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August 12, 2008

House of the Day: 100 Lefferts Place Revisited

When the listing for 100 Lefferts Place in Clinton Hill first hit the BHS website last March, it didn't have any interior photos. Since we happen to know that this broker is a straight-shooter, we were willing to take her word that it had "extensive period detail," but sometimes there's no substitute for actually seeing it. In the meantime, the owners of the 6,100-square-foot have held firm with their asking price of $1,800,000, which some commenters thought was pie-in-the-sky last go-round. Do these interiors change the equation?
100 Lefferts Place [Brown Harris Stevens] GMAP P*Shark
HOTD: 100 Lefferts Place [Brownstoner]

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Comments

Except for the kitchen color choices they highlight, that is a gorgeous property. No comment on the price as I am not expert on the economics of a house with that many units.

Posted by: wasder at August 12, 2008 1:24 PM

Yes. This is lovely, and puts to rest the notion/fear that the interior was a mess. Which is usually presumed when pics aren't furnished.

Posted by: Nokilissa at August 12, 2008 1:27 PM

What is the eastern border of Clinton Hill out of curiosity?

Posted by: 11217 at August 12, 2008 1:29 PM

Classon

Posted by: Atlantic Frantic at August 12, 2008 1:31 PM

Thanks.

I think it's a lovely looking house.

Posted by: 11217 at August 12, 2008 1:34 PM

beautiful house. . no way it's selling for anything close to this price right now. . .

kind of a waste of everyone's time to repost this. . .the market has softened dramatically since we last discussed it.

Posted by: ontheparkway at August 12, 2008 1:47 PM

A vacant 5-unit multiple dwelling that could be turned back into a house some day with a lot work.
If you are not looking for an investment property, why not just buy a house you can, you know, live in now?
At the moment, the move-in condition properties are selling. the pay-top-dollar and bust your ass renovating for a year properties, not so much.

Posted by: sam at August 12, 2008 1:48 PM

If not for the five single floor unit thing, this would be an easy sell. That's twice the square footage of your average brownstone.

Posted by: Lothar of the Clinton Hill People at August 12, 2008 2:01 PM

It is a lovely house but there is no way is selling for 1.8 mill...not on that block. If I'm not mistaken this house is on the opposite side of the White Castles on Atlantic Ave, there a hoe-tel at the corner of Classon and Fulton and not to mention the huge very sketchy apartment building at the same corner. 1.8 mil is not going to happen ... no matter how well kept and lovely the house is.

Posted by: A ClintonHillLady at August 12, 2008 2:02 PM

Posted by: A ClintonHillLady at August 12, 2008 2:03 PM

That could be a sweet one-family...put in an elevator, re-work the core to add another bathroom to each floor and walk-in closets to the bedroom floors, add a terrace over the addition, add a roof terrace. 1m+ dollars in renovations to bring it to the level it should be at.

Not a good deal at this ask.

Posted by: bayridgegirl at August 12, 2008 2:03 PM

this is a ton of space, and a really good investment. rent out garden and top 2 floors. renovate the other 2 floors into owner's duplex with deck to backyard.

at this psf, you could actually make some money.

Posted by: wine lover at August 12, 2008 2:07 PM

FYI...C of O lists it as an SRO.

http://a810-cofo.nyc.gov/cofo/B/000/141000/B000141818.PDF

There is no filing of conversion to 5-family.

There was a compliant filed with DOB for illegal work.

http://a810-bisweb.nyc.gov/bisweb/OverviewForComplaintServlet?requestid=2&vlcompdetlkey=0001030851

Maybe that's why no one is biting. To clear this up will be such a headache, cost a fortune and take time.

Baffles me why the owner isn't taking care of this.

Posted by: bayridgegirl at August 12, 2008 2:16 PM

That's a lot of house. Very nice.

Posted by: TownhouseLady at August 12, 2008 2:18 PM

bayridgegirl, so you want an elevator and 2 bathrooms on each floor of a 5-story house that you think one family will live in by themselves?
for what reason, so junior can ride up and down to his bedroom on the top floor? and pee in two places on each floor?
and while you're add it add a roof garden, since the front and back garden aren't good enough. .
All in a so-so nabe
Ha!
this is kind of obvious but no one is going to pay $1.8M for this place so they can spend $1M-plus to put an elevator and whatever else you are dreaming about. . .

Posted by: ontheparkway at August 12, 2008 2:31 PM

Brownstoner always features Joan Goldberg's listings. Often several times over. I wonder what's up with that?

Posted by: BklynHouseLover at August 12, 2008 2:34 PM

Damn, that thing is BIG!

Posted by: qis4quincy at August 12, 2008 2:38 PM

If that's the best looking kitchen then I wonder how bad the other kitchens and the bathrooms might be.

BklynHouseLover...thats how rumors get started!!

Posted by: daveinbedstuy at August 12, 2008 2:41 PM

Good point daveinbedstuy...the others kitchens and baths must be in horrible condition.

Posted by: A ClintonHillLady at August 12, 2008 2:46 PM

ontheparkway...believe it or not, some people do live large.

I was hypothetically saying how it can be turned into a grand one-family. Is this what is going to happen to this house? Probably not.

I never said anything about the neighborhood. But I agree this is in a so-so area.

Posted by: bayridgegirl at August 12, 2008 2:48 PM

dave...there is a glimpse of a kitchen in the photo with the fireplace..looks like a home depot special.

Posted by: bayridgegirl at August 12, 2008 2:59 PM

The nay-sayers are so short-sighted. Look around you. This neighborhood has all the ingredients to be highly desirable: superb brownstones waiting to be renovated; excellent transportation links (subways and Atlantic Avenue); Fulton Street being restored with public money; leafy streets with mature trees. Yes the downturn is definitely going to slow the process down, and there continue to be negative elements that others in this string have already noted. But the trend is what matters. The process of rejuvenation is inexorable. Whoever buys this beautiful house will do very well in the medium to long term.

Posted by: New Guy at August 12, 2008 3:04 PM

The house definitely has potential, I'm not saying otherwise, but it is priced as if its potential had already been reached. In reality there is a hard road ahead for whoever invests in it, whether they redevelop it as a multiple dwelling or convert it back to a single family home.

Posted by: sam at August 12, 2008 3:09 PM

6100 sq ft $1.8m.
If I were owner I wouldn't settle for much less.
Too big for single family. That would be more ungreen then having fleet of Hummers.

Posted by: Petebklyn at August 12, 2008 3:09 PM

New Guy is right. But I think not at this price.

Posted by: daveinbedstuy at August 12, 2008 3:17 PM

I'm sorry but I would not purchase this house at this location for 1.8mil. There are much better blocks in Clinton Hill that warrant a price like 1.8 mil...not this one. For that type of money I should not have to go in spend a dime on anything! Sam is right.

Folks who have that type of money to spend giving the climate of the economy are spending it on this block! They're spending it deeper in CH, Park Slope, and Prospect Heights etc.

Posted by: A ClintonHillLady at August 12, 2008 3:18 PM

"Whoever buys this beautiful house will do very well in the medium to long term."

Financially? It depends on what price they pay for it.

Emotionally? IF they make the right financial decision.

And would a deep-pocketed buyer REALLY want to live there (nice location but not THAT nice) or bother to rent out those gorgeous details that they paid for if at ask (would rental comps absorb the cost)?

Posted by: DOW8000SP800 at August 12, 2008 3:22 PM

There was an immaculate two family brownstone (kitchen and master bath was bananas!) on Cambridge near Greene that went for about 1.8 a year or two ago.

This is a special property but intrinsic value per location has bounds.

Posted by: DOW8000SP800 at August 12, 2008 3:25 PM

I hear what you're saying sam, but I have to agree with Petebklyn. At what price would this house be a steal if it is not already? Surely the absolute rock bottom is somewhere in the 1.5-1.8 range. It is just too impressive to go for less. I believe it is already discounted in price to take into account the neighborhood. If you transported it over to Park Slope what would it go for? 3MM+ ???

Posted by: New Guy at August 12, 2008 3:26 PM

I'm loving the exterior and that's a lot of SF, but dealing with the DOB/SRO issues certainly narrows the pool of potential buyers.

Posted by: FatLenny at August 12, 2008 3:27 PM

New Guy, I think you just answered your own question.

This house on a beautiful park block of Park Slope would probably go for 3 million. And for that price, it would need to be in better condition than this.

Do you really think that this particular location is valued at only 1.2 million less than an area next to a huge park, many services and transportation?

I agree the house is lovely, but this price seems aggressive to say the least.

Posted by: 11217 at August 12, 2008 3:49 PM

I have no idea whether this is well-priced, but that entryway, wow! I think I am in love.

Posted by: cortnyc at August 12, 2008 4:00 PM

A house this size on park block of Park Slope would be well beyond the $3m price ($500 a sq ft for prime territory ?-I doubt it - would be much higher.)
And the transportation from park blocks is no better and maybe not as good as Lefferts Pl.

Posted by: Petebklyn at August 12, 2008 4:09 PM

One of the highest sales I've heard about in Park Slope recently was a Berkeley Place 3.4 million perfectly restored house. And that was at the very height of the market.

Other than that, you have to go down to 3rd to find much in the way of large homes of this size, and they are mostly of the limestone variety.

Otherwise, I don't think 3 million is too far off the mark for a prime Park Slope house. You aren't going to get more than 3.5, I don't think.

3 million seems to be a number that hasn't been easy to cross there often.

Posted by: 11217 at August 12, 2008 4:19 PM

I don't think this house has to be compared to a Park Slope house. I'm in the New Guy camp. This is an exception house in an area that will oneday be every bit as good as FG. I would not sell it for less than 1.8 and I wouldn't even try to sell it until Fulton Street is reconstructed.

Posted by: Aussie at August 12, 2008 4:29 PM

Lets face it, many less desirable blocks in Brooklyn are full of giant old albatrosses like this, which have been cut up and rented out, first as boarding houses, then as SRO's, some as brothels, etc etc. This is not a rarity.
A house like this, all spruced up and ready to go, especially on a nice block, THAT'S a rarity. Such a property can command a very handsome price.
But a handyman's special like this, on a so-so block, with SRO issues hanging over its head. It gives one pause.

Posted by: sam at August 12, 2008 4:40 PM

It's the SRO status/multiple units that pose the biggest hurdle. Houses on this street (the nicest block of which is one block west between St. James and Grand) have gone for around $1.5 in the last year - and they needed work; however, they were in the 4000 square foot range, not 6000 square feet.

The long term positive of this block is the location, nearby transportation, the likelihood that it will be landmarked within a year, and the architecture. The old run down free standing wood home to the west of this one was designed by the architect who later designed and lived in 100 Lefferts Place originally. The old wood place dates from the early 1850s (per the landmarks submission sent to the Landmarks Commission).

Posted by: 1842 at August 12, 2008 5:02 PM

Sam I think this is different for the following reasons.
1. It just makes it into the area west of Classon that means it has avoided the forclosures that are accumulating in Bed Sty.
2. It is next to a street that is about to get a big face lift... and is about to have a BID.
3. It is in a less desirable part of a desirable area Clinton Hill proper. Less desirable areas in CH are getting rearer
4. It has actually has some decent (by comparison) renovation.
5. This really is a beautiful house in good condition that does not seem to have been subject to the same neglect as the brothel, boarding, SROs that you mention.
6. Rents in Clinton Hill are higher than in the other areas where I would expect to find a house of this quality around this price.
7. This street will probably be landmarked soon.

Just my thoughts. I'm not about to buy it but it would look like sensational value to me at 1.5 and fair at 1.75. Personally I don't think there is any rush to buy. Prices will be at least flat for a long time and may fall. On the other hand owners in CH don't seem to want to reduce prices either.

Posted by: Aussie at August 12, 2008 5:12 PM

Perhaps the best rationale as to why they probably wont get $1.8MM is that the house has been on the market since March at that price and they have not gotten it so far. Times have not exactly gotten better out there since March.

Posted by: jojo at August 12, 2008 5:15 PM

Like many of the above posts I think this is a great house with tons of potential but going back to basics: location location location plus the SRO situation makes it way overpriced IMHO. I really think given all the work involved a fair price would be $1.4M MAX.
Noklissa do you always have to make that disgusting comment about vomiting in your mouth? This may seem harsh but such commentary is really sickening. Please keep your Reflux or dyspepsia problem to yourself....bizarre!

Posted by: pierre de taille at August 12, 2008 5:22 PM

Aussie, I'm not about to buy it either.
I agree with your points except I don't know what the condition of the interior is based on just a couple of pictures, two of which are of the same room (not a good sign)
I agree with Pierre's 1.4 million max. that was the figure I had in mind as well.

Posted by: sam at August 12, 2008 6:14 PM

beautiful place but price way to high for location. price would've even been a stretch in Q1 2007. definitely close to 1.25 than 1.5.

Posted by: BrooklynLove at August 12, 2008 6:58 PM

I used to walk past this property every day on my way to work and can tell you it is one of the finest on the block -- probably THE finest. But it's true about the"hoe-tel" and low income housing complex (that offers parking, WTF)on the corner - also, it's close to Classon and has Atlantic Ave. behind it. I'd like to say 1.4 but with the SRO-factor and all the rest of the issues, probably closer to 1.25 And this is from someone who would say "wow" every time I passed by it.

Posted by: MacD at August 12, 2008 8:37 PM

Overpriced indeed, but this thing is BIG and AWESOME

Posted by: slappy at August 12, 2008 8:53 PM

Overpriced indeed, but this thing is BIG and AWESOME

Posted by: slappy at August 12, 2008 8:53 PM

Big and Awesome, indeed. What a magnificent entryway, and staircase. I hope the right people (that is, people who appreciate glorious period detail) eventually buy it, and give the grand lady the attention she deserves.

I know white woodwork is clean looking, and that room with the painted mantle and woodwork looks clean and perfectly ok, but I just imagine that beautiful tilework in the fireplace being framed by the original woodwork, which would highlight all of the turned pieces, shelving, etc. At least strip the fireplace!

On everything else, I'm pretty much with Aussie on this one.

Posted by: Montrose Morris at August 13, 2008 12:13 AM

There's so much misinformation on this thread.

First, the property will probably sell, given recent comps, size and condition, for about $1.6mm. See recent comps:

59 Lefferts Pl - Sld 2/6/2008 - $1,500,000
65 Lefferts Pl - Sld 11/21/2007 - $1,500,000
23 Lefferts Pl - Sld 11/9/2007 - $1,415,000
63 Lefferts Pl - Sld 7/10/2006 - $1,400,000

All four homes needed substantial work. This house appears to be in excellent condition (though no one is doing any cartwheels over the kitchen and baths).

64 Lefferts Pl is presently on the market for $1.7mm. Another great house. I think both 64 and 100 Lefferts sell for more than $1.6mm with 100 Lefferts (five story gem) fetching the higher of the two.

Second, the property is located in Clinton Hill not PLG.

Third, the property is located in the federal designated - Clinton Hill South Historic District which qualifies it for the landmark preservation tax credit (10% of property value - see Trust for Architectural Easement).

Fourth, this section of Clinton Hill is included in the newly proposed expansion of the Clinton Hill Historic District.

Posted by: Limestoned at August 13, 2008 12:47 AM

Lmestoned:

I live in an Historic District, landmarked home,the works and I've never heard about the tax credit that you referenced. Do we file for the 10% tax credit with the City, or just take it off when filing income tax/return? Thanks.

Posted by: MacD at August 13, 2008 6:48 AM

Limestonekid - all of those places you listed did need significant work, as you said, and were about 2000 square feet smaller.

The biggest problem here is the SRO status. If it was not an SRO, I think the price would not be too far off.

Posted by: 1842 at August 13, 2008 10:33 AM

59 Lefferts Pl - Sld 2/6/2008 - $1,500,000
65 Lefferts Pl - Sld 11/21/2007 - $1,500,000
23 Lefferts Pl - Sld 11/9/2007 - $1,415,000
63 Lefferts Pl - Sld 7/10/2006 - $1,400,000

problem with these comps is their dates. much has happened in non-prime bk brownstone market and mortgage market since feb. the other stuff is even more stale.

Posted by: BrooklynLove at August 13, 2008 1:24 PM

IS LIMESTONED the broker for this house, you obviously are not a buyer. 100 Lefferts might claim to be 6000SF, but i have seen 2000Sf homes that look and feel much bigger than this. The house is chopped up, its as ugly and dark as a dungeon, with linoleum kitchens and dreadful stinking bathrooms. Basement has an oil tank from the dinosaur era, black mold and asbestos..The sellers and broker are trying to pull a fast one on buyers. no matter how much they try to pretend its a real house, its just not. Sorry but no bank is financing that mess. The sellers have rented out the upper floors at $1600 and one at $1200. That house is going to sit on the market for another five years until it finally sells for what the sellers actually paid for it. Hey maybe the sellers will one day change the cockroach infested linoleum kitchen counters, but that still won't take away the SRO designation. linoleum kitchen counters you ask? YES, all yours for only $1.7 million. Go get em Dummy. AN SRO for $1.7million, i guess the sellers haven't been out much, for a long long time, just take a walk around the corner and check out the other properties for sale, like right next door, all renovated for under a million? Yes, just one SRO floor less but spacious and without linoleum.

Posted by: JYWAS at October 6, 2008 7:44 PM

« Checking In On 349 Metropolitan Avenue Development Watch: 340 Bond Street »

August 12, 2008

House of the Day: 100 Lefferts Place Revisited

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