Residential Sales in Brooklyn

CLINTON HILL $499,00
360 Clinton Avenue
2-bedroom, 1-bath, 850-sq.-ft. co-op in a prewar building; 24-hour doormen; dining area, renovated kitchen, parquet floors; maintenance $560, 35% tax deductible; listed at $499,000, 2 weeks on market (broker: Brooklyn Properties of 7th Avenue)

WINDSOR TERRACE $1,075,000
198 Terrace Place
2-family, 81-year-old brick-sided house; 4 bedrooms, 2 abths, den, whirlpool bath, finished basement in primary unit; 3 bedrooms, 1 bath in other; dining room, eat-in kitchen in each; rear deck,1-car garage; 25-by-85-ft. lot; taxes $3,479; listed at $1.1 million, 2 weeks on market (broker: Aguayo & Huebener)

From the print edition of today's NY Times.

Comments

I'm curious about 360 Clinton Ave. I believe this complex was built to accomodate the WWII overflow of Brooklyn Navy Yard workers and navy officers. It converted to coop in, maybe, the '80s. Is the sponsor/managing agent still Tudor Realty? And does anyone know how well managed the place is and what the community there is like? Back in 1998-99, we sublet at Kingsview Houses on Ashland Pl and Myrtle. It was a great place, if a little up-tight -- there was a slight sense that everybody knew one another's business but you could've eaten your dinner off the lobby floors, they were so spotless. Anyway, although these buildings are certainly not as glamorous as more recent conversions or some new construction, they appear to offer fairly decent value for money and the advantage of a very stable group of residents with long-term neighborhood roots. Also the Clinton Ave location -- while not super-convenient to the subway -- is certainly more choice than Kingsview.

Posted by: Anon at March 2, 2006 12:23 PM

These are spacious apartments in well-maintained buildings at good prices. The issues some people have with them is the distance to the train (apart from the G) and the fact that from the outside some people think they look like projects. I thought the managing agent was Time Equities, but I could be wrong.

There are actually two complexes, one built for officers and one for enlisted men -- the one for officers has bigger windows and I think is closer to the Navy Yard, but I can never remember which is which.

Also, to enter one complex you have to pass through a guard booth in the middle before going to the building of your choice. Some people like this (the mother of a buyer I was out with recently, who was reassured), some don't (the buyer herself).

And some of the apartments are splendid inside, depending on the renovations that have been done.

All in all a good deal I'd say.

Posted by: babs at March 2, 2006 1:16 PM

Actually, the 360 Clinton Avenue Building is not part of the Clinton Hill Co-ops, it actually across the street, which is why it went for the price it did. For whatever reason, the Clinton Hill co-ops are still going for less. I am in the process of purchasing there (at the ones between Myrtle & Willoughby)and I think they're amazing and only on the up and up. No, they are not glamorous, but they are spacious and well-maintained, and are located on beautiful Clinton Avenue, and so close to Dekalb & Ft Greene, etc.

Time Equities does still manage them, and there are some, although infrequent sales from the sponsor. There is a brochure about the coops at http://www.timeequities.com/frame_res.html

Posted by: Anonymous at March 2, 2006 1:49 PM

I know someone who purchased a place in there in the late 90's after having lived in the building for a couple of months as a housesitter. She has always been very happy with her place and the building is generally clean and well maintained. After she purchased she did a bit of renovation and said that both her neighbors and the management were pretty good about the whole thing. I get the sense that there is not a lot of turnover, and that the folks who live there are long time neighborhood residents, not flippers or speculators. Its not a modern building, but if you love the neighborhood and one comes up, I think she'd definitely recommend it.

Posted by: Oh Lord! at March 2, 2006 2:42 PM

Don't forget the incredible city views that the apartments on the higher floors offer. I looked at a 2 bedroom apartment in one of those buildings last year and was so impressed that I made an offer. The broker that showed me the apartment, Holly, owns a one bedroom apartment, on a top floor, with a brick terrace (penthouse??). Apparently they're only 8 or so apartments in the entire development with a terrace.

Posted by: Anonymous at March 2, 2006 3:24 PM

I have lived in the Clinton Hill Coops in a two bedroom for three years now. No, the outside is not glamourous but you can get a real two bedroom for less than anything else in the area and if you are on the upper floors a great view of Manhattan with large windows. There is also 24 security. I could not afford to own a Brownstone but I really enjoy being in such a beautiful neighborhood full of them.

Posted by: Anonymous at March 2, 2006 4:32 PM

Time equities is the sponsor. MGRE is the managing agent. There are a couple two bedrooms on corcoran right now.

Posted by: Anonymous at March 2, 2006 4:38 PM

Right, Time Equities not Tudor Realty (I think they may have changed their name back in early 90s after a bankruptcy and then reformed as TE). I once lived in a TE-sponsored walk-up coop in the West Village. Interesting company with deep roots in NYC RE. I'm pretty sure Francis Greenburger, one of their principals, is one of the people developing the 14 new State St townhouses in Brooklyn Heights/Boerum Hill.

Posted by: Anon at March 2, 2006 4:50 PM

That's correct about Greenburger.

Posted by: Brownstoner at March 2, 2006 5:53 PM

Tudor Realty still exists as well -- don't know what their connection to Time Equities is, if any.

Posted by: babs at March 2, 2006 6:20 PM

The Clinton Hill co-ops are awesome for young families, singles and people with moderate incomes. I also know of older people who have moved there in retirement.

These co-ops have more than doubled in price over the last 5 years or so, but are still an incredible buy, especially for the prime location in the heart of Clinton Hill. I really wish we had bought there when we first moved to the neighborhood 6 years ago. They are the last true bargain in the area. People who feel priced out of the hood should really take a look at these.

The windows are huge and the apartments are well laid-out, many with incredible views. They do look like projects on the outside, but they are amazing inside. And there is a real sense of community in these buildings.

People in the one-bedrooms often convert their apartments into to 2 bedrooms, by putting up a wall to separate the dining room from the living room. So those Corcoran listings may not be true 2 bedroooms.

Posted by: clinton hillbilly at March 3, 2006 11:18 AM

There are currently two real 2 bedroom units on corcoran in the 450-470 range. The converted 1 bedrooms have been going for for about 100-80k less.

Posted by: Anonymous at March 3, 2006 2:50 PM

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March 2, 2006

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