Development Watch: Much Ado on Clinton Avenue
There’s lots of action on Clinton Avenue between Gates and Greene right now. The renovated (cheesily, in our opinion) number 443 is finally on the market. After lying fallow for most of the last year, presumably while the owners tried to change the C of O from rentals to condos, the former mansion is divided…
There’s lots of action on Clinton Avenue between Gates and Greene right now. The renovated (cheesily, in our opinion) number 443 is finally on the market. After lying fallow for most of the last year, presumably while the owners tried to change the C of O from rentals to condos, the former mansion is divided into several apartments, one of which is a two-bedroom condo asking $589,000. Next door, the former Baptist Church that we discussed at length in February of last year. At the time, it had recently been bought for $2.3 million. The owners cleared out a dumpster or two of debris and then it just sat. Now, it’s back on the market asking $4.4 million. The main house has 9,600 square feet and the carriage house has an additional 2,400 square feet. All very interesting.
443 Clinton Avenue Condos [Century 21] GMAP P*Shark
447 Clinton Avenue [Brooklyn Properties] GMAP P*Shark
Sky’s the Limit on Church [Brownstoner]
Clinton Hill Mansion & Carriage House [Brownstoner]
SORRY I POSTED THE WRONG LINK, HERE IT IS AGAIN
8MIL 8 MIL 8MIL
Did you see this double building on washington and Fulton for 8 millions ??????
http://warburgrealty.com/buyers-prop-indiv.php?numb=466258listing.asp
I tried to put together a group of investors to buy 447 Clinton last year, and the sellers almost accepted our offer of $3.5m, but then they changed their mind while we were waiting for the contract.
We were going to add onto the carriage house, and then sell them both as condos. At $4.4m, and with the plans they are offering that doesn’t add much size to the carriage house (they basically went to Landmarks with a conservative plan just to get it approved, rather than something more aggressive that might have been kicked back for revisions), they would need to sell the units at such a high price they would be in the range of the Greenehouse Condos. Sigh. I couldn’t get anyone to invest at that price…
Did you see this double building on washington and Fulton for 8 millions ??????
http://realestate.nytimes.com/sales/View_Ulisting.asp
Clinton Hills is like saying “My Moms” instead of “My Mom.”. More slang like I always thought.
BrownBomber – don’t you mean *2*75 Washington Ave (Pratt University-owned, McCoun mansion)?…
And I agree, however you number it, there are some pretty great properties for sale in Clinton Hill right now.
I agree with Ms. Hillbilly, though, that 447 Clinton is really pushing it price-wise for a great condo conversion. At that high a price, it will be a very narrow profit-margin on the conversion, and thus only appealing to a larger developer who will probably botch it. At a lower price, the profit margin might be large enough, but still a small-ish enough project to appeal to a developer – like… I don’t know… maybe Shahn? – who would really be willing to put the time and energy into doing it right. Maybe the Brownstoner community should pass the hat and make an offer??!!
You hear people say Clinton Hills occasionally. I bought my house on Putnam thru a Century 21 broker and I was quite happy to accept the extra “s” for a whole lot less cash. The seller’s son insisted I was moving into Lafayette Gardens (the name of a project on Lafayette). Perhaps a la Boston I think Putnam Square has a nice ring to it. Or perhaps Bedford Village after the p.s. on Franklin.
Century 21 sells in Clinton Hills? Where is that, Boston?
Anyone paying that kind of price for 447 Clinton is going to have to convert it into condos for it to make any financial sense. That’s why they are trying to add size to the carriage house – more square footage to sell at $650 a square foot.
Any landmarked building that is going to be modified has to go through both the DOB and LPC before work can begin. For this reason, most architects file their plans with the DOB and LPC at the same time, so they can work out the kinks with the DOB while the LPC is piddling with it, rather than waiting nine months for an LPC approval and then spending six months dicking around with the DOB. Most likely, that DOB disapproval is only because they are waiting for LPC to approve it before they (DOB) remove all of their objections.
447 Clinton was presented before the LPC in March and is being sold with approved plans for a carriage house expansion – although it’s not much of an expansion.