Clinton Avenue 'Haunted House' in Contract
We have been, with good reason, on the edge of our seats wondering about the future of 405 Clinton Avenue, the turn-of-the-century William Tubby design that came on the market last September after many years of neglect. Given the shape of the house and the state of the market, the initial asking price was laughable…
We have been, with good reason, on the edge of our seats wondering about the future of 405 Clinton Avenue, the turn-of-the-century William Tubby design that came on the market last September after many years of neglect. Given the shape of the house and the state of the market, the initial asking price was laughable at $3,995,000. By November the price had been reduced to $2,995,000, a price that still seemed unrealistic—one person we spoke to who toured the house told us that it couldn’t be worth any more than $1,500,000. Now comes word, via a tipster, that the house, which was originally built by a former mayor of Brooklyn, has gone into contract at an all-cash price “significantly less than ask.” If you know the price and care to drop us a line, please know that your anonymity will be protected!
Update: We just heard from someone familiar with the deal and, while we didn’t get a contract price, we did learn that it is being purchased by a preservation-minded couple that plans to restore it and keep as many details as possible; they will live in the house and create one rental apartment. Great news!
Update II: Another tipster tells us that they buyer is a couple from Manhattan and that the purchase price was somewhere in the $1.7 to $1.8 million range.
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There are precious few original details that can be salvaged owing to the extremely poor condition of the interior. One of the sole pieces of original detail that is in good enough condition for salvage is a magnificent mahogany (I think) staircase. Almost everything else has to go – this is a gut-job, rather than a restoration, which breaks my heart. I understand that everything from new furnaces to new wiring to new floors to a new roof is required to make the place habitable. I’m glad to hear the a preservation-minded couple are buying the place. Here’s hoping their renovation (that’s what it will be, since the house’s condition is well past restoration) will be in harmony with the architecture.
A Clinton Hill friend was inside the building a few months ago and says it’s a complete wreck: collapsed ceilings; ruined floors; leaks everywhere. The new owners will need very very deep pockets. Agree with Dark Star that the reno will be probably cost as much as the purchase price (if it is indeed in the $1.8m range). Still there’s another former wreck — big freestanding mansion — just that’s being beautifully renovated so I guess there are still people out there who can take on these projects. Would certainly be a public service.
So they are going to pay $1.8m for this place, put $1m – $2m into fixing it up, and they don’t even get a carriage house with parking? Why is this building more desirable than the larger one farther down Clinton Avenue? For $2.8m – $3.8m I’d want a stable for my horses.
I’m glad I can put you on to them. Let me know if you’ve got any good’uns to recommend.
Great, dittoberg! Yet another book I have to order. Still reading the Mitchell books you recommended-
Yeah, but is that kind of paint job really necessary. Most old buildings are plaster and the walls aren’t perfect. Unless you are doing faux painting, the only one that will notice is another painter. But it’s Manhattan and the owners want bragging rights about how much they spent. Not any more. I bet those types of painting jobs are much fewer and these perfectionists will be hurting for work.
FYI – very very high end paint job. ‘Park Avenue’ ‘Magazine’ quality – typical 2-bedroom: 25K-35K
I am not kidding!
These guys are ‘artists’, they use the finest horse hair brushes. Meticulous as can be. After they’re done with a wall, they go over every square inch with bright light to make sure it’s all even. It’s amazing to watch.
The owner was given the property by the previous, for whom he was their caretaker. He is a very quiet man, given the rather nasty piece of NY Times article a few years back.
To the new owners:
Please, please, please restore it and not break it up into small units. It was the residence for the last Mayor of Brooklyn.
or just hire someone who likes to paint and or someone who needs the money. it doesnt take a genius or a gazillion dollars to paint a couple of walls.
*r*