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April 13, 2007

Co-op of the Day: 135 Clinton Avenue

135clintonave041307.jpg
Like Fort Greene, Clinton Hill doesn't have a lot of townhouses that have been converted into condos or co-ops, which makes this two-bedroom, top-floor apartment interesting. Given that the second bedroom is really only suitable for a small child and the location is north of Myrtle, we'd say the asking price of $599,000 might be a tad aggressive, but, then again, the parlor floor unit sold for $675,000 a year ago, so what do we know. We're liking the floors, original woodwork around the windows and the skylight. Don't love the dropped ceiling around the kitchen but that's easily remedied. If you've been in the market for this sort of thing in the area, we'd love to hear how you think this stacks up. There's an open house on Sunday from 12-2.
Listing #5825 [Warren Lewis] GMAP P*Shark
Photo by Scott Bintner for Property Shark




Posted by Brownstoner at 11:29 AM | Comments (24)
Categories: Brooklyn, Clinton Hill, Co-ops, Real Estate

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Comments

the CC is $753. in a house like this, where does that money go to? the elevator? the lobby? the courtyard? man, i don't understand this business.

Posted by: Jimmy Legs at April 13, 2007 11:38 AM

Huh? What Clinton Hill doesn't lack is apartments. From Willoughby Walk and the Clinton Hill Coops (for admirers of more modern design) to the pre-war apartment buildings which pop up here and there on the major avenues, Clinton Hill stands in sharp contrast to neighborhoods like Boerum Hill and Park Slope which indeed don't seem to have many apartment buildings. And if you meant to limit your comments to row houses, while there are some single family homes left in Clinton Hill, it seems to me that most row houses were converted to apartments, SROs, a long time ago. Often to house workers at the Navy Yard. Then from the 80s on there has been a slow conversion to co-ops, and most recently condos. Clinton Avenue, especially on the Lafayette-Dekalb block, has many such conversions. Given aparments in the building where I bought for 85k in 98 and sold for 340k in 2002 are now selling for over 600k, seems to me this price is reasonable. Okay not reasonable, but doable. But hey, I think this is all crazy money.

Posted by: putnam-denizen at April 13, 2007 11:45 AM

Maintenance isn't a common charge. It is the expenses of the corporation which owns the building, of which the co-op owner is a shareholder. This number is in line with what we paid at aforementioned co-op further up the street. Usually goes to underlying mortgage, utilities, insurance, rainy day fund. In a building this size there probably isn't a super.

Posted by: putnam-denizen at April 13, 2007 11:51 AM

Reasonable. Gorgeous. Wouldn't be surprised if they got that and some.

Posted by: Anonymous at April 13, 2007 11:58 AM

sorry. $600K for a fourth floor walk-up, over 3 avenues to the G, and between Myrtle and the BQE? no thanks.

Posted by: chuck at April 13, 2007 12:57 PM

Warren Lewis in Clinton Hill???They hate our neighborhood.

Posted by: anon at April 13, 2007 1:19 PM

We used to rent in Fort Greene and looked at over 40 coops all over Brooklyn last year. I agree there's a lack of coops in Ft. Greene, but Clinton Hill has plenty. I think they'll get this price, but I think its crazy - a walk-up plus long walk to the subway. We opted to buy in Prospect Heights and got WAY more for our money.

Posted by: Anonymous at April 13, 2007 1:36 PM

I would never pay $599k for this apartment- there are far better alternatives in the neighborhood for the money (including renting). But I absolutely love the floors on the apartment.

Posted by: Anonymous at April 13, 2007 1:53 PM

You could rent the same apartment for less than $2000.

Perfect example of why renting right now is better than buying.

Posted by: Anonymous at April 13, 2007 1:59 PM

I think thinking that you could rent this apt. for less than $2000 is perfect example that you are out of touch with reality.

Posted by: Anonymous at April 13, 2007 2:11 PM

My husband and I looked at this place. I remember it having two good size bedrooms and another office. It feels really big inside-- almost like two smaller apartments connected by a long shelved hallway. We weren't digging the cheesy Sante Fe style stucco fireplace or the presence it commanded, but that can be easily reworked, as can the drop kitchen ceiling. I think this place would rent for over 2000K. The floors are great. I feel like they said something about the mortgage almost being paid off, too. We ended up buying something else, but I think it's a good deal.

Posted by: chi chi at April 13, 2007 2:12 PM

2nd bedroom only suitable for small child?
uh, I've seen plenty of apts where only bedroom is size of smaller one in this apt.

Posted by: Anonymous at April 13, 2007 2:13 PM

Indeed - in terms of sq. ft., that "child's" bedroom is bigger than the one in the apartment my wife and I share (well, until we move into our new place next month) at around 12x12.

Posted by: Ej at April 13, 2007 3:09 PM

I have seen the inside of this apartment. Let's begin with the common areas. Horrible, plaster missing from the walls, dark and nasty. The apartment has a wierd lay out and needs updating. Is it worth what they are asking? No. But it will move regardless. That's the current state of real estate, there's a toosh for every seat.

Posted by: Anonymous at April 13, 2007 3:11 PM

apartments in townhouses are rare, that is what is meant, not apartments (for sale) in the few large buildings here and there.

Posted by: Anonymous at April 13, 2007 4:21 PM

a question - does it make more sense to buy an apartment in a townhouse or to stretch and buy a house with rental units, thus providing income to offset the higher mortgage? i'm looking at everything and the more i see the more i'm convinced that it makes more sense to buy a small building that provides rental income than to buy a small apartment in a small building. as i want to stay in fort greene/clinton hill, i wonder if anyone has seen or knows of property in the hood for sale where one can live in a small apartment (for the time being) and rent the rest?

Posted by: tanya at April 13, 2007 4:58 PM

Today's top of the market "stretchers" are going to see their housing dreams go out the door on one!

Posted by: Anonymous at April 13, 2007 7:53 PM

Buying a building and renting out apartments to defray the rent? How novel! Why didn't I think of that?! Maybe someone could start a web site or something . . .

Posted by: Anonymous at April 13, 2007 9:53 PM

hahha @ the comment above me.

Posted by: lolol at April 14, 2007 2:30 PM

tanya,
not everyone wants to be a landlord, but many have reached the same conclusion as you (and we are so pleased to have figured this out that we do LOL).

Buy something like this:
http://newyork.craigslist.org/brk/rfs/310649598.html

and even after the 100K of paint and repairs it needs you can almost live for free.

As for the "stretcher" comment, not everything is that cut and dry. Park Slope rents are not returning a good return on purchase cost, but plenty of Crown Heights houses are. No need to wait for rents or values to increase. They already make financial sense now.

And no I am not the broker or the owner, but I do own something similar.

Posted by: ameraleed at April 14, 2007 3:10 PM

Comment above..oy vey living near the hasidim. Where do you live?? Cuz I wouldnt want to be near a asshole biggot like you.

Posted by: anon at April 14, 2007 9:42 PM

Did go to the open house?

Posted by: Anonymous at April 16, 2007 2:50 PM

Did anyone go to the open house?

Posted by: Anonymous at April 16, 2007 2:51 PM

I'm not sure why some of you are so negative about the asking price of this unit, especially those of you who haven't even seen it. I went to the open house and thought that the price was reasonable, though the apartment wasn't for us. As far as the issue with the common areas, I was told that they were being renovated and that was where part of the coop fees were going. Anyway, since you live in the actual apartment and NOT in the hallway, I can't imagine why this would be such a problem. We all know that NY real estate is different than anywhere else. C'est la vie.

Posted by: Anonymous at April 20, 2007 11:51 AM

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