NYC Neighborhood Report: Clinton Hill

NYC Neighborhood Report: Clinton Hill


Once considered a fringe neighborhood in Brooklyn, Clinton Hill has morphed itself into a sought-after destination location in the heart of the borough. Additionally, and arguably more importantly, Clinton Hill has a real estate market that has been described as both “very active” and “hot.”

Related Articles: NYC Neighborhood Report: Bedford-Stuyvesant | NYC Neighborhood Report: Bushwick

Commercial Development

Like many places in Brooklyn, much of the commercial development in Clinton Hill revolves around bars, restaurants, and cafes. Many of these places (including Marietta, Aita, Mekelburg’s, etc.) are located in the southern half of Clinton Hill below Lafayette Avenue. Having college students from the nearby Pratt Institute also boosts the nightlife scene, but Pratt’s relatively low enrollment numbers help ensure does not turn into one huge college party.

Residential Developments in Clinton Hill

4 Downing Street © StreetEasy

4 Downing Street © StreetEasy

A search on OLR for new residential developments in the area shows that there are ten currently in progress. One of these is a new conversion project, one is pre-construction, and eight are new constructions. Among the 10 new developments are:

  1. 135 Lefferts Place – five floors/eight units/$828 per square foot
  2. 4 Downing Street – four floors/ten units/$943 per square foot
  3. 531 Vanderbilt Avenue – seven floors/eighteen units/$974 per square feet

The building at Downing Street, for example, had previously gone into foreclosure in 2008, and it became available for auction in 2012. Barrett Design and Development then completed its purchase of the structure in in 2014 for $4.1 million.

Recent Deals

Clinton Hill, like many neighborhoods in New York City, is home to transactions that can reach tens of millions of dollars. The former Tootsie Roll factory in the very northern part of Clinton Hill at 255-275 Park Avenue was converted into a seven-story, 123-unit rental building in 2002. It was originally built in the late 19th century but had been empty for the 20 years prior to its conversion. A developer then purchased the 206,000 square foot space for $68 million last year.

In yet another example, Storage Post bought a 280,000 square foot warehouse at 35 Ryerson Street, with the sale price at $96.5 million. Storage Post is a company based out of Atlanta, although it had a number of New York City holdings prior to its purchase in Clinton Hill.

Transportation

Three subway lines make stops in Clinton Hill, two which will take you into Manhattan and one that will take you into Queens. The A and C trains run along Fulton Street and can get a commuter into the southern part of Manhattan in a matter of minutes. Those two trains also make stops, among other places, in Greenwich Village and along the entire western portion of Manhattan, easily providing access to anywhere on the island.

Moreover, anyone who is looking to travel either north-south in Brooklyn or into Queens can get on the G train, which makes two stops in Clinton Hill along Lafayette Avenue.

NYC Neighborhood Report: Clinton Hill cont…

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