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215 Gates Avenue- Priced low and in need to Gut Renovation   This property showed up on one of our searches through random property websites for Brooklyn. It is located on 215 Gates Avenue at the corner of Classon Avenue. Not a bad block and is still considered Clinton Hill. What makes it even more compelling is the price. Are you ready? $600,000. Yup. Offered originally at $1 million, the owner's optimism was a little too high. Being on the market for a long time the broker said the price plummeted to $750k. They are now considering bids at $600k. Wow. It is on propertyshark that the home changed hands a few times but the last sale was last year at a price of $900k. So if the low $600k offer is accepted, the owner would be taking a considerable loss. Why not just develop the property? Why dump it? That I can't figure out. The home is normal size 20x40 on a lot 20x70. It's a four story home, pretty spacious inside, boasting some original details. The pocket doors are in tact but the glass panes need replacing. The parlor doors are there looking magnificent. The mantles need some paint removal but look ok. On the 4th floor, the back room has had the entire fireplace removed. The hole in the wall remains. Overall, very similar condition in terms of rehab jobs to 306 Clinton Avenue. However, 306 had original details that never stopped. This one you may have to purchase some pier mirrors, get creative on the hardwood flooring with the dark wood inlay because there is none anywhere, and reconfigure the home quite a bit. Ceilings and floors need to be redone. The floor sags in the back parlor room. The first floor is a total mess, stripped down to the wood frame. One good thing is there is 2 bathrooms and 2 kitchens. Some banks won't finance you without it and would require a construction loan with a sizeable down payment. 215 Gates is not a bad project. It does require a few hundred to fix, probably in the range of 350-400k. I haven't requested an engineer's report from Heimer. I'll pass on this one. I thought it may be a do for some of you out there. That's my gem of the week. HB |
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