Co-op of the Day: 37 7th Avenue

As small two-bedroom apartments in Park Slope go, this one is more appealing than most with a good layout, a washer/dryer in the apartment, a fireplace mantel, basement storage and lots of windows, since it’s a corner building. Do you think $675,000 is reasonable, considering the maintenance is $900?
37 7th Avenue [Warren Lewis] GMAP P*Shark

11 Comment

  • This looks really nice. Why is it not selling?

  • This one has been on the market for a while. My guess is the fact that the kitchen looks like it was tucked into a hallway as an afterthought and has basically no counter space is what’s holding it back. Otherwise the price for a two bed would be pretty attractive in this area.

  • The kitchen isn’t the greatest, but it’s a nice looking apartment, plus the bonus of all of that light from the windows. Also, two blocks from express trains into Manhattan–seems like a decent price to me.

  • A quick look at the floorplan makes it quite clear why this puppy isn’t flying off the shelf: the second bedroom is tiny, and the kitchen is a hallway.

    Additionally, the maintenance seems rather high for what is probably a self-managed, no services building.

  • Maintenance is about average for a floor through with underlying mortgage and high re tax. Those small buildings with significantly lower monthlies must have a combo of terrific tax deals and no mortgage or they have to run on constant assessments.

  • Taxes look to be about $500/month.

  • I can’t tell if the bedrooms are in the front or the back (did google street view change to some odd round format lately that makes it hard to navigate and figure out what’s where?), but if they are in front, that’s a negative for some people, especially on an avenue rather than a more quiet side street, in addition to the hallway kitchen.

    Also, there are apartments like this in buildings that are deeper (on side streets often), so they offer more space in the same layout. This doesn’t seem to gain much by being on a corner – there’s only 1 extra side window in the larger bedroom, which doesn’t really need it for the light, it already having two big windows, and one side window in the bathroom, which, while nice, isn’t a huge selling point. I’d go for a larger one on a side street over this one.

    The coops with low maintenances in these small buildings tend to be the ones that were cooped earlier (1980s), so, even if they have not paid off the mortgage, it was smaller to begin with, as prices rose a lot and bigger loans were taken out initially as the years went on. Of course, some coops borrowed more for major repairs, or to keep assessments low or nonexistent. There’s no one right way to finance stuff – it is whatever the coop wants to do.

  • That’s a pretty awful location, incredibly busy with traffic, especially morning rush hour. That and the size of the second bedroom would keep me away. You could get the same thininviting a few blocks but in a quieter location.