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November 6, 2006

Co-op of the Day: 'Spensive on Hicks

co-op
Given the debate last week about the Grand Avenue brownstone condo, we thought it would be interesting to look at an even pricier unit in a subdivided brownstone. This three-bedroom, 3,200-square-foot place is asking a whopping $2.85 million. Granted it's in prime Brooklyn Heights and the interior is nothing to sniff at, it doesn't have that somethin' special (over-the-top historic detail, for example) that we think you need to justify that price in this configuration. We think it's going to be hard to find someone with that kind of dough who wouldn't prefer his own house. Thoughts?
110 Hicks Street, #1 & 2 [Citi-Habitats] GMAP




Posted by Brownstoner at 11:26 AM | Comments (15)
Categories: Co-ops

Comments

$2200/month maintenance in a brownstone? My God.

Posted by: west at November 6, 2006 11:40 AM

$890 PSF seems a bit high. I think 2-2.25m is more realistic. I agree that alot of people might rather own the whole house for this much money. But, at the same time im sure there are people who would rather not be bothered. It should be an interesting one to watch.

Mr. B keep this trend going. there are several more interesting brownstone condons on the market right now. I have been looking for a nice brownstone condo with a garden.

Posted by: stephen at November 6, 2006 11:46 AM

You can live in one of the 2000+ sq foot condos next door (111 hicks, st george) for 2MM less; the finishes are the same and the apt has views of the bridges and water plus a doorman.

Next.

Posted by: Anonymous at November 6, 2006 12:09 PM

I'm always curious about the brownstone condos. In situations like this where one of the units is so large, how are the shares divided? It would seem like the owner of this place should have a large majority. Does that mean that the other owner's "vote" is meaningless? Wouldn't seem like a very favorable position for the owner of a smaller unit.

Similarly, when comparing this situation to owning the whole house yourself, it seems like you will still be responsible for most of the administrative/maintenance burden.

Posted by: Anonymous at November 6, 2006 1:33 PM

That is staggeringly expensive. Crazy. Also it is not a condo. It is a coop in a 4 unit building with 2200 dollars a month in maintenance! Granted a lot of that is tax, but there has got to be a healthy sized mortgage on that building. It is not appropriate with those numbers to calculate the sq foot cost based on the asking price. At first, I thought it was for the building. It is across fromt the St. George Hotel apartments. That is not even that special a space -- the price is off the wall.

Posted by: donatella at November 6, 2006 2:08 PM

That's an insane price. Unless it comes with your own private Prohibition-era secret smuggling tunnel under the East River into Manhattan. Then it's totally worth it.

Posted by: sylvia at November 6, 2006 2:27 PM

Given the price of a full Brownstones in this neck of the woods, this asking price does not sound too outrageous IF the "tri-level" that is described in the listing does NOT include the basement - a floor plan would sure help here. What is crazy is the maintenance! Cost being equal, I would rather have the 3 BR apartment in BH than a full house in any other nabe in Brooklyn. If anything comes on the market at $1.2m - $1.3m with common charges below $1,000, someone please give me a call.

Posted by: Anonymous at November 6, 2006 3:52 PM

Check out the virtula tour on the Citi-Habitats website. This place looks like two separate apartments - with two kitchens -- one on the parlor/garden and one of the floor above the parlor

Posted by: Anonymous at November 6, 2006 4:03 PM

Hey Anon 3:52 - check out the Brown Harris listing on Pierrepont Street for a 3BR, $1.1 mil, maintenance $995. I live about two minutes' walk from that building.

Posted by: Zeebee at November 6, 2006 5:24 PM

brownstoner. we understand it serves your purpose to compare a condo on hicks to one on grand but really a closer comparison to the condo on grand would be a condo in queens than one on hicks street.

Posted by: anon at November 6, 2006 5:52 PM

111 hicks is a coop w/ very high mntce and a very difficult board. still priced high but you can't compare a private brownstore and a 32 floor high rise...

Posted by: m at November 6, 2006 6:04 PM

Actually, when they are next door, you can:
111 has a slightly snooty board, but if you can buy this, I'm sure you can pass that one.

Some of the apartments (my recollection is that there is a giant one on 10 or 11) have space rivalling (or exceeding) this listing with extraordinarily high-end finishes, and the complete price is 1.1 or 1.2, albeit with 2500 maintenance.

At that price:
a) you have the same space
b) you have a better view
c) your maintenance is the same
d) the arrangement is better because it is all on one floor and you don't lose space to stairwells
e) you have many more windows
f) you get a doorman essentially for free.

I see no reason to drop this load of change when something just as nice is next door.

Posted by: Anonymous at November 6, 2006 7:17 PM

I can't comment on the value of this since I live in Houston TX and these prices require a little time to adjust recalibrate one's gauges.

I can say though that I love your Brownstones and that you all have somewhat of a handle on preservation, whereas we here are used to heartbreak after heartbreak as historic structures are defenseless and routinely bulldozed.

This one does looks like the reno was without great concern for keeping any deep historic ambiance.

Posted by: seoho at November 6, 2006 9:31 PM

I took a look at the virtual tour: is there some reason the owners have nothing hanging on their walls (besides one painting in the first dining room)? Maybe they just repainted and want to keep the walls pristine for the next owner, but it certainly makes the place look like a crash pad.

Posted by: sylvia at November 7, 2006 10:01 AM

in all the various posts about coops/condos with smaller number of units, I don't think I have ever once seen mention of the higher risk if a single owner cannot pay their maintenance and/or mortgage. just something to keep in mind. you could be looking at months of double assessments while everything sorts itself out.

Posted by: Anonymous at November 7, 2006 6:10 PM

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