Dlsny, Home Buyer in Brooklyn, NY

Is it a smart investment to buy an apt in the Clinton Hill coops now?

Asked by Dlsny, Brooklyn, NY Mon Dec 16, 2013

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I have represented several buyers here and know the buildings very well. Apartments here always trade at a discount relative to other buildings in Clinton HIll, as some people find they aren't as "charming" as the pre-war buildings in the area. As such, I feel they represent a good value in this increasingly-expensive area.

The Clinton Hill Co-ops were built during World War II as housing for officers and enlisted personnel at the nearby Brooklyn Navy Yard. They were converted to rental apartments after the war, and to co-ops in 1982, in what was at the time one of the largest conversions in NYC history. The northernmost buildings were for enlisted personnel, while the five buildings at the southernmost edge of the complex (by Lafayette Ave.) were for officers; apartments here have larger windows, but are otherwise identical to those in the northern part.

The apartments are spacious and the buildings are separated by leafy courtyards and paths. Each building has a laundry and the complex has a full live-in staff of supers and porters. The co-op is in good financial condition, with a sound and growing reserve fund.

Because there are still rental units in the complex, sponsor units occasionally become available (when a rental tenant moves out), meaning no board approval is required. For resales the board approval process is not unduly onerous, especially when you have a real estate agent or broker to do the work for you.

I would be happy to assist you in purchasing an apartment here; do not hesitate to contact me if you would like further information.
1 vote Thank Flag Link Mon Dec 16, 2013
Thank you! We saw one online that we're interested in looking at. We're going to call you tomorrow.
Flag Mon Dec 16, 2013
Good Morning, Disny!
Clinton Hill neighborhood blooms in a residential and retail awakening! And it becomes to be one of the hottest area in Brooklyn. If you are thinking to buy an apartment in coop building, feel free to contact me.
Good Luck!
14 votes Thank Flag Link Sun Jan 26, 2014
Clinton Hill apartments are very well managed and financed Co-Op and a great place to live. So yes they are a great place to live and buy and will continue to keep up with the market.
If you are looking at it just as an investment; they want buyers to be owner occupants. They do allow sublets after a number of years of owner occupancy, but this can change as the board changes in the future.

All the best,
Kathryn Lilly, Broker
Realty on the Greene, LLC
2 votes Thank Flag Link Mon Dec 16, 2013
I am a former resident there. I have also been selling in the Clinton Hill Coops for over 17 years. It has typically been the best bang for your buck in the Clinton Hill area. But the reality is if you are looking for the best investment You need to consider 2 things. The price you pay for the coop and how long you plan on holding the apartment. This isn't a place where you should be looking for a quick return on your investment. But where you can enjoy living for sustained amount of time. I have sold over 100 units in this coop. Even representing several shareholders on their purchase and sale of their coop. I would love to discuss your potential purchase with you in more detail. Please feel free to contact me any time
1 vote Thank Flag Link Mon Dec 16, 2013
Dear DIsny:

Clinton Hill is one of the hottest neighborhoods in the entire country right now. Most likely it will continue to get even hotter. If you can afford to get yourself into a place right now, you should do so post-haste!

If you need help locating a property, feel free to contact me direct. I would be more than happy to help you.

Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
1 vote Thank Flag Link Mon Dec 16, 2013
The question is subjective and none of us can accurately predict the future; therefore why entertain what other people think or say, another's opinion may not be anywhere near the best thing for you--you decide...
1 vote Thank Flag Link Mon Dec 16, 2013
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