Co-op of the Day: 19 Seventh Avenue Studio

Let's say maintence is 300 bucks. So that's 1500 a month total.

Factoring in tax deductions, do you really think you could find a similar studio for rent in this area for 1000, 1100?

I don't think so.

Posted by: guest at September 17, 2007 12:57 PM

I've seen studios this size in this area sell for closer to 300K and a couple even in the low 300's so if someone is sick of renting, I think this place looks pretty cute.

Posted by: guest at September 17, 2007 1:00 PM

btw, it' 10% down.

not 20.

Posted by: guest at September 17, 2007 1:01 PM

Nice location, but a quarter of a million to live in a ground floor studio? Pass.

Posted by: guest at September 17, 2007 1:08 PM

A sample to play devils advocate, 1:08:

4 story house. 2 units per floor.

250K each

500K each floor.

2 million for the whole thing

No way you'd get this whole place for 2 million at this location.

Might seem like a lot, but most people on this blog pay more for the same amount of space when buying a brownstone. In Park Slope anyway.

Posted by: guest at September 17, 2007 1:11 PM

"I've seen studios this size in this area sell for closer to 300K and a couple even in the low 300's so if someone is sick of renting, I think this place looks pretty cute."

Is the joke on us or them?

http://tinyurl.com/39k3gb

Posted by: guest at September 17, 2007 1:16 PM

I seriously doubt you are getting anywhere near half the floor. I am guessing you are only getting that narrow little slice with the two windows behind the bay window on the ground floor.

Posted by: guest at September 17, 2007 1:18 PM

i'll take the shoebox anyday over clermont, florida.

Posted by: guest at September 17, 2007 1:19 PM

the point is, 1:18, that while this might be the smallest unit in the building if it's the front because the stairs take up that extra room, it's not that severely overpriced (i personally don't think it's overpriced at all since you can't rent something similar for less in this area) given you'd spend 3 million for this entire building.

i didn't mean to get into specifics, but most people buying a brownstone in park slope, ft. greene, or brooklyn heights are indeed spending this kindof money for this amount of space.

you just don't realize it until it's broken down like this.

i'm not saying it's bad, it's just a fact.

oh and it's directly across from those vermeil condos going for 2 million a pop.

Posted by: guest at September 17, 2007 1:22 PM

Take it from me--you just need to see this apartment to believe it, it is seriously hysterical. I looked at this studio back in the winter or spring (it was listed at I think $300K and by Foxton's) and I almost died laughing. People looking at the listing may not understand that what you're seeing in the photos of the kitchen is the ENTIRE apartment. What it is is a large basement kitchen, in a brownstone that's been carved up in some weird way. It totally blew my mind that someone could market this as an "apartment"--you'd have to go to Manhattan to see something this insane. As I was cracking up, this chagrined broker tried to put on the best face by pointing out the spaciousness of the bathroom. Stone's throw from the B/Q it's true, but to wedge yourself and all your belongings in a small kitchen? It would be inhumane.

Posted by: guest at September 17, 2007 1:24 PM

Will be worthless once AY is done.

Posted by: guest at September 17, 2007 1:29 PM

vermeil condos are not going, they are sitting!

Posted by: guest at September 17, 2007 1:33 PM

From the person who's seen it: back of the building, but no backyard access that I remember. It is a kitchen that used to belong to a floor-thru apt., that was partitioned off from the rest of the floor, broker confirmed this.

Posted by: guest at September 17, 2007 1:35 PM

And it shows, 1:35, and it shows. Once again, pass!

Posted by: guest at September 17, 2007 1:38 PM

Some people would rather live in a tiny place that they own rather than rent for eternity.

You aren't going to find cheaper in Park Slope. And this is the absolute best part of the Slope, in my opinion.

You'd pay 400K plus for this in the West Village, why not 250K in Park Slope?

I know, I know. It's all ridiculous. But this is New York City. It ain't cheap.

Posted by: guest at September 17, 2007 1:42 PM

http://www.vermeilcondominiums.com/

Posted by: guest at September 17, 2007 1:44 PM

This is really the hardest of sells. I've seen comparable shoebox (but actually bigger) apts in Tudor city that hover around $300K. It's true that people will pay a premium to own, but this place is seriously a joke. How would you sell it when there are so many comparably better properties around? I paid only 10K more than this for a studio twice the size in prime north slope (8th ave).

Posted by: guest at September 17, 2007 1:51 PM

Hello Person Who Went To See This: Any closets or storage in this place?

Posted by: guest at September 17, 2007 1:56 PM

where are the better comparable properties around?

i've been looking and whenever i see a studio pop up in park slope proper (not south slope) they are around 300-350K and then gone within a week...

any on the market now that are in the under 300K range in the north slope?

Posted by: guest at September 17, 2007 2:00 PM

2:00--they do crop up, plus you may get lucky. The one I bought in spring was listed at 300, had a price cut, and the seller accepted my offer under ask. I'm just saying, my budget was under 300K, I looked at a lot of studios, including the above, and there is NO way this is worth this price with all things considered. There are so many better options that to pay way too much money for a hovel.

Posted by: guest at September 17, 2007 2:12 PM

"Is the joke on us or them?"

LOL. But seriously, 1:16. Clermont, FL? Nice orange to compare to the big apple for $300K though (probably still overpriced for that area).

Posted by: guest at September 17, 2007 3:32 PM

"You aren't going to find cheaper in Park Slope."

Not this year.

Posted by: guest at September 17, 2007 3:39 PM

I think the apartment next door is going on sale soon, too. Someone could buy the two and easily combine them for a decent floor through one bedroom.

Posted by: guest at September 17, 2007 4:00 PM

Bobba Bouey!!

Posted by: guest at September 17, 2007 4:27 PM

i saw this unit when foxton's had it. it is no larger than a small bedroom. now picture this: your bedroom, with a kitchen along the wall, a fireplace on another wall, the bathroom and a closet on the 3rd wall. it leaves you 1/2 a wall (cause the front door takes up some of the wall). if you put a murphy bed or futon there's NO room to walk, roll over or fart.

Posted by: guest at September 17, 2007 4:43 PM

Farting is not allowed in that part of the Slope.

Posted by: guest at September 17, 2007 4:48 PM

1:24 is correct, the broker was foxtons.

this apartment is about 200 square feet, maybe a little bigger.

lolz!

Posted by: guest at September 17, 2007 5:14 PM

ha 4.48 FARTING is indeed allowed in this part of the slope because I fart all over the north slope that is why it is so stinky. This kitchen Has tremendous counter space if I farted it would disappear.

Posted by: guest at September 17, 2007 5:28 PM

Does anyone know how long this thing has been on market? That price is downright cheap for that location, and I'm thinking I might want to take a look...unless someone can point me in the general direction of something bigger for the same price in that same area or better, which in casual looking over the last year or so, I simply haven't seen.

Posted by: guest at September 17, 2007 7:13 PM

It is cheap for the location.

It's small, but if you don't mind a small space (i love it actually) you won't find too much around for that price.

I've been watching also, and two studios within a block or two of this place have recently sold closer to 350K. They were a little bigger, but not much, I don't think.

Everyone says this is overpriced, but studios in Manhattan are nearing the 500K mark for something small and shabby. It's only a matter of time before Park Slope gets that way also, so I don't think you'll have a hard time recouping the cost 5 years down the road.

It seems like a cute starter place, and as far as Park Slope goes, the location doesn't get any better.

It costs near 2000 to rent a studio in this area, so this is definitely a good deal compared to those standards, especially when you factor in the tax deductions.

Posted by: guest at September 17, 2007 7:57 PM

studios in the area are NOT going for $2000.

you can get a huge 1 bed around here for 2000. I looked at several places this summer that were well over 600 sf that were around 2000

Posted by: guest at September 17, 2007 8:53 PM

There are entire shows and books now dedicated to living in small spaces.

It can be a really great creative experience to make a comfortable small home.

There is a very cute store called TINY in the east village that carries nothing but cool gadgets and accessories for small spaces.

And it's green and eco friendly.

If you've ever lived in parts of Europe, you probably already have a lot of great ideas about these smaller apartments.

Posted by: guest at September 17, 2007 8:57 PM

mebbe good for someone who just needs a place to crash fot a couple of times a month

Posted by: guest at September 17, 2007 9:06 PM

or a place for their mistress now that the per hour "hotel" on lincoln recently went condo.

Posted by: guest at September 17, 2007 9:10 PM

"It can be a really great creative experience to make a comfortable small home."

It can also be a chance to go stark-raving bonkers as you sit in your one tiny room, shades drawn so people aren't peeping in your street-level windows, rocking back and forth muttering "Why why why did I drop a quarter of a million dollars on this place?"

Posted by: guest at September 17, 2007 10:09 PM

i suppose it could, 10:09.

i'd venture to say with a comment like that, that if that's all it takes, you'd probably be stark raving mad in a 3000 sf mansion as well.

certainly you'd know something like that about yourself before you began to embark on purchasing a new york city studio.

lots of us raised to have attention spans and lives outside the television set are able to live quite happy and full lives without 4 bedrooms and 2 and a half baths, believe it or not.

Posted by: guest at September 17, 2007 10:25 PM

buying a dump like this is like kicking your own balls out your mouth--for A QUARTER MILLION DOLLARS!!!!!!

Posted by: guest at September 17, 2007 11:46 PM

LOL...sometimes you people just crack me up! seen it, it's about the size of your bathroom. If someone has a quarter of a million to throw away then knock yourself out. there are bigger and better in this area and you can spend the same amount...especially in this current market.

Posted by: guest at September 18, 2007 7:55 AM

i would live in a space this small for $100,000 max.

even if it was in fuckin Windsor Castle.

Posted by: guest at September 18, 2007 8:20 AM

how about this.

http://www.elliman.com/Listings.aspx?ListingID=895695&rentalperiod=&SearchType=apartments&Region=NYC

Posted by: guest at September 18, 2007 8:27 AM

nice 8:27 but a little too far to compare to slope prices. have something within 1 mile of the park slope listing...i am positive there are larger and better out there that are closer...

Posted by: guest at September 18, 2007 9:10 AM

But it's not a "small apartment" or a "crash pad." It. is. a. basement. kitchen. That someone greedily split off from another small basement apartment. The idea of recombining to me is ludicrous. If you spent all the money to give the basement kitchen (aka the apt in question) back to the small front studio, you'd have an apartment you could sell for what? Optimistically 400K? Where's the financial sense in that? Why do you think this ham-handed exercise to split off the kitchen was attempted recently? Not because the basement floor-thru apartment was worth a lot as it was.

Posted by: guest at September 18, 2007 9:26 AM

The building has been a legal 8 family since 1964. Based on sprinkler filings it may have been subdivided as early as 1919. I agree that the rear apartment is too small for a primary residence but it has a great tin ceiling and a working fireplace with attractive mantle. I know that the front apartment will go up for sale soon. The two would have a total of about 750 sf. Can't beat the location.

Posted by: guest at September 18, 2007 10:25 AM

if I had the cash I would put in an offer of 170k and see what happens.

Posted by: guest at September 18, 2007 11:14 AM

damn right...

maybe 150k

Posted by: guest at September 18, 2007 11:35 AM

It's a tough call.

On one hand it is small.

On the other hand, NOTHING in this part of Park Slope sells for less than a 250K.

Literally, NOTHING.

I bet they get close to the 250k.

Posted by: guest at September 18, 2007 11:35 AM

The unit's been on the market for more than six months. It's not about the size, this place is a joke. Go take a look at it if you don't believe me. I bet someone gets this for under 200K after it languishes for a while longer.

Posted by: guest at September 18, 2007 12:27 PM

And where would a bike rider park their bike in this place? Does the building have bike storage or has all of the basement been converted to "living" space?

Posted by: guest at September 18, 2007 1:27 PM

usually the basements have storage.

this unit is on the garden level.

there is still a basement below it, like all brownstones...

Posted by: guest at September 18, 2007 1:56 PM

im telling you guys.

put in a 150k offer and wait.

Posted by: guest at September 18, 2007 2:57 PM

not gonna happen, 2:57.

220 and call it a day.

that's about $1000 a month to own a small studio in park slope (after tax deductions).

doesn't get any cheaper.

Posted by: guest at September 18, 2007 3:03 PM

WE WILL SEE 3:03!!!!!!!!

Posted by: guest at September 18, 2007 3:59 PM

That may be, 3:03, but what you end up with is the crappiest co-op in all of Park Slope. So while it may be the lowest price available in the area, it is still too expensive.

By your logic, a place half the size of that one, yet cheaper, would still be a good deal. And to that, I say PIFFLE.

Posted by: guest at September 18, 2007 4:04 PM

Have we all completely lost our perspective? 250K for not even 300 sq ft of space? this is why we are in the current market situation that we are in. any bank that is stupid enough to give a mortgage to ANYONE stupid enough to pay this sort of money for this space desserves to be in a pickle. You could buy a gorgeous home (anywhere outside the city) and have more space than this... can't imagine spending this sort of money and living in a situation where people are walking above your head, looking out your window and seeing feet, or rolling over into your oven! get a grip...all of you.

Posted by: guest at September 18, 2007 5:34 PM

i'd rather live in this place than in a 3000sf house in most places around the u.s.

a place this size in london recently sold for close to 750K, btw.

comparing housing outside nyc to housing inside it is RIDICULOUSLY absurd.

so you are telling us that it makes more sense to live in the nicest house in mobile, alabama over this studio in park slope?

have at it, then.

(BTW, a lot of people pay 2000 psf to live in manhattan and it's 20 minutes away).

i'll take nyc....small, expensive places and all, over 95% of the u.s.

Posted by: guest at September 18, 2007 5:41 PM

"living in a situation where people are walking above your head, looking out your window and seeing feet"

Yeah, this doesn't happen anywhere else in New York. Just in this particular studio in Park Slope.

Posted by: guest at September 18, 2007 5:57 PM

comparing housing outside Manhattan to housing inside it is RIDICULOUSLY absurd.

Posted by: guest at September 18, 2007 8:19 PM

don't flater yourselves...what's ridiculous is that someone would even think about paying this kind of money to live in a small room...no matter where it is.

Posted by: guest at September 19, 2007 9:00 AM

what's the difference whether you pay 250K to live in a small studio or 3 million to live in the whole building.

both are equally ridiculous.

but it happens every day.

Posted by: guest at September 19, 2007 10:44 AM

Nearly two months later and this little place is still on the market.

I for one am SHOCKED.

Not.

Posted by: guest at November 9, 2007 4:41 PM