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October 23, 2008

Condos of the Day: 473 Clinton Avenue

The brownstone condo conversion at 473 Clinton Avenue in Clinton Hill hit the market about five weeks ago, and so far none of the three units have found a buyer. The listings include a top-floor mini-loft for $629,00, lower duplex for $1,275,000 and an upper duplex for $1,195,000. The renovation, while not preserving every detail, appears play up some of the larger architectural elements like the window, door and chair railing moldings. (The recessed lighting lovers out there will also be pleased.) The location's pretty good too, less than a block from the C train. The pricing is pretty high on a per-square-foot basis for the area, but it also looks like a much better job than some of the other brownstone conversions nearby. Time will tell.
473 Clinton Avenue Listings [StreetEasy] GMAP P*Shark

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Comments

Am I missing something? This appears to be a four-story brownstone, but there are 5 units, two of which take up two floors?

Posted by: jurist at October 23, 2008 12:51 PM

Three units, as noted above.

Posted by: SnarkSlope at October 23, 2008 1:06 PM

i think it's 3 units - not sure how that works layout wise.

am i the only person that is not a fan of the open floor plan - i.e. kitchen in the living room? (referring to the 'mini loft')sometimes i don't feel like washing the dishes right away or having the kitchen spotless. i likw open but seperate spaces.

Posted by: bkny at October 23, 2008 1:09 PM

Ew, recessed lighting and fireplaces no longer in what was once the middle of the room. Why would anyone buy one of these condos when they could buy a whole house for the same price?

Posted by: mopar at October 23, 2008 1:11 PM

Sorry, three units, two of which appear to be two floors. Where's the mini-loft?

Posted by: jurist at October 23, 2008 1:15 PM

It is a five story Brownstone. I went in while they were still working on it. The owner has had the building for awhile and tried to create a well laid out space with some nice materials. It's nice but pricey.

Posted by: bedstuy11216 at October 23, 2008 1:20 PM

My guess is the mini-loft doesn't extend all the way to the front of the building, and you can't see it from the low angle of the pic. ie: it was probably a later addition.

These are decent units (I don't mind recessed lighting) but they seem quite overpriced to me. $630k for a studio (sorry, "mini-loft")? There are big 1 BRs in many nice neighborhoods available in that price range.

Posted by: cwbuecheler at October 23, 2008 1:21 PM

The lower duplex layout is very ideal. The kitchen is in the middle, maximizing living room space. The master bedroom has his/her sinks and faces the more peaceful back yard side of the building.

But I'm LMMFAO at these Johnny-come-lately developers who think they can come here and charge 600+ for a studio and more than a big one for each of the duplexes and take us seriously. Pre-credit crisis, you could get a fixer-upper with rental income for less than any of those duplexes in the same area. Now...

I remember when that same building was defunct. Aint no renovation there worth 500K to 750K. Where's the value? That's not the best part of Clinton Ave. You don't want to be THAT close to the train.

Posted by: DOW8000SP800 at October 23, 2008 1:24 PM

I do not think that the lower duplex is ideal. For well over a million, I do not want a ground floor bedroom with a door to the street. None of these are worth asking prices -- take 40% off.

Posted by: BH76 at October 23, 2008 1:29 PM

Maybe for half this amount?

Posted by: Putnamdenizen at October 23, 2008 1:32 PM

That's true, BH76. It would be ideal if the BR's were on the floor above the parlor. I'm totally disregarding price here. (They should just start listing highest bids instead of these wishing prices.)

Posted by: DOW8000SP800 at October 23, 2008 1:37 PM

try a 1/4!

Posted by: househunt at October 23, 2008 1:38 PM

BH76 : You want 40% off . Move to Vegas not here not now.

Posted by: sebb at October 23, 2008 1:38 PM

If you are among the few left who has enough money to buy a million dollar home, buy a whole house, or buy a co-op in a big building. Buying a third of a brownstone is just not that terrific. It will make for sleepless nights when your neighbor is laid off and five months behind in the maintenance.

Posted by: sam at October 23, 2008 1:42 PM

Yeah, as much as I love Clinton Hill this price is absurd. I just bought a whole four floor house in close to move in condition for less than either of these duplexes within blocks of this location. Don't know what they are thinking here. Nice enough renovations all things considered but they are seriously going to have to cut these prices to move these units. My guess is that each duplex would move at 800 and the "loft" at 350.

Posted by: wasder at October 23, 2008 1:48 PM

s e e m i n g l y
e n d l e s s
b r a i n l e s s
b l a t h e r

Posted by: SnarkSlope at October 23, 2008 1:51 PM

serotonin
excess
buggering
brain

Posted by: dittoburg at October 23, 2008 2:01 PM

SnarkSlope: You are a CLOWN. Keep losing buddy.

Posted by: sebb at October 23, 2008 2:14 PM

You are half right: I am a clown.

Now go away, or I will taunt you a second time.

Posted by: SnarkSlope at October 23, 2008 3:01 PM

Mini loft? That's funny. This is a joke, right?

650k for a 1 room, top floor unit that is slightly larger than some walk in closets and is located in a borderline neighborhood?

I hope the developer falls behind in his mortgage payments so this can be foreclosed upon and auctioned off for the real value.

Posted by: Knickerbocker at October 23, 2008 3:35 PM

This is a pretty terrific renovation--I've been inside. Obviously the prices were set before the recent financial melt-down, but it's definitely as nice as the condos on Grand and Gates that sold (albeit in a different world) for $1.5M each. So I don't think this is as crazy as it sounds. The top floor is the full floor (the front is set back and hence invisible), and Clinton Hill this close to the subway has indeed fetched over $600k / floor in the recent past. Btw, the developer is hardly a Johnny-come-lately, but has been doing historic restorations in Ft. Greene since the 1970s when many Brownstone fans would never have been caught dead in this area.

Posted by: doof1 at October 23, 2008 3:44 PM

600k for a walk up ghetto studio? why not make it a million? think big, yo!

Posted by: travy at October 23, 2008 4:03 PM

This house was selling as an SRO in 2005 for $850k. Should the units sell near ask the sellers may stand to make some money.(Even with the illegal roof addition that was in turn removed again due to lack of permits) It's a close walk to the methedone clinic.

Posted by: OTIS at October 23, 2008 4:08 PM

"You want 40% off . Move to Vegas not here not now."

Paying anything more, here and now, IS VEGAS!!! Unfortunately, what happened on Wall St. will not be staying on Wall St. Sebb and flow back to reality.

Posted by: DOW8000SP800 at October 23, 2008 4:14 PM

Brownstoner, Can you check the prices on the units? When I click through to the r.e. website, they seem different (lower) than the ones you've posted.

Posted by: new2bk at October 23, 2008 4:35 PM

new2bk - maybe you're seeing the 1st pass at a economic-meltdown discount!

Posted by: Miss Muffett at October 23, 2008 4:38 PM

Streeteasy shows a price cut as-of today 10/23.

Posted by: setancre at October 23, 2008 6:45 PM

Sebb - what do you make of the fact that the value of this property is clearly going down, as per price cut today? This is why, when you say that people are losing money each day they are not buying, I (and many others) say that on the contrary, we lose money by buying too soon when the market is going down, as such price cuts clearly demonstrate.

Posted by: Miss Muffett at October 23, 2008 7:22 PM

Hard to argue with your logic Miss Muffett.

Posted by: wasder at October 23, 2008 8:39 PM

This looks like a cute, unpretentious house for a normal family. But it has been cut up into apartments for three millionaires. Honestly, man, that is why NY is fucked up. Why would someone with plenty of cash want to share this little middle-class house with two other rich, obnoxious families? Hello?
Is there intelligent life in the Brooklyn real estate universe? Unbelievable. How young, and stupid, and rich would one have to be to lay down a million bucks for part of an old, rather dumpy, bourgeoise house in a not very nice part of brooklyn NY?
I give up.
It is too inane.

Posted by: Inigo at October 23, 2008 10:05 PM

« Speaking of Scarano... House of the Day: 1290 Pacific Street Revisited »

October 23, 2008

Condos of the Day: 473 Clinton Avenue

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