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April 25, 2006

Development Watch: Much Ado on Clinton Avenue

house house
There's lots of action on Clinton Avenue between Gates and Greene right now. The renovated (cheesily, in our opinion) number 443 is finally on the market. After lying fallow for most of the last year, presumably while the owners tried to change the C of O from rentals to condos, the former mansion is divided into several apartments, one of which is a two-bedroom condo asking $589,000. Next door, the former Baptist Church that we discussed at length in February of last year. At the time, it had recently been bought for $2.3 million. The owners cleared out a dumpster or two of debris and then it just sat. Now, it's back on the market asking $4.4 million. The main house has 9,600 square feet and the carriage house has an additional 2,400 square feet. All very interesting.
443 Clinton Avenue Condos [Century 21] GMAP P*Shark
447 Clinton Avenue [Brooklyn Properties] GMAP P*Shark
Sky's the Limit on Church [Brownstoner]
Clinton Hill Mansion & Carriage House [Brownstoner]




Posted by Brownstoner at 11:02 AM | Comments (16)
Categories: Properties

Comments

I've wondered how the developer received landmarks approval for the building on the left. If in keeping with the original structure, it only goes to show that nouveau riche is certainly not a late-20th century phenomenon!!

Posted by: alex at April 25, 2006 12:46 PM

The facade of the building on the left is completely original and quite magnificent. Incredible location too. The inside reno looks like crap though.

I truly hope a quality developer buys the church + carriage house--it has incredible potential for high-end condos. I don't know how they would make any money at that price though...

Posted by: clinton hillbilly at April 25, 2006 12:55 PM

Looks like the DOB "DISAPPROVED" an application to "ENLARGE EXISTING CARRIAGE HOUSE & CONVERT TO CLASS 'A' APARTMENTS..." for 447 Clinton:

link here:

http://tinyurl.com/hdl5q

Posted by: Anonymous at April 25, 2006 1:23 PM

That's too bad re 447 Clinton.

Posted by: Anonymous at April 25, 2006 2:32 PM

How can 447 keep getting sold again and again, no one puts any work into updating it but it keeps getting listed higher and higher? The sky's the limit is right.

I'm glad the DOB rejected the application to expand. It doesn't need to be any larger. It needs to stay the same damn size that it is now. Whoever renovates it, respect the scale of the neighborhood, please.

Posted by: Anon at April 25, 2006 2:41 PM

Absolutely amazing that they keep raising the price, and do nothing. It's now more expensive than the Pfizer mansion, which has provenance, as well as the plus of being in much better shape. That house is going to be sitting there for a while, I just hope it's been made structurally sound and the roof doesn't leak.

Posted by: Crown HeightsProud at April 25, 2006 2:48 PM

One thing for sure is that Clinton Hill currently has some amazing trophy properties on the market, e.g., 447 Clinton, 475 Washington (Pratt mansion) and 282 Washington (Pfizer mansion)! However, the asking prices are astronomical, especially considering the fact that all of these homes require major renovation! Which one sells first?

Posted by: BrownBomber at April 25, 2006 3:22 PM

Any landmarked building that is going to be modified has to go through both the DOB and LPC before work can begin. For this reason, most architects file their plans with the DOB and LPC at the same time, so they can work out the kinks with the DOB while the LPC is piddling with it, rather than waiting nine months for an LPC approval and then spending six months dicking around with the DOB. Most likely, that DOB disapproval is only because they are waiting for LPC to approve it before they (DOB) remove all of their objections.

447 Clinton was presented before the LPC in March and is being sold with approved plans for a carriage house expansion - although it's not much of an expansion.

Posted by: Shahn Andersen at April 25, 2006 3:38 PM

Anyone paying that kind of price for 447 Clinton is going to have to convert it into condos for it to make any financial sense. That's why they are trying to add size to the carriage house - more square footage to sell at $650 a square foot.

Posted by: Shahn Andersen at April 25, 2006 3:41 PM

Century 21 sells in Clinton Hills? Where is that, Boston?

Posted by: Anonymous at April 25, 2006 3:42 PM

You hear people say Clinton Hills occasionally. I bought my house on Putnam thru a Century 21 broker and I was quite happy to accept the extra "s" for a whole lot less cash. The seller's son insisted I was moving into Lafayette Gardens (the name of a project on Lafayette). Perhaps a la Boston I think Putnam Square has a nice ring to it. Or perhaps Bedford Village after the p.s. on Franklin.

Posted by: putnam-denizen at April 25, 2006 3:48 PM

BrownBomber - don't you mean *2*75 Washington Ave (Pratt University-owned, McCoun mansion)?...

And I agree, however you number it, there are some pretty great properties for sale in Clinton Hill right now.

I agree with Ms. Hillbilly, though, that 447 Clinton is really pushing it price-wise for a great condo conversion. At that high a price, it will be a very narrow profit-margin on the conversion, and thus only appealing to a larger developer who will probably botch it. At a lower price, the profit margin might be large enough, but still a small-ish enough project to appeal to a developer - like... I don't know... maybe Shahn? - who would really be willing to put the time and energy into doing it right. Maybe the Brownstoner community should pass the hat and make an offer??!!

Posted by: Mr. Minerva at April 25, 2006 4:03 PM

Clinton Hills is like saying "My Moms" instead of "My Mom.". More slang like I always thought.

Posted by: Anonymous at April 25, 2006 5:28 PM

Did you see this double building on washington and Fulton for 8 millions ??????

http://realestate.nytimes.com/sales/View_Ulisting.asp

Posted by: Anonymous at April 25, 2006 10:18 PM

I tried to put together a group of investors to buy 447 Clinton last year, and the sellers almost accepted our offer of $3.5m, but then they changed their mind while we were waiting for the contract.

We were going to add onto the carriage house, and then sell them both as condos. At $4.4m, and with the plans they are offering that doesn't add much size to the carriage house (they basically went to Landmarks with a conservative plan just to get it approved, rather than something more aggressive that might have been kicked back for revisions), they would need to sell the units at such a high price they would be in the range of the Greenehouse Condos. Sigh. I couldn't get anyone to invest at that price...

Posted by: Shahn Andersen at April 25, 2006 10:22 PM

SORRY I POSTED THE WRONG LINK, HERE IT IS AGAIN

8MIL 8 MIL 8MIL

Did you see this double building on washington and Fulton for 8 millions ??????
http://warburgrealty.com/buyers-prop-indiv.php?numb=466258listing.asp

Posted by: Anonymous at April 25, 2006 10:24 PM

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