House of the Day: 280 Washington Avenue
As close watchers of the market will remember, this mansion at 280 Washington Avenue, one of a pair built by the Pfizers in 1888, was listed at $3.595 million in January 2005 before disappearing a couple months later. Now it has resurfaced, again with Corcoran, at the asking price of $3.995 million, which is a…
As close watchers of the market will remember, this mansion at 280 Washington Avenue, one of a pair built by the Pfizers in 1888, was listed at $3.595 million in January 2005 before disappearing a couple months later. Now it has resurfaced, again with Corcoran, at the asking price of $3.995 million, which is a smaller percentage increase than the overall Clinton Hill market in the past year. The house is mind-blowing in its detail, grandeur and condition. The real constraining factor is whether there are any people wealthy enough to buy it who are cool enough to be down with Clinton Hill!
280 Washington Avenue [Corcoran] GMAP P*Shark
Pfizer Mansion Hitting Market [Brownstoner]
I think the asking price is somewhat ambitious but it’s not outlandish by any stretch of the imagination. Low $3m seems about right for a property in CH of this size, beauty and historical significance. And folks, the house is already being discounted for the fact that it’s in CH and not in BH or PS were it would easily fetch north of $7m and $4m respectively.
On another note, if you can afford to pay $3m plus for a single family house of this size, you’re not too concerned with the cost of gas and utilities.
Lastly, what makes CH so undesirable that someone wouldn’t pay this price to live in an awesome house, on a great block and in a thriving community? For those of us involved in Brooklyn real estate in Downtown Brooklyn, especially in FG and CH have heard the same arguments as home prices were eclipsing various psychological barriers at lightening speed (e.g., $500k, $1mm, $1.5m, $2m and $2.5m): “That price? In that neighborhood? No way!” I think in the end, people want value and more bang for their buck. Thus the reason why they venture further and further east in search of their piece of the pie and the opportunity to live a grand lifestyle.
frank, brooklyn heights is twice as expensive as clinton hill.
Linusvanpelt’s comments make sense. A gorgeous mansion such as this one would be snapped up in a fancier neighborhood without it having to be chopped up into multiple apts. or converted to an inn. It’s just that people who have the millions to spend on a mansion & don’t worry about fuel bills & having “too much space” probably don’t want to live in CH.
I know people who are spending over 4 million for a house in the Heights and they quite frankly wouldn’t even take a walk through Clinton Hill, let alone buy there. For that matter, they don’t like the Slope because it is “too Brooklyn.” Not justifying it, just saying that comparing the two areas is totally apples and oranges.
The funny thing about this part of brooklyn — and I mean BH, FG, CH, Boerum, carrol, hook, Downtown, etc — is that it’s pretty much all within a 3 mile radius, you can walk anywhere and visit anyone in any of these neighborhoods on foot. While they USED to have very distinct personalities, the past couple of years have seen dramatic changes everywhere, and it must be a nightmare trying to price anything.
It would make a great crack house,if it hasnt already. (I mean, with all due respect to the guy who owns it now, he’s gotta be smokin something to live in there.)
“It may not be over-priced on a per sq ft basis, it’s just that most mere mortals don’t need that kind of space.”
Oh, reason not the need! — King Lear
I suspect the space is part, but not all of the reason. Certainly there are rich people happy to luxuriate in far more space than they “need.” But they are probably not looking to buy in Clinton Hill. (No offense, Brownstoner.) I agree with the earlier poster: it’s just a weird match of house and neighborhood, and I’m not sure how the hell you determine the right price on a property like this.
It would make a great B&B. When I used to work in the area, I passed it all the time. Who knew?
I would love to see it in an open house, just for the experience. If anyone ever sees a notice for an open house, please let Brownstoner, and the rest of us, know.
Anon 4:37pm – while you make somewhat of a point in your analysis of BH vs CH being a “one stop subway ride favored by the wall street crowd”, i still maintain that the difference between $1,202/sf for the Moonstruck house vs. $639/sf for the Pfizer mansion means there’s got to be something basically wrong with the building that causes the /sf cost to be 53% apart.