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September 27, 2006

Co-op of the Day: 905 Union Street

house
This Park Slope FSBO is one of the nicer apartments we've seen in the mid-six-figure range in a while. Located on Union between 7th and 8th Avenues, it looks like a nice starter apartment whose second bedroom (they call it a den) could handle a baby but not much more. If this is indeed a floor-thru, as we believe, then the asking price of $550,000 sounds about right for prime Park Slope, if you buy the math that 4 x $550,000 would give you an entire brownstone for $2.2 million. There were two open houses last weekend, so we're betting some of you have seen it. Heck, for all we know, there are already offers.
905 Union Street [Kleinmatic.com] GMAP




Posted by Brownstoner at 11:19 AM | Comments (20)
Categories: Co-ops

Comments

Cute place. According to the floorplan, that den does have a nice window but no closet. You need a window and a closet to call it a bedroom so they are playing by the rules (not all brokers do). And it is small and off the bedroom but cute for a couple with baby in the future.

Posted by: Anonymous at September 27, 2006 11:27 AM

from their pics - looks like they have baby already so looking to move.
and floorplan does show as entire floor.

Posted by: Anonymous at September 27, 2006 11:43 AM

It's a nice place; they should get the price. Also, low maintenance.

Posted by: anon at September 27, 2006 12:13 PM

you don't need a closet for it to be a legal bedroom. you need a window and at least 100 sq ft.

Posted by: Anonymous at September 27, 2006 12:44 PM

But for $550,000 I think a real second bedroom is necessary. I like Aguayo's 2 bed in PH for $535,000 on their website. http://www.ahrlty.com/C250G/C250G.html

Posted by: Anonymous at September 27, 2006 1:09 PM

fair amount of through traffic on union, which may be a draw-back for some

Posted by: Anonymous at September 27, 2006 1:10 PM

"But for $550,000 I think a real second bedroom is necessary."

Good luck finding one! It's hard enough to find 1+ BRs for under 575k on prime Slope blocks. Union does have a lot of traffic, but this is close to GAP, trains, 7th Ave, etc and based on open houses I've attended and recent sales I've noted, they will prob be able to get their asking price. We bid on v. similar apt on 7th Ave (b/w St John's and Lincoln) which had almost identical layout and it went for 599k, I believe.

Posted by: kate at September 27, 2006 1:21 PM

Don't these brownstone converts command less than those "bonafide" condos/coops in bigger buildings? I'm always turned off from these types of listings.

Posted by: Anonymous at September 27, 2006 2:03 PM

"Don't these brownstone converts command less than those "bonafide" condos/coops in bigger buildings? I'm always turned off from these types of listings."

I would say. Brownstone converts have less owners to fall back on in terms of maintenance in case of a problem. The layout of the apartments do not maximize space because of the shape of a brownstone. I think it is hard to get a good two bedroom in a brownstone that is not a duplex and within the mid six figure range. Am I wrong? I'd prefer a prewar larger building.

Posted by: Anonymous at September 27, 2006 2:13 PM

I don't know, Kate, these brownstone converts have always seemed appealing to me. And I've never heard of them commanding less. I'd much rather live in a nice brownstone than in one of many anonymous condos in a "bigger building" as you say.

Posted by: Evil Discussor at September 27, 2006 2:14 PM

ED, preaching to the choir! I was saying that a 2BR in brownstone building, in prime Slope, is prob not going to go as low as 550. I think Anon 2:03 is the one with whom you disagree.

Posted by: kate at September 27, 2006 3:15 PM

Surely a lot of those skinny little 2nd bedrooms in brownstones are less than 100 sq ft?

Posted by: Anonymous at September 27, 2006 3:19 PM

Great layout for a brownstone conversion -- I like the entrance in the middle of the apartment.

I love the greater representation here lately of apartments/co-ops/condos, Mr. Brownstoner. Keep it up!

Posted by: shelz123 at September 27, 2006 3:47 PM

I too disagree with the 100 sq ft rule. I thought it was window and closet = bedroom. Window only = den or "maids room". There are a lot of legit bedrooms in ny smaller than 10x10.

Posted by: Anonymous at September 27, 2006 3:59 PM

having lived in what many people called a "large" one bedroom in a brownstone in the North Slope for over 4 years, I can say that moving to a pre-war 1 bedroom is a much nicer experience.

my former apt. had tons of detail, super-high ceilings, but like most brownstones, the bedroom was tiny, couldn't fit a Queen (unless getting around bed is not a priority). The brownstone apt's can be very nice, but they tend to be dark and like others have said, they tend to be poor uses of space. all you keep thinking is how nice it would be to have the whole thing to yourself.

a "real" one-bedroom or two bedroom in a nice pre-war building can have those nice details and high ceilings and at a much better value.

Posted by: Anonymous at September 27, 2006 4:11 PM

Yeah, I love brownstone blocks. They are very pretty. But until I can afford the whole thing (according to many on this blog it will happen in the next six years when prices tumble...:-))I'll live in the prewar buildings next door and hopefully for around $550,000! Can we watch the prices of nice pre-wars around too? Are there any?

Posted by: Anonymous at September 27, 2006 4:26 PM

where is the best place to look for FSBO listings like this one? I am going to be moving to brooklyin in a few months and I have been looking for apartments just like this one. I usually just look on NYtimes.com. Are there any other good places to look? Thanks for the help.

Posted by: Stephen at September 27, 2006 5:16 PM

I'm curious, why is it people think FSBO is the only bargain out there? What if you have a motivated and realistic seller (like us!) who have a well-located Park Slope 2 BR (a true 2 BR with closets btw) co-op listed now for that much more than this one, but we ARE with a broker? I guess I do think it's very true brokers can drive up a price when the sellers are not being informed or realistic, and make the brokers audition for the listing, making the brokers promise the moon and the stars just to get listings. But in those cases I'd blame the sellers, and not blame it on the mere presence of a broker. In fact, I think it really helps in this kind of market where buyers have more negotiating power, to have a broker repping the seller who can say to the seller when a buyer offers less than the asking price, "hey it's a good offer, you should take it". No? Yes?

Posted by: Anonymous at September 28, 2006 2:46 PM

I don't think that FSBO listings are the only good deal. It is just easy to find broker listings and I think I have seen them all. I was just wondering where people look to find the FSBO listings. Also FSBO listings are inherently a better deal for people who are comfortable with real estate and don’t find the advice of the broker to be worth 6-7%. You can’t deny the additional cost of a broker. Deciding if it is or isn’t worth the money is a personal choice.

Posted by: Stephen at September 28, 2006 6:55 PM

is that corcoran one supposed to be better? I don't get it.

Posted by: Anonymous at September 29, 2006 9:34 AM

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