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March 19, 2007

Co-op of the Day: 75 Livingston Street

For some reason, we've never discussed 75 Livingston before, despite it being a large, centrally-located building with lots of architectural charm. The 180,000-square-foot, 32-story building went co-op in the mid-1980s. Apartment 18A, which has 10 windows and 11-foot ceilings, is now on the market for $939,000. Considering that 6A sold for $976,500 last summer, this seems entirely achieavable. The apartment, which is quite traditional in finish, appears to be in good shape. Did anyone make it to the open house yesterday? What can readers tell us about the building in general? Nice place to live?
Listing #5312648 [Brooklyn Heights Real Estate] GMAP
Photo by Scott Bintner fpr Property Shark

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I went to the open house. Great space. Only 1 bathroom. All of the closet doors are falling apart so definitely need updating. Otherwise I thought it was nice. Realtor said bids in the high 800's would be realistic.

Posted by: westvillager at March 19, 2007 10:45 AM

Building was converted to a coop from a commercial office building in 1982. I lived there for about 7 years until 1990. For those that don't remember, they were bad times for New York Real estate. The developers had trouble selling, they actually paid 5 points of the then avalable 15% mortgages as inducements.
All units were built as "open plan lofts" with a finished kitchen an 1 bath. Original prices were in the range of $50/sf.
Building's terra cotta facade has been plagued with problems. A person on Court Street was actually killed by a falling piece of it in the mid 80's. Much of the building is often sheathed is scaffolding for long periods.

Posted by: cm at March 19, 2007 10:57 AM

Very interesting building, and great views from the high floors...unfortunately high monthly maintenance due to the expense of the facade/exterior problems.

Posted by: Anonymous at March 19, 2007 11:13 AM

I noticed that BHS has a contract signed on another unit in the bldg. Asking was 995k and I wonder what they got. I've never liked the building or location and the maint is high, but there aren't that many buildings in the area with these big spaces if that's what you like

http://www.brownharrisstevens.com/detail.aspx?id=564233

Posted by: Anonymous at March 19, 2007 11:21 AM

love the broker's pitch for a studio in Fort Green

"Live in the new DUMBO, Fort Green"....

Could two nabes be any more different?

Posted by: Anonymous at March 19, 2007 11:31 AM

Views from this building - of water, of Brooklyn, of Manhattan, of Verrazano Bridge!! simply can not be beat

Posted by: brklyn writer at March 19, 2007 11:39 AM

Each apt. in this bldg is different. Most are on second complete gut renovation. Not this one, which could use it. Some apartments, including the one owned by Arnold Lehman of the Brooklyn Museum, are just breathtaking.

Posted by: resider at March 19, 2007 11:42 AM

I like the location. Certainly, it's not brownstone Brooklyn Heights, but you're literally only a few feet away from those lovely (and pricey) homes and tree lined streets, and closer to the transit options. The 2,3,4,5,R are only a block or two away, and the A,C,F isn't much further.

It's also just a couple of blocks from the Smith street/Court street shops of Boerum Hill and Cobble Hill (Montague's close as well but boring. Court street right in front of the building is kinda blah.).

The immediate area keeps getting better and better though. I suspect all the new development--110 Livingston, Lookout Hill, the new rentals at the corner of State, etc--will really help improve the Livingston/Court corridor where the building is located.

I'd say it's a good value and investment but those maintenance fees are kinda scary.

Posted by: Anonymous at March 19, 2007 11:45 AM

I check out every place in this bldg. Saw this one and 2 bd/ 2bth with corcoran last week listing at 1.195. Bldg has great spaces and views are unreal. They tell me facade work is done other than 5 year maintenance routines. Heard about that brick story years back - crazy stuff.

This place is cool but needs quite a bit of updating. Corcorans place is actually very nice with 2 beds, 2 baths and full laundry in apt but a tad rich for me. You should see the kitchen and the view from it though. One place a liked last summer went for 1.25 - another 2 bd/ 2 bth but was done to the nines.

Will keep you posted because I'm determined to buy in this bldg sooner or later...that is, if i can pass the board approval.

Posted by: Anonymous at March 19, 2007 1:53 PM

We have lived in the building for 10 years and love it! Yes, the common areas are a bit dowdy - but a complete renovation is scheduled to begin this fall.
The maintenance is high - but it is becoming about the same as all the other hot spots in the area.
The people that live in the building are extremely friendly and it is an all around nice place to live.
The finances of the building have been in good shape for about 12 years.
Perfect location!

Posted by: Owner at March 19, 2007 2:06 PM

I live in the building too. Love it. We've had our share of issues but the board (like em or not) have done a decent job of shaping up things including the financials. You wouldn't believe what i paid 10 years ago for 2 bedroom and 2 bathroom! We are actually considering taking profit too, like these other sellers, but then where does one go? That's the problem. If we're not living NY, that would be awesome, then it's all relative. The more i look around now in this area, I'd rather stay here than most places i see listed in Brooklyn or Manhattan.

Posted by: Anonymous at March 19, 2007 2:57 PM

one plus is that the co-op board has upgraded one of the ground floor retail tenants, which might keep the carrying charges level at least

Posted by: Anonymous at March 19, 2007 4:14 PM

no, unfortunately the commercial lease is still in the hands of the Sponsor

Posted by: anonymous at March 19, 2007 4:28 PM

I have friends in 75 Livingston (high floor). As far as I can tell there is nothing else in Brooklyn quite like it.
Sure, there are high rises with good views elsewhere in the borough, but none are one block from Borough Hall subway station ... its like living in Manhattan - 2,3,4,5, R (plus A, C, F two blocks away). Plus none of the other tall building in Brooklyn have views like 75 Livingston. You've got to see them to believe them, not even Manhattan offers views of the water, downtown Manhattan, brownstone Brooklyn, quite like that.

Posted by: anonymous at March 19, 2007 7:30 PM

I went to that open house. Ugly decor. Needs to be renovated. But could be very nice, though. Love the location!

Posted by: Brooklyn grrl at March 19, 2007 7:47 PM

it's a great building. we've been here for a decade. the maintenance is high, and there's an assessment on the way to cover the cost of fixing the facade/elevators and possibly lobby/halls. but, that said, the spaces are large, the location can't be beat and we're zoned for decent public schools.

Posted by: 75living at March 19, 2007 9:40 PM

any idea what on the cost of the assesment

Posted by: looking at March 23, 2007 1:59 PM

« Development Watch: 339 Greene Avenue House of the Day: Bainbridge Beauty »

March 19, 2007

Co-op of the Day: 75 Livingston Street

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