Wednesday, January 5, 2011

Fully Renovated 2-Family Deep in Clinton Hill: 215 Gates

Here's a totally renovated and updated 2-Family browstone just east of Classon on Gates for $799K. 215 Gates Avenue has four stories and is set up as a double duplex with 4BR's each. While none of these bedrooms is larger than 9' X 10', having 8 legitimate bedrooms in a well-renovated space usually doesn't come this cheap. Perhaps you could get creative with which space on which floor to use as a master bedroom, or open up the smaller bedrooms into something larger:

Looks like they're getting the most out of the 800 sqft floorplate. We like the shiny, compact kitchen:

The look it has is almost like the poor man's 476 DeGraw. The sales history on this property is very tangled and hard to make sense of. Looks like it's a development company who's got it now. It may, however, be ready for its rightful owner. The location is definitely the reason you're seeing so much value. But we're really starting to warm up to the idea of this edge of Clinton Hill. Our only concern is, we don't know Bed-Stuy well enough to know if the same money could get you something better just a few blocks deeper. Definitely compare to 468 Carlton and 936 Pacific if this price & value appeal to you and you don't mind going a little off the beaten path.

Pro's: price, value, renovated, new mechanicals, maximiz-ed/able layout

Con's: seriously small BR's, off the beaten path, perhaps not the best the property the same money could get you in Bed-Stuy

Ideally: there's certainly something worth checking out here. They should have an open house. Considering what some condos cost, this could be a nice play.

1 comment:

  1. Just sold on 3/14/11 for $810K... above the $799K asking price