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February 6, 2007

Co-op of the Day: 128 Sixth Avenue

1286thave020607.jpg floorplan128.jpg
The appropriation of free blogging software by FSBO-ers is really catching on! Last week it was a Fort Greene two bedroom; this week it's a charming one-bedroom in Park Slope brownstone. Located on the corner of Sterling Place and Sixth Avenue, the ground-floor apartment also comes with a space in the two-car garage in the rear of the building. The asking price of $549,000 seems reasonable for a full floor in this part of town; the maintenance of $656 is a couple bucks more than we would have expected but not a deal breaker. If you stop by either open house this weekend, drop us a note. We bet there will be good foot traffic. Anyone got any good comps for this place?
Brownstone 1 BR FSBO [Sixth and Sterling] GMAP
Photo by Kate Leonova for Property Shark




Posted by Brownstoner at 11:29 AM | Comments (27)
Categories: Co-ops

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Comments

You don't find maintenance much lower. And I love the gargage (or garage income). But it looks like it's a ground floor place which is bad and a "no smoking building"? I don't smoke but I think I'd shy away from a co-op who thinks it's their job to tell me I can't smoke -- or sell to anyone who does smoke. I wonder what else they govern?

Posted by: Anonymous at February 6, 2007 12:07 PM

I was at the open house and this is a really lovely place - lots of light, great locale. Plus, you can't beat the garage. I would put an offer in, if I could afford it (sigh).

Posted by: slopey at February 6, 2007 12:28 PM

The garage sounds great. But the apartment looks mediocre…..Is $550K for a one bedroom a good deal?

Posted by: Anonymous at February 6, 2007 1:23 PM

This is definitely the best deal we've seen in such a good area. Big bedroom, lots of light, great kitchen...and that extra garage income. I could go on but am trying to figure out how to buy. Maybe I should erase this.

Posted by: slopeybon at February 6, 2007 2:16 PM

Does anyone know where the garage is?

Posted by: Anonymous at February 6, 2007 2:35 PM

The garage is behind the building, on Sterling Place (hard to see in the photo).

Posted by: Park Sloper at February 6, 2007 2:45 PM

Is the floorplan accurate- It looks like this is around 650-660 sqft (because the staircase/foryer area is larger on the ground and parlor floors.) If so, that means around 800/sqft. Does that reflect the garage premium? What's the going rate for brownstoner floorthru sqft in that area? How does the parking squarefoot premium compare to a garden or patio premium?

Posted by: anon at February 6, 2007 3:07 PM

I wonder about the ventilation if it is a no smoking building. Plus the apartment looks dark to me.

Posted by: Anonymous at February 6, 2007 3:24 PM

It does look dark. It's a "garden apartment", which some call a half-basement. Too much.

Posted by: Anonymous at February 6, 2007 5:00 PM

This looks overpriced to me, and they are not paying any brokers' fees. A similar coop apartment on 6th avenue in Park Slope was asking for $480,000 recently, with a low maintenance fees of $410, and they were using a broker, and there was a patio.

Posted by: Anonymous at February 6, 2007 5:46 PM

The garage alone is worth 100,000.

There is a separate dining room in addition to a large windowed kitchen.

Great location across from a beautiful church on picturesque 6th avenue.

Posted by: Anonymous at February 6, 2007 6:07 PM

$100,000 for the garage? That's pretty insane. You can rent a spot for $150 - $200 a month in Brooklyn. So $1,800-$2,400 a year in saved space rental... 40-60 times multiple? Hah.

Posted by: Mateo at February 6, 2007 6:35 PM

What's really interesting to me here is the non-smoking co-op idea. Indeed, what if you wanted to sell to someone who turns out to smoke? What if you make the brilliant decision to take up smoking next week? Also, does the no-smoking policy cover pot, too? And what does the co-op board do if someone violates?

Posted by: anon at February 6, 2007 6:41 PM

5:46 why does it matter if they use a broker or not? Are you saying they are not allowed to max out their profit? And don't you think they are spending some of their money to sell this. That is a stupid attitude. My wife sold her apartment without a broker and she got 35000 more for her apartment because she did not listen to the brokers advice on the listing price. Ha. When I sell my brownstone please dont call me brokers because I would rather suffer through the selling process then let you walk away with MY 6%. I earned it and you didnt..

Posted by: Anonymous at February 6, 2007 7:00 PM

I don't think a garage is worth $100,000, but I do think it's worth a lot more than it would cost you to park your car commercially. Hiking to a commercial garage, waiting for the clerks to retrieve your car, doing the same in reverse when you come back, etc., is a hassle. And what do you do in case of emergency (another terrorist attack, a blackout, or the like) when you can't get to your car because it's on an upper floor in the parking garage and there's no way to get to it? In short, a private garage in NYC is a real premium. (Having said that, of course, I'd rather have a garden; I don't even own a car.)

Posted by: Park Sloper at February 6, 2007 7:00 PM

So if we take it as given that the garage is worth 100000, then at 660 square feet, the ask is $700 per square foot. Does that seem right for Sterling and 6th? What do people think?

Posted by: anon at February 6, 2007 7:09 PM

By the way- Private garage rentals in the North Slope are nowhere near 150-200/month. The garage across 6th on sterling charges 400 or more. Other places charge at least 300-350 (and they're not takin new customers). Given- 300 per month is still cheaper then the montly mortgage's share of the 100K for the garage, but you can probably also jampack the place with shelves, boxes, bicycles, xmas ornaments, in addition to the car, so it's really like owning a 200/month storage bin + a 300/month garage rental.

Posted by: anon at February 6, 2007 7:17 PM

Even if you up the monthly rental of the spot, I would still say the garage is worth more like $50k - $60k rather than $100k. You would also probably want to do a semi-allowance for the shared roof deck. But then also dock something off for the No Smoking rule. So not sure where you end up. But it seems a touch high. Not terrible, but high by a touch.

Posted by: Mateo at February 6, 2007 11:42 PM

7:17 is correct...PLEASE let me know of a 150-200 garage in the north slope...no way that is realistic - and this is covered parking too.

Posted by: Anonymous at February 7, 2007 7:07 AM

For the level of renovation, ceiling height and location (taking the garage into account) does over 700 per square foot seem fair for the area? If so, I should consider selling my own 1.5, 800 square foot with 14x14 roof patio across 6th avenue...

Posted by: anon at February 7, 2007 7:34 AM

It seems that the population on this blog may not be broker friendly but sorry to say you are not the extent of the buying population:)

I guess all the out of towners and foreign purchasers who are pumping their uber euros here don't count. They do have access larger firms overseas. It seems with everyone here so bargain conscience that the FSBO market is really effective. Sorry for the owner who says he/she earned it and the brokers didn't.I guess you are right.

Posted by: Save a penny to not make a buck at February 7, 2007 7:49 AM

based on all these comments, tell me what you think I could get for my 950 sq ft, 1 bdrm coop with views of the city, prime street along prospect park, brand new bathroom and top of the line new kitchen, wood floors, high ceilings, lots of light, lots of closets, elevator building, pets ok, smoking ok, kids ok! any takers? any ideas for $?

Posted by: m at February 7, 2007 8:41 AM

I just read that $700 a sq ft might be fair. what the heck then is going on with the new condo that Richard Meir is building in Prospect Heights? looks more like $1000+ a sq ft...

Posted by: anon at February 7, 2007 9:10 AM

This apt. only comes with HALF of the garage btw.

Posted by: anon at February 7, 2007 12:53 PM

"what the heck then is going on with the new condo that Richard Meir is building in Prospect Heights? looks more like $1000+ a sq ft..."

Because it is a condo
Because it has views of the park
Because it is modern with walls of glass
Because there is no co-op board sticking their fingers up your bum with a microscope
Because condos don't care how you finance
Because Meir buildings have prestige
Because few things are likely to break
(etc)

Of course if you want pre-industrial age architecture and atmosphere then you don't care what prices per sq ft are in modern buildings. Nevertheless, overall, condos are much more than co-ops now, and Meir buildings are much more than condos too.

Posted by: Anonymous at February 8, 2007 2:33 AM

To 2:33am...sorry...some of what you say is crap. name of the game is location location location and there are better condos and coops in brooklyn heights that are not going for this kind of money. he is at a very noisey intersection and frankly on the edge of 3 neighborhoods..one not so hot. that said, yes to there is no co-op board sticking their fingers up your bum with a microscope
Because condos don't care how you finance
Because Meir buildings have prestige. but the other comments...NOT

Posted by: m at February 8, 2007 8:52 AM

by the way, there's a craigslist posting for a 9 unit brownstone with parking in the slope that uses the same picture from the FSBO site above. It also uses a picture from what looks like the driveway on my block on Park Place.

http://newyork.craigslist.org/brk/rfs/273055927.html

Posted by: park place at February 8, 2007 4:58 PM

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