Co-op of the Day: 9 Pierrepont Street
Almost $3 million for less than half of a brownstone? Only in Brooklyn Heights, kids. The owners of this lower duplex at 9 Pierrepont Street, one of The Heights’ most desirable streets, are betting that the combination of the parlor floor grandeur, 27-foot width and landscaped garden will justify the asking price of $2,995,000. As…
Almost $3 million for less than half of a brownstone? Only in Brooklyn Heights, kids. The owners of this lower duplex at 9 Pierrepont Street, one of The Heights’ most desirable streets, are betting that the combination of the parlor floor grandeur, 27-foot width and landscaped garden will justify the asking price of $2,995,000. As far as we can guess, the total square footage on the apartment is somewhere close to 3,000 square feet. If the interior is top-notch, $1,000 a foot’s not a crazy place to start; the maintenance of $1,252 is pretty reasonable for the space. Of course, they have to compete against entire houses in the neighborhood that are asking the same price.
9 Pierrepont Street [Brown Harris Stevens] GMAP P*Shark
People posting above really don’t get brownstone coops. References to “the benefit of being in a coop and therefore not […] responsible for the day-to-day upkeep of the place” and “how-well run the building is” are ignorant.
If you own half the building, you are responsible for it – you’re on the board (a small one at that), and you ARE running it. You can hire a part-time person to take out the garbage and clean, and you can hire a management company (though most buildings of this size do not), but you still have to oversee those you hire. It isn’t like there’s anyone but you and your fellow owners to do that. And that is way more complicated (and expensive)than owning your own home youself.
I have been in this apt many times, but not since the current owner bought it. The garden used to be AMAZING, don’t know if they kept it up. The bedrooms are huge..but the problem is that it is impossible to turn it into a 3 bedroom unless one knocked down the walls, which would be silly.
The first floor has no original detail in the living/dining room..so all in all it seems a bit high for what one is getting.
Many larger coops will not approve a buyer that intends to use their unit as a pied-a-terre. Some co-ops can be picky that way. But smaller buildings like this are more agreeable to that sort of thing, especially in this price range. Who would say no to a buyer willing to pay this price? Holy comps!
Plus…just between us… if you are using the pad for “entertaining” it may be far preferable for there to be NO DOORMAN.
N’est-ce pas?
I know someone who owns a pied-a-terre in Brooklyn Heights too, not to mention the many who own houses here and are very rarely in town. This is the luxury market. This beautiful place could appeal to someone who lives in the suburbs but who works long hours on Wall Street and who perhaps wants to entertain in the city, whatever that “entertainment” may entail.
I don’t know if it is worth the price. That depends on how well-run the building is and how nice everything is in real life, it looks nice in the photos. True luxury is always at a premium in this town.
I own a pied-a-terre in Bklyn Heights, in a full-service building, and use it a few times a month. Pied-a-terre situations are more common than you might imagine, and quite a few buildings in the Heights allow them.
This place, however, is way overpriced.
Are they all overpriced, 5:58? Or can you just not afford them?
Cause I sure as hell don’t see a lot of inventory in those neighborhoods you mention. And I see every week listings posted here which sold 6 months later for prices everyone said were overpriced.
I also see indications that sales prices INCREASED 3% in Brooklyn in the first quarter of 2008, even though everyone said they were going to crash 50%.
I think you need to stop listening to people on this blog so much. Of course they will say they are overpriced. They also don’t own anything and are very bitter that they’ve missed out on a major windfall and continue to miss out.
Until I see 250 brownstones for sale in Brownstone Brooklyn, I will not worry about overpricing.
Did you happen to see the news that Ft. Greene had 72 sales in the 1st quarter of 2008 compared with 23 last year for the same quarter?
But the world is going to hell, right?
You need to stop praying to the What every night before bed.
Brown Harris is smoking crack, they are getting as bad as Corcoran. All of their listings in Brooklyn Heights, Fort Greene and Clinton Hill are overpriced..
I actually know two people with pied-a-terre in Brooklyn Heights. Maintenance in a coop normally covers heating costs, insurance, real estate taxes, underlying mortgage payments, water and sewer fees, boiler maintenance contract, common electrical charges, and salary for your full-time or part-time employees. A good building also socks some money away into a reserve fund.
Some people are adverse to living in a multiple dwelling, they prefer their own houses, while other people don’t want the headaches of owning a house, and prefer a coop or condominium. it’s a big world.
One choice is not patently “better” than another.
what the hell? that tiny kitchen that doesn’t open onto the living space is the biggest deal breaker as far as I’m concerned.