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
Oh. Never mind. Just read the posts about the home being sold in part only.
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!
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.
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.
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.
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.
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.
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?
Oh, and there are no tenants left, btw.