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August 6, 2008

Co-op of the Day: 358 Clinton Avenue

358-Clinton-Avenue-0808.jpg
We've always liked this co-op building at 358 Clinton Avenue in Clinton Hill, mostly for its charming entryway. This 900-square-foot two-bedroom apartment has clearly been renovated recently, and overall it looks like they did a nice job. The layout's a little funky, with the second bedroom stuck back behind the kitchen, but the space has two exposures as well as 9.5-foot ceilings. The asking price of $599,000 seems optimistic in this market but given the condition not impossible.
358 Clinton Avenue [Corcoran] GMAP P*Shark




Posted by Brownstoner at 12:39 PM | Comments (34)
Categories: Clinton Hill, Co-ops

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Comments

I can't speak to the price, but I think this is a gorgeous apartment. Totally my style and love what they've done with the place.

Posted by: 11217 at August 6, 2008 12:46 PM

Cannot see the second BR or the floor plan, but from what I can view the updated BR, kitchen look nice, will have broad appeal. I see this place selling, but not for $599K. Lop off $50K or so...

Posted by: Fjorder at August 6, 2008 12:56 PM

The kitchen is nice but small. The second "bedroom" is small and lacks a closet. Lop off $100k or so...

Posted by: SnarkSlope at August 6, 2008 1:23 PM

This is a ONE bedroom Condo!

The What

Someday this war is gonna end...

Posted by: what at August 6, 2008 1:26 PM

Nice layout, they did the best they could with the space. But the rooms are quite small and there is only one bath.
It is compact living. the price seems reasonable enough especially as it is in move-in condition, a big, big plus. This assumes the co-op is in sound financial shape. The soundness of the financial statements is the first consideration when buying shares in any corporation.


Posted by: sam at August 6, 2008 1:28 PM

"This is a ONE bedroom Condo!"

Technically a two, practically a one and a half. 7'-10" wide and a window. At least we'll agree that it'll sell like a studio when the war ends.

Posted by: DOW8000SP800 at August 6, 2008 1:39 PM

Nice, but completely out of range of comps for apartments with similar layouts in that building.

Posted by: cortnyc at August 6, 2008 1:50 PM

You could also buy a much nicer, much bigger real 2 bedroom apartment in the clinton hill coops across the street for 50-150k less.

Posted by: cortnyc at August 6, 2008 1:51 PM

According to Property Shark the last three two bedrooms in this building sold for 550, 565, and 570 so the ask is not unreasonable. Given that it looks to be in move in condition and is located in one of the best blocks in Clinton Hill seems to support the ask.

Posted by: wasder at August 6, 2008 1:57 PM

I lived in this building, and loved it. But if there is a room off the kitchen being positioned as a 2 br - na uh! I'll bet the prospectus will call it a 1 br and that that other space was to be used as a dining room. You'd know for sure if there is only one bathroom as all of the 2-br's have 2 bathrooms. That's probably also why there's no closet in the 2nd "bedroom." On the plus side, the size of the rooms are really generous, the light is good, it's a quiet well run building. On the other hand, you can hear your upstairs neighbors walking around because the insulation or materials between floors is of poor quality, the price of maint. was spiking, and will likely go higher as the price of heating goes up, and heating in the building was a problem (some apartments were 90 degrees during the dead of winter, but they couldn't turn the heat down because others were only 60 degrees). They may have fixed that issues, as there is a lot of renovation going on. But what's really important, Brownstoner, is where were you and the damned coop of the day listing when I was selling my 1 br in this building (which is really 360 Clinton Ave.) for below market value?

Posted by: MacD at August 6, 2008 1:58 PM

Oh and the Clinton hill coops have all the charm of the prison on Atlantic Ave.

Posted by: wasder at August 6, 2008 1:59 PM

Considering a 1 bedroom sold last month at 321 Clinton for $545, $599 may be ambitious, but not insane.

Posted by: DeLepp at August 6, 2008 2:02 PM

I think those were for real two bedrooms. This is a nice space, but it s is really one and a half bedrooms. Regardless, anyone who dislikes the CH Coops that much will likely not want to live right across the street from them. I think it would be crazy to pay anywhere near asking for this apartment.

Posted by: cortnyc at August 6, 2008 2:04 PM

Very Washington State / Florida comparison, cortnyc. CHC is built and damn near maintained to the specs of the NYCHA. No?

Posted by: DOW8000SP800 at August 6, 2008 2:04 PM

Agree Dow that they don't look great from the outside, but I think the buildings are well-maintained and the apartments have great layouts. That said, I can understand why apartments in 360 will sell for higher prices than comparable apartments across the street -- I just think that the asking price is completely out of line with comps.

Posted by: cortnyc at August 6, 2008 2:07 PM

I think paying 500 or 550K (as you suggest cortnyc) for Clinton Hill co-ops is much crazier.

If they were half this price, fine. But for 50K less, they'd have to be a lot less ugly and charmless than they are now.

You are comparing apples to oranges.

Posted by: 11217 at August 6, 2008 2:09 PM

ultimately i think it comes down to what kind of space you want to live in. this is a top floor corner pre-war apartment and that means something in re market value.

Posted by: wasder at August 6, 2008 2:15 PM

I love brownstone Brooklyn. But in Westcheser County a larger superior pre-war 2BR apartment (one that does not have the 2nd bedroom behind the kitchen) in a great community with a great school district and a great downtown, and where you can walk to the train and park your car on site, goes for half this price. I get the premium, but not the 100% premium.

Posted by: Suburbandude at August 6, 2008 2:16 PM

Welcome to the Clinton Hill Co-op Houses...

Posted by: DOW8000SP800 at August 6, 2008 2:17 PM

It seems like a better deal than those new condos in Park Slope yesterday...

Posted by: Heather at August 6, 2008 2:18 PM

No, burb'dude. Unhide the other costs (taxes, transportation, etc.).

Posted by: DOW8000SP800 at August 6, 2008 2:22 PM

Hey suburbandude, you can get a 2 bedroom in Lincoln, Nebraska for 80K.

What is your point?

Posted by: 11217 at August 6, 2008 2:28 PM

If you look at this as a 1-br with study or office, I don't think it's a bad deal. There are a lot of couples or single people who would like this sort of layout. I do like the kitchen from what i can see. don't know about comps. but a nicely renovated move-in condition place has got to command some sort of premium.

As for maint. spiking, well, if heating oil continues to rise, yes. But everyone's energy costs have soared in the past year, whether it's your car in the burbs or your oil burner in a brownstone.

Posted by: Bolder at August 6, 2008 2:29 PM

saw this apt on the weekend. it was pretty special actually - overlooking the courtyard, so no traffic noise from vanderbilt. it had nice light & all the fittings were solid & good quality. the open plan makes it feel bigger than it is. so yeah - asking price seems fair to me considering 2 br co-ops on clinton & myrtle have been going for 500 & 550.

Posted by: bakerboy at August 6, 2008 2:31 PM

price is very fair

Posted by: ontheparkway at August 6, 2008 2:37 PM

I went to the open house last Sunday and I must say that this is a gorgeous, open, airy apartment with a full renovation. We've been looking for a while and there really isn't much like it in Clinton Hill.... it's priced in line with what the other apts in that building have sold for according to our broker. Much nicer than the co-ops across the street.

Posted by: saylu at August 6, 2008 2:55 PM

Why are there multiple people who saw, loved and thought the price was fair, but didn't buy it?

Posted by: 11217 at August 6, 2008 2:57 PM

DOW - i too live in the clinton hill coops and you should not bag on what you don't know about. the apartments are well laid out, well constructed, the buildings & grounds well maintained and they are an EXCELLENT value for your buck. and, unlike other parts of brooklyn, they have done well by hanging on to their value during the housing crisis.

Posted by: CHAOCguy at August 6, 2008 3:46 PM

Is this place worth $149,000 (1/3) more than the same apartment on the second floor (also renovated) that sold last year?

Posted by: SnarkSlope at August 6, 2008 4:29 PM

SnarkSlope: I don't know about that, but people will definitely pay more for a top floor unit over a 2nd floor unit in an elevator building, all other things being equal...

Posted by: 11217 at August 6, 2008 4:33 PM

11217 -- Larger apartments without views and better layouts in CH Coops across the street go for 400-450k. Add on some fantastic views and maybe the price goes to 500k (generally less, but I don't know if that's changed in the past year). 360 is a nice building, but for the most part its views are claustrophic (for me, a dealbreaker).

I looked in both buildings extensively and I think that both are a good value. That said, this particular apartment, which is not a real two bedroom is overpriced. As the other poster said, one of the reasons I would never pay 599k for this apartment given what else is on the market. It will be interesting to see what happens, but I don't think it will go for over $525k.

Posted by: cortnyc at August 6, 2008 5:28 PM

Various people have compared the COTD with the Clinton Hill Cooperative Apartments, the House of D' and Westchester; let's try one more. How much would this apartment cost if it was a condominium? I'm not in the market so all I know about current prices is what I read here. It doesn't seem like there is that much of a price discount to reflect that there is a mortgage on the building in addition to the loan the buyer took out on the apartment. Or am I wrong? Would this be $700K if it was a condo?

Posted by: altervoce at August 6, 2008 7:02 PM

It is 360 NOT 358. I live at 360 in a similar apt. - legally you may call this a 2 BR because the 2nd room has windows. I use mine as an office. It's up to each person to decide but it IS in fact a 2 BR. The price seems high but I agree with the fact that the comps do seem to support the ask and they seem to have renovated to a high standard. RE: the heat, that's the price you pay to be in a pre-War, however, the co-op is working on resolving the heating issues. I LOVE this building and this area! THis is a GREAT neighborhood with friendly people and my neighbors in 360 Clinton all are very cordial and considerate.

That said, my sister lives in the Co-ops and I almost bought in the ones across the street. They were built for Brooklyn Navy Yard workers, I am told, in the 1940s and 1950s. They are a GREAT value and the only difference between them and mine, frankly, is that the co-ops don't have the crown molding or curved doorways. Otherwise, they have BETTER closets, and 24 hour security, the latter is lacked by my building. I don't like the classist tone of many of the posts here, if you don't like a diverse neighborhood made up of varied races, ethnicities and classes, great, take your attitude elsewhere, preferably to Manhattan.

Posted by: petite maoiste at August 6, 2008 8:11 PM

I have been in the apartments in 360 and in the Clinton Hill Co-ops. The fact is, the Coops are a great deal and have huge closets and spaces. I actually kike the Coops on the Myrtle Avenue side even better. The outside of 360 looks nice, but the inside lobby does not look much nicer than the lobbies accross the street. The Co-ops are a much better value and you can get a large 2-bedroom with an incredible view for between $450,000 and $480,000...worth every penny.

Posted by: classc1 at August 7, 2008 12:02 AM

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