Clinton Hill Home Sale Prices Skyrocket In 2014

The year 2014 was the year of increasing real-estate value in Clinton Hill — even more so than in past years. From development along Myrtle Avenue speeding along, to the arrival of new businesses and the departure or expansions of others, it’s been easy to see.

However, did you know that the third most expensive house sale in Brooklyn was in our lovely neighborhood?

The three-story manse at 405 Clinton Avenue — formerly home to mayors Jimmy Walker and Charles Schieren (back when Brooklyn was its own city)– sold for $6.5 million last year, according to Property Shark and The Real Deal.

And 2015 home sale prices seem to still be on an upward trajectory, if the listing for a five-story building at 25-27 Lexington Avenue, between Grand and Classon Avenues, is any indicator.

According to the Commercial Observer, the building is listed for $12 million and was last sold five years ago to the current owner for what, by comparison, was a mere $2.5 million. The structure is empty and has already been approved by the Buildings Department for conversion into a luxury apartment building with 23 units.

Explaining the steep price jump, Melissa Warren, a partner at TerraCRG, stated that:

“Brooklyn was a $1 billion market then and we’re looking at a $6 billion market today. It’s just a really rare asset. In our business, as you know, timing is everything.”

Residential sales in the area are now regularly in the $1,100 per month and $2 million townhouse range.