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November 25, 2008

Co-op of the Day: 193 Clinton Avenue

193-Clinton-Avenue-Brooklyn-1108.jpg
This 11th-floor one bedroom at the Clinton Hill Co-ops is the most "renovated" apartment we've seen in the complex, and has the price tag to match. One bedrooms in this group of buildings typically sell in the low- to mid-$300,000s (like this place, for example), though we were able to find one example that ticked over the $400,000 level last year. This place has new dark-stained floors, high-end appliances and even name-brand tiles in the renovated bathroom. And great views, of course. The price: $409,000. Think it'll fly?
193 Clinton Avenue [Corcoran] GMAP P*Shark




Posted by Brownstoner at 12:38 PM | Comments (33)
Categories: Co-ops

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Comments

whoa how high are those ceilings? maybe 6 1/2 feet? wow.

*rob*

Posted by: PitbullNYC at November 25, 2008 12:51 PM

ha! what a weirdly distorted photo. the ceilings are actually a little over 8'.

i hope this sells for 400k because it would help my own property value, but unfortunately i don't think it will.

Posted by: TD at November 25, 2008 1:09 PM

Will sit on the market for a while (CHECK)

Posted by: bayridgegirl at November 25, 2008 1:09 PM

The range looks odd in that location. I'm surprised that's up to code.

Posted by: broadwayron at November 25, 2008 1:30 PM

Sleazebag Corcoran Realtor (CHECK)

Posted by: Kris at November 25, 2008 1:30 PM

broadwayron - the gas riser comes up in that corner in all the apartments. other than some kind of long gas line to another spot, most ranges in the co-ops are in that location.

Posted by: TD at November 25, 2008 1:39 PM

I dunno. Looks pretty good to me, especially the kitchen. That Ann Sacks stuff is pretty spendy. I think the range is in that position so they could vent it to the outside without having to run a soffit for the duct.

I'd much rather live here than in some crappy new condo for the same price.

The economics of this reno are a bit odd. I'm guessing they dropped nearly 100k, so if unrenovated ones were going for 325-360 pre-crash, then they aren't going to come close to making back their investment.

Posted by: Bolder at November 25, 2008 1:40 PM

I would not want to be the owner of the most expensive comp in the building ... especially not these days

Posted by: LilBitOfLuck at November 25, 2008 1:42 PM

Prewar landmark? I understand embellishing the truth but that's an all out lie. Or have they change prewar to mean built before the war in Iraq?

Posted by: kev 121 at November 25, 2008 1:54 PM

Propertyshark and Streeteasy say these were built in 1943 and 1944.

Does that make them War buildings?

Posted by: SnarkSlope at November 25, 2008 2:10 PM

these were built in the mid 1940's. so it's not pre-war. it's kind of "during war".

and they aren't landmarked or in the historic district. but close

Posted by: TD at November 25, 2008 2:10 PM

Not loving that bathroom at all.

Posted by: cortnyc at November 25, 2008 2:37 PM

someone dropped a lot of coin; I know that range is $5,000+ and that tile is made by Heath Ceramics (marketed here under Ann Sacks) out in Sausalito and starts at $55/sq.-ft.

Posted by: Fjorder at November 25, 2008 2:49 PM

@Kris... a Corcoran broker lives in one of the buildings over there, so I'm not surprised that prices keep inching upwards in these coops when everywhere else they are inching down.

I love the layouts of these apartments but can't justify the super high maintenance for such few amenities. Maintenance for the true 2-beds is inching towards $900 a month.

Posted by: mksk at November 25, 2008 2:54 PM

Although I ended up buying in Park Slope, I still wonder whether I would have been better off purchasing in the Clinton Hill co-op area for about $75k-$100k less and slightly more room. Ultimately, I couldn't get over the lack of mass transit options. I still think it's a great area though.

Posted by: McFly at November 25, 2008 4:09 PM

I like the kitchen, but I would have rearranged the kitchen to move the stove a few inches from the window and place a small cabinet in between the window and stove. The bathroom is pretty meh (maybe it's the photographs).

409k would have been a bit overpriced six months ago, so I doubt they will get this price today. If they are actually looking to sell, I would knock 20k off the asking.

I don't think the maintenace is terribly high for a one bedroom, but I do think that these buildings could do a lot more with the money they have. For example, why not go the extra step with full-time security and have them provide some other value-added services such as accepting packages? Or get better laundry rooms?

Posted by: Tina1978 at November 25, 2008 4:15 PM

@Tina1978 -

We do have full time security in the complex. Agree it would be nice if they accepted packages but my neighbors usually do that for me as I accept their packages. Laundry rooms could use with some updating but I take my laundry in to have it done.

While the north campus is not officially in the historic district (the south campus of the coops is), there has been talk of extending the historic district, which currently stops at Willoughby, one block north to Myrtle Avenue. Not a big deal really. Really love my apartment and am glad I bought there. I think this is a great renovation and would hold out for some market recovery if I could if I owned this apartment.

Posted by: CHAOCguy at November 25, 2008 4:31 PM

maintenance is high for 1BR and bldg exteriors are quite unattractive.

Posted by: Fjorder at November 25, 2008 4:46 PM

The maintenance may seem high but consider the purchase price in your calculations.

Most new condos in the area have 1BRs starting at 400k with maintenance and taxes at maybe $400. Buying a 1BR in the coops for 350k plus $750 maintenance is actually a good deal. Plus the closing costs on a co-op are much much lower.

Those new condos probably get you a crappy floor plan with 600sf, here you get a nice layout with over 700sf.

Posted by: TD at November 25, 2008 4:55 PM

workers housing.
Built I think for the Navy Yards workers who were churning out the battleships for the war.
Pretty basic housing.

Posted by: Inigo at November 25, 2008 5:03 PM

Hmm, the landmark thing is interesting. They are right in the center of the historic district. If you check out the NYC landmark distrcit map, however, there are these weird green patches where the coops are located, so I'm not sure if they are included. They were built for Navy Yard workers around WWII. Not sure if they have to comply with landmarks when working on the facades. All the surrounding streets obviously do...

Posted by: 1842 at November 25, 2008 5:09 PM

@1842

the south campus between Lafayette and Greene ARE in the historic distric. Once the city extends the historic district up to Myrtle, the north campus will be included. While the exteriors won't win any architectural award, the apartments are well laid out and those of us who have renovated will eventually reap the benefits. all in all these apartments are a good buy.

Posted by: CHAOCguy at November 25, 2008 6:42 PM

Brownstoner:

These apartments were built for the Navy -- for officers.

Hence the bigger rooms and better finishes than the nearby public housing, which was built for Navy-Yard workers.

Nice touch: The anchors and other nautical references over the lobby doors.

Back in the 1950s, when I was growing up in Brooklyn, "The Clinton Hill Apartments" were considered an unimpeachable middle-class address, even as the surrounding neighborhood declined.

Interesting to see the buildings now trying to catch up with the rest of the area in value.

Boy, times have changed!

But just compare the room sizes, layouts, and quality of construction with the condo-drek going up on Fourth Avenue in the Slope. These buildings are plain, but roomy and solid.

And if the co-op's board brought back the casement windows, which I remember as a kid, the complex would even have a stylish, Modernist flourish. (It's remarkable how double-hung windows have killed so much architecture in the city. Lewis Mumford once wrote that casement windows could make an elevation "sing." Now, even on the "best" buildings, facades are flat and dull.)

Nostalgic on Park Avenue

Posted by: NOP at November 25, 2008 7:28 PM

NOP -- I always appreciate your perspective and positive tone. Thanks!

Posted by: Schultz at November 25, 2008 8:25 PM

NOP - thanks for the commentary.
Agree that it is a great area, but slightly too far from mass transit for people that work in the city IMO.

Posted by: jdoo at November 25, 2008 8:32 PM

Thanks Shultz and idoo.

Let's start a committee to bring back casement windows!

They add bits of sparkle to any builindg, even much-maligned housing projects, where they're especially missed.

NOP

Posted by: NOP at November 25, 2008 8:40 PM

The views are all landmarked, amzing vistas of the entire city and beautiful tree lines streets - Take that Toren!

At around $500 bucks a square foot you're insane to be so snotty about these apartments - more closets than The Edge will give you for under a million.

The public spaces are going to be overhalled in the next few years - everything is approved.

Posted by: FloatingWorld at November 25, 2008 10:11 PM

The views are all landmarked, amazing vistas of the entire city and beautiful tree lines streets - Take that Toren!

At around $500 bucks a square foot you're insane to be so snotty about these apartments - more closets than The Edge will give you for under a million.

The public spaces are going to be overhalled in the next few years - everything is approved.

Posted by: FloatingWorld at November 25, 2008 10:11 PM

400k for a 1bed.ha ha ha.u yuppies need to have ur heads examined.gentrification is hanging on by a thread.ur loosing the war.leave brooklyn the hell alone.

Posted by: buckfast at November 25, 2008 11:28 PM

CHAOCguy - I see what you mean. Those green patches I saw on the map look like Underwood playground and the playground by PS11.

Posted by: 1842 at November 26, 2008 2:49 PM

public transport isn't so bad. i work around wall street and it usually takes 30 minutes during rush hour. the b38 bus is pretty good.

Posted by: cortnyc at November 26, 2008 4:20 PM

The area is nice, but let's be honest...it's not 1 bedroom for $400K nice.

Posted by: mintjelly at November 28, 2008 8:22 PM

i must agree the trasportation isnt a problem for me and i work in Rock Center. The C is quite close and for the most part has been pretty good for me this past year of living in the coops. aside from that train its roughly a 10min walk to Target area for all other trains i might need. my commute is about 45min, which is about the same when i lived in park slope and took the R train.

Posted by: dead at November 29, 2008 8:30 PM

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