Co-op of the Day: Another One at 24 Monroe Place

Nice apartment, but I can't see how it could be worth over a million.

Posted by: guest at September 24, 2007 1:11 PM

That's a really mean and snarky slap to Bed Stuy. There are Fedders buildings all over Brooklyn especially in the non-landmarked areas.

-Signed, not a Bed Stuy resident just someone who hates the constant encouragement of cattiness here.

Posted by: guest at September 24, 2007 1:21 PM

that's a pretty high cc for a no-doorman building in brooklyn. And yes, the kitchen is small. the huge fridge smack in the middle of it doesn't help the workflow. Having cooked in galley kitchens for years, i find it's best to have as much continuous counter space as possible. Still, the price doesn't seem out of line, but idk what else is out there as comps.

Posted by: guest at September 24, 2007 1:25 PM

Granted, not the best street in bklyn, but it's an elevator building, prewar w/ wbf, 2 full baths, 2 decent size bedrooms, and a separate dining room...for similar comps in brklyn, i'd think this is easily over $1mm.

From a comps perspective, this would be a decently cheap place.

I would wonder why ppl would NOT be interested given other properties out there.

Posted by: guest at September 24, 2007 1:39 PM

Nice apartment but still too pricey. Can't ask Manhattan prices in Brooklyn. The owner is pricing the 2 Bedroom the same as equivalent "Convertible 3's" on the upper east side.

Posted by: guest at September 24, 2007 1:43 PM

Actually given it is one of the widest streets in BH, is convenient to all trains and is only 1 block long (minimal through traffic) - this just might be the best street in Brooklyn

Posted by: guest at September 24, 2007 1:44 PM

I think it will sell. There aren't a lot of places out there in decent school districts if you have 2 kids (so either a nice second bed/bath with a dining room OR a 3 bedroom place).

Trust me, I've looked.

I think this may be a pricing strategy issue. If they would have gone FSBO and priced at 995, they would have sold in a weekend, maybe with a bidding war, and ended up taking home more than they'll end up with now (assuming they sell for slighly lower than asking).

Also, good option for manhattan families who have a kid entering school at St Anns or Packer.

Posted by: guest at September 24, 2007 1:53 PM

"Nice apartment but still too pricey. Can't ask Manhattan prices in Brooklyn."

Obviously you're a little out of the loop.

One Brooklyn Bridge Park and On Prospect Park are two buildings that come to mind with Manhattan price tags.

Don't undervalue Brooklyn. Lots of people, including myself would stay on this side of the river, even if I won the lottery.

Posted by: guest at September 24, 2007 2:00 PM

1:39 -- "From a comps perspective, this would be a decently cheap place."

Certainly not Brooklyn Heights comps. This is way out of line unless you're talking 1 or 2 buildings down by the promenade, where you pay a hefty premium for the view. Here you have "lovely street and tree views." Big deal.

Speaking of the views, the listing says "Both the master bedroom and the living room face west...." This implies the front bedroom is the master, because the floorplan shows the rear bedroom facing a utility courtyard or backs of Clinton Street apartments. Yet the rear bedroom is the one with the connected bath, according to the floorplan, and is the actual master bedroom.

Also, who wants to traipse through the whole house just to get to the kitchen? You can look out your bedroom window at the kitchen, but to actually get there, have to walk through (1) hallway, (2) living room, (3) foyer, (4) dining room. Skip the gym, you'll get a good workout every morning on your way to breakfast!

Posted by: guest at September 24, 2007 2:04 PM

2:00pm, Here's the loop I'm in. I just sold my Manhattan 2BR to buy a 3BR in Brooklyn for less money.

I'm just saying that I can't see 2 bedroom coops in family neighborhoods of Brooklyn fetching the same prices as they do in family neighborhoods of Manhattan. "On Prospect Park" and "One Brooklyn Bridge Park" are special buildings, but I would be shocked if their per sqare foot prices approached those of premier new construction in Manhattan.

Posted by: guest at September 24, 2007 2:24 PM

"Not the best street in bklyn"? Have you been down Monroe Place? It's (1) incredibly quiet due to the fact that it's only two blocks long, (2) tree-lined and just generally lovely, and (3) conveniently close to several subway lines (the 2/3 down the block, the AC, as well as a short walk from the Boro Hall station).

It may not be THE BEST street in Brooklyn, but it's very close to being ONE of the best.

Posted by: guest at September 24, 2007 2:35 PM

Did anyone notice that this place is listed as In Contract?

Posted by: guest at September 24, 2007 2:53 PM

Let the trashing of yet another "overpriced" apartment begin only to find out it sold in a week...

BTW, did anyone else notice that open houses were crowded as hell yesterday? Went to two and I could barely move.

Posted by: guest at September 24, 2007 3:02 PM

I reiterate my comment from 1.39pm...it's not the "best" street. it's just a fine/normal one...actually Grace Court, in my humble opinion, is THE BEST STREET!

When you search for a 2br, 2 bath, that has equivalent floorspace, you'd be hard-pressed to find one in this price range...talking about in the brooklyn heights/cobble hill area. If you do, please post b/c i can't find any

Posted by: guest at September 24, 2007 3:07 PM

it's posted with In Contract in bold red letters so apparently someone thought it was worth it! i've seen other apartments in this building and that door in the kitchen leads to a back staircase for garbage and things...

Posted by: guest at September 24, 2007 3:15 PM

Apparently not the best street translates into a sale.

Thanks for all your expert advice though, 1:39...oh wait...and all the other posters on this thread.

Posted by: guest at September 24, 2007 3:19 PM

2:05... that is in fact a door in the kitchen, leading to the service stairwell. The small cabinet in front of the door is on wheels, in case the door needs to be accessed. Strange but functional.

There's a dearth of 2BR's with separate dining rooms, and that's part of their pricing strategy. It's a very nice place.

Posted by: guest at September 24, 2007 3:58 PM

True, 3:58pm. Even The Vermeil's $1.6 million condos don't have a separate dining room. The kitchen consists of some cabinets tacked up on the wall in the corner of the living room, like all the new-build condos' kitchens, with the assumption one puts the dining table against the wall near the kitchen.

Posted by: guest at September 24, 2007 4:09 PM

3:07...doing a quick search of Corcoran and Brown Harris sites showed a couple of 2BR 2Bath in this price range. Corcoran has one on Pierrepont Street, and BHS has one on Willow Street and one on Livingston Street. Pierrepont and Willow Sts are certainly as prime as Monroe Place and the Livingston Street place which I've seen has spectacular views.

Posted by: guest at September 24, 2007 4:19 PM

Jesus Christ, Mary & Moses!. Have you all gone stark, raving mad?. The prices on these POS condos & homes are OUTRAGEOUS and here you are discussing if a mere 100K discount off something that's overvalued by 800K suddenly constitutes a "good deal"!.

Who in his/her right mind can justify a 2bd, 2bth condo in Brooklyn for over 1 million?. This is BROOKLYN we're talking about, NOT Manhattan. You might as well be in Jersey City!.

Actually, I happen to KNOW who's buying these overvalued homes ...SPECULATORS!. Wall Street and Mortgage Co fiends who are using OPM (other people's money) in order to finance their extravagant lifestyles. No one who REALLY works for their cash would dump their savings on these over-priced RAT TRAPS.

Posted by: guest at September 24, 2007 4:44 PM

SPECULATORS CAN'T BUY CO-OPS YOU DUMBASS

Learn a thing or two about real estate before you spout nonsense.

Oh, the place has gone to contract moron.

Posted by: guest at September 24, 2007 4:53 PM

4:44, you think this is overvalued by 800k? that it should sell for 350k? um, okay!

Posted by: guest at September 24, 2007 4:56 PM

2br/2bth in a good neighborhood in Manhattan is 2 million plus.

So yes, 1 million is a very good deal.

Posted by: guest at September 24, 2007 5:05 PM

'SPECULATORS CAN'T BUY CO-OPS YOU DUMBASS'

Really. And just what exactly DO you call a person who buys something with 0 down and 100% financing while lying thru their teeth on the stated income form.

Posted by: guest at September 24, 2007 5:26 PM

Dear clueless at 5:26pm...

Any reasonable coop won't let you get by w/ 100% financing...and you can't lie b/c they want tax forms as part of your application, not just a "stated income" line filled out.

Posted by: guest at September 24, 2007 5:46 PM

"You can't get a co-op with 0% down; co-ops require a minimum of 20% down"

Has any of you asshats ever heard of an 80-10-10 or 80-20 loan? And as far as "not being able to lie to the coop board" I say BULLSHIT. If the president of the US can lie to you about why hes sending your kids to get their legs blown off and get away with it, LYING TO SOME DIPSHIT BOARD IS A PIECE OF CAKE.

Posted by: guest at September 24, 2007 7:49 PM

While Monroe Place is a beautiful street, it can be desolate at night and has its share of incidents as a result.

Posted by: guest at September 24, 2007 9:18 PM

you're joking, i'm sure...9:18.

monroe hasn't seen a crime in 10 years.

you're a fool.

Posted by: guest at September 25, 2007 1:10 AM

I have been looking for a 2 bed 2 bath since April, compared to everything else I have seen in this area as well as Dobro, this place seems like an incredable value. Established neighborhood, close proximity to subway, a dining room and a wood burning fire place, what more can I say.
In Manhattan this apartment would sell for at least twice the original asking price, with at least double the mtc charges.
In my opinion, the buyer of this one scored.

Posted by: guest at September 25, 2007 7:04 AM

guest 1:10 AM, I suggest you look at the police blotter. You're the fool.

Posted by: guest at September 25, 2007 8:29 AM

Where the hell is "Dobro"?

Posted by: guest at September 25, 2007 9:53 AM

you need to move to the burbs if you think this area is dangerous, 8:29.

seriously.

Posted by: guest at September 25, 2007 11:07 AM

7:49 you really do need to know what you are talking about before hitting Caps Lock. Board requirement is 20% down. Means you can't get a mortgage for more than 80%. How can the board control that? Easy, its a co-op if you know what that means. Co-op issue shares which are then pledged and delivered to the lender. That's how the lien is granted. If you as the uneducated liar then borrowed the other 10-10 or 20% you ranted on about, the loans would be unsecured personal loans (probably at 18%). The senior secured lender has the co-op shares so no one can have a second secured loan without the co-op board knowing. And as to lying to the board, a misrepresentation of your financial condition can be a reason to terminate the proprietary lease so then you lose the apartment and are stuck with the loan you have to repay. Nice trade. I guess that's why you still rent.

Posted by: guest at September 25, 2007 2:14 PM

Dobro. is downtown Brooklyn.

Posted by: guest at September 25, 2007 3:11 PM