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
anon 2:28
how does seeing alot of young people on smith street translate to them being owners..and did you forget that there is one huge expensive neighborhood on that island across the bridges filled with “young people” whatever that age my be
i was walking around this area over the weekend and found it delightful. I know that it’s lacks trains beyond the F and G. I saw a lot of young people on Smith Street, and wondered how they afford such an expensive neighborhood. Can they really be owners? If not is a roommate situation typical for this area?
Bored at work–You’re right about the Orthodox but they pay prices like this in Midwood and Gravesend. They’re not exactly knocking down doors to live in this hood. Could it be that a Manhattan firm is not quite in touch with the Brooklyn market?
Obviously, I agree you about a private owner buying it from my earlier comments but the people who have that kind of dough and want to live in the area can buy any number of turnkey single family dwellings already on the market.
One question I have no idea is can some one realistically buy a building like this and turn it into condos and hope to make a profit in this climate? I’d be really interested to hear from someone who knows.
only way this price makes sense’ to me is if the buyer turns it into coops/condos.
I love that people think they can bank on getting $6000/month rental income for the next 30 years.
At this price I think the assumption is that the buyer is an investor converting to condo, or private owner to convert to a one family. You are not buying this for rental income.
While Clinton Street near Atlantic does back up during am rush hour, it does not make the house undesirable. Good windows and bedrooms in the rear can make a big difference.
Also, by mentioning walk to houses of worship, it means that the house may make sense for orthodox and conservative Jews who attend synogogue in Brooklyn Heights or Cobble Hill.
I think $6000 is a bit conservative on the rents. $7k to $7.5.
3rd unit rental is bit on smaller side.
Always coop potential too.
Been for sale awhile. But in this price range – fewer buyers.
What’s up with the “easy walk to houses of worship” in the description? Strange. More importantly, this house, while beautiful, is on CLinton Street which backs up with noisy traffic every rush hour, despite the copious $200 fine for honking signs.
I think they’ll have a tough time selling this at this price because anyone who can afford to pay this is not going to want to be in the business of being a landlord for three rentals. I guess you could hire someone to manage it but why not just buy a one family then. If you’re buying it to convert into a “supernova”, add another $500,000 for conversion. You’re right, Mr. B, the rentals would probably cover close to a mil of your mortgage but at 2.6 mil, there are some pretty fabulous one family homes on the market like the one you featured last week. So who buys this then? It’s not totally clear who their target buyer would be here.