Platinum Members are at it again, closing this month on a great house in Clinton Hill for a comparatively great price. Anything 20' wide and 4-stories over here under $2M these days in even remotely non-gut condition is considered a win. 123 Gates Avenue wasn't a secret or anything, featured as Brownstoner house of the day, but it sure took some persistence and some skill to make it happen. We're a far cry from just last year when the likes of 102 Gates Avenue (out at the same time) had 375 people at the open house. That house, by the way, has a restoration that's coming along nicely and can expect to fetch over $3M by the time they're finished. Maybe you missed the other cohorts on Gates that were available around the same time at 148 Gates Avenue and 108 Gates Avenue. It's not likely we'll be seeing that happen again any time soon. Maybe you missed a 5-story 4-Family estate sale on this same 100-block of Gates that wanted some $1.6-$1.7M off-market and quickly had bids run up above $2M without even a whisper on StreetEasy or the NYTimes. Owners in this row who wanted $1.5M-$1.6M last year won't even sell for $2M anymore. In this climate, 123 Gates above asking price, but below $2M is a slam dunk. Totally live-able inside, there are some cosmetic and beyond updates to come...
Brownstoner thought "you might not like" the interior staircase - but that's how you get full-width rooms without giving up so much space to the hallway. Brownstoner thought "you might not like" the dumbwaiter - but that's super neat-o, not in anyone's way, and at the very least provides a great chase for any new installations you wanna do. You can run new electric up them and still make a great shelves out of them. The original built in cabinets at 123 Gates are great. So is the variety of wood, even curving at the staircase...
Tin ceiling in great shape on the garden level...
There's a vinyl-siding extension on the back, a nice yard, and a very cool mural from the 1970's on the adjacent building that's staying...
Owners have plans to make an addition to the mural that's even cooler! They say they'll keep a triplex over a garden rental, and are even open to renting out these huge nice rooms for as little as $1,000/BR in the meantime. That'd be the move for anyone who wants a slice of Clinton Hill history at a nice price for a short stint. We'll cover the search that led to this conclusion next week in an upcoming segment called, "Diary of a Platinum Member". Until then, this is plenty of house to feast your eyes on.
Pro's: great location, below-market price, original details for days, in totally great condition, delivered vacant, no C of O issues when all said & done, the perception of SRO issues spooked many buyers away
Con's: wasn't easy, wasn't necessarily "cheap", work to be done, won't be duplicated on market any time soon
Ideally: every deal in this market is a unique miracle. Rinse & repeat investors need a ton of upside in deal after deal for it to even be worth it, but discerning home buyers really only need to pull it off once.
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