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February 16, 2005

House of the Day: Clinton Hill Mansion + Carriage

baptist church.jpg
If we are not mistaken, this 9,000-square-foot mansion's most recent use was as a Baptist church. It was on the market last fall. Then it was off the market in December and January during which time we saw signs of major garbage removal. Now it's back on again, listed with Corcoran for $3.9 million. Not sure if someone bought it and is flipping or whether the owner just decided to clean it up before reoffering. There's a big back yard and a carriage house, too, but this place is currently a total wreck. Obviously this could be an incredible house, but we worry that this is going to be a tough sell with the 12,000 square foot pristine Pfizer Mansion two blocks away just hitting the market at the same time for $300k less. That's not to say we don't have fantasies about being able to afford to buy and fix this place up. We worry that at this price level, condo conversion will be the most likely outcome. Anyone have the inside scoop?
Clinton Avenue Mansion [Corcoran]
Pfizer-Built Mansion [Corcoran]




Posted by Brownstoner at 9:20 AM | Comments (16)
Categories: Properties

Comments

I have no inside scoop but I believe that the "carriage house" on the back is just a crappy garage. Potentially someone could buy that, knock out the garages and build a cheapo new construction and make a pretty buck, just like its neighbor did. It could be very compelling piece of property for a developer, unlike the Pfizer mansion.

Posted by: Anonymous at February 16, 2005 9:52 AM

Re: development, this is a landmarked area, so they can't just slap up a piece of crap...

Posted by: Brownstoner at February 16, 2005 10:05 AM

Point given Brownstoner, but did you see what the neighbor did? I would think that whoever built those "townhouses" would have had to bypass a few too many landmark rules in order to build that. Some developers just don't care.

Posted by: Anonymous at February 16, 2005 11:53 AM

Galilee Baptist Church sold the building to Clinton Rising, LLC in late January '05 for $1.725MM. As other consideration, Clinton Rising LLC probably paid of the Church's back taxes (about $18,000) as well. Now it looks like Clinton Rising, LLC is trying to flip after cleaning out some garbage. Not a bad deal if they can get anywhere in the range of $3.9MM...

Posted by: Anonymous at February 16, 2005 1:53 PM

And the Church bought it from the City in the early 70s for only $50.

Posted by: Anonymous at February 16, 2005 1:56 PM

I was considering buying it last spring when the then-buyers were considering just flipping it without even taking title (basically assigning the contract). Obviously, I didn't know how much they contracted with the church to buy it for, but they wanted to flip it for $2.2 or $2.3 million last year. So, now, a year later, they think they can double what they asked for last year. It is landmarked. I don't see how you can justify the numbers on any basis.

Posted by: Anonymous at February 16, 2005 2:26 PM

its truly amazing that anyone, but a developer, would consider this price given that they could have gotten a 10,000 square foot perfectly done mansion on berkeley place in park slope late last year. I know clinton hill is hot, but this flipping is exactly what allan greenspan was talking as a leading indicator to a real estate crash. Also, you can get a very nice townhouse on the upper west side for $4.9 m which is what it will cost to put this place back in shape. How can one possibly justify the price?

Posted by: Anonymous at February 16, 2005 4:52 PM

$3.9 mil con now buy you a strong Adams family vibe in Clinton Hill...

Posted by: anon at February 16, 2005 7:55 PM

I am the "neighbor" referred to in the above post. Just to clarify, I didn't "build a cheapo new construction and make a pretty buck", I just purchased the cheapo new construction. The "townhouses" were built by 443 Clinton Ave Corp, who is also developing the condos at 443 Clinton Ave, which is adjacent to the Galilee Baptist Church.

Anyway, I hope Clinton Rising LLC takes an interest in making the property presentable. I've spent that past 18 months trying to keep up with all of the trash that gets dumped in front of those garages.

Posted by: Anonymous at February 16, 2005 9:39 PM

does anyone have the scoop on the abandoned church at 232 Adelphi St. in Ft Greene that was recently bought buy a developer?

Property Shark has some info about it but I'm wondering if anyone knows more...

Posted by: Anonymous at February 17, 2005 7:58 AM

This house is also listed with two other agencies, Brooklyn Properties and one other can't remember the name. The price tag is steep but you have to remember you are getting the mansion and the double carriage house on Waverley.

Posted by: Annonymous at February 17, 2005 2:55 PM

i know someone (a clinton hill resident for over 10 years) whom was offered this "mansion" for 450K in 1999.....

Posted by: lovevibe at February 17, 2005 4:12 PM

I'm so tired of hearing developers get slammed. Ever consider the fact that you all live in buildings that developers erected. Would you rather see derelict buildings sit vacant and in disrepair. The fabric of our city is ever changing. I wonder what type of opposition the developer's faced when constructing the buildings you live in today. If you have an issue with developers and the type of product they build - talk to your local government - stop crying about it on the web.

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