$5,995,000 - Brooklyn, NY
39 Clifton Place Brooklyn, NY
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"Calling all shopkeepers and romantics! Imagine living in a beautiful 2,200 sq. ft. duplex loft, tending to a garden and bees on the roof deck, while working downstairs in a charming carriage house. Plus, enjoy collecting substantial rent from a chic and beautiful wine bar that just opened downstairs. Whether you're considering a 1031 tax exchange, a condo project, or a high-income/high-cap rate investment, 39 Clifton Place has it all. Located on a historic corner at Clifton Place and Grand Avenue in Brooklyn's sought-after Clinton Hill neighborhood, this unique 19th-century building offers exceptional opportunities. Spanning 20 feet on Clifton and extending 100 feet around the corner to the lot line, the property originally consisted of two buildings; a three-story townhouse at 39 Clifton Place, built in 1876 by developer Benjamin Linikin in an Italianate/Neo Grec style, and later, a two-story carriage house at 290 Grand Avenue. The building has been meticulous in maintaining its historic facade and has won awards from NYC Landmarks for its extensive historic renovation of its facade, storefronts and cornices. Currently, the building is a mixed-use property with two retail spaces and three residential loft-style apartments. There are two 2-bedroom lofts measuring approximately 1,100 sq. ft. each with outdoor spaces, which could be combined if desired. The third unit is an open floor plan loft, about 700 sq. ft., above the carriage house store. All residential units share a mid-block entrance on Grand Avenue. The apartments exude 19th-century charm with high ceilings, abundant light, original mahogany banisters, marble mantels on decorative fireplaces (which could be made functional), and beautifully maintained by the current owners. The top floor two bedroom loft on the top floor of 39 Clifton, is a classic rambling floor through and has been renovated beautifully with a top of the line galley kitchen, multiple skylights and an Incredible teak 20x20 roof deck. The roof deck is immediately off the kitchen and sits over the contiguous 290 carriage house building. The one bath is also incredibly luxurious with a skylight, frameless shower door and tiled shower which also has a steam bath feature. There is a washer drier in the unit. Just below, the loft on the 2nd floor of 39 Clifton is also a two bedroom floor through but the layout is different with an open kitchen and island blending into the living room. The apartment has been partially renovated and has a washer/ drier, new tiled bath with a tiled shower stall. The front of the loft faces due south and has a roof deck/terrace just off the living room. This loft can be easily combined with the top floor loft creating a 2200sf four bedroom duplex with two levels of outdoor space plus the very top roof area which hasn t been developed. The third residential space is in the carriage house at 290 Grand Ave but shares an entry way with the other two spaces. It is a true classic loft without dividing walls, has exposed ceiling beams and exposed brick walls. It has a new kitchen, new wood plank floors, and a tiled bath with a clawfoot tub. It is filled with light as it has a total of eight windows on both sides of the apartment. Because it shares a wall with the 2nd floor loft, it too could be combined with the loft through an old party wall and window. But on its own, it is perfect for a residential studio, or office/showroom. The corner retail space was added in the early 20th century when the original townhouse facade was modified, according to Clinton Hill Landmark records, to allow for a store on the first floor. It is about 1100sf in the interior and has a full basement for storage.This glass store front was redone a few years ago so that it reflected the historic style of that time. Entre Nous is the new tenant, specializing in French wines and French specialties/ small plates. Their renovation and design concept for the wine bar is incredibly beautiful and includes a stunning long copper bar and tiled floors. It opened recently to wide acclaim including being noted by Florence Fabricant's in her write up ""Off the Menu"" in The New York Times, who called it spacious with 3500 bottles in its cellar . The wine bar will be the one remaining tenant in the sale of the building. The second retail space is in the carriage house on the Grand Avenue side and originally was two stores and two addresses. Now, it is used as one retail space but retains the two original entry way doors which were restored beautifully along with the historic plate glass storefront, the original window surrounds and including front and side cornices with the help of the aforementioned NYC Landmarks. Inside, flooded with light, there are a multitude of windows facing the rear courtyard and the ceilings are high at 12 feet.The store has been occupied for years with a renown furniture restoration business. This store will be delivered vacant and would work well as a shop or gallery. It has a full basement for storage. Clifton Place is one of those special Clinton Hill shorter streets, stretching only three blocks, from Classon Avenue to St James Place. Because it is a landmarked historic district, It has remained the classic brownstone brooklyn with the entire blocks taken up by 19th century Neo-Grec brownstones. This particular block of Clifton between Grand Ave and Lafayette Ave was always a chic outpost with Choice, the neighborhood's original French gourmet restaurant who opened in 2000, situated on the corner at Lafayette, where locals sit outside in cafe seating sunning themselves. Also on the block, there are other restaurants like Peaches, plus other stores and bars creating a small but busy shopping district with lots of foot traffic. While sellers prefer cash offers, financing is available through a pre-approved local commercial lender. All mechanicals are in good working order. Real Estate Taxes are $26,000. **39 Clifton Place Information:** - Price: $5,995,000 - Delivered Vacant: 4 out of 5 units, The corner wine bar, Entre Nous, has a 10-year lease,remains. - Addresses: 39 Clifton Place and 290 Grand Ave - Year Built: 1876 - Landmarked: Yes - Block and Lot: 01947-0034 - Real Estate Tax: $26,026 - Lot Size: 20 ft x 100 ft - Zoning R6B, C2-4 - Families: Two stores and three residential lofts - Vacant. 4/5 spaces will be delivered vacant, with the corner wine bar remaining - Building Dimensions 20 ft x 100 ft - Buildings on Lot: Two contiguous buildings at addresses 39 Clifton Place and 290 Grand Ave - Structure Type: Walk up - Residential FAR: 2 - FAR as Built. 2.1 - Violations. None - Basements: Yes - C of O: None, predates DOB, but there is a Letter of No Objection (LNO) - Projected Annual Rent: $326,400 - NOI: $282,224 - Cap Rate: 4.7%"