When we heard about a 3-story 2-Family brownstone in Clinton Hill around the corner from Pratt that was available off-market, we were excited. It's always nice to dodge the crowds at well-publicized open houses like 102 Gates Avenue. And even under-publicized opportunities like 108 Gates Avenue don't exactly go for cheap. And just because a property is off-market or pre-market doesn't mean that they wanna sell for a steal or anything either. But it is nice when you get to bid against only a handful of buyers instead of dozens. So Platinum Members dove right in to this place in good shape, with great floors, mantles, and details. A standard full-sized 20' x 45' on a 100' lot, it's set up as an upper owner's duplex with a garden rental. Top floors are live-able, but with lots of miscellaneous work to do to sew it up right...
High ceilings on the parlor AND on the top floor, with the exposed beams...
The bathroom on the top floor's finished, though not to everyone's taste. The skylight with the high ceilings gives it a nice feel...
A backyard always makes the brownstone a sweet alternative to the condo...
We weren't surprised to see arched-brick construction in the cellar, which explains why the house is solid, even in light of the work it'll need...
The garden floor needs the most work, but with a kitchen on the parlor, the house is move-in ready, allowing an owner to spend the rest of the time personalizing the renovation on the garden floor while they're living in the top 2 floors...
Exposed brick and exposed beams, baby! We were told the deal could be done for $1.5M cash as-is, or for $1.6M financed with the owner doing a basic renovation to get the house mortgageable. Platinum Members won the deal, but ultimately passed on it. The owner has a broker in his ear telling him he can get more like $1.7M with a simple renovation. And we don't doubt it in this market, even for a mere 3 stories. While 4-story "comps" like 102 Gates Avenue and 108 Gates Avenue are long gone, have you seen what's been happening in this area since? Clinton Hill expert Nadine Adamson pointed out to us yesterday that this bag of bones at 17 Irving Place closed for a remarkable $2M. (And to think, people still doubt that floor-throughs in prime Prospect Heights are heading to $1M/each when what Corcoran's calling "2 floors" here goes for $1M/floor!) Even this off-market 2-Family has some barely-marketed competition a block away at a lower price point. But it's hard to buy something you don't even know is for sale.
Pro's: solid quintessential 2-Family brownstone on a quiet & beloved block in Clinton Hill, not on everyone's radar, high ceilings on the parlor and top floor, great floors & details, personalize the reno yourself or with the owner
Con's: work to be done, people still think this is the 4-story price, it's not like they're looking to give it away
Ideally: curious to see if anyone steps up to the plate to take down this off-market opportunity
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