Co-ops of the Day: Side-by-Side in The Heights

where is the third choice: buy gold, CHF and long term out of the money put options on equities.
$2.4 million is a ridiculously huge amount of money but if the fed turns on the helium tap to keep joe six pack consuming then the US dollar is going to plunge further than it already has.

Posted by: guest at September 4, 2007 12:44 PM

Based on floorplans, Monroe seems more practical and spacious (laterally). Monroe location is also much better - closer to trains (although probably harder to park). And when it's time to sell, you have the pre-war status as a marketing gimmick.

Posted by: guest at September 4, 2007 12:50 PM

None of the above?

Posted by: guest at September 4, 2007 1:05 PM

Neither of them. I would buy a brownstone for half the price in FG, live there for the rest of my life and travel the world with the rest of the money.

To only dream....

Posted by: guest at September 4, 2007 1:26 PM

I prefer the Joralemon street place. Drawback to Monroe Street is the guest bedroom off the kitchen is tiny, so you're pretty much stuck with using it as an office. Take that away, and you've got 3 smallish bedrooms, a narrow living room and a dining room.

2.4 mil for either place might seem like a lot, but there aren't many 4 br apts anywhere, and the argument about buying a townhouse in Fort Greene or Clinton Hill ignores the nonexistent commute time from BH...

Posted by: guest at September 4, 2007 1:38 PM

1:38 -- a bedroom off the kitchen is not for a guest -- it's for the hired help!

Posted by: guest at September 4, 2007 1:42 PM

That Joralemon Street has been on the market a while hasn't it? I seem to remember seeing that listing about a year ago?

Posted by: guest at September 4, 2007 1:42 PM

is there really a difference between a 20 minute commute + 3x as much space + possible rental income or a ten minute commute and 800sf?

Give me the townhouse anyday

Posted by: guest at September 4, 2007 1:45 PM

If you cough up some more dough, there are additional condos available on State Street (4 units ranging from ~$2.1 to ~$3.1mm).

The same developer has more units that are in construction on Remsen. Not sure of the price on those, although I suspect they'll be more, given that they are steps from the Promenade.

I've seen Monroe, Joralemon & State Street - all of these condos seem quite expensive to me. Are there benefits to buying condo units rather than your own townhouse? For the price point on all these, I don't quite get it.

Posted by: guest at September 4, 2007 1:46 PM

shhhh, let people continue to waste their money on condo's in the 1+ million range.

Posted by: guest at September 4, 2007 1:48 PM

Sorry 1:48, I guess we can spend our money on the townhouses :-)

Where are they though?

Posted by: guest at September 4, 2007 1:53 PM

you can get an 8 bedroom, 5 bath brownstone on berkeley place in park slope for this amount. a block from the trains and park.

Posted by: guest at September 4, 2007 2:02 PM

I like both also but would opt for 62 Joralemon.

Posted by: guest at September 4, 2007 2:23 PM

Where do I sign :-)

Posted by: guest at September 4, 2007 2:24 PM

I think that if I spent this much money on a co-op I would want a doorman and a garage in the building.
There is absolutely no parking any more in the Heights. And Montague Street is pathetic.
I say spend the money instead on an Upper East Side hi-lux hi-rise and get a little cachet as well for you money.
Brooklyn Heights is over-rated.

Posted by: guest at September 4, 2007 2:33 PM

the monroe place is hokey and a poor layout with the 3rd bedroom off the kitchen- that was for the servant. also it has no outdoor space that ican see. joralomen is much nicer, cleaner, has multiple floors for added privacy and sense of space, and has outdoor space. no brainer- joralomen.

Posted by: guest at September 4, 2007 2:41 PM

I am not comfortable with cooperatives that have a small number of units. One owner has a crisis of some sort and everybody else is looking at a big jump in their assessments until the issue is resolved, months, maybe years, later. Stuff happens: jobs are lost, people get sick.... One owner who cannot pay could bankrupt the whole corporation.

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

62 Joralemon went on the market in early may at $2.3M and had immediate multiple offers above ask. It quietly went back on the market in mid-July with the price raised to $2.45M. (Anyone know why that contract fell through?) Now that the August lull is over, it'll be a fascinating comparison of the pre- and post-credit meltdown markets to see if they can get the raised ask. The original listing said 3,000 SF but I think that was optimistic and the current listing doesn't mention area. Still, probably larger than 24 Monroe Place and the airiness is the big selling point here. Note that the "lower level" is garden level and the front 2 rooms on that level are somewhat dim; almost all of the bedrooms are right on the street.

24 Monroe Place was listed by the broker in mid-May but was FSBO at the same price for at least a few weeks before that. This is much more of a classic layout than 62 Joralemon, which has its plusses and minuses (e.g. servant's quarters masquerading as bedroom #4; bedroom #3 overlooking an air shaft).

I won't hazard a guess whether $2.4M is the right price in this market for either unit, but I do think it's no contest (in favor of Joralemon) if these apts are priced equally. (Seems to be borne out by the bidding interest.) My gut reaction in May was, "62 Joraelmon is pricey but I can see why someone would bid over ask for this rare 4-BR unit; no way in hell would I even think of bidding on 24 Monroe Place unless they lowered price by several hundred thousand."

Posted by: guest at September 4, 2007 4:34 PM

I agree with the sentiment that Brooklyn Heights is over-rated. I'll take the extra 10 minutes commute time and stay in the Slope, thanks.

Posted by: guest at September 4, 2007 4:42 PM

62 Joralemon looks better (i love the loft look) and has private outdoor space.

For $2.4 million i'd rather buy a house.

Posted by: guest at September 4, 2007 5:05 PM

i feel sorry for the seller of the apartment that loses the poll--it might influence a buyer into going with the winning place.

how scientific is this thing? could one seller be voting for their listing multiple times?

the poll is thoughtless and rude, sometimes it seems like brownstoner forgets that there are people adversly affected by its cleverness.

Posted by: guest at September 4, 2007 5:23 PM

What, like a buyer is going to be influenced by this poll? Seems a trifle far-fetched, don't you think?

Posted by: guest at September 4, 2007 5:40 PM

62 Joralemon is a good 8 minutes from the subway. There are no food stores nearby. The street is steep and has a bone-shaking subway below it. The cobblestones clatter when people drive by. Parking is virtually impossible. And for a mere 3.6MM, you could get a whole house on Willow that is impeccably renoed (and even that is seriously overpriced and has been on the market for a year)

Posted by: guest at September 4, 2007 6:52 PM

I agree with 4:27 about co-ops with smaller units. Unless, there is a property mgm't company, the four-unit co-op is self-managed, which also means four shareholders bickering over who gets to take out the trash, call the plumber or hire the new super, and a bunch of other tasks no one wants to do. These days with people dropping over half a million and up on an apt. don't necessarily want to deal with the practicalities of maintaining a building.

Posted by: guest at September 4, 2007 7:58 PM

Park Slope is a far nicer neigborhood than Brooklyn Heights. For one thing, the Heights is full of rent-control flea bag buildings. There are so many decrepit, tumble-down dumps in the Heights (with 1950's asbestos sided facades, bare light bulbs at the entrance, and broken sidewlaks in front)that it is surprising it still clings to its "nice neighborhood" status. The Heights is certainly "old new york" but not in a nice way. There are far better areas to in which to buy luxury apartments.

Posted by: guest at September 4, 2007 9:08 PM

No brainer - Joralemon.....aestically alone!

Posted by: guest at September 4, 2007 10:48 PM

One day this war will be over.

Posted by: guest at September 4, 2007 11:47 PM

No it won't. We've always been at war with Eastasia. Pass me the Victory gin, would ya?

Posted by: guest at September 5, 2007 12:11 AM

1. I wish Park Slope was just 10 minutes further than BH, but it's not.

2. There is a Key Food on Montague, less than 3 blocks from Joralemon (or Fresh Direct)

3. The best parking is in Willowtown.

4. Joralemon may be steep but this apt is at the top of the hill.

5. I think they're both overpriced

Posted by: guest at September 5, 2007 12:32 PM

"1. I wish Park Slope was just 10 minutes further than BH, but it's not."

But it is, Blanche, it is10 minutes (if not less) further. Express train at Atlantic, dontcha know...

Posted by: guest at September 5, 2007 8:37 PM

That sound you just heard was the air going out of the market for these type of inflated prices.

24 Monroe Place lowered its price from $2.4M to $1.95M on September 18, and then was pulled from the market in mid-October.

As noted in an earlier post, 62 Joralemon was listed in May at $2.3M, went to contract above that, fell out of contract and raised its price to $2.45M in July, and then lowered its price back to $2.3M on September 18 and then lowered again to $2.0M on November 1.

Posted by: guest at November 14, 2007 12:45 PM