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July 24, 2008

Still for Sale, 275 Washington Goes Renovation Route

275-Washington-0708.jpg
The stately (but rundown) mansion at 275 Washington Avenue in Clinton Hill has been on the market since last September, when it started its listed life with Corcoran at $3,500,000; Brown Harris Stevens got the listing in March at $3,200,000, where it's stayed since. If it seems like the owner's not tripping over himself to sell, it might be because he's begun converting the 7,800-square-foot building into a four-family residence. According to DOB filings, approval for the reno was granted on July 3, which jibes with our memory of when we started seeing workers in the yard. Who smells condos?
275 Washington Avenue [Brown Harris Stevens] GMAP P*Shark
House of the Day: 275 Washington Avenue [Brownstoner]




Posted by Brownstoner at 10:31 AM | Comments (39)
Categories: Clinton Hill, Properties

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Comments

I smell really high end condos. Too bad this didn't sell and stay as a nice single family mansion as it was intended to be. Oh well I guess a condo is better than a half rotting mansion....mais c'est toujours domage!

Posted by: pierre de taille at July 24, 2008 10:42 AM

At 1,950 sq. ft per floor and $800psf (conservative) they'd sell for $1.45 MM each or $6.24 MM. (And then there's the carriage house too) Seems like a layup to me.

Posted by: daveinbedstuy at July 24, 2008 10:44 AM

Sorry...$1.56 MM each for $ 6.24 MM total...at $1,000 psf its $7.8 MM total.

Posted by: daveinbedstuy at July 24, 2008 10:46 AM

I doubt anybody's gonna pay $1.45 MM to live in the basement.

Is $800/sf doable at this location?

Posted by: SnarkSlope at July 24, 2008 10:49 AM

Agree the location is questionable...I think it is all dependent upon how "high end" the renovation is. Hopefully they are not constrained by capital (which is maybe why its on the market) and they don't do a lousy job.

Posted by: daveinbedstuy at July 24, 2008 10:57 AM

"Rarely available, a center stair divides a left parlor with a marble fireplace and pier mirror, and a right parlor with an unusual wood and stone fireplace,"- from the desription. Sigh. I wonder how much of this will be kept?

Posted by: bxgrl at July 24, 2008 10:59 AM

Went to an open house for this one. The place had been used as a dorm for Pratt students and was a bit of a wreck, some original mantels and stuff left but a lot of the detail was gone and renovation had been done putting in crappy bathrooms etc. The developer is also going to be using that yard on the side to build another building so this will now be situated between two large buildings. I bet he sells the condos on this one before building the new one. You'll be living next to a construction site. A real shame because I always dreamed of buying that building and using that side lot for an incredible garden with views of the church next door. Oh well, maybe in another life.

Posted by: Brooklynnative at July 24, 2008 11:06 AM

I disagree - I think this a great location. The biggest downside location wise imo is the traffic on Washington, and that's not a huge deal, plus the closest train in the G (though I personally would have no issue walking to the C at Lafayette or switching to an A/C from the G at Hoyt).

I think the difficulty has been the price and large size. Not a lot of people are in the market for a true single family mansion. I love the place, and would love to have it and the side lot for a large garden. Let's just hope any renovation is done tastefully and preserves as much as possible.

Posted by: 1842 at July 24, 2008 11:08 AM

1842 - you ain't getting the side lot, even if you purchased this as a single family.

Bxgrl - I'm sure they'll save the mantels, they're incredible, but they're ain't much else left to save.

Posted by: Brooklynnative at July 24, 2008 11:11 AM

But SnarkSlope, according to the listing, it's a full English basement with windows and good ceiling height. $1.45MM is cheap as borscht!

By the way, I know what a full English breakfast is (in fact I had it last week at the Chip Shot), but what's a full English basement?

Posted by: Biff Champion at July 24, 2008 11:15 AM

Brooklynnative - I know the lot is being sold (or has sold?) separately, and for the record, there's no way I could buy the house either, even if I sold my place now for $2 bucks. I can see why the lot was split off and the carriages houses are being sold separately, from an economic perspective, it's just a bit sad - I'm just fantasizing like you ;-). it would be too much house to take care of in any event. Then again, if I could afford it, I would also be able to afford regular help to maintain the place while I'm relaxing in Fiji!

Posted by: 1842 at July 24, 2008 11:16 AM

Biff!! (are you off the meds again? I thought we agreed after the mullion windows :-) )

Brooklynnative- it's really too bad you couldn't have bought the house. do you think it's feasible to keep the center staircase or will that go also?

Posted by: bxgrl at July 24, 2008 11:18 AM

bxgrl, I was never on the meds, so unfortunately I can't use that as an excuse. But my question was sincere, what's an English basement? (I know, I could Google it, but was being lazy).

Posted by: Biff Champion at July 24, 2008 11:21 AM

Brooklynnative...sounds like your visit is at odds with the lushness of the broker description of the grandiose mirror and fireplaces and it is described as "an open canvas." Oh well. Maybe $650 psf then!!!


They bought this in June, 2007 from pratt for $3 MM??? Looks like there's been a lot of suspicious financing going on too.

Posted by: daveinbedstuy at July 24, 2008 11:23 AM

I think the center stair will stay. If my memory is correct (always a risk proposition) the center stair would make for a very sensible common stairwell. The apartments on the right and left opened off of it. That house went for nothing back in the 70s when my Mom used to work in the neighborhood (and was told never to enter Fort Greene Park even during the daytime.)

Posted by: Brooklynnative at July 24, 2008 11:24 AM

In Chicago they were called "garden level" units. I guess becasue you were 2 steps down and looked out the window at the garden!! Besides, Chicago wasn't settled by the English

PS You can get Chicago style deep dish pizza FedEx'd from Giordanos...the real ones...not that crap that Uno's sells around the country and much better than an English Breakfast.

Posted by: daveinbedstuy at July 24, 2008 11:27 AM

Dave, the fireplace mantels were about as grand as I've ever seen. The ceilings were also unbelievably high. However, the "open canvas" description offers an indication that not a lot of original detail had been preserved and crappy construction had alo been done.

I think the deal was legit - Pratt just didn't see the potential there and probably thought they were getting a great deal at 3 because I'm sure they paid less than 1.

Posted by: Brooklynnative at July 24, 2008 11:30 AM

Thanks Dave, but I'm always a bit reluctant to have my dinner delivered to me through the mail. And I barely have the patience to wait for my Iron Chef sushi to arrive from a few blocks away.

Posted by: Biff Champion at July 24, 2008 11:30 AM

Yo Dave, what the hell is going on in your part of town??!! According to Natefind 325 Stuyvesant (Stuy and Macon) has been dropped from 899 to 699. That's more than 20%. Plus it's renovated (cookie cutter but look at the price) and you only need to put 3% down. If this place doesn't sell to a landlord-investor, I'd say Bed Stuy is doomed. Damn, if I wasn't moving out the country, I'd buy it myself.

http://www.natefind.com/results.php?low=&high=&location=reduced+brooklyn&refine=Refine+Search&type%5B%5D=4&br=0&column=6&direction=1&pagelast=0&displaymap=0&mapv2=0&nyc=&page=0&searchcodes=&searchexception=reduced+brooklyn&choice=

Posted by: Brooklynnative at July 24, 2008 12:35 PM

Brooklynnative, that's some price drop indeed! By the way, where are you going to? If you aren't retired or self-employed, I hope you're getting a sweet ex-pat package, wherever it is, given how much less your going to get for your USD's.

Posted by: Biff Champion at July 24, 2008 12:47 PM

Michael Ingui from Baxt Ingui is the architect for this building.

It is being renovated into 4 large apartments. As much of the window trim, door trim, mantles, mirrors, and other elements are all being retained.

The building was used as dorms and has had a few leaks that have done damage to both front rooms.

The stairs are in great shape and will be restored, the facade will receive new LPC approved windows and will be restored (filing not yet completed for this work).

As of right now the owner is treating the building well and is making very nice decisions in regards to finishes and so forth.

The owner agrees that it would have been great to have the house as a one family, but the apartments that will be there will still be pretty grand in nature.

Baxt Ingui unfortunately does not have any control over dumpster locations and so forth, but can assure you that the ironwork that was removed for this has been inspected and is on site.

When everything is further along I will send photos’ and a few sketches of what we are doing on the interior.

Thanks

Posted by: 20ves at July 24, 2008 12:50 PM

Brooklynnative...I know the property. Its not clear that it has yet been separated from the corner property (two builings on the same tax parcel). In fact I am trying to buy the corner property (327 Stuyvesant) and am looking for a few more investors.

It is renovated. There was a contact on it in the Fall at a much higher price and it all fell through because the owner never got the heat installed and because of the tax parcel issue. That said, at this price it begins to make economic sense as an investment. The apts should bring in $1,500 each. Not sure what that 3% down means...typo I think.

The owner of the two buildings is the owner of the restaurants featured here last week that had the credit card double billing problems reported by the Post...Blue Pig, busy Chef & Oven on henry St. He also owns tavern On Nostrand. The owner does quite good renovation work.

Like I said, I'm trying to buy the corner building and would prefer a bit more equity and looking for investors if anyone's interested. I was going to see if Mr. B would allow that kind of post in the Forum next week.

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1261089&ohDat=7/26/2008%2012:00:00%20AM;

Posted by: daveinbedstuy at July 24, 2008 12:52 PM

I would add that I live right up the street from these and we are planning on opening a specialty food store/cafe...hopefully at 327 Stuyvesant in the building we want to buy or a block away on Lewis.

Posted by: daveinbedstuy at July 24, 2008 12:56 PM

"The owner of the two buildings is the owner of the restaurants featured here last week that had the credit card double billing problems"

Dave, the Post story implied the guy was intentionally commiting fraud. Maybe I'm reading your post wrong, but you make it seem like the double billing was an unintentional mistake. If you're right, I may have to reconsider my boycott of those places (or at least make sure I pay in cash).

Posted by: Biff Champion at July 24, 2008 12:59 PM

Biff...it was the acting manager who was committing fraud. I believe the second article said he was also 1/3 owner which was news to me. I believe that all of this was a surprise to the guy we are dealing with who also owns Tavern On Nostrand and the shops across the streets. The latter person I feel would never let that happen had he known about it.

Posted by: daveinbedstuy at July 24, 2008 1:03 PM

Thanks Dave. If the other owners, including the one you're dealing with, were unaware of the fraud, it's really a shame. There are a lot of shops and restaurants around that part of Henry that have a tough time surviving and that kind of publicity certainly won't help.

Posted by: Biff Champion at July 24, 2008 1:14 PM

Dave, just post the request in the Forum, why do you need B's permission? First of all, I think that that's a very legitimate post (even though you'd probably attack someone else for doing it.) Second, B and the staff don't even read must of this crap anyhow. I criticized Gabby for her sloppy work on the Indy Mac post and then that building on Third and Third near the Gowanus and found out she hadn't even read the comments on Indy Mac.

Posted by: Brooklynnative at July 24, 2008 1:18 PM

Touche Brooklynnative.

Posted by: daveinbedstuy at July 24, 2008 1:23 PM

Isn't that a skip rather than a dumpster?
http://en.wikipedia.org/wiki/Skip_%28container%29

Posted by: dittoburg at July 24, 2008 1:27 PM

Well, diburg, the link you post to says "A skip (occasionally rubbish skip and in American English classed as a type of dumpster) A skip (occasionally rubbish skip and in American English classed as a type of dumpster)."


As we are in America, maybe it's a dumpster?

Posted by: Brooklynnative at July 24, 2008 1:38 PM

Of course Brooklynnative. You don't throw your paper, etc into a "dust bin" you throw it in the "trash bucket or pail"

Rmember what the 4th of July is all about!! LOL

And in America a skiff is a small boat!!!

Posted by: daveinbedstuy at July 24, 2008 1:44 PM

except its loadable onto a truck. I'd still call it a skip.

Posted by: dittoburg at July 24, 2008 1:44 PM

sorry, don't know why i started talking about a skiff instead of a skip...jeesh

Posted by: daveinbedstuy at July 24, 2008 1:48 PM

If you called it a skip when you are talking to the guys with the truck they're going to laugh at you!!!

Posted by: daveinbedstuy at July 24, 2008 1:49 PM

You mean the lorry?

Posted by: SnarkSlope at July 24, 2008 2:30 PM

yeah, the one that runs on petrol with the driver smoking the fag.

Good one SS

Posted by: daveinbedstuy at July 24, 2008 2:33 PM

Dave, if your last comment doesn't bring out the Fake What and/or PropJoe from under their respective rocks, I don't know what will...

Posted by: Biff Champion at July 24, 2008 2:41 PM

Dave- we could REALLY REALLY use a great cafe/specialty food shop in CHN (hint, hint). I also know the owner of Tavern on Nostrand- I didn't realize he owned so much property. He's a nice guy- we're trying to convince him to open a place in CHN. I like the place- food is nice and so are the people. Hope your deal goes through- I know several of us will be more than happy to pay a visit.

Posted by: bxgrl at July 24, 2008 8:39 PM

and I want to point out to Biff my admirable restraint :-)

Posted by: bxgrl at July 24, 2008 8:40 PM

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