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February 20, 2007
Co-op of the Day: Turner Towers Two Bedroom
We can't get enough of Turner Towers so luckily for us there always seems to be something on the market there. At the beginning of January we took a look at Apartment 2J which had started out back in June at $749,000 and worked its way down to $599,000. Today's two bedroom is on a much higher floor but looks like it still has the original prewar kitchen (which could be a plus for some people). The asking price is a full $100,000 more than 2J, though, so it'll be interesting to see how this does. Does anyone know which apartment this is and how long it has been on the market?
Turner Towers 2 Bedroom $699,000 [Craigslist] GMAP P*Shark
Co-op of the Day: Turner Towers, 2J [Brownstoner]
Building photo from jcohen
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Comments
I am guessing that it is above the 10th floor. Not a bad price. I think that 9J sold recently.
Posted by: Anonymous at February 20, 2007 11:36 AM
Holy cow! Who would want to live there? That place is huge. It looks like government housing... I am astounded...
Posted by: Anonymous at February 20, 2007 11:38 AM
You clearly have never been inside!
Posted by: brownstoner at February 20, 2007 11:42 AM
The photo out the window seems to be northerly. Not necessarily a bad thing, but not the same as looking out over the Brooklyn Botanic Garden and Prospect Park.
Posted by: Anonymous at February 20, 2007 11:49 AM
I've been inside and the hallways are dirty, the basement laundry and "gym" are depressing, and the roach problem is unsolvable. And only 30% of the maint. is deductible. But the crazy flip tax is the killer.
I do like the apartments though
Posted by: Anonymous at February 20, 2007 11:59 AM
these pictures do not do the building justice. Susan Breen real estate usually has a few of listings in the building.
Posted by: Anonymous at February 20, 2007 12:02 PM
11:59, that's crazy. i live there and the hallways are well-maintained and the while lobby is on the dark side (an aesthetic choice to keep the essence of the original lighting), but quite wonderful in its period details.
and there have not been any roach problems that i know of in the five years i've owned here.
basements and laundry rooms are inherently 'depressing' ... what are you expecting? the ones here are clean, well-lit and certainly servicable by basement standards. the gym, as we speak, is currently being upgraded.
that being said, the flip tax is ain't so great. but it's been essential over the years in keeping the building up. so i'm ok with it.
it's a great building overall. so call me a cheerleader.
Posted by: anita at February 20, 2007 12:22 PM
give me classic six or 3br on at least 4th floor (southern view) with no windows to the internal courtyard and I would be buying in a second
Posted by: Anonymous at February 20, 2007 12:56 PM
My feelings exactly 12:56, it is a special building. 11:59 sounds like a troll. I have always wanted to live there. The first time in my life that I went to Brooklyn was to visit friends renting there back in the 70's. The neighborhood was wild, the doormen were always drunk but the apartments have always been to die for - with a few caviats - the ones that face the airshafts are depressing and yes, the gym isn't too cheerful - but at least you don't have to have a treadmill in your apartment.
Posted by: Anonymous at February 20, 2007 1:05 PM
I disagree completely that person was a troll. That person's comments were specific and detailed, and obviously coming from having seen the building, unlike various troll posts on this site which are always general, broad, non-specific insults to entire neighborhoods. I think that person simply didn't like the building, and what's wrong with that. To each his own. We're grownups here; we know some people can love a building that others hate. It's about personal taste. Especially regarding old buildings. What's charming to some is gross to someone else.
Posted by: Anonymous at February 20, 2007 2:09 PM
who thinks the flip tax is a good idea and why?
It seems like a costly anachronism in this day and age
Posted by: tripster at February 20, 2007 3:07 PM
RE: flip tax. How else do you pay for things if you don't have a flip tax? Assessments? Maintenance increases? Or avoid payment and neglect the problem. Either way you pay for it. With the Flip tax at least they get you on the way out the door. TT has made a boatload of money off of the flip tax but you know what? It is still not enough. They did exterior renovations, roof renovations, interior upgrades while keeping costs manageable. The flip tax is a very cooperative way of doing it but it helps the building. Most of the people at TT love the building, (I used to live there). If you can't get a handle on the flip tax don't live there. You pay it on the profit from the sale of the unit so the money was never in your pocket to begin with. The other option is to not move. If you are there for less time you pay less but if you never move you never pay.
Posted by: Anonymous at February 20, 2007 3:42 PM
When calculating your flip tax, do they take into consideration what you invested into renovation? This can be considerable if you purchase a place in need of a gut reno...
Posted by: Anonymous at February 20, 2007 4:02 PM
to anon 3:42,
You seem to have taken my question the wrong way.
Obviously the coop has to raise money, but I just wonder why this method would be deemed the best way.
You say the flip tax hits you on the way out. But to my way of thinking, it hits you every day because this restriction makes every coop worth less . .. of course, I could be wrong!
Posted by: tripster at February 20, 2007 4:26 PM
Yes. You can deduct any capital improvement expenses over $500.
Posted by: Anonymous at February 20, 2007 4:32 PM
Could somebody tell me the terms of this "flip tax"? I've never heard of such a thing. Interesting. How much is the "tax," and how short a turnaround does it consider to be a "flip"? And would the board consider waiving this fee if the owner had to sell for non-speculative reasons, like a job transfer, divorce, death of spouse, catastrophic illness? Personally, I am not interested in investing my real-estate bucks in properties that place too many rules on what I can do. I don't even like condos, much less co-ops. Not to hate on this building or anything--the apartment looks nice and seems fairly priced. Cheers.
Posted by: Bob999 at February 20, 2007 4:34 PM
the issue is why the flip tax in this building is so high? it's not as if their maint is so low.
why is it different than every other building in NYC?
Posted by: Anonymous at February 20, 2007 5:12 PM
In a different thread someone explained that the "flip tax" encourages purchasers who commit to live in the building for years or to leave feet first as the saying goes. This brings more stablility than people who are looking to make a quick killing (and you know who you are out there).
Posted by: Anonymous at February 20, 2007 5:33 PM
"I disagree completely that person was a troll. That person's comments were specific and detailed, and obviously coming from having seen the building,"
Trolls can still see buildings. I was taken for a tour by a broker who knows the building well, we turned down the apartment at the time, but the corridors under the building were white and well-lit, clean. The total opposite of "depressing". The gym was a room with an equipment in it, only an idiot or a troll would call it "depressing", what do they want, something from the four seasons? The laundry room was perfectly reasonable.
The overall impression was the building super(s) were quite proud of their patch.
The lobby is darker, yes, (and lacks seats of any kind), but clean and since it is full of detail it gives an impression of how it might originally have been.
Posted by: Anonymous at February 20, 2007 7:09 PM
Brownstoner needs to do actual research rather than just allow anonymous posts. It would be a much better blog if people posted with specific info. about the alleged bug problem from the board meeting minutes, or from talking to a board member, rather than yes there is, no there isn't dialogue. And why don't people who live there and love the place send brownstoner some pictures of the hallways so people can decide for themselves. Enough of this complaining about the complaining.
Posted by: Anonymous at February 20, 2007 7:46 PM
Well, I'm not a troll. I lived there from 1998-2001 and there were bug issues but isn't that true in every building? It's a huge building and some hallways are nicer than others. Some are dank and full of resident's crap despite rules forbidding this (my pet peeve). I'm quite sure a broker would have taken you on a tour of the nicer areas. The gym WAS depressing and I'm glad to hear it's been revamped.
I don't think you need to have "proof" of any negative items nor do you need "proof" to post anything positive either.
Posted by: Anonymous at February 20, 2007 9:50 PM
Hey, Anon 7:46, people have been writing along this theme for a couple of days, so I'm going to respond: it really warms my heart to see somebody in this dumb-ass country noticing how important real journalism is. (As opposed to the Post, Fox News, etc., and as opposed to blogs.) This seems to be what you're saying when you remark, "Brownstoner needs to do actual research rather than just allow anonymous posts." Aside from the fact that Mr. B often does do excellent research, the thing is, Brownstoner IS a blog, albeit my favorite one. Blogs typically have one staffer, usually unpaid. And they let everybody speak (or rant). That's a blog. While Mr. B has journalistic background at a magazine, if memory serves, and has excellent taste in headlines and pix and mixing up stories, he has never held himself out to be publishing a newspaper-level enterprise. Which he couldn't possibly do without at least a few reporters, and preferably about 20, easy, given the vastness of this borough. Brooklyn, you'll recall, is something like the 5th largest city in the country. What, he's supposed to be the editor, the publisher, the reporter, the designer, the photographer--have you ever worked at a newspaper? It don't work like that. Brownstoner is, as they say, what it is. It relies upon the imput of its constituency. And it's a good thing.
Posted by: Bob999 at February 20, 2007 10:24 PM
i don't know Mr. B, but i'll take your word for what you say about him.
and given that, i'll just have my last word on this subject: "well said Bob999!!"
Posted by: anita at February 21, 2007 8:12 AM
I have no idea why the 25% flip tax is so high at this building. The original CO-Op must have tagged that percentage onto it. I imagine that if the tax is not curtailing sales, the Board will not want to say goodbye to the cash flow.
To the person asking what a flip tax is and how it works; there are no exceptions, everyone who sells pays the fee (somehow it was coined a "tax"), even people who move within the building. I know it has been challenged in court and has survived just fine.
Posted by: Anonymous at February 21, 2007 10:02 AM
"Oh, wouldn't the world seem dull and flat with nothing whatever to grumble at?" W.S. Gilbert
Posted by: anon. at February 21, 2007 2:32 PM
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