Another Big Sale in Bed Stuy


Are you still reeling from that $2.2 million sale at 254 Gates Avenue? Well, here’s another big one. A HOTD pick this January, 266 Clifton Place just closed for $1.6 million in an all-cash deal. It worked out to $620 per square foot. The house, asking $1,675,000, looked like it was in move-in condition. Commenters seemed to think they’d get the price. Douglas Elliman’s Jerry Minsky represented both buyer and seller, and he’s known for pulling in eyebrow-raising prices in Clinton Hill. Looks like we can come to expect similar selling prices in Bed Stuy now, too. GMAP
House of the Day: 266 Clifton Place

24 Comment

  • expert_textpert

    “Looks like we can come to expect similar selling prices in Bed Stuy now, too.”
    :-(

  • dnk

    And good portion of that block is fedders and crapola. As for pricing/value, buyers would be better off looking in east Bed Stuy: much better stock, more affordable.

  • srsqualms

    It’s so pretttty. Sigh.

  • stuyheightsarch

    At the end of the day you have to say this man gets his prices…
    This house would have been 700k 5 years ago…

  • waiting for a thread on 372 Washington

  • I forgot that it was only 3 floors. Wow, price is really amazing. Would love to have my cellar look like that. Would love to know who did the work!

  • This is nothing to celebrate. One more hood becoming newly unaffordable for lower income people. It won’t be too long before NYC as a whole is an option for the wealthy only.

  • Havemeyer

    I don’t really… I guess maybe the numbers work? It’s a nice renovation? Is that cellar bathroom legal?

    It’s just, for $1.6 MM, were I to have a rental tenant, I’d want more space for my family. I’d want another floor. This is well-done, but it’s small. It’d be a great single family house… but it’s not one.

  • I remember when agents looked at me like I was crazy for asking to see property in East Bed-Stuy around Ralph and Halsey in 2010. They kept shoving Williamsburg down my throat and we stuck to our plan to buy in Stuyvesant Heights. I like the idea that Stuy Heights, or Stuyvesant East will never be Williamsburg in terms of the clutter, Bushwick will take care of that. It will always be a residential neighborhood with amazing architecture. The poor architecture was another reason I did not like Williamsburg. To me it feels like my home is far enough from the main avenues that when they flourish, we will still have a quiet block. In two years I have seen so many great things happen here that the agents would have never thought possible.

  • I’m going to start referring to Bed Stuy as The Bubble.

    • that’s probably going to confuse a lot of people.

    • Interesting point of view brooklyn-architect, but if we look at Fort Greene, Williamsburg, Park Slope, Clinton Hill, Dumbo, the same could have been said of these places years ago and they are doing just fine. I think Bed-Stuy was under valued and is coming on par with other places that share similar architectural integrity and subway amenities, not over valued by any means, it is still relatively inexpensive here. When you look at what places are going for in Fort Greene for just a condo, Bed-Stuy hardly seems like a bubble market. The only thing that will burst here is crime and blight. I don’t think these prices are inflated for our NYC micro market.

  • How does that work, being both the buyer’s and seller’s broker? Seems like a conflict of interest. He would more than likely be favoring the seller. What’s he going to do? Tell the buyers the price is too high? “Hold out, I know the broker…he’ll cut you a deal!”

  • Yeah, the buyer is basically unrepresented in this case. It doesn’t seem to matter as much in NYC, where you are represented by your attorney who does the contract, than in other places where the real estate agents negotiate the contract. I bought this way, back when Brooklyn was still the province of the smaller real estate shops, before the big Manhattan firms that belong to REBNY moved in, and many (or most) of those little shops didn’t co-broke with other brokers, so I, like many, wasn’t represented by any real estate agent. (I wouldn’t want to do that again, in hindsight, as there were some things a GOOD real estate agent would have negotiated for me, and I emphasize GOOD because not all are good, but just humanly motivated by wanting the sale to go through so they get paid their commission. And a REALLY GOOD one would have steered me away from buying in that building at all, but hey, my lawyer tried, but I was so far into it by the time she got involved – accepted offer, inspection – that I didn’t listen to her.) It doesn’t mean the agent represents both sides, it just means the agent collects both halves of the commission while the buyer is unrepresented.

  • daveinbedstuy

    Well, other than agreeing on a price, there’s no further interaction that’s really required. After that it’s up to the lawyers and the inspector.

    it’s not all that complicated and done more often than most people rrealize.

    besides, in a case like this, the broker is motivated to be expedient and get the deal done as he doesn’t split any commission.

    Maybe not for the first time buyer but most seasoned buyers will have no problem.

  • @ dnk ‘And good portion of that block is fedders and crapola”

    I live on this block and that statement is not even remotely true.
    There is 1 occupied and well maintained fedders building and 2 run down houses that are now in the process of being renovated .
    There’s only 1 building that’s unoccupied and crappy that I wish would change, word on the street is that there’s some dispute between owners going on.

    The vast majority of the block is very well maintained, owner occupied brownstones. In fact the side of the block that this house is on is entirely brownstones from Bedford until the very last building adjoining Nostrand.

    I think the price is pretty crazy, although I’d personally rather this over a million + maintenance for those new fort greene condo’s . With the rental income , monthly costs are less for this house.

    Also, I will say that the sellers put A LOT of work into the renovation , almost 2 years worth I think.
    And it’s great to see this kind patience and thoughtful renovation being rewarded.

    We’ve lived here for 18 months after almost 10 years of bouncing around Brooklyn, and it’s by far the friendliest place we’ve lived.
    The neighbors both old and new truly create a very warm atmosphere.
    It’s very quiet too.

    So, I have no doubt the new owners will be made to feel very much at home, no matter what price they paid.

  • that whole beautiful reno and they couldn’t replace that cheapo fanlight home depot front door?

  • This is clealry the same developer as 262 Clifton which sold a few houses down for 1.2 million back In 2011.. Great work, trendsetting prices for the area.