Judge Awards 306 Clinton Avenue to Highest Bidder
Local website HistoricBrooklyn.com is reporting that Judge Betsey Barros awarded 306 Clinton Avenue yesterday to the couple who had placed the highest bid of $1.5 million. Turns out Historic Brooklyn has been following the auction process (the background of which we detailed back on May 24) very closely because he was in the running himself….
Local website HistoricBrooklyn.com is reporting that Judge Betsey Barros awarded 306 Clinton Avenue yesterday to the couple who had placed the highest bid of $1.5 million. Turns out Historic Brooklyn has been following the auction process (the background of which we detailed back on May 24) very closely because he was in the running himself. He also took a ton of photos when he toured the house, many of which are posted on the site. So what happens now? The winners put down a 10% deposit yesterday and now have 90 days to close. The back-up bid, by someone who sounds like a developer, is $1,350,000.
House of the Day: 306 Clinton Avenue [Brownstoner] GMAP P*Shark
TO anon 11:35PM. Ordinary employed college graduates can buy in Brooklyn. Just not my nieghborhood!
So if the new owners want to go through all of the work, deal with Landmarks, and duck the critics here, more power to them. Why the debate about whether or not they should? It’s really no one’s business, and is between them and their bank.
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Yeah but … paying these stratospheric, panicky (PRICED OUT FOREVER!!!) tabs only sets up more comps that’ll make the prices stickier on the way down. One day, I have to believe, ordinary, employed college graduates will be able to buy in Brooklyn again. But it’ll be awhile, I suppose.
Your facts are way off the mark. HistoricBrooklyn.com could not have been in the running, as he gave a substandard bid. Also, the 2nd and 3rd highest bids were for $1.35 and $1.3 million respectively. Lastly, 4 of the 5 highest bids were from users, people who were willing to pay the price and still bring the property to its former splendor. HistoricBrooklyn also defames the developers, but at least they were willing to offer a good price and not try to buy on the cheap as he did. The bottom line is that the current homeowner will be taken care of for the rest of her life, and that was the ONLY issue!
no way to rehab entire browstone for 400K, not in the tri-state area. since estimate came from an engineering firm, maybe they were referring to structural & mechanical costs only, and didn’t include finishing touches. the soft costs can easily top another 500K.
This could easily be grand for 400k depending on how many kitchens you need and how many bathrooms.
So if the new owners want to go through all of the work, deal with Landmarks, and duck the critics here, more power to them. Why the debate about whether or not they should? It’s really no one’s business, and is between them and their bank. I wish them good luck, and hope they can soon sit on their stoop and wave to all the people who wish they woulda, coulds, shoulda.
The facade and stoop work will be at least 90,000 that does not include the cost of new landmarks-approved windows, ironwork, or sidewalk.
The 400k in renovation costs come from an estimate done by Heimer Engineering. It does need new plumbing, an electrical upgrade, new baths and kitchen, the ground floor is basically gutted. Add extra for marble countertops and molding..Don’t forget 50k for the scraping and re-stucco work. HB
I am always glad when somebody buys one of these old aristocratic ladies and throws themselves into the process of making them come to life again. I feel that one by one the owners’ enthusiasm somehow radiates through the neighborhood. I was really happy when the Pfizer mansion was sold for the same reason. This will definately be a lot of work and won’t be cheap. I wish the new owners a lot of luck and I hope they come to the Forum to get information and to share their experiences.
Congratulations to them.