House of the Day: 197 Clinton Street
Just over the border from Brooklyn Heights, this Cobble Hill 5-story brownstone at 197 Clinton Street looks pretty sweet. The owner’s duplex on the bottom two floors is indeed, as the listing says, “pristine” and “architect-designed.” And they’re not kidding: It’s a beautiful space. There are also three rentals on top, which will come in…
Just over the border from Brooklyn Heights, this Cobble Hill 5-story brownstone at 197 Clinton Street looks pretty sweet. The owner’s duplex on the bottom two floors is indeed, as the listing says, “pristine” and “architect-designed.” And they’re not kidding: It’s a beautiful space. There are also three rentals on top, which will come in handy for anyone who pays near the asking price of $3.6 million. The listing doesn’t say, but we’d guess the monthly gross on the rentals is around $6,000, which would cover, what, about $1 million of mortgage? Does that mean you’re paying $2.6 million for a duplex?
197 Clinton Street [Prudential Douglas Elliman] GMAP P*Shark
no way this works as condos. you’re looking a max of 1000 sq/ft per floor once take out staircases, elevators, etc. best case is 800, maybe 850 per sq/ft in condo market. that nets you 4.2 mill max. cost of constuction, lawyers, filing with ag’s office, interest, closing costs, insurance you’d be losing lots of money at this price. this is for someone who wants a single family, cause if you can afford it, why would you want rentals. but there are planty of 4 families for under 2 mill that you can get and spend 1mill renovating and still come out cheaper than this. elliman also has 2 townhouses on clinton closer to degraw for 3 mill. no multi family house will sell for over 3 mill. again if you ahve that money you don’t need or want rentals to help with the mortgage
walking to borough hall means crossing atlantic avenue, and then walking 3 or 4 blocks there. This is not a good walk if you are already 4 or 5 blocks from Atlantic.
I was in the area enough to see many young people going into brownstones, apartment buildings, etc. and realized they lived there (and weren’t just visiting).
Even if they are roommates it doesn’t look like the bohemian roommates situation in Williamsburg, where the kids work at tower records, or have odd jobs bartending, and working retail with 5 roommates.
Nice home, nice area,thinking about moving soon, need to upgrade to picture windows
I would far prefer the single family at 368 Pacific (which the group discussed on Friday) to this property. As a prior poster noted, if you got $6K-$7K a month in rent for the Clinton Street property’s rentals you’d cover about $1.0 million of mortgage leaving you with a $2.6 million duplex. I’d rather have the single family at $2.4 million. I also think the Pacific Street house is on a better block. I lived on Clinton to 10+ years, but the Atlantic/Pacific block is not a great one. It’s noisy + commercial and the Christmas Tree vendor camps our there for a month every year.
Transportation is easy in this area – nearly every line is within a 10 minute walk to borough hall.
There’s a four story, 3 family on Dean that’s been on the market for a while at 1.985m.
Are there any comps out there for a 5-story, 4-family brownstone?
Or they may have been wearing T-shirts with a quote by that very wise early 21st century American philosopher who said “I own, therefore I am.”
Unless perhaps they were dressed in black and walking to their “houses of worship”.