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October 31, 2006
Co-op of the Day: 62 Pierrepont Fixer-Upper
This place doesn't photograph too well and is being marketed as needing a "complete renovation" but we think it's got potential and could be a good buy considering its prime Brooklyn Heights location and gorgeous pre-war architecture. You could do a killer reno for not much more than $100,000, we'd guess, and then you'd have a two-bedroom co-op on friggin' Pierrepont Street for $550,000 all in (and Leslie Marshall would have a few more nickels in her pocket). Anyone gotten a peek inside yet?
62 Pierrepont Street [Corcoran] GMAP
Comments
B'Stoner-
Link is to 322 Clinton Ave apt...
Posted by: pk at October 31, 2006 11:51 AM
the link above is wrong
Posted by: anon at October 31, 2006 11:52 AM
I stared at the floorplan for a few minutes trying to determine if the whole thing was some sort of Halloween gag and there was some hidden message within that exceptionally weird layout. You were kidding about that being a 2 BR right? I mean, If i were going to do any sort of reno there it would certainly involve bringing the place back to the 1 BR that it really is. Then teh question is, is a 1BR on Pierrepont worth 550K. I don't know the answer to that, but I would still think the layout is weird...Also, I would get bowling pins for that entry hall...
Posted by: pk at October 31, 2006 12:08 PM
Looks like a firetrap, too. If the fire escape only goes to one "bedroom" in a seventh floor layout like that, and access to the front door (er, bowling alley) is blocked when you happen to be in the wrong place at the wrong time, you're truly toast.
Posted by: Anon at October 31, 2006 12:14 PM
Tiny rooms. Its like the living room was chopped to create second bedroom. Sponsor unit is nice though (30% debt to income is what most nicer Heights co-ops want to see). Drop another hundred and not worry about reno to get a liveable 2 bed. Same broker has a cheaper fixer upper in 70 remsen (sweet building! but higher maint and 1 bed - almost same sq. ft. though.)
Posted by: Anonymous at October 31, 2006 12:16 PM
is over $720 per sqft a good deal for a one bedroom in bh that needs substantial renovations? After you put $90,000. down you're still going to pay $3,000 a month in maintenance and mortgage. This apartment makes renting seem like a good deal.
Posted by: Anonymous at October 31, 2006 12:22 PM
This is a terrible layout. What a weird entryhall.
Posted by: Anonymous at October 31, 2006 12:45 PM
The entire apartment stares a brick wall. Are you kidding me! This is a gem!
Posted by: Anonymous at October 31, 2006 1:19 PM
Yuck! No wonder why folks are running to fringe nabes like Bed-Stuy, Crown Heights and PLG to purchase huge beautiful townhouses for as little as $200 per sq. feet!!
Posted by: Anonymous at October 31, 2006 1:23 PM
Would not buy it for a dime. This is horrible. I do not want to live in BH that badly.
Posted by: Anonymous at October 31, 2006 1:26 PM
This one example where a broker should NOT include the floorplan.
Posted by: Anonymous at October 31, 2006 1:27 PM
This one example where a broker should NOT include the floorplan.
Posted by: Anonymous at October 31, 2006 1:28 PM
This one example where a broker should NOT include the floorplan.
Posted by: Anonymous at October 31, 2006 1:28 PM
I think this is a great buy. The question is whether or not a 2 bedroom apt would rent for $4000 in brooklyn heights.
the downside is that the apt. seems a little cozy. Maybe 550-600 square feet maximum. It has a wall of windows which lends itself to subdividing what might have been a 1 bedroom into a 2 bedroom apt.
The upside is that every room has a window (great ammenity to have for kitchens and bathrooms).
I would buy this if I had the moolah. This will definitely hold its value.
The long hallway would also be a great place to install modern lighting and a gallery of photographs/artwork.
Posted by: Anonymous at October 31, 2006 1:45 PM
Can we have a moratorium on "I would buy if I had the money/moolah/didn't love my current etc"? It never rings true.
Posted by: Anonymous at October 31, 2006 2:02 PM
"A little Cozy"-
at 550-600SF? For a 2BR?
550-600SF is a cozy studio.
"The question is whether or not a 2 bedroom apt would rent for $4000 in brooklyn heights."-
Nope, the question is whether or not a no-view 1BR apt that needs a lot of work would rent for $4000 in brooklyn heights.
If a broker showed me this place with the promise of it being a 2BR, I'd find a different broker.
Posted by: Anonymous at October 31, 2006 2:05 PM
her site says 450K and the maintenance is very low so with a little thought it would make a much nicer large one bedroom. however I would feel like I was walking down a tunnel just to get to the main room...too odd. and not for nothing, ms marshall doesn't need the few nickles this will bring!
Posted by: me at October 31, 2006 3:22 PM
enough of the exaggerations. 550-600sf is standard fare for a 1 bedroom. The typical cozy studio is around 335sf...we are talking nyc, aren't we.
you can't apply the luxuries of your ohio lifestyle to nyc.
Posted by: Anonymous at October 31, 2006 3:22 PM
I agree with brownstoner. this is on a very nice block of brooklyn heights. sounds kinda cheap to me. would make a great corporate apt if renovated well.
Posted by: Anonymous at October 31, 2006 3:26 PM
Great buy? I think the broker found these comments. The only redeeming factor of this weak excuse for a 2 bed is the sponsor factor. You can get a funky layout that needs serious work and looks at a brick wall for 75-100K less in the Heights with a liveable living room easy. 2 Grace Court comes to mind. Granted thats for a one bed, which is what this truly is.
Posted by: Anonymous at October 31, 2006 3:28 PM
anon 3:22-
2:05 here. Never been to Ohio. Lived in Apartments in NYC all my life. Sorry. Anyway, I still say it's small- even for a 1 BR.
Posted by: Anonymous at October 31, 2006 3:37 PM
can the 1 bedroom at 2 Grace Court be converted into a 2-bedroom. If it can, I would say that it would be a great comp. But if not, then that's like comparing apples and oranges.
Posted by: Anonymous at October 31, 2006 3:46 PM
when brownstoner posted this co-op of the day, my immediate reaction was 'what a great looking building'. and. 450K for a 2-bedroom in brooklyn heights?
I still think it's a great buy.
my instinct also tells me that Leslie Marshall's phone has been ringing off the hook while we are wasting time lambasting this apartment
Posted by: Anonymous at October 31, 2006 3:53 PM
my instincts tell me that you are leslie marshall and are desperate to make a sale. good luck.
Posted by: Anonymous at October 31, 2006 4:12 PM
The place looks kind of grim but the location is great and the renovation to make it a nice 1 bedroom shouldnt cost too much. For the average single wall streeter who can be in the office in 15 minutes and walk to the promenade, this seems like a good deal. If you need more than a one bedroom, its crap. Eye of the beholder people.
Posted by: Anonymous at October 31, 2006 4:16 PM
great conspiracy theory. wish I was in line to get her commission on this sale. unfortunately, I just drive by this building every week and I know the area and the market and $450 for a 2 bedroom, sponsor sale, with windows in every room sounds like one of the last great deals to me. it looks good on paper. the true test is whether the apartment shows well (i.e.,the extent of renovations that's necessary).
Posted by: Anonymous at October 31, 2006 4:20 PM
the floorplan looks like a penis...a deformed penis, but a penis nonetheless.
Posted by: anon at October 31, 2006 4:40 PM
I knew I'd seen this before. Looks like someone else has it for 25K less on craigslist.
http://newyork.craigslist.org/brk/rfs/227914309.html
Posted by: Anonymous at October 31, 2006 4:47 PM
"it looks good on paper"
Yeah, but too bad it looks like crap in real life.
Drop it another $150,000 and maybe we'll talk.
Posted by: Desk Sgt. at October 31, 2006 4:49 PM
Desk Sgt, $300k for a 2-bedroom on a prime block in brooklyn heights. hilarious. i don't even know why i bother.
you naysayers seem to think that if you talk loudly enough (regardless of whether its logical or rational) you can will it into existence. keep trying...just don't hold your breath.
as for that penis comment, some people obviously never outgrew kindergarten and junior high.
it's still funny though. you keep me amused on a boring day at work.
Posted by: Anonymous at October 31, 2006 5:00 PM
hey anonymous 5:00 pm...the penis comments was a joke...some people obviously don't have a sense of humor...sheesh
and what happened to elementary school...you went from kindergarten to junior high?
Posted by: anon at October 31, 2006 5:03 PM
(:>.
thanks again.
keep it coming.
Posted by: Anonymous at October 31, 2006 5:04 PM
One good thing about this apartment (small as it is) is the fact that the bedrooms are on opposite ends of the layout -- making it a good deal for someone who needs/wants a roommate. I can see a young buyer taking this place, splitting with a roommate for a few years until s/he makes a bit more cash and can afford it alone, then undertaking a bigger reno (or selling it) down the line.
Posted by: shelz123 at October 31, 2006 5:47 PM
Great observation.
Posted by: Anonymous at October 31, 2006 5:50 PM
I think it is a good deal. I know the BH market, and this is as good as it gets for two bedrooms with windows. don't forget, PS 8 is a good school too. Easy to say 'move to PLG' but I've got kids and a good public school is worth money.
Posted by: Anonymous at October 31, 2006 8:58 PM
It's 62 Pierrepont
Posted by: anon at October 31, 2006 9:24 PM
Oh for $450 it's fine. $550 no way.
Posted by: Anonymous at October 31, 2006 9:30 PM
Ten years ago I saw an apartment in this building with very similar layout and tiny rooms, looking out on the brick wall (as all the back apartments in do). It was awful, dark (granted, third floor) and grim. Back then it was on sale for $125K.
Posted by: tfpunko at October 31, 2006 10:55 PM
It was twelve years ago, just realized. 1994, summer.
Posted by: tfpunko at October 31, 2006 10:56 PM
Ha! What a joke! For that price, I'd rather buy a single family 4,000 sq. ft. brownstone in the hood and live large! What idiot spends that kind of money only to go home to a piece of sh*t apartment like this?!?!? I'd be too ashamed to have my family, co-workers or friends over for a cocktail. It looks like the kind of apartment my grandma would live in and that would only be the case if the apartment was in fact rent controlled. :-(
Posted by: Anonymous at October 31, 2006 11:48 PM
This co-op apt makes Hitler's bunker seem freakin' CHEERFUL in comparison.
Herr Gott im Himmel !
Posted by: Obergruppenfuhrer at November 1, 2006 1:02 AM
I don't think it looks grim. Just covered in too many layers of paint. As for facing the brick wall - it's certainly quieter than facing the street. I had an apartment once that faced a wall and I ended up liking it, which I didn't expect. It felt private and quiet and peaceful. No creepy peepers. You could get away with having just sheers on the windows, or nothing. Except maybe someone on the roof next door would be able to see you, depends on what floor it's on.
Posted by: Anonymous at November 1, 2006 2:05 AM
I like brick walls! I think Leslie Marshall is doing a wondeful job. She knows how to price brick walls.
She deserves all the chips I mean coins she oin's here.
Posted by: anon at November 1, 2006 8:10 AM
to non 8:10am...the divine Ms. M may jsut have hit her wall. not for nuthin' agent take the listing...the rest of us dictate the price it goes for. so everyone qwitchbitchin and make an offer...ya gots nutin to lose.
Posted by: m at November 2, 2006 9:59 AM
That building is top notch (we used to own a unit in there--we completely renovated it and sold it for 2 and a half times what we bought it for . . anyone know what apt # that is?? Just curious.
Posted by: kg at March 21, 2007 4:08 PM
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