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?…
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
Ditmas—-go onto acris and look at details of deed tranfer.
Not heresay.
Yes, page 3 of sale contract on Acris says 50%…
Ah. Colonel, that sounds like a pretty friggin’ good deal.
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.
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!
> What was sold was 50% in the bldg.
Do we have any actual evidence of this? Or is this also hearsay?
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!
Actually, 11217, it was about 6,000 sq ft. I think.
“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.