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December 18, 2006

HOTD: How Low Can the Pfizer Mansion Go?

househouse
The Pfizer mansion at 280 Washington Avenue has been on and off the market and all over the price map for almost two years now. The 12,000-square-foot mansion, which is dripping with restored period detail (a little over the top in come cases), started at $3,595,000 in January 2005 before going off the market a few months later; then in February of this year, it burst back onto the scene at $3,995,000, only to be reduced a few months later to $3,695,000. And now last week it dropped by almost another 10% to $3,399,000. Where does it stop? As we've said before, it's not very expensive on a per square foot basis. There just aren't a lot of buyers looking to drop more than $3 mil on a place in Clinton Hill just yet.
280 Washington Avenue [Corcoran] GMAP P*Shark
House of the Day: 280 Washington Avenue [Brownstoner]
Pfizer Mansion Hitting Market [Brownstoner]




Posted by Brownstoner at 11:49 AM | Comments (40)
Categories: Properties

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Comments

Parents looked at this in the 80s.
This thing has been flipped so many times it must be dizzy. Never had a real kitchen, and it isn't clear if it ever got lived in by a family.

Posted by: Anonymous at December 18, 2006 12:13 PM

"There just aren't a lot of buyers looking to drop more than $3 mil on a place in Clinton Hill just yet."

And why not? They seem to drop $1.5M on brownstones half the size in need of renovations and without parking for even 1 car. Are things not what they seem? I guess it's the 1-fam status.

Posted by: Anonymous at December 18, 2006 12:27 PM

I always thought it was a gorgeous listing though. Given the size, would make a nice browndo or bro-op convert.

Posted by: Anonymous at December 18, 2006 12:31 PM

I think it is languishing not because the price is outlandish for the size and provenance of the building, but because most families who buy in the area do not need a single family with 12,000 sq. feet (size of three large brownstones!). I hope someone does in the end as it would be nice for one of the old mansions to remain intact, and not be cut up into condos.

Posted by: lp at December 18, 2006 12:39 PM

I would tend to agree that there are only a handful of people (if any) who would be willing to spend $3 for a place in CH. The asking price for this place could get you a park block renovated brownstone in Park Slope - which all would agree is a better nabe in terms of schools, services amenities etc. A buyer would have to have a special attached to CH or the house to be willing to make such a big financial commitment - this is heightened if we assume that the predictions of a down market are true.

Also at that asking price, I am not sure it would make sense for a developer to buy and convert. Even if a developer could create 1 apartment per floor and sell each for over $1, there would not be much room for a big profit.

Posted by: Anonymous at December 18, 2006 12:45 PM

Speaking of large overpriced home in Brooklyn. Anyone have any updates on the $3.8m brownstone on Washington Park. I was surfing the BHS website one day last week and noticed a price drop to $3.6m, must have been an error because when I went back the next day the price was back to the orginal $3.8m. Any gossip.

Posted by: Anonymous at December 18, 2006 12:48 PM

12:45, ALL would agree that Park Slope is better?? I'll give you the schools, but I'd take Clinton Hill over Park Slope any day of the week.

Posted by: Anonymous at December 18, 2006 12:51 PM

The building next door, 266 Washington Ave, recently sold for $20 million. http://brownstoner.com/brownstoner/archives/2006/11/266_washington.html

With 13,000 sf of unused FAR, this is likely to become a construction site in the near future.

Posted by: Ballin' at December 18, 2006 12:52 PM

To live in this house you need 2 full time housekeepers at least and a gardener. The number of people willing and able to live that kind of lifestyle is extremely limited to begin with and I think that the vast majority of them prefer the upper east side where people of similar ilk live. Moving to a working class neighborhood (and not a very good one at that) seems unlikely for someone with that kind of mentality and financial wherewithal.

If this house were $500,000 I still couldn't afford it just because being a working shmo myself (albeit a very well paid one), I am completely incapable of maintaining this house.

But, you know what they say - there is a lid for every pot.

Posted by: anon at December 18, 2006 12:56 PM

We offered them $2,750,000 all cash and they wouldn't take it.

Posted by: Anonymous at December 18, 2006 1:08 PM

"The building next door, 266 Washington Ave, recently sold for $20 million. http://brownstoner.com/brownstoner/archives/2006/11/266_washington.html

With 13,000 sf of unused FAR, this is likely to become a construction site in the near future"

Not sure how useful it is to compare a multi-story apartment building to a single family brownstone. Also, isn't the Pratt mansion landmarked? I would think that this would limit how much of a "construction site" the place can become.

Like the previous posted said - this special house requires a special buyer.

Posted by: Anonymous at December 18, 2006 1:08 PM

It could be converted to condos, and done so with respect to the current building and details. It won't happen though, because the seller doesn't want that to sell to someone would do that. He's a freak. He reminds me of that Criss Angel dude.

Posted by: Meryckawick at December 18, 2006 1:11 PM

I don't know if the seller is a freak for wanting to sell to someone who will not chop the place up. Maybe not the most realistic in terms of the market for a massive single family mansion, but not necessarily a freak. Probably loves the place and would like new owners who do to. I can feel for him/her. Tough predicament...

Posted by: lp at December 18, 2006 1:17 PM

High-End Bed&Breakfast is my thought on the highest and best in this case. Personally I would like to see it remain as a one family, but realistically I think a B&B may be the only way to make it work at this price level.

Posted by: anon321 at December 18, 2006 1:31 PM

Why do you feel so much for the owner? Charles Davis, the owner of record @ 280 Washington, also owned the building next door @ 282 Washington. Mr. Davis had no problem selling this property for $1.525 million on 1/7/04.

What make him think 280 Washington is twice as much as as 282 Washington? Has the market doubled in 2 years?

Posted by: Anonymous at December 18, 2006 1:36 PM

Um, Charles Davis is a freak.

280 Washington has been painstakingly restored by an obsessive compulsive person with ADHD who probably spent the last 20 years staying up all night scraping old paint off of the walls with a toothbrush. Naked. Listening to Rachmaninoff.

It also has an elevator, and 282 Washington does not.

Posted by: Meryckawick at December 18, 2006 1:42 PM

lol@ naked listening to Rachmaninoff. while no one can deny this is a special house that was beautifully constructed the inside is over the top it looks creepy to some extent who lives like this? how can someone realistically maintain all this velvetine furniture, stained glass and a billion chandeliers?

Posted by: Anonymous at December 18, 2006 1:56 PM

Sounds like my kinda guy.

Posted by: Anonymous at December 18, 2006 1:58 PM

280 Washington never belonged to Pratt.
It belonged to Pfizer family.
Corcoran, as most of the time, does not know what they are talking about.

Posted by: Jarek at December 18, 2006 2:07 PM

agreed, both I believe were built for the Pfizer family with one of them for a daughter. btw, 282 was a gut job SRO with students in various rooms. The kitchen was basically in the dungeon of a basement and was completely commercial. Remind me again how much it would cost to renovate 12,000 square feet back to all of its glory? I think you'll find 1.525 was expensive.

Posted by: Anonymous at December 18, 2006 2:18 PM

282 Washington is not 12,000 square feet. It doesn't have all of the rear extensions that 280 Washington does. It is, at most, 7,000 square feet.

It sold again in January of 2005 for $1,985,000.

Posted by: Meryckawick at December 18, 2006 2:24 PM

It was built by the Pfizer family. 280 Washington and 282 Washington originally share one kitchen and one set of servants on the bottom floor. Which is why there isn't a proper kitchen.

I lived in the building in the early 90's, they rented the top 2 floors to Pratt Students then.

The place has been meticulously renovated by the owner, but it didn't take 20 years, only about 15. The Catholic church owned it up until the '90s, so it needed a lot of work. The details in the building are unbelievable.

It's a very special property. It shouldn't fall into the hands of a developer. And, as crazy as the owner may be, it's good that someone took an interest in restoring the building.

Posted by: Anonymous at December 18, 2006 2:26 PM

What's that last picture on the Corcoran site? It looks like the interior of a cathedral. Is this actually one of the rooms in this place? From the shape of the windows, it looks like this could only be in the basement. Do they have a cathedral in their basement? If so, can we go listen to Rachmaninoff in it?

Posted by: sylvia at December 18, 2006 2:26 PM

Just read the description. That must be the "Moroccan party room" they're describing on the garden level. 14' ceilings!

Posted by: sylvia at December 18, 2006 2:30 PM

Sylvia - That Cathedral looking room is in the basement. Those windows look out onto the front of the building.

Posted by: Anonymous at December 18, 2006 2:41 PM

This would be a great building for some sort of arts organization HQ. You could put cubes in some of the rooms without destroying their beauty and use the grand drooms it for meetings and events.

Posted by: Anonymous at December 18, 2006 3:15 PM

Funny, I was just thinking that the building (based on the space) would make a great pre-school/kindergarten (god knows brooklyn needs more), but I agree that an arts organization would be a better fit. Anyone know of a foundation willing to front the money for this great plan.

Posted by: Anonymous at December 18, 2006 3:36 PM

I was thinking similar thoughts to those just above. That's not a house, it's an institution.

Posted by: Hal at December 18, 2006 4:46 PM

I like the preschool idea, maybe the owner will donate the building. That place could probably accomodate a 100 kids - such they will not appreciate the period details but at least the building will "give back" to the community.

Posted by: Donna at December 18, 2006 5:13 PM

If it would be back in Soviet Union I would think that this building would be restored to become something like museum of, say, old Brooklyn: architecture, life, artifacts, pictures, stories, etc.
When I was a kid I remember a lot of this in my childhood town in Taganrog: old buildings of architectural interest, mostly former private houses turned to museums. One was museum of architecture and history of Taganrog, one housed art collection. That was in addition to the main historical museum that was also housed in a former nobility club. All houses were restored and looked really nice. You could go to www.taganrog.ru to look at them.
But you need a different type of economy for this. I do not think that now all of this is in a such good shape as it used to be back in 70s.

Posted by: Anonymous at December 18, 2006 6:03 PM

Taganrog rocks! Thanks for the link to the site. Might as well drool over houses in the former USSR for a change.

Posted by: Anonymous at December 18, 2006 7:27 PM

This building has beautiful staircases, an incredible elevator and two restored rooms. The rest is a DUMP. It doesn't work as a one family and is a terrible set up for a condo conversion. The dance club in the basement is very strange.
It would cost big money to modernize the electrical and plumbing. The house is in bad shape. As others have said, it isn't close to 12,000 sq. feet. It's an unusual property that needs a very unique buyer.

Posted by: Anonymous at December 18, 2006 7:27 PM

I suspect the reason they keep getting flipped with no restoration or maybe a couple of rooms is that it really does cost much much more than anyone realizes...then they sell in an up market and take what profit they can get. In a down market, hold onto your what's left of your shirt on the way down.

Posted by: Anonymous at December 18, 2006 7:33 PM

Long and dark.

Who needs that?

Posted by: Anonymous at December 19, 2006 10:10 AM

I agree it looks institutional. And not just because of its size. Do they say who the original architect is? I wonder if he did big institutional buildings normally. Would be interesting to find out.

Posted by: Anonymous at December 20, 2006 1:04 AM

I moved out of Brooklyn years ago, but still keep thinking...

Anyways, do you all know what a steal you're getting in terms of taxes? $6,500!! That's how much property tax I pay on a $200K house in Brighton (Inner-ring suburb of Rochester)
Ouch.

Posted by: mikros at December 20, 2006 1:32 PM

You guys are a trip,,

Where you get this info' makes me feel like a hollywood celeb' dealing with the tabliods.

comment #1 "flipped so many times is makes me dizzy".

I am the 3 RD , repeat THIRD owner since new. Phizers #1, Catholic Church #2 1930,,amd me 1991.

Comment #2,, dump not renovated,,
Con Edison just passed my all new wiring and meters about 4 months ago.. New wiring and plumbing througout the house..

Yes I get all the light in my rear garden,, my rose bushes love it,,,

Sorry no open house,, \

The price is cheap,,developers are spending 300/sq ft,, I have close to 11,000,,so thats about $3,3 mil there,,,now add the ORIGINAL OTIS OLDEST private elevator IN |BROOKLYN in working order,,and that in anyones handbook adds about $400,000,,, full through only one in the hood lot with parking,,,just in property valuation add about $300,000,,,
Now littered with stainglass. The lower 3 floors ,,the grand ones" I call them are restored to their original glory,,the 22k gold leaf work is as the first master craftmen , as are the other rooms.

So the price vs the market vs the 'hood. My neighbours 282, have, to my guess invested another $750,000.. And see the original beauty and have no problem doing so. If you add up the individual price elements above you come to a price wellin excess of $4 mil,,,

an heirloom one of a kind rare gold broach is not a garagesale item,,,either you love and respect the find,,or you would rather buy a piece of "bric-a brac",,

Its a one of a kind property,,and no I dont care what my taxes , insurance,,and fuel bill are,,, I Have lived here since 1989 ,, and just about manage these cramped quarters by myself,,,

And for the developer who offered $2,75?

"Developer",,, need I say more,,, You sound like someone who thinks they have an interest in the value of restoration,, but got "jilted",,

NO it will not be sold for condo's developer,,

Its for a unique private family with,,dare I say it ,,money,, and taste,,,

No I dont listen to Rachmaninof, I do listen to Sashatacivich and Killing Joke,,, And only started the big restorations work for 3 years.

I dont think the place is twice the value of next door. it should be 3 times,,But the person making that comment ,, like most has never been inside,,
Next door is nice,,but its not his place,,,

Someone made the comment about my Morrocan party room,,, they didnt mention the fishtanks in the bathroom walls?? and who was the guy that wanted to bring by the Hookhas and the harem,, where can I find him,,

charles davis was my father,,I have a different one,,

But in all seriousness ,,please find the girl who thinks "I am her kind of guy" and likes eccentric taste of velvet sofas and chandliers,

This was a comment above:
"It's a very special property. It shouldn't fall into the hands of a developer. And, as crazy as the owner may be, it's good that someone took an interest in restoring the building."

Said perfectly,,,,

I'll let you al know when it sells,,and throw a party in my much debated Morrocan party room,,,,

Its actually more Masonic in nature,


Posted by: The Owner private at January 25, 2007 3:32 PM

Just saw this beautiful house- it is lovingly inhabited and maintained by a guy passionate enough to take on the task of protecting it. It is not clean like your mom's suburban house and not for the upper east siders mentioned above. It is not a dump. It requires no more work than going into a spotless place and then having to gut all their crap that you don't like. This is not as broker friendly as the house that has just had a pie baked to entice buyers. It requires a little imagination- but not even that much. It has solid bones, great floors, woodwork and plaster work. Everything is intact. You just have to look past the fact that it's a giant bachelor pad. It needs a fresh coat of paint and for the most part (something it doesn't really have) furniture. Trust me ( to the writer above) there are plenty of people in Brooklyn with enough money to buy this as a single family home - you just don't recognize them because they don't fit your narrow Moveon.org view of wealthy people. They may actually be the people who live in Brooklyn not because they have to but because they want to.

Posted by: malicious damage at April 18, 2007 4:50 PM

Actually, using the floorplan provided in the Corcoran listing, the square footage for this house comes out to about 7400. This makes rough sense: around 1800-2000 each for the garden and parlor floors, 1500 for the first floor of bedrooms and 1000 for each of the top two. Not sure where the above mentioned 11 or 12 thousand comes from. At $3.3mm (also from the listing), this comes to $444/sq ft. Still relatively inexpensive but with an additional minimum of $1mm for restoration, this goes to more like $580/sq ft which seems to be in line with other properties in the area.

Posted by: ms excel user at April 28, 2007 8:36 PM

charles, please sell to me. you know that i get the house and that i will love it and make it even more beautiful than it is already- i will live in it until my last breath. i will fill it with beautiful vibes and happy loving people. i am the person to pass the torch to-

Posted by: jessica at April 29, 2007 5:48 PM

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