Another $2 Million Deal on Cambridge Place


Wow. After less than three weeks on the market, 91 Cambridge has gone into contract at “well over $2 million,” according to The Local, which spoke with Douglass Elliman broker Jerry Minsky about the deal. As you may recall, Minsky sold 87 Cambridge at the end of last year for $2,160,000. Number 91 had been asking $2,050,000. “It’s the $2 million block,” Minsky told the New York Times blog. “I made $4 million worth of sales in three months here.” Amazing. Does this say something larger about the desirability of houses in Clinton Hill in general or are these two architecturally distinctive houses exceptions to the rule?
Another $2M-Plus Sale Puts Cambridge Place on Brokers’ Map [The Local]
Clinton Hill Townhouse Fetches Near-Record $2.16M [TRD]
House of the Day: 91 Cambridge Place [Brownstoner]

48 Comment

  • The Minsk can sell his ass off. Like 50 Cent, he can “take quarter water and sell it in bottles for two bucks”. Like Jay-Z, he can “sell ice in the winter, sell fire in hell… He’s a hustler baby, he’ll even sell water to a well”

    If you ever see one of the Minskster’s listings.. just know that you’ll be paying through the nose.

  • The Minsk can sell his ass off. Like 50 Cent, he can “take quarter water and sell it in bottles for two bucks”. Like Jay-Z, he can “sell ice in the winter, sell fire in hell… He’s a hustler baby, he’ll even sell water to a well”

    If you ever see one of the Minskster’s listings.. just know that you’ll be paying through the nose.

  • minard

    wow! That is impressive.
    It is a very pretty block but nevertheless the two sales are surprising.

  • DIBS – LOL I saw the headline and thought the exact same thing….

  • expert_textpert

    uuuuugggggghhhhhh!
    I just tried to post a comment and it’s being held.
    WHY????????? I disguised the ef word.
    Prolly cause I used the word ‘ghetto’ in conjunction with Clinton Hill. That I guess, is a no no around here.

  • expert_textpert

    Here’s what typed (more or less)

    Wowzer!
    I told hubby to buy 15 years ago after graduating from Pratt when it was still the ghetto.

  • Expert_Textpert
    I guess your Husband is no housing expert. :)

  • I LOVE CAMBRIDGE PLACE!!! I’ve made offers on 3 houses on this block over the past year and every one has gone for over ask.

  • expert_textpert

    “Does this say something larger about the desirability of houses in Clinton Hill in general or are these two architecturally distinctive houses exceptions to the rule?”

    I don’t know. But I can say that I’ve been looking at listings for years cause of my voyeuristic nature and I’ve noticed that real estate prices in the last 12 years have skyrocketed. Houses in many nabes have tripled and quadrupled in price.
    Is this the normal price cycle of real estate in NYC?

  • callalily

    It’s a gorgeous house with historic details and up-to-the minute high-end kitchens and baths in move-in condition. Of course it sold quickly for top dollar. Have you seen the utter crap that is the usual NYC real estate inventory at all price points? Developers should pay attention. Maybe they should even offer bedrooms with space for queen beds.

  • callalily

    It’s a gorgeous house with historic details and up-to-the minute high-end kitchens and baths in move-in condition. Of course it sold quickly for top dollar. Have you seen the utter crap that is the usual NYC real estate inventory at all price points? Developers should pay attention. Maybe they should even offer bedrooms with space for queen beds.

  • callalily

    Texpert, yes, this is the new normal cycle real estate in NYC and the Bay Area. Sometimes it takes a momentary dip but the overall trajectory is up up up. If you own your apartment, you should do OK. NYC real estate has been unnaturally depressed for years because of structural disinvestment and white flight. The ’70s through the early ’90s were the aberration. The condo/coop boom also created a residential (not commercial) market where none existed before.

    • expert_textpert

      I know real estate in NYC goes up up and up and will continue to do so. BUT 3x the price in about 10 years? Is that normal? Will that be the norm? or have we hit a high and things will be leveling off for years to come and not see major increases?

  • expert_textpert:
    Good Idea Crown Heights . Long term good $$$$ to be made

  • expert_textpert:
    Good Idea Crown Heights . Long term good $$$$ to be made

  • callalily

    Does hubby not want to own anything at all? I had that problem, thankfully we parted ways.

  • wasder

    they are very special houses that is no doubt, plus the block of Cambridge is really nice and quiet. And hats off to Jerry Minksy–the guy has been selling real estate in this area for a long time and he seems to have the formula down. This part of Clinton Hill is exploding with new developments, new businesses and amenities, and now new heights of sale prices. I am happy.

  • E-T – For anyone to actually know the answer to your question, they’d have to have the proverbial crystal ball…

  • wasder

    Mopar makes a good point about the historic depreciation of real estate in NYC through the 70s and 80s but also ET is spot on that things can’t possibly continue to appreciate at the rate that they have over the past decade either. Certain neighborhoods might continue to appreciate but its hard to imagine the top end neighborhoods doubling again for a while.

  • minard

    The increase in home values in brownstone Brooklyn over the past 15 years is really stunning. I don’t think there is any other city in the whole country that is comparable.
    My feeling is that Brooklyn went from being someplace tacky and cheap, where no one (who was anyone) wanted to live, to a place that became increasingly fashionable and desirable. At some point the shame of saying you live in Brooklyn evaporated and then it became something pretty cool. Older people in Manhattan still think Brooklyn is the distant land of the great unwashed but they are behind the times. Anyway, this change in cachet happened fairly quickly. Additionally, old race barriers started coming down and it was no longer considered impossible for person of one race to move into a neighborhood with people of different races. This was really a big deal in NYC, which even through the 1990′s was a place as strictly and carefully segregated as any on the planet. The last 15 years have been extraordinary for Brooklyn and for NY.

  • more4less

    Not saying I’m representing a trend but BK priced me out so I’m moving back to Manhattan. All else being equal, I like BK more but BK too pricey now

  • callalily

    ET, prices in the “cheaper” border neighborhoods such as South Slope and Clinton Hill have been rising quickly even through the downturn. Nothing is certain, but I would not be at all surprised if Bed Stuy doubles, Sunset Park goes up by a third, and Bushwick triples in price over the next decade.

  • callalily

    Note the house on the far right is identical except for its REPLACEMENT WINDOWS, which ruin its look. Think about how much value they lost by putting in replacement windows. Several hundred thousand at least would be my guess.

  • wasder

    Mopar that is exactly what I am saying. This Cambridge sale, plus others in Southeastern Clinton Hill, show that this neighborhood has continued to appreciate through the downturn. Bed Stuy certainly has a bunch of upside, as does Bushwick and Crown Heights. Hard to imagine that the Slope or the Heights has the same percentage of upside, though certainly they should retain their value and are “safer” during future downturns.

  • callalily

    Wasder, I agree percentage increases will be higher in neighborhoods coming off a lower base, such as Bed Stuy. But I wouldn’t be so sure the already very expensive neighborhoods won’t continue to climb. Look at Manhattan. No end in sight. We’re still underpriced compared to London and Tokyo ;)

  • callalily

    Expert, I know you’re looking in Crown Heights and not Bed Stuy, but I saw a cute open house this weekend at 682 Decatur St. Details included stained glass, Eastlake style moldings, and slate fireplaces (painted over). Upper rental, lower owner duplex (possibly the original setup). More cute than grand. The whole thing was in ok condition — not a flip, but needs work. Unfortunately, they changed the flooring in most of the house. Unless there are structural problems I didn’t see, you could spend $15,000 to bring the rental up to snuff, then later re-do your own kitchen and baths at your leisure. (I’d redo the rental kitchen and relocate the kitchen entry to the hall, closing up the original side wall and re-doing the floor, so the renters could use the middle room as a bedroom if they wished and have a dining room and living room.) The electrical was upgraded but the plumbing was not. Backyard covered in cement block but easily fixed. They’re asking $499,000 but I’d imagine they’re flexible. Pierre Louis at Century21.

  • callalily

    Expert, I know you’re looking in Crown Heights and not Bed Stuy, but I saw a cute open house this weekend at 682 Decatur St. Details included stained glass, Eastlake style moldings, and slate fireplaces (painted over). Upper rental, lower owner duplex (possibly the original setup). More cute than grand. The whole thing was in ok condition — not a flip, but needs work. Unfortunately, they changed the flooring in most of the house. Unless there are structural problems I didn’t see, you could spend $15,000 to bring the rental up to snuff, then later re-do your own kitchen and baths at your leisure. (I’d redo the rental kitchen and relocate the kitchen entry to the hall, closing up the original side wall and re-doing the floor, so the renters could use the middle room as a bedroom if they wished and have a dining room and living room.) The electrical was upgraded but the plumbing was not. Backyard covered in cement block but easily fixed. They’re asking $499,000 but I’d imagine they’re flexible. Pierre Louis at Century21.

  • East New York

    “My feeling is that Brooklyn went from being someplace tacky and cheap, where no one (who was anyone) wanted to live, to a place that became increasingly fashionable and desirable. At some point the shame of saying you live in Brooklyn evaporated and then it became something pretty cool.”

    **

    That’s pretty insulting stuff to us Brooklyn natives, who have long included everything from judges to celebrities to some of the world’s greatest historical figures. I’m sure many self-absorbed and ignorant people, who also happen to have a lot of money, have recently begun to think of Brooklyn as “cool.” I guess that’s obvious. But the real cool people are the ones who have known of Brooklyn’s many charms for decades, and aren’t just now making a lot of noise about it.

  • mopar, how is that area way over there on Decatur?

    • callalily

      Slopette, we like it. I like our neighbors, the pretty houses, community gardens, library, and Saratoga park. It’s convenient to the J, and there are some good grocery stores at the Halsey and Chauncey stops. For fine dining, we go to Stuy Heights and other nearby spots in Bushwick, Prospect Heights, and Williamsburg.

    • callalily

      Slopette, we like it. I like our neighbors, the pretty houses, community gardens, library, and Saratoga park. It’s convenient to the J, and there are some good grocery stores at the Halsey and Chauncey stops. For fine dining, we go to Stuy Heights and other nearby spots in Bushwick, Prospect Heights, and Williamsburg.

  • Havemeyer

    All I gotta say is, nice you can spend that much on a house. Now, support your local schools. Even if young Harper and Moses have to go to St. Anne’s because, you know, it’s just like that? Support your local schools.

  • Havemeyer

    All I gotta say is, nice you can spend that much on a house. Now, support your local schools. Even if young Harper and Moses have to go to St. Anne’s because, you know, it’s just like that? Support your local schools.

  • callalily

    Heather, if I see a house that is in move-in condition and nicer than your apartment, I will email you asap. Of course, impossible to find a house nicer than your apt :)

  • callalily

    I mention the fixer-upper to Expert because she’s an interior designer and so these things would be like nothing for her. The owner’s duplex has two full baths, which would ease renovations a bit. (The downstairs one has a shower. The upstairs one has a bidet!)

  • callalily

    I mention the fixer-upper to Expert because she’s an interior designer and so these things would be like nothing for her. The owner’s duplex has two full baths, which would ease renovations a bit. (The downstairs one has a shower. The upstairs one has a bidet!)