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December 28, 2006
Co-op of the Day: 101 Lafayette
Though we've never been inside, we've always dug this old prewar apartment building on Lafayette and South Oxford Street. It's about as Bing-and-Bing as you'll find in the area. Judging from the photos of this studio, not all the apartments share the grandeur and scale of the building's exterior. Too bad. This 400-footer is priced at $275,000 with a $356 maintenance. Can anyone who's been looking at this end of the market weigh in on what kind of a bang for your buck this is?
101 Lafayette Avenue, #8L [Corcoran] GMAP
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Comments
I lived in this building (The Griffin) for a brief period in 2004. It's a spectacular pre-war art deco co-op, and it seems to be managed pretty well.
Probably a solid purchase.
Posted by: Anonymous at December 28, 2006 12:45 PM
I look at this building and I see how the great depression destroyed new york and turned Brooklyn into a borough of rich, territorial NIMBYs.
What are the chances we'd ever have a building built to a 15.0 FAR today? What are the chances we'd build a building of the density AND beauty?
This building was built in another era, when people recognized the need for affordable housing in a city on the way up. It was practical and beautiful.
Now, the city is filled with rich fools who steal money from the masses through various financial instruments. They're all rich, and they've taken over these buildings - but their money is worthless and they can't contribute anything of value to this city.
So our public works are falling apart, the subway system is still running on circa 1900 technology, the city population density per housing unit is worse than ever, and massive 80-year old buildings like this remain outside the ability of any rich person in this city to build it.
Yeah, you rich brownstone owners - remember this, your money lets you do nothing but takeover the fruits of the past. Your wealth doesn't really give you any power, and in a generation you will be forgotten, if you aren't despised that is.
Posted by: Eryximachus at December 28, 2006 12:47 PM
Hey Eryximachus-
You are intelligent. Look at the name you gave yourself, but have you cultivated your wisdom. Make more money yourself, and give back more yourself.
It is hard to recognize the answers are within. Go deeper.
Posted by: Anonymous at December 28, 2006 1:02 PM
I think I looked at this apartment, or an identical one, a couple months ago. Anyway, the studio I saw was priced @ 300,000 (seemed overpriced then, in Nov). I was intrigued, but not willing to pay that much. The aparment itself was shabby, with a nice open view, granted, and incredible closet space. The building lobby was kind of depressing, and the elevators really slow. This building has an incredibly lax, condo-like policy on sublettors, but to me that made it seem shabbier in comparison to other coops. Looked at a lot of things in this price range, and at 300K, this apt. is overpriced, but at 275, I think it's starting to look attractive.
Posted by: Anonymous at December 28, 2006 1:03 PM
Poor old Eryximachus, minimum wage is crushing his American dream.
Posted by: Anonymous at December 28, 2006 1:11 PM
Based on the floorplan this apartment is not more than 350 sqft. That would make the price per sqft about $785. Obviously this is a beautiful building in a great location but in terms of bang for your buck there seem to be better deals available... almost anything in the prospect heights / crown heights border area by the brooklyn museum for starters.
Posted by: Anonymous at December 28, 2006 1:12 PM
Not sure what's up with that rant - As someone who grew up in a Brownstone, and thus with some real perspective on "rich Brownstone owners," I'd suggest that owning a Brownstone has nothing to do with power, and isn't something to be despised. It's about living in a nice home, in a nice urban community, with some history in its bones. I do take issue with many newer Brownstone buyers/speculators, like the people who run this very blog, who seems to have dolalr signs in their eyes. I think the recent run-up in prices is ultimately detrimental, rather than beneficial, to the fabric of Brownstone Brooklyn. But while I'm kind of disappointed with such attitudes and with the realization that I'll never be able to afford a brownstone like my parents', I'm certainly not surprised, given the times we live in.
Anyway: my own first property is much more modest than my parents': a studio in 101 Lafayette, aka "the Griffin." The building was built during the Depression, but as a hotel, not affordable housing. That's why it has such a nice facade and very small apartments inside. Around the middle of the century they turned the hotel rooms into rent-regulation (RC I think) apartments to address the city's need for affordable housing.
Then, I think during the 80s, someone bought it and converted it to a coop. Not exactly sure what the terms were - I believe renters had a chance to buy in cheap at the beginning (I think my neighbor did that) but not all did, as there are still a few RC apartments. The sponsors, like most, was out to make a buck at nearly any expense, and didn't run the building well. But once enough apartments were sold a new Board wrested power from him in the 90s and set the building on its current course.
They've done massive projects like fixing the roof, restoring the facade and updating the lobby and elevators, but have managed to keep the maintenance below $1/sf, as you can see in the above listing. It's a great community (and a large one, with more than 200 units in the building), mixing oldtimers and younger kids. Everyone is very friendly. The units themselves are mostly 400sf and 500sf studios, plus a few ~600sf 1BRs and four penthouses on top.
As for that unit: it's aggressively priced (it is Corcoran after all) but not entirely unrealistic. $500-$600/sf seems to be about the norm. I think one of the 400sf units could take $250k... maybe more if it's on a high floor.
Posted by: Anonymous at December 28, 2006 1:12 PM
I've looked at probably 10 apartments in this building over the past five years - from the dark and dingy to the bright and perky - and came close to buying one last year that was the largest studio series (or so I was told). The seller (a corcoran broker) was willing to accept $265k back when the market was hotter. And it was nicer than this one. I didn't go for it because nothing was what was initially promised at the sales pitch i.e. rental incomes, maintenance fees, the seller's price, market direction. It was my first go at dealing - so I was probably naievely thinking good of brokers. Interestingly enough, a lot of corcoran brokers have apts in this building that they sublet out. And they seem to be selling them now. Apartments come up for sale in this building regularly in my observation. but it is curious that the real estate professionals are offloading en masse. The broker for this apt - had his on the market for $315k a few months back. it was nice enough - but way overpriced in comparison to the rest of the building. I wonder if this is his apartment too since he is Corcoran Manhattan based. If it is - that definitely confirms that this is a massive price. I like this building because it is the cheapest you can get in Fort Greene. But - yes - the elevators are slow - the common spaces are dreary - and there is no cross ventilation in the studios - you have to fill your one studio window with an air conditioner in the summer.
Posted by: anonymous at December 28, 2006 1:36 PM
FYI that apartment for sale at $315k sold for above asking... $320k or $325k I believe. Like the above poster said $500-600 psf.
Posted by: Anonymous at December 28, 2006 1:53 PM
$325k! Holy crap! That must've been a 50 grand murphy bed in there!
Posted by: Anonymous at December 28, 2006 2:04 PM
As an architect I can kind of see a little potential in that kind of space if you had the dough, but if you're buying a $300,000 studio, chances are you're not doing any kind of renovation. My question is: who is buying these apartments? My girlfriend has her own studio that is a little smaller than this one and it's basically impossible to keep clean, can't realistically accommodate more than one person at a time and has a mediocre bathroom and a really tiny kitchen. What's the appeal? You can rent a studio for way less that it would cost to own and you can save money for something with some more walls.
Posted by: Dan at December 28, 2006 2:44 PM
Oy vey. Who's buying them? Smart neighbors to enlarge their own pads. Stupid single hipster wolves who are now embarrassed to live in oh-so-yesterday Williamsburg. That's my guess.
I can't see an investor finding them attractive at rental income these babies produce at these sale prices. Yep - cheaper to rent.
I also agree that better bang for your buck lies in Prospect/Crown Heights. Maybe Crown Heights - the further away from that stadium (the Ratner Homogenization Plan for Brooklyn) the better.
Posted by: Anonymous at December 28, 2006 3:15 PM
Eric Macho clearly has little idea about new york in the depression era.
"Now, the city is filled with rich fools who steal money from the masses through various financial instruments"
Back then it was populated with, comparatively, even richer people who just stole money period from everyone else. Oh the salad days of the Depression, that they would return...
Posted by: loser at December 29, 2006 9:28 AM
Apt. 8G will be hitting the market vacant, FSBO, jan. 15th @ $275,000 maint $425, being that the most recent sale was $271k and i have heard the other two units on the corcoran site were in contract both above ask, i would say $275,000 is fair.
Posted by: j stark at December 29, 2006 3:51 PM
gee whiz, what's up w/all the vitriol. can we all resolve in 2007 to not be such snarky beeyotches?
Posted by: ANP at December 31, 2006 2:11 PM
Nobody's "selling en masse"--there are alot of units in the building so there tend to be units on the market frequently. I know of one Corcoran broker who owned a unit. Many of the current owners own additional units that they rent out. And its easy to live in a studio, if you don't stuff it full of crap.
Posted by: Anonymous at January 3, 2007 4:12 PM
Nobody's "selling en masse"--there are alot of units in the building so there tend to be units on the market frequently. I know of one Corcoran broker who owned a unit in the bldg, and I think he sold it.
Many of the current owners own additional units that they rent out. It's a great investment. Sure you can get more space elsewhere, but remember it's LOCATION that counts.
And its easy to live in a studio, if you don't stuff it full of crap.
Posted by: Anonymous at January 3, 2007 4:13 PM
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