Rare Affordable Clinton Hill Co-op With Prewar Details, in-Unit Laundry Asks $575K

This two-bedroom apartment is only for those who meet the income restrictions, but for those who do it offers a nice amount of space along with prewar details and a location in the Clinton Hill Historic District.

The building, 110 Cambridge Place, is an income-restricted HDFC (Housing Development Fund Corporation) co-operative, which accounts for its below-market price, part of a legacy of properties seized by the city and sold to tenants in the 1970s and ’80s.

The Beaux-Arts style building and its neighbor at 116 Cambridge Place were built in 1914 and dubbed The Wyoming and The Montana respectively. Both were designed for owner Morris Jarcho by the Flatbush-based firm of Cohn Brothers, who specialized in apartment buildings. An April 1915 ad for the new buildings proclaimed they were “up to the minute in perfection” with rents ranging from $37 to $55 a month.

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This unit is located on the fourth floor of the walk-up building and has a flexible layout. There are two bedrooms, each with a closet, and a living and dining room separated by French doors. The current owner has the dining room set up as a third bedroom, but open up those French doors and you have more living space or room for a home office.

While a new owner may want to make some style upgrades, like swapping out the tile floor in one bedroom for wood and removing the paint from the glass transoms, the apartment appears in good repair and has some nice prewar details like the aforementioned French doors and transoms along with picture rails and moldings.

The windowed galley kitchen is the same: While the wood cabinets and tile floor appear in fine shape, a design tweak might make a difference. The kitchen is outfitted with a washing machine; both washers and dryers are allowed with board approval. There’s no mention of a laundry room in the building.

Located not far from the C train at the Clinton-Washington stop, the complex is in a desirable part of Clinton Hill just around the corner from where Christopher Wallace, aka The Notorious B.I.G., grew up in a similar building.

Income restrictions for buyers range from $99,500 to $153,500 a year for a family of one to five people, and the apartment must be the owner’s primary residence. The listing notes that gifting of the down payment or full purchase price is allowed, as is bank financing. Sellers in the building do pay a flip tax that is 50 percent of the profit made upon a sale — something to keep in mind should a buyer wish to sell later.

Listed at $575,000 with Wyllie Real Estate, the apartment has a monthly maintenance of $622.60. What do you think?

[Listing: 110 Cambridge Place #4C | Broker: Wyllie Real Estate] GMAP

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