Tuesday, December 28, 2010

Great Potential in Clinton Hill: 238 Lafayette Avenue

238 Lafayette Avenue is 3-Family brick building in need of renovation that, at $1.05M, is priced like they actually want to sell it. There are a few renovations popping up in Clinton Hill like the SRO 187 St. James Place, but there might be even more potential here. 238 Lafayette is a compact 19' x 35' building on the corner of Waverly and Lafayette. It's basically right in between Choice and the Brooklyn Flea, across from a little park/playground. The G train rumbles underneath and a bus route zooms by, up across the street from some lovably-edgy (at least to hipsters & Pratt students) housing projects. No backyard, but check out the parking space:

Maybe those windows could be reclaimed or more put in on that unattached side? When compared to 310 Lafayette, you gotta figure the price has to come down here on 238. And there may be room to come down afterall. With a Lis Pendens that was filed on 10/29/10, and the owner owing some $400K (from what we can tell), there should be room to relieve the owner and still get a deal. Keep in mind, the renovation could be extensive and costly no matter how you cut it:

Unless you're going for that Ladies Man look & feel to the living room:

Lots of pro's & con's to weigh. It's steps from the G train, but that's also only the G train. And it's right on top of the noise of the G train too. So it's a toss up...

Pro's: corner lot, curb appeal, parking space, hip location

Con's: in need of renovation, small, no backyard, 1BR rentals, noisy transportation around

Ideally: there's a move to be made that nets the seller enough and leaves the buyer enough left over for the renovation

1 comment:

  1. Looks like this thing was relisted: