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July 29, 2008

House of the Day: 112 Lefferts Place

112-Lefferts-Place-0708.jpg
At first glance, a brownstone on Lefferts Place in Clinton Hill for under a million bucks sounds worth looking into; upon closer inspection, however, the fact that the house at 112 Lefferts Place is only 16 feet wide and not exactly looking in tip-top shape makes the $985,000 asking price far from a lay-up. It's also hard to tell what the legal status of the house is: The listing refers to the existence of five separate gas meters and mentions that it "can easily be converted to a 4 family" but Property Shark records show that it's a two-family. The lack of interior photos on the listing doesn't inspire confidence either. Anyone seen this place on the inside?
112 Lefferts Place [Washington Realty] GMAP P*Shark




Posted by Brownstoner at 1:15 PM | Comments (17)
Categories: Clinton Hill, HOTD

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Comments

I walked by this place the other day and, from wat i could see in the windows, it's going to need a lot of work. Price too high.

Posted by: plgdude at July 29, 2008 1:29 PM

The C of O states - 2-family

http://a810-cofo.nyc.gov/cofo/B/000/185000/B000185527.PDF

A little more digging brownstoner, will answer some of your questins...took me 2 minutes to look it up.

Posted by: bayridgegirl at July 29, 2008 1:41 PM

Right next to that big rental building. not worth it!!!

Posted by: troll at July 29, 2008 1:42 PM

yeah, that complex next to it is none too charming looking and its a very skinny house. Amazing that a realtor would think that no interior photos is acceptable, especially when they are saying that only minor renovations would be necessary. Total gut job is one thing but that is ridiculous. However, sales agent has a super cool name, Eskimo!

Posted by: wasder at July 29, 2008 1:44 PM

Trulia states that this house sold in May 2008 for 650K.

http://www.trulia.com/homes/New_York/Brooklyn/sold/20837382-112-Lefferts-Pl-Brooklyn-NY-11238

Property Shark lists some Mortgage transactions around that time - name of party an 'inc.'...Could have been Condo conversion gone wrong?


Posted by: bayridgegirl at July 29, 2008 1:53 PM

These skinny houses actualy have a 5th floor - there are windows in the cornice. Sounds like it is in rough shape though and would need a thorough renovation. I thought Corcoran had this one as a listing, or is the one next to it for sale as well?

There's a Corcoran sign in the picture, or is that an old photo?

Posted by: 1842 at July 29, 2008 2:32 PM

1842, good spotting, but I think the sign is actually in front of 110 Lefferts Place, which recently sold.
http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=1160637

Posted by: Biff Champion at July 29, 2008 2:38 PM

Oh, ok, thanks Biff. I though that might be the case. Couldn't get the Corcoran site up.

Posted by: 1842 at July 29, 2008 2:46 PM

It's a legal 2 family so in reality its worth 750 tops.

Posted by: Xander Crews at July 29, 2008 3:17 PM

It’s 16 ft but 5 stories. And the owner is renovating. So is was in really (really) bad shape but it’s also under renovation.

Posted by: g123 at July 29, 2008 5:26 PM

Money, meet pit.

Posted by: Knickerbocker at July 29, 2008 6:33 PM

nice place

Posted by: slumlord at July 29, 2008 8:19 PM

wow. 12 comments on a house of the day. fyi folks, i don't pretend to be of the calibar of the what, but i do know banks in the region. all the major jumbo lenders are starting to see credit deterioration on their books. this looks like the nail in the coffin for a few years. not calling for any epic price declines, but i would think it is way more likely than increases for some time to come.

Posted by: jingle mail at July 30, 2008 2:56 AM

"all the major jumbo lenders are starting to see credit deterioration on their books"

I think you're about 6 months behind in your observations. Additionally, bank stocks have rebounded as they always do looking 6-12 months into the future. Merrill's debt sale has put a price on the CDOs. You bet against the market, and financials in particular, at your peril.


BAC 8% yield...dividend maintained, buying back stock.

Posted by: daveinbedstuy at July 30, 2008 8:22 AM

Hello Brownstoner's,
I'm the listing agent for 112 Lefferts and I just wanted to make a few comments on the previous blogs. 1st I do have pictures of the interior. You can find it on NYTimes website and Craigslist. The top 3 floors consist of 3 new bathrooms and are set-up as 1 bedrooms each, recess lighting and new oak wood flooring throughout. The duplex will be delivered "as is". I said "can be converted into a 4 family" because of the number of units. There are already separate gas and electrical meters in place. I would be more than happy to show the work that has been done to 112 Lefferts by appointment or stop by at the next open house.

Thanks, Eskimo (p.s. thanks wasder!)

Posted by: eskimo at July 30, 2008 8:53 AM

Since Eskimo is the realtor, you would expect them to do the work in best showcasing a listing. He directs us to NY Times and Craigslist for pictures, instead of providing the links.

NY Times - The link provided by Brownstoner
http://realestate.nytimes.com/sales/detail/25-NY572A8E/112-LEFFERTS-PLACE-NY-11238

Craigslist
Since Eskimo is the realtor, you would expect them to do the work in best showcasing a listing. The public wants pictures and he/she Here is the link to the NY Times listing that Eskimo was referring to:

http://realestate.nytimes.com/sales/detail/25-NY572A8E/112-LEFFERTS-PLACE-NY-11238

NO PICTURES!!!!

Eskimo - Why is a legal two family set up as a four, and I'm assuming work was done without a permit, cause there was no filing with DOB.
Tsk...Tsk!

This house is not worth the headache.

Posted by: bayridgegirl at July 30, 2008 10:46 AM

My post above doesn't make sense...well some of it does. I should have proof read it.

This is what I wanted to say:


Since Eskimo is the realtor, you would expect them to do the work in best showcasing a listing. He directs us to NY Times and Craigslist for pictures, instead of providing the links.

NY Times - The link provided by Brownstoner
http://realestate.nytimes.com/sales/detail/25-NY572A8E/112-LEFFERTS-PLACE-NY-11238

Craigslist
http://newyork.craigslist.org/brk/rfs/770560941.html

NO PICTURES!!!!

Eskimo - Why is a legal two family set up as a four, and I'm assuming work was done without a permit, cause there was no filing with DOB.
Tsk...Tsk!

This house is not worth the headache.

Posted by: bayridgegirl at July 30, 2008 10:50 AM

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