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July 6, 2009

Half-Stake in 370 Clinton Sells—For Half the Listing Price

This one just seems like a big ouch: 370 Clinton Street, the six-family house that a buyer plunked down $2,650,000 for last September, traded hands again for $1,325,000 in a deal recorded last week in public records. The House of the Day writeup on this in January went as follows: "A victim of the downturn? Given the timing and circumstances of this new listing at 370 Clinton Street in Cobble Hill, it sounds like the seller is in trouble. She closed on the 6,000-square-foot house last September for $2,650,000 and in the last four months has gutted the interior and commissioned complete architectural drawings for a planned make-over. The plans are part of the package for anyone willing to come up with the asking price of $2,995,000. It is a pretty exciting opportunity for someone who wants to create a living space from scratch: great location, beautiful shell. The only question: Price." Update: As pointed out by commenters below, it was a 50 percent interest in the house—and not the whole house—that sold for $1,325,000.
House of the Day: 370 Clinton Street [Brownstoner] GMAP

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Comments

bid hlaf off wins this one!

Posted by: denton at July 6, 2009 11:33 AM

sounds about right for a gutted building.

BHO did not win because the comps would be different for a gut vs. a livable place.

Posted by: daveinbedstuy at July 6, 2009 11:36 AM

********Crickets*********

The What (Tick.. Tick.. Tick...)

Someday this war is gonna end...

Posted by: Return of The What at July 6, 2009 11:36 AM

Ouch. Which world would that be in 'world-class?' Outer Mongolia?

Posted by: cmu at July 6, 2009 11:37 AM

If a building contains six families, I do not think it should be referred to as a "house". This was once a house, many years ago, but it is now a multiple dwelling. It is probably a disaster inside. And if there are older tenants in residence the owner will need to renovate around them.

Posted by: sam at July 6, 2009 11:37 AM

They were working like crazy on this for a while, putting up new walls and etc. but now there is a STOP WORK ORDER on the door. Wonder what that is about?

Posted by: Carol Gardens at July 6, 2009 11:38 AM

Oh, and there are no tenants left, btw.

Posted by: Carol Gardens at July 6, 2009 11:39 AM

Sounds odd to me that the selling price was EXACTLY half what the buyer previously paid for it.

Something sounds fishy. Maybe divided the place in half and sold off in 2 duplexes?

Posted by: 11217 at July 6, 2009 11:39 AM

c'mon mr. b. I'd think you'd look a little deeper when something looks so outa whack.
What was sold was 50% in the bldg.
Now - people will claim some house on Clinton st. sold for 50% off last sale because you were too quick on the trigger.

Posted by: Petebklyn at July 6, 2009 11:43 AM

The sky isn't falling. The owners decided to sell the top two floors to friends to create a 2 family versus a single family. Lots of space for two families plus the garage.
The house should look great upon completion. It certainly needs a lot of work.

Posted by: nyc221 at July 6, 2009 11:43 AM

Lots of crap reporting today on Brownstoner.

First Gabby claims the AY story got "lost over the weekend" even though it came out on Thursday and was on every other blog last week and now this.

Posted by: 11217 at July 6, 2009 11:48 AM

Maybe it was a Brownstoner lurker who had taken Half Off's handle to heart?

I am shocked by this sale. We had seen this house about a year and a half ago, when the old owner still lived there and had a tenant (young couple) downstairs. She was very sweet and had played with our (then) three year old, while we looked around, and had sent him home with toys.

The place was a complete mess, but had so much promise. Huge, with two staircases, a garage, an entire roof just begging to be decked, windows along the side, a side entrance...

I was a fan and had thought we should think about making an offer, albeit significantly under the ask at the time. My husband was less enthused by the idea of a complete gut reno followed by the sinking in of possibly a million bucks (for the gut reno followed by complete redo of 6,000 sq. feet)

So actually, the family who then bought the place, was not crazy to expect that they might not actually LOSE money. Especially so much. And especially after having sunk so much money into the demolition and the architect. I feel badly for them, and whoever bought this place for 1.35 got one HELL of a deal.

Posted by: Nokilissa at July 6, 2009 11:49 AM

That sounds right, the owner sold half the house. This ia a big enough house for two families (six families must have been slum-like). Onward and forward for Cobble Hill!

Posted by: sam at July 6, 2009 11:49 AM

Oh. Never mind. Just read the posts about the home being sold in part only.

Posted by: Nokilissa at July 6, 2009 11:51 AM

"six families must have been slum-like"

One word: Wow

Yeah, because I can't think of any other 4000 sf homes in NYC which house 6 apartments or more.

Posted by: 11217 at July 6, 2009 11:54 AM

Actually, 11217, it was about 6,000 sq ft. I think.

Posted by: Nokilissa at July 6, 2009 11:57 AM

As usual, very little due diligence by Brownstoner and some very very inaccurate info. This is for only half of the house and considering it's a total gut reno, that would put the value of half of the house renovated to around $2mln!

Posted by: chfe at July 6, 2009 11:58 AM

> What was sold was 50% in the bldg.

Do we have any actual evidence of this? Or is this also hearsay?

Posted by: DitmasSnark at July 6, 2009 11:59 AM

God - six families in 6,000 sqft? That's not even enough room for an ensuite master bath and walk in closet!! eeesh don't tink so!

Posted by: dirty_hipster at July 6, 2009 12:00 PM

They didn't sell half the building, they actually only 'sold' 25%.

Husband and wife(Party A) split the title in half through a 'bargain and sale deed with covenants against grantor's acts'. Party A retains 50% for themselves and adds another husband and wife(Party B) to the title in exchange for $1.35.

As it stands, Party A owns 100% of one half and 50% of the other half or 75% of the building.

Posted by: Colonel Steve Austin at July 6, 2009 12:02 PM

Ah. Colonel, that sounds like a pretty friggin' good deal.

Posted by: Nokilissa at July 6, 2009 12:07 PM

Yes, page 3 of sale contract on Acris says 50%...

Posted by: brownstoner at July 6, 2009 12:08 PM

Ditmas----go onto acris and look at details of deed tranfer.
Not heresay.

Posted by: Petebklyn at July 6, 2009 12:08 PM

What's all this I hear about wasting national racehorses? . . .

. . . . Whats' that? Oh, that's different. Never mind.

Always helps to check the data before jumping the gun.

Posted by: slopefarm at July 6, 2009 12:12 PM

Brownstoner, look at page 4. I think this would result in a 25% stake for the the buyers not a 50%.

Posted by: Colonel Steve Austin at July 6, 2009 12:19 PM

"Always helps to check the data before jumping the gun."

Worth repeating, as accuracy is always preferable to speed.

Posted by: East New York at July 6, 2009 12:24 PM

I heard SJP and MB bought a 50% stake in this house.

Posted by: DitmasSnark at July 6, 2009 1:10 PM

Nice bait and switch for the BHO crowd.

Posted by: FatLenny at July 6, 2009 1:49 PM

So for the end of the world adepts in the crowd, NO the sky is not falling. Haven't you paid attention recently? Brownstones in the top hoods like BH, CH or PS are still going for very reasonable prices. Yes brownstones, not cheapy new construction 1 or 2 BR. You see, real estate is complicated. You can't compare apples with oranges. Brownstones buyers are very different from appartment buyers and people ready to lay down $2 or $3mil on the table are also very different buyers than people trying to wait for ever to save $100k or $200k which is marginal on a 30-year mortgage.

LONG LIVE TO THE TRUE BROWNSTONES OF BROOKLYN !

YEAH !

Posted by: chfe at July 6, 2009 3:18 PM

Nice Howard Dean-style ending there, chfe.

Posted by: etson at July 6, 2009 3:24 PM

> Nice Howard Dean-style ending there, chfe.

I'm thinking the whole post reads more like Howard Cosell.

Posted by: DitmasSnark at July 6, 2009 4:29 PM

$100k on a 30/year is hardly insignificant.

The discrepance in buyers is irrefutable, but the bearing of funds in the 2-3 million dollar range is also quite real.

Blind diatribe is droll and nothing more.

Long live Brookyn- Fok a brownstone.

Posted by: Brooklynchimp at July 6, 2009 7:26 PM

« EDC Talks Latest Red Hook Waterfront Plans Co-op of the Day: 1 Plaza Street West, #8C »

July 6, 2009

Half-Stake in 370 Clinton Sells—For Half the Listing Price

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