House of the Day: 109 Gates Avenue

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109gates1007a.jpgWhat was the current owner of 109 Gates Avenue thinking when he shelled out $2 million for the five-story brick house in Clinton Hill last winter? The stop-start renovation had been on going since a group of investors had bought the place for $1.1 million back in early ’05. We’d been hoping that the reno was taking so long because of a painstaking restoration effort. Not so. The result is a cheap-looking Home Depot special on the upper three floors (in addition to the two unfinished bottom floors that are for rent, presumably for commercial purposes), a decision the owner must be regretting as the house sits on the market for the ridiculous asking price of $2,800,000. Especially in this market, if you build cheap, you’re gonna have to sell cheap. Time to wake up and smell the coffee.
109 Gates Avenue [Brooklyn Properties] GMAP P*Shark
Mural, And Then a Restaurant, at 109 Gates Avenue [Brownstoner]

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