Co-op of the Day: 360 Clinton Avenue
This massive prewar apartment at 360 Clinton Avenue in Clinton Hill just hit the market and looks pretty interesting. With its current price tag of $850,000, the 1,972-square-foot apartment is priced at about $430 per foot; given that there’s not a doorman, the monthly maintenance of $1,673 doesn’t seem like a bargain (but is probably…
This massive prewar apartment at 360 Clinton Avenue in Clinton Hill just hit the market and looks pretty interesting. With its current price tag of $850,000, the 1,972-square-foot apartment is priced at about $430 per foot; given that there’s not a doorman, the monthly maintenance of $1,673 doesn’t seem like a bargain (but is probably explainable by the fact that, from all appearances, this big spread is likely the result of combining two apartments). Waddya think?
360 Clinton Avenue [Douglas Elliman] GMAP P*Shark
Can’t imagine it would cost more than $20k to do including legal and I bet there are a lot more people willing to spend $400k on an apartment than $800k right now.
And yet despite that, I do quite like it. If only the maintenance weren’t so high….
PropJoe…finally something sane out of your mouth. Thanks, he was a dumbass.
It’s not an investment property people. No one would look at it as such. So many people with so little grasp here.
The first “Family-size” apartment I’ve seen in awhile at a decent price. I do think the maintenance is high though. Sam points out that the 20K a year is what you’d pay in the burbs for taxes, but in the burbs you’re paying for good free schools. Nonetheless I can see this aparement having some appeal for a family.
Chicken I think you are right that the seller would make more dough selling this as two units.
If this rents for $4k, then the owner gets 2,327 after maintenance. x 12 / 850k = 3.3% return. Pretty shabby. Goes up to 4% if you can get $4,500 which is still crappy.
Would probably do better to split it back into two apartments – just need to board up the office and install a $10k ikea kitchen.
quote:
Ceilings in this building are 9 feet Rob.
that’s still shorty pie for a pre-war.
*r*
alot of wasted space.
Its because of the nature of combining two apts with two separate entrance ways and foyers etc.
Alot of space, and yet alot of wasted space.
The layout can be so much better.
Hello, master bedroom suite w/ private bath?!?!?!?
Ceilings in this building are 9 feet Rob.