Anatomy of a Killer Flip: The Townhouse Everybody Wanted Heads Back to the Market

Posted On Wed, September 10, 2014 By

Posted On Wed, September 10, 2014 By In Brooklyn, Clinton Hill, Historic Homes, real estate trends

In January of 2013, in the dead of winter, an 1899 detail-laden Italianate townhouse fixer-upper at 102 Gates Avenue hit an inventory-starved rising market. The listing price of $1.295 million, was a double-take for many, even though it was less than what properties like it were selling for in the area.

Fast forward to September 2014, where renovations, which commenced almost immediately after the sale, are nearing completion (and according to reports, they’ve been done right). Word is that the house is about to head back to the market—at more than twice its winter selling price.

102 Gates, Brownstone, Townhouse, Renovation, Flip, Clinton Hill, Brooklyn, Real estateOriginal, un-renovated bedroom details. Photo courtesy of BK to the Fullest

102 Gates Avenue, bed stuy brownstone A renovated bedroom. Photo: BK to the Fullest

On a prime tree-lined block in the Clinton Hill Historic District, just blocks from the subway and a quick walk to other popular nabes and Prospect Park, the house fit the snapshot of the perfect Brooklyn townhouse. Brownstoner blog picked it for their “House of the Day,” sending commenters into a frenzy over the possibilities an expensive renovation could bring for the 2,960 square-foot townhouse.

102 Gates, Brownstone, Townhouse, Renovation, Flip, Clinton Hill, Brooklyn, Real estate

With a listing that began, “New Year, New Project!” its original brick facade was well-preserved, but it was the interior of this historic home that drew so much buzz. Original plaster details were well-worn and grotty from years of abuse but remained amazingly intact overall. Ornate wedding-cake molding laced high ceilings, parquet floors dazzled, and fireplaces and skylights charmed.

102 Gates, Brownstone, Townhouse, Renovation, Flip, Clinton Hill, Brooklyn, The skylight pre-renovation

Over one freezing January weekend, a reported 375 people came to view the property; open house attendees waited outside in the cold—in some cases for over two hours—for their turn, despite hearing that there already had been multiple offers made. A steady stream of visitors wound their way up and down the intricately carved wood stairs.

102 Gates, Brownstone, Townhouse, Renovation, Flip, Clinton Hill, Brooklyn, Real estate Pre-restoration garden level kitchen

Two weeks, a pile of offers and a bidding war later, the house was in contract. Wild speculation flew on the selling price. Was it over $2 million? Even more? The house sold for $1.555 million; the buyer planned to renovate and sell the property, hopefully in an even better market.

102 Gates, Brownstone, Townhouse, Renovation, Restoration, Flip, Clinton Hill, Brooklyn, Real estate A bathroom (note clawfoot tub) pre-renovation

102 Gates Avenue, bed stuy brownstone Restored bathroom, with original clawfoot tub (or one that looks a lot like it!). Photo courtesy of BK to the Fullest

With restoration nearly complete, the house is about to head back to the market. Brownstone blog BK to the Fullest calls the restoration effort “epic,” raving about “tasteful choices and neat varieties of tile, paint color, fixtures, and finishes…all the little touches that make buyers melt. The mix of modern upgrades, restored original features, a little style and attention to detail make this house a stunner.”

102 Gates, Brownstone, Townhouse, Renovation, Flip, Clinton Hill, Brooklyn, Real estate A bedroom, pre-renovation

102 Gates Avenue, bed stuy brownstone, clinton hill brownstone Renovated bedroom. Photo courtesy of BK to the Fullest

A full bank of shiny new Marvin windows were an early sign that some money was being spent. Original details have been restored, from the clawfoot tub and doors to the door hardware, floors and molding. Pictured below, the rental unit kitchen would appear to reflect this attention to detail and quality.

102 Gates Avenue, bed stuy brownstone, clinton hill brownstone New kitchen in the garden level rental apartment. Photo courtesy of BK to the Fullest

Expect the turn-key four-story, two-family townhouse—now an owner’s triplex with garden access and a high-income garden rental unit—to hit the market within a few weeks. It won’t be kept secret; the seller is rumored to have turned down an offer of over $3 million (from a celebrity who recently sold their Manhattan home, no less) and hopes to give the world at large a chance to behold the well-preserved but ideally modernized townhouse that is likely to go for at least twice what it was paid for.

Behold more before and after photos in the gallery below.

[Via BK to the Fullest: Restored Gem Coming to Market in Clinton Hill, 102 Gates Avenue ]

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Neighborhoods : Clinton Hill

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