Clinton Hill Brownstone Sale Sets Record While Bed Stuy House Reduces Price

105-CAMBRIDGE-PL

A Clinton Hill brownstone at 105 Cambridge Place closed yesterday for $3,100,000, or $875,000 over the original asking price of $2,275,000, a spokeswoman for the real estate firm handling the listing, CORE, told us. The sale price set a record as did the square foot price, $861, according to the firm. It was a House of the Day in July.

“As potential homebuyers find themselves priced out of New York City properties, this information ties in perfectly to a trend the industry is currently seeing, regarding the increasing popularity of Brooklyn listings, particularly townhouses,” she said.

The house was in good condition but needed some updating, according to the listing. It features a grand parlor floor with ornate plasterwork ceilings and cornices. There were nine offers at or above ask almost immediately following the single open house, said CORE. Curbed was the first to report the sale.

Meanwhile, other nearby houses have reduced their asking prices. Just down the street at 86 Cambridge Place, the sellers slashed their ask by $1,200,000, as we reported yesterday. Previously priced at $4,495,000, the freestanding Greek Revival-Italianate house with a garage is now asking $3,295,000.

To the east in Stuy Heights, a house at 260 Decatur that was a HOTD in August reduced its ask from $2,000,000 to $1,850,000. A number of commenters on the HOTD thread said they thought it was overpriced.

Photos by CORE

6 Comment

  • 86 Cambridge is located in Clinton Hills and had a large price reductions so its odd that the article headline singles out the Bed Stuy house with the reduction–

  • I tend to be bullish on Brownstone Brooklyn but this kind of steep price increases, 20 to 30% in one year speaks to a bubble. I’m inclined to say this would be a good time for potential buyers to cool their heels and wait 6 months to a year to see where this is going.

  • The real estate company spokesperson’s comment that “as potential homebuyers find themselves priced out of New York City properties” they buy in Brooklyn shows that she has the Manhattan-centric misperception that Brooklyn is not part of New York City. But in any case prices reaching $3.2 million are pricing a huge number of people out of much of Brooklyn as well.

  • Does anyone have more info on the Cambridge Place sale? To the best of my knowledge this is a record breaking price by a wide margin for a fixer upper. It seems like there’s a bigger story there potentially.

  • It’s been a while since I’ve been in this house, but, as I recall and to my current knowledge, it is far from a fixer-upper.