one of the ones that faces sideways on the lot (probably predates the current street layount) looks great – they’re doing a fantastic high quality renovation from the looks of it – such a unique place too.
Putnam Denizon, no, that building on the corner of Lefferts and Classon (the only modern looking building on the street, is public housing, it is just a normal apartment building.
No, I am talking about a multi-story apartment building on one of the corners – I think on the corner of Clason and Lefferts. But maybe I am imagining it… In any case I would be the last to suggest that a small housing project (of which there are many sprinkled here and there on the Clinton Hill/Bed-Stuy border) destroys a street.
Putnamdenizen I think you are talking about 161 Lefferts Place; they are doing a beautiful job — that house is a mansion on a double lot with a huge wrap-around garden. It was ready for demolition and the new owners have saved it from the wrecker’s ball. Very unusual; there can’t be many properties like this in all of brownstone Brooklyn. The block has great potential and clearly some people think it is worth investing in for the long term.
5:14: Not that it is really important, but isn’t that brick building right across from the aforementioned hotel a small public housing project? In any case it certainly has a different character than some of the other houses. I’d walk over and remind myself, but it really doesn’t change my over-all view of the street – it is a cute street (much prettier than my block of Putnam), but can feel a bit cut-off from everywhere else. I like the house which was undergoing renovation over there – I think on the Classon-Franklin block which sits sideways on its lot. Kinda mysterious.
Correction it sold in August, not November 8/7/2007 for 950K.
I was shown this building in July 2007 from the previous owner who bought it for $435K on 2/23/2006. The owner was asking $850K at the time, which considering the condition (a complete gut) and market I didn’t think it was going anywhere for a while. The previous owner said he removed the SRO and put it back on the market. When I saw it sold in November for 950K, I was shocked. That’s how you flip. Who the hell knows what the current owner was thinking.
I live nearby and Lefferts Place is just about my favorite block in the neighborhood. It’s quiet and tree-lined with beautiful architecture. There are plenty of hidden gems (Kush!) on Fulton to go along with the boarded up store fronts.
I agree the block between St James and Grand is the nicest.