Thursday, June 12, 2014

Clinton Hill Co-op in Contract: 300 Clinton Avenue, #3

As the NYTimes tweeted, "Not enough multimillion-dollar condos in NYC to meet demand."  In a building on the Upper East Side, "11 of the 14 apartments were in contract at prices starting at $10 million."  That's our city, y'all.  So million dollar condos popping up all over Brooklyn should be no surprise.  A broker in Williamsburg told us yesterday that decent condo product over there starts at $1,200/sqft, and can command $1,500/sqft.  Even as numbers reach new heights, brownstone Brooklyn still trades at a steep discount to that.  The $1,000/sqft x 1,000 sqft = 1 million dollar condo equation has become pretty standard.  Some apartment deals on beautiful blocks are still being done below $900K.  Platinum Members put a nifty little apartment in contract this week at 300 Clinton Avenue, #3.

When you mix the original details of an 1889 house with upgraded kitchens and baths, you get something the Williamsburg heads could only dream of...

Did somebody say huge private deck with skyline views?


If you want brownstone charm and condo chic, this is it.  At some ~$900/sqft, this is value all day long.  And the unique co-op ownership structure in this building means more equity for each owner than meets the eye at first glance.  Okay, so the detail's not as sick as neighbor 338 Clinton Avenue, but those are pricier and long-gone.  Duck the bidding war at 130 St. Marks Place, and ride with BK to the Fullest.  Tomorrow we'll take a look at the condo game throughout Brooklyn in Closings of Note.

Pro's:  totally sweet floor-thru apartment in a gorgeous old building, relative value, huge private deck, more equity than initially meets the eye

Con's:  gone already, some prefer condos to co-ops, maintenance is no joke, not quite a full-fledged 2BR

Ideally:  forget the unicorn hunt for the million dollar fixer-upper townhouse in Clinton Hill, this is one of the best buys in the area under $900K.

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