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August 13, 2007
House of the Day: 197 Clinton Street
What's in a name? A neighborhood name, to be specific? It's an apt question when thinking about today's house of the day. Located at 197 Clinton Street, the four-story family brick-and-brownstone building lies just a block south of Atlantic Avenue, placing it in Cobble Hill rather than Brooklyn Heights. Currently configured as a owner's duplex plus three rentals, the house appears to be in lovely shape. There have been plenty of sales in the area in the high-$2 millions but not a lot of houses this size have fetched this asking price of $3,500,000. Think it's possible, especially given the mounting market fears?
197 Clinton Street [Douglas Elliman] GMAP P*Shark
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Comments
I bet they can get it.
This is a prime house in a prime area.
Nothing iffy or sketchy about this baby.
And a great facade!
Posted by: guest at August 13, 2007 1:38 PM
Great house, but Clinton one block south of Atlantic is a constant parking lot b/c of the traffic tie ups at Atlantic.
Posted by: guest at August 13, 2007 1:43 PM
Soon this place will be worthless because of AY.
Posted by: guest at August 13, 2007 1:46 PM
i don't see it. $3 mil maybe but when you're mortgage rate is 15%, every $500k counts!
Posted by: guest at August 13, 2007 1:49 PM
how do you see Atlantic Yards impacting Cobble Hill?
Posted by: guest at August 13, 2007 1:54 PM
lol 1:46. i have one word for you. ATLANTIC YARDS EFFECT. bdaaaa.
Posted by: guest at August 13, 2007 2:05 PM
I think this house is one away from Pacific Street. So it is really right off Pacific not Atlantic. The real plus here is that it is Cobble Hill. A great neighborhood, not fraught in any way, kid-friendly, around the corner from the new Trader Joe's, a fine city house. Now whether the very aggressive prices for Brooklyn RE will hold up is anyone's guess. But if we see weakness in Cobble Hill, fasten your sear belts in Fort Greene/Clinton Hill.
Posted by: guest at August 13, 2007 2:13 PM
this has been on the market for over a year, i think it started at $4 mill. it was also a house of the day before if i remember correctly. a 4 fam will never get this price. if it was a nice 1 or 2 fam it'd have sold in a month. every nice cobble hill one or two family that has been on the market recently has sold for around 3 million or higher. look at the house houses on the corner of clinton and kane (halstead), the 3 story on baltic (BHS), corner of degraw and strong place (BHS) and henry and degraw (corcoran). but all of the 3 or 4 fams have languished cause they try and fetch the same price.
Posted by: guest at August 13, 2007 2:14 PM
Scratch my optimistic 1:38 comment. I did not realize this is a four-family.
The asking price for a small rental building is heavily contingent on the rent roll and the age/status of the renters.
It is an investment property. Not a luxury home for a millionaire family unless two of the existing units are empty or on month-to-month leases.
Posted by: guest at August 13, 2007 2:22 PM
Re 1:46 Why is there always someone on every thread that makes a blanket statement about the worthlessness of properties due to their proximity to AY? News Flash...not everyone thinks that AY is toilet that will flush away surrounding neighborhoods. This house is about as close to AY as Chelsea is to Madison Square Garden and property values in Chelsea are hardly depressed as a result.
Posted by: guest at August 13, 2007 2:24 PM
who is gabby and why is she posting by saying "we"...is she part of the brownstoner family?
Posted by: guest at August 13, 2007 2:42 PM
Agree that 1 or 2 families (if the 2 family is a triplex and not a double duplex) are more valuable than 3 or 4, especially if renovated. So even if delivered empty, it won't be as desirable, since reno costs are so high these days.
Also Cobble Hill has ps 29, so is more desirable than the Heights for families these days, although this house is zoned for another school, so doesn't get that extra value.
Posted by: guest at August 13, 2007 3:07 PM
I want to know what color paint was used in the dining area. Love it.
Posted by: CrownGardener at August 13, 2007 3:13 PM
This DE broker is losing it. Check out her listings page. A $49MM rental property that probably produces a sub 1% cap rate, a $3MM carriage house that really isn't a carriage house and house on the French Riviera - does PShark cover that location yet as comps are going to be hard to come by otherwise.
Posted by: guest at August 13, 2007 3:17 PM
How wide is this house? I'd love to see the floorplan.
Posted by: guest at August 13, 2007 3:27 PM
The NY Times cited a traffic study a year or so ago. Study highlighted areas that would be prone to gridlock due to AY. Atlantic Avenue - all the way to the water - was listed as part of the gridlock zone. Anyone that thinks that AY is only going to impact a small area around the construction is unfortunately very, very mistaken.
Oh, and about the house. Beautiful. But stand on Clinton at rush hour and listen to the horns. Parking lot. Doesn't bother some people. Me, it would.
Posted by: Johnny at August 13, 2007 7:39 PM
Good point Johnny. The block, in fact Clinton maybe four or five blocks deep at rush hour is already grid-locked. But that doesn't mean some horror will befall the neighborhood with Atlantic Yards or congestion pricing for that matter. Traffic calming and a little policing of the grid and the aggressive horn honking will whether AY is built or not.
Posted by: guest at August 13, 2007 10:18 PM
House is 22.5 feet wide. And this was HOD last August also when listed for $3.6.
Did seem to be off-market for awhile - who knows why - had buyer and deal fell thru? - got stale and decided to relist later?.
My guess is owner isn't in any rush or have need to sell so will wait for price.
Probably a bit aggressive in price but there are fixer-uppers in area in high $2s.
This has large duplex on lower 2 floors, with 2 floor thru apts and 1/2 floor on top (not seen from front of bldg). Am sure rent roll is significant.
Posted by: Petebklyn at August 14, 2007 9:50 AM
This has to be one of the most attractive properties featured here in some time.
Spectacular.
Posted by: guest at August 14, 2007 12:37 PM
This house has been on the market for over a year at that price and hasn't moved. It's over priced. I bought one down the street that was wider and deeper for half a mil less.
Posted by: guest at August 14, 2007 5:31 PM
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