Wednesday, October 12, 2011

Sticker Shock: 338 Clinton Avenue

We love Clinton Hill for all kinds of reasons - the incredible native architecture, the bubbling up of new businesses, the Pratt influence, the value over all kinds of other neighborhoods, Brooklyn Flea, not getting mowed down by strollers yet the hipster-y vibe is so much tamer than the likes of Billyburg. With the bargains still left to be had around $1M, it's almost like Park Slope housing quality at Bed-Stuy prices. But it's not all milk & honey either. Lots of places with nice interiors want price points you might see in Carroll Gardens & Park Slope, like 59 Cambridge. And for many buyers they probably should go to those places if they have that cash, unless something's really calling your name or you know what superior value proposition you're getting into. What, then, is a brand-new listing in Clinton Hill doing at $2M with no pictures and no rent roll?

338 Clinton Avenue is a 2-Family used as a 5-Family, while Property Shark will tell you it's a 4-Family. The listing has it at 23' x 50' with 5,500 sqft, while Property Shark has it as 21' x 50' with 4,442. These aren't the most puzzling discrepancies, granted. However, after you've untangled that knot, you at least wanna see what your $2M is getting, right? Wrong. There are no pictures and no rent roll to be found. Not even the rose colored glasses pro forma rent roll Massey Knakal is often known to wish upon a star with on their set-ups. To be fair, the place looks great from the outside, not many properties this big on this great a block come to market that often. But even this half-baked listing for 473 Clinton Avenue is a better stab at fetching $2M and up than 338 Clinton is. 338 Clinton is a giant among men, with not much reason to back it up.

Pro's: size, curb appeal, great landmarked block

Con's: no pictures, no rent roll, high price, 2-Fam used as a 5

Ideally: they've got some explaining to do, but this may not be a bad play at all after a haircut. We'd put in you in 5 places better than this in Park Slope for this price or less before you should even nibble at this though.