House of the Day: 110 Lefferts Place
The case of 110 Lefferts Place exemplifies why house-flipping can be a tricky business. The current owner paid $950,000 for the five-story brownstone (which is “not in move-in condition,” according to the listing) last August, suggesting he probably went into contract in May or June. He put the house back on the market in January…
The case of 110 Lefferts Place exemplifies why house-flipping can be a tricky business. The current owner paid $950,000 for the five-story brownstone (which is “not in move-in condition,” according to the listing) last August, suggesting he probably went into contract in May or June. He put the house back on the market in January for $1,100,000, which would have been enough to earn a good return on his equity given that he had managed to finance more than $900,000 of the original purchase. Just last week however, the price was cut to $950,000, meaning that with the broker’s fee, his equity will be wiped out. This stuff always sounds good on the way up.
110 Lefferts Place [Corcoran] GMAP P*Shark
I live a couple blocks away from that and the shooting was shocking to all concerned. From the families’ comments, it sounds like one or the other victim may have started getting involved in a gang and this tragic end was the result. Definitely out of the ordinary and tragic.
I quite like this street. Houses with good bones in need of significant upgrade/cosmetic work on this street go in the 1.5 million range, including in the last few months. I’m not talking about gut jobs though. The nicest block, at this point in time, is the St. James to Grand block. I also really like the Classon to Franklin block which is much more run down but has some really interesting buildings, some of which are really being fixed up nicely now.
Who cares if this guy’s a flipper, or what Brownstoner called him?
It may hurt the seller’s feelings, but whether it’s a real flip job or if he just had to sell quick because of circumstances–it doesn’t make the place worth a penny more or less.
“This area I like alot.. it is not all gentrified like other downtown areas but it is not the ultimate ghetto either… Just feels like Brooklyn”
“this is a really pleasant street.”
What about two kids from the street getting shot on Christmas Eve of all nights? If that’s pleasant and not the ultimate ghetto, I’d like to know where the unpleasant ghetto actually is.
Yep, I know exactly where this house is. The area’s definitely a mixed bag, with the good and bad that implies, but this is a really pleasant street. There are some beautiful, restored homes, and some dumps. It might be possible to gut reno for $400k, depending on finishes. I’d bet you could get this for under 900k at this point. So, to me, $1.3-1.4 mil, with at least 1 income-generating apt. isn’t out of the realm of possibility.
This area I like alot.. it is not all gentrified like other downtown areas but it is not the ultimate ghetto either… Just feels like Brooklyn
2.26 – The block association is very active and would fight any demolition tooth and nail. With the R6-B zoning of this street, it would not make financial sense to demolish this place in any event. NYC landmarking should hopefully occur in the next year or two of this street along with others nearby.
Putnamdenizen, there is no pulbic housing on Lefferts Place.
It is predominantly brownstones, with some free standing mansions and a few apartment buildings. It’s on the national register of historic places as a part of the Clinton Hill South Historic District, and is under review by NYC Landmarks Commission for designation as a part of the Clinton Hill landmark extension.
The “funky Hotel” is a center of drugs and prostitution which was shut down for a a few months. It is reopened under stricter rules, but not sure if it has attracted a less unsavory clientele. At its best it is one of those short-term hotels which are the equivalent of highway motels in more suburban America. Lefferts Place is a weird combination of fancy brownstones, rent stabilized apartment buildings and small scale public housing sandwiched between the least attractive stretch of Fulton and car-repair alley on Atlantic. But I live in this corner of Clinton Hill and I actually like it – Outpost, Brown Betty, and Kush are all nice eateries nearby.
10 years maybe. 15-20 is more likely, depending on the severity of the recession.