Co-op of the Day: 16 Lincoln Place

Have to agree -- there's no wasted hall space. I know families looking for 2 bedrooms that would have loved this space (but priced out of Brooklyn).

Posted by: guest at December 12, 2007 12:57 PM

they fit a lot into 850sf

Posted by: guest at December 12, 2007 12:59 PM

750 square feet of painted exposed brick and a dropped ceiling yeah, this is what people look for in the slope for 100k over half a million bucks.

Posted by: guest at December 12, 2007 1:00 PM

I could imagine them getting this kind of price in Cobble Hill but not Park Slope a few streets from AY.

Posted by: guest at December 12, 2007 1:03 PM

This is why so many of you are priced of brooklyn and every place else . Everything is too high all the time . If it aint 1 thing it's another .Fact is the one's that bitch are the ones that missed the boat

Posted by: guest at December 12, 2007 1:13 PM

700 per square foot- pretty good price. But maybe below 6th that isn't so low.

Would think this would trade at around 800 per square foot if it were above 6th ave.

Posted by: guest at December 12, 2007 1:13 PM

Bitter renters

Posted by: guest at December 12, 2007 1:14 PM

Won't AY increase the value of the surrounding area?

That's been my understanding from all of the AY opposition.

Posted by: guest at December 12, 2007 1:14 PM

If this same exact apartment were a condo instead of co-op, how much more would it fetch per square foot?

Posted by: guest at December 12, 2007 1:19 PM

OK - just looked at the floorplan again. the square footage is exagerated. It's really like 750 sqft or less, which put the price at 800 per square foot. That still seems about market.

Posted by: guest at December 12, 2007 1:21 PM

Hey 1:03 this place is around 7 blocks away from Atlantic Yards. If I map 7 blocks down Pacific away from AY, I'm at Court Street. i.e., It's not that much closer than Cobble Hill to AY.

Posted by: guest at December 12, 2007 1:26 PM

One bathroom. No good.

Posted by: guest at December 12, 2007 1:28 PM

See ! One bathroom no good . Always an excuse .

Posted by: guest at December 12, 2007 1:45 PM

"If this same exact apartment were a condo instead of co-op, how much more would it fetch per square foot?"

Not more. Less. Condos bad.

Posted by: guest at December 12, 2007 1:45 PM

I haven't seen this apartment, and have no interest in defending it. BUT, the emphasis on square feet here in general (and price per) is sometimes a bit much.

I have seen so called 1,000 square feet apartments that feel tiny and 800 square feet apartments that feel fine. Layout matters tremendously. It's all about walking into an apartment and feeling as if you could live there as a family. The layout of this apartment (at least on paper, who knows for real?) works for a family. There was a so-called huge apartment in Cobble Hill last week that generated alot of comments that was basically a one bedroom with a 2nd loft bedroom overlooking the living room. This one, despite being smaller, is far preferable for families with kids than that one.

Only having one bathroom is a problem. But, believe it or not, many middle-class families who want to stay in the city but can't afford alot of money will compromise on a 2nd bathroom. They don't like it, but it's a compromise they are willing to make. But no one I know with kids will buy an apartment without two private bedrooms (or that can be converted to one). Instead, they are moving out of cheap 1+ bedroom apartments as their kids grow because they absolutely need 2 bedrooms. In my opinion, you can compromise on the 2nd bathroom, but not the bedroom.

Of course, the singles/couples no kids market is different, but if you are selling to a family, 2 bedrooms is more important than 2 baths.

Posted by: guest at December 12, 2007 1:47 PM

Agree with the feel vs. square foot comments as a matter of making the buying decision, but the square footage is still a good way to determine if the pricing is in line with the market. For instance, last week's collbe hill place was overpriced by a lot per square foot (because the loft shouldn't have counted.) This one seems reasonable becuase you can presumable look to recent sales in the area and see that it's priced around the same square footage. Whether someone wants it or not is PURELY a matter of layout and how they feel in it, but that's not how the pricing works. Additionally, since whoever buys it can reconfigure the layout, the actual square footage (and the placement of the plumbing and windows) is important to design how the space could be lived in with renovations...

Posted by: guest at December 12, 2007 1:52 PM

I really like the wall of white brick and the fireplace.

Lots of possibilties for a cool modern, clean interior on this one.

Looks as though the new owner might want to do a little cosmetic work to the bathroom and kitchen, but with not too much money, this could be a really great place for a reasonable price.

Good buy, terrific location. I agree with 1:47 regarding the 1 bathroom situation. I don't believe it is a make or break for a small family looking for a place in this price point.

600k for a 2 bedroom in Park Slope is a relative bargain. Very good train access with this one also. A skip to the Bergen 2/3 or all the others at Atlantic Terminal.

Posted by: guest at December 12, 2007 1:54 PM

I'm a VP in IB at GS and I've been waiting all my life to move to PS. I'll buy it! And the one next door!

Posted by: guest at December 12, 2007 1:56 PM

a couble making both around 70k could pull this off pretty easy.

too bad im poor.

Posted by: guest at December 12, 2007 2:03 PM

I'm guessing by the floorplan that you could spend around 40K and pretty easily:

1. Make the current bath the master and change the bedroom egress accordingly. Create egress to bedroom two from the current office.

2. Put a second 1/2 or full bath off the stack of that other bath and place it where one of the office closets are. If the building allows it, you could also get a stackable laundry in there for another 3000 or so.

Bam. Two bath dilemma solved and you're still in this place for 650K, which isn't a bad price for that block or those trains.

While your at it, get rid of the office, and open it to the kitchen to use as a dining area. Then you've got a small but very usable family apartment.

Posted by: guest at December 12, 2007 2:04 PM

Some nice ideas 2:04, but closing off the one real bathroom doesn't help when it is time for the kids(s) to bath. Not seeing how you would fit another full bath in there without losing the whole office/dining room.

Posted by: guest at December 12, 2007 2:09 PM

I'll bet you all that this space will feel much more cramped and small in person. I've been through this so many times already. The floorplan looks passable, the price too, and then in person it's very small.

Posted by: guest at December 12, 2007 2:16 PM

A lot of the floor-thru, true 3-bed apartments (1,000 or 1,100 sqf) in brownstones in PS and elsewhere only have one bathroom. I've always thought of that as a deal-breaker for a family of 3 or 4 moving into one of those. But clearly, people do live with it.

Anyway, point is, the one-bath in this place, while no less desirable, appears to be a deficiancy common to a lot of brownstone apartments.

Posted by: guest at December 12, 2007 2:16 PM

Re: AY and property values,

AY opponents have long insisted that the housing and arena will (1) cause property values to plummet and (2) cause instant gentrification. It's like saying that a person is fat and skinny at the same time. I've given up trying to figure that one out.

Posted by: guest at December 12, 2007 2:16 PM

It really doesn't pay to do a full bath, but a 1/2 would be nice for a family. We have a duplex with a 2nd full bath on the kitchen/living floor which has been used for bathing once in 6 years. I'd definitely compromise on a 2nd half v. full bath any day if the space was great. Giving up a 2nd toilet I might not compromise on.

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

I don't know how many 2 BR coops you all have seen in Park Slope, in these older brownstone and limestone buildings, but it sounds like you're all comparing this to condos on the market, not other similar brownstone coops. I've never seen a 2BR coop of this size in Park Slope with 2 bathrooms. They're so rare.

Having one bathroom is totally standard. If you want two, you'd have to buy at Novo Park Slope condos, or lose living room space in this unit to put the kitchen in it, as somebody said. But remember small living rooms = clutter clutter clutter.

I like the living room painted brick wall with streamlined fireplace too. But the kitchen looks like a rental. I bet anything the other comp that sold at $615,000 had a new updated kitchen in it. This old kitchen means taking up to $50,000 off that price. To start.

Posted by: guest at December 12, 2007 2:21 PM

You can put in a very nice kitchen for 20k.

50K would get you a new kitchen, new bathroom, stackable washer/dryer and some great vintage furniture for the whole place.

Posted by: guest at December 12, 2007 2:25 PM

I've actually been to an open house for this place and indeed it feels smaller in person than the floorplan indicates. The kitchen is an awkward, circa 1987 hallway thing, and the bathroom could really use a cosmetic overhaul. The two real bedrooms are nicely sized and have good closet space. The real drawback, however, is the natural light situation; except for the room off of the kitchen area, the apt feels dark and isolating.

Posted by: guest at December 12, 2007 2:30 PM

This is near the very best of what 5th Avenue has to offer.

The northern section of 5th has seen about 10 new shops/restaurants open up in the last year or so.

Flight001 is my favorite new addition.

Posted by: guest at December 12, 2007 2:34 PM

For the size and the good layout, I think the price is rather reasonable as is the maintenance (only 35% deductible). Yes, probably 20K for a nice new kitchen, bathroom is fine and space is good. Great to have a woodburning fireplace, as well. Would expect this to go quickly.

Looks like all rooms have windows, even the office, so that is a plus.

Brownstoner: A listing every month with the status of recently soldHOTD, C-OOTH would be nice to see how right or wrong all of the comments are.

Posted by: guest at December 12, 2007 2:35 PM

"Not more. Less. Condos bad."

Sorry bud. Not true. A pre-war CONDO costs more because it is real property, and not a share in a corporation. Also, not having to go through board approval for entry, and then for everything else you do with it, adds value. Co-ops are always priced less than condos.

Posted by: guest at December 12, 2007 2:40 PM

I live in and am the President of the cooperative at 16 Lincoln Place. Actual footage is 775 s.f., not 850. Plumbing will not permit stackable washer/dryers. We have 2 washers and dryers in the basement.
This cooperative is self managed keeping maintenance low. New purchasers can upgrade the kitchen easily as have most folks in the building. 20% down payment is required. Good luck to all. If you have questions feel free to contact me.
Marion (apt. 2A)

Posted by: guest at December 12, 2007 2:41 PM

This block has a children's playground, no?

Posted by: guest at December 12, 2007 2:42 PM

This is the best discussion (in terms of information and civility) on Brownstoner in weeks. Best of luck to the owner who's selling, and who had the guts to identify themselves.

Posted by: guest at December 12, 2007 2:45 PM

"You can put in a very nice kitchen for 20k."

Yes, but people pay $50k if it is ALREADY done.

Posted by: guest at December 12, 2007 2:48 PM

"But, believe it or not, many middle-class families who want to stay in the city but can't afford alot of money will compromise on a 2nd bathroom. They don't like it, but it's a compromise they are willing to make."

"a couble making both around 70k could pull this off pretty easy"

not sure how the first one defines "middle class", but $600k is not chump change. with lending standards these days, you should have at least $150k in cash (20% down plus some reserve) to buy this. i doubt many couples making $75-125k (wikipedia says $40-95k is middle class) would meet that criteria.

the second one seems to imply a couple with what #1 probably deems "middle class" income could do it "pretty easy". my wife and i make ~$200k combined and can't afford this place. with maintenance, it's $3500 after 20% down. we could probably sacrifice for the monthly, but not quite there on the $150k. for now, we'll stick to our bigger, ps321-zoned, one bathroom floor-through for $2,500 thank you very much.

Posted by: guest at December 12, 2007 2:49 PM

Does buying from the Prez of the co-op board guarantee instant approval?

Posted by: guest at December 12, 2007 2:50 PM

Sure -- more than a half a million for a walk-up with a master bedroom that is barely large enough for a queen-sized bed and dresser. ok for a couple at most!

Posted by: guest at December 12, 2007 2:50 PM

i don't really agree, 2:48.

I think some folks would rather get the place for a lower price and make the updates themselves.

This place is like a blank canvas. For a couple, even with a child, this is the perfect place to come in and add your own touches to it.

It would work with many different styles.

In this market, it seems a deal on price is more a consideration than paying top dollar for improvements that may or may not be to the new owners liking.

A do it yourselfer could do this easily.

For those who look to NJ when they think they are priced out of Brooklyn, it's nice to know places like this are still out there without costing an arm and a leg.

Posted by: guest at December 12, 2007 2:55 PM

Follow up. I am the President of the cooperative but not the one selling this apartment. This is being sold by another family.
Marion

Posted by: guest at December 12, 2007 2:56 PM

You are not buying from the President of the co-op board. The apartment for sale is 3B. The co-op president lives in 2A. He/she simply came on to give some facts. I do not believe they are the owner of this apartment, if I'm reading it correctly...

Posted by: guest at December 12, 2007 2:57 PM

"Co-ops are always priced less than condos."

True. But only because co-op maintenances are higher because they include taxes and so on. And because they usually require 20%. And because they screen out people who are afraid to go through a board.

Posted by: guest at December 12, 2007 3:00 PM

How much if this were a chicken coop?

Posted by: guest at December 12, 2007 3:04 PM

There are windows in every room, though three of them are into airshafts and another one looks out into a tight space enclosed on three sides by buildings.

Posted by: guest at December 12, 2007 3:05 PM

Not sure they are afraid to go through the board per se, they usually just don't have the financial credentials to be accepted by the board.

I personally love living in a small co-op. It's nice to have some control over what takes place with the building and to have some say in who lives here. With small spaces and people on top of one another, I think the system works quite well in this city.

I'm wary of condos, especially as friends lately have bought them and seen them become overrun with renters...many of which simply don't have the same sortof pride and interest in the building as the owners do.

In a co-op, we have a few renters here, but we make sure that owners make up the majority. It seems to work for us.

Posted by: guest at December 12, 2007 3:08 PM

Yeah, well, see I'd like to buy my aging parents a small 1-BR in Brooklyn, and co-ops won't let me do that. So, I have to resort to a condo, pre-war if possible. It gives you a lot of freedom, and actual ownership. I don't know why co-op residents always have to knock condos.

Posted by: guest at December 12, 2007 3:15 PM

Given the listing is (a) from corcoran and (b) has had a small haircut I am hopeful that prices are at least trending the right direction.

Unfortunately they are not yet there.

As the $200k per year honest poster points out these things are still not affordable for anyone on non wall street salaries, unless they are selling a slightly smaller apartment that has appreciated remarkably, and are willing to put all that windfall gain back into the housing.

And of course with the current buyer/seller strike the pool of "i'm sure i can sell my current place" must be half what it was.

Personally I think the government is about to screw up things royally in a desperate but misguided effort to avoid a minor league recession in an election year. So I'm going to stay flexible. Lots of opportunity for the cashed up over the next six months. Scary rigidity for the over-leveraged.

Posted by: guest at December 12, 2007 3:26 PM

I'm not sure how someone making 200K a year can't afford this place. I make less than 75K and bought a place around half this price and was easily accepted by the co-op board.

My mortgage and maintenance is very manageable.

Posted by: guest at December 12, 2007 3:34 PM

you get a digital cookie, 3:34

Posted by: guest at December 12, 2007 3:45 PM

600k with 20% down and $600 a month maint is $3658 per month.

That isn't doable for someone on a 200K a year salary?

Once you take tax deductions, we are talking less than 3K a month for a 2 bedroom plus den in a prime location.

Isn't that the average rental rate for a 1 bed in Manhattan??

Posted by: guest at December 12, 2007 3:52 PM

For someone making 200k, after taxes you're paying a net cost of roughly $2300-2400 which is much better than the $2500 the other couple pays for a rental. The owners have the chance for capital appreciation that the renter does not plus the satisfaction of owning a renovation to one's wishes. Again, the renter does not. Right now, given interest rates, owning anything under $700k for a 2br in Prime Brooklyn is a bargain. In 5-7 years w/ AY coming on, prices will head to $1000 sqft. AY will cause Prime Brooklyn to be Manhattan East at a discount.

-Dagny Taggart

Posted by: guest at December 12, 2007 4:11 PM

"In 5-7 years w/ AY coming on, prices will head to $1000 sqft."

Because increased housing supply will push up prices?

Not following your "logic" here.

Posted by: guest at December 12, 2007 4:19 PM

I agree fully, 4:11.

The only hitch is if said person has been unable to save the 120K necessary for the downpayment.

Anyone who's been making 200K for a number of years should be able to save some money, but it depends on lifestyle. If they have significant debt issues, go out every night for dinner, buy 400 dollar pairs of shoes or take extravagant vacations, this maybe not be possible for them.

Posted by: guest at December 12, 2007 4:20 PM

Question for you, 4:19...

Has the increased development near Columbus Circle (Time Warner Center and 15 Central Park West, among others) depreciated that area's housing prices due to increased supply??

How about all of the construction of thousands upon thousands of housing units in Williamsburg or Dumbo or Downtown or Tribeca?

Seems to me the opposite of what you say has been true of every other area of the city where significant development has taken place.

Why do you think prime Brooklyn, 15 minutes from Manhattan and towers build by one of the world's leading starchitects would be the exception to that rule...?

Posted by: guest at December 12, 2007 4:24 PM

"In 5-7 years w/ AY coming on, prices will head to $1000 sqft"

Actually, there are apartments in Park Slope and BH that have been getting $1000/sg ft. for a while already. It depends, of course, on the unit and the location. It's the highest end, but it's already been happening.

Posted by: guest at December 12, 2007 4:32 PM

4:24, your "logic" holds as it relates to the past 5 years, but maybe not so much in the next 5. i would argue that oversupply just hasn't really hit the collective consciousness yet. did you see nytimes article about the center of the sales falloff in the inland empire (admittedly a different market, but there is a read-across)? sales down 78% and huge increase in supply, but sellers not willing/able to capitulate. it takes time, but a lot less moving in nyc these days and there is an onslaught of inventory just waiting for the march "selling" season. i think a lot of people are going to be in for a rude awakening this spring. where's the what when you need him...

Posted by: guest at December 12, 2007 4:33 PM

To the person saying that they make roughly 200k between them and their wife and that they could not afford this place, I can't believe that is true.

You monthly take home should be at least 8-9K. You can't spring 1/3 or slightly above of your take home on your mortgage payment? Do you have a lot of other debt and/or loans?

Posted by: guest at December 12, 2007 4:40 PM

I think a million more people are expected to move to New York City over the next 20 years or so.

Since AY will not be built for at least another 5 years from now (considering it hasn't even broken ground yet) I'm not sure how your "logic" makes much sense either.

So we agree to disagree.

Comparing NYC to the inland empire of LA is like comparing apples to tangerines. The world is becoming less suburban and more urban as we speak, so I don't actually think there is a "read-across." I simply think they are completely different entirely.

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

"How about all of the construction of thousands upon thousands of housing units in Williamsburg or Dumbo or Downtown or Tribeca?"

You mean the condo glut that is now beginning to soften prices? Check back in a few years and we'll see how prices have held up.

Posted by: guest at December 12, 2007 4:47 PM

AY is a slow process also. There will not instantly be thousands of new buildings for sale at one time. The last buildings were not slated to be completed until 2014 and that was given a starting date of 2006. I don't think the first buildings will be available until sometime 2010 (at absolute the earliest) with probably means some of the later buildings in all reality coming online in 2018-2020

Posted by: guest at December 12, 2007 4:48 PM

NYC currently has 8.25 million residents.

250,000 more than in 2000.

Seems to me that more housing is needed.

With a rental market vacancy below 1% and the inventory of homes for sale at record lows, I see no reason to believe that we in danger of oversupply.

This ain't Riverside, Ca.

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

"I think a million more people are expected to move to New York City over the next 20 years or so."

Maybe. Not sure what jobs they might find when they get here. Once the finance industry is largely relocated to the middle and far east, what will be the economic engine in this town?

Posted by: guest at December 12, 2007 4:51 PM

The "condo glut" is not softening prices, 4:47. If you look at historical trends, inventory is at one of it's lowest points in history in NYC.

The problems of oversupply we hear about in other markets simply have not been the same as what's happening here in the city.

The credit crunch and publicity about the rest of the country are what has affected any softening of prices in New York, of which I have seen very little.

Posted by: guest at December 12, 2007 4:55 PM

4:51...

The creative industries, tourism, advertising, higher education and finance will continue to be the economic engine of this city. I'm guessing New York's attempts to lead the green revolution in this country will also contribute enormously to the economics of the city as we move forward.

Wall Street makes up less than 10% of the workforce in NYC.

Economic engines change over time. It used to be that the automotive industry was the chief economic engine of this country. Things evolve and change.

Saying that Finance will rule the world indefinitely is very short-sighted.

Posted by: guest at December 12, 2007 5:00 PM

Stay tuned 4:55. Tip of the tip of the tip of the iceberg....

Posted by: guest at December 12, 2007 5:00 PM

I prefer to keep a more rational view on things than you do, 5:00.

If home prices depreciate 15% (which is said to be the worst case scenario) we will all be better off for it.

To suggest the tip of the iceberg, means somehow that is a negative thing.

I disagree with you.

What is happening now is necessary and will bring us back to a more stabilized market without so much frenzy.

For now, I'm in the city I love in an apartment I own and love and have no intention of moving. I welcome a correction in the market. Maybe that means one day I'll be able to upgrade if I ever feel it necessary.

Posted by: guest at December 12, 2007 5:06 PM

"It used to be that the automotive industry was the chief economic engine of this country. Things evolve and change."

Yep, Detroit evolved oh so well.

Wall Street may employ 10% of the city but it drives a far larger part of the economy. And are your "wall Street" figures counting all the rest of the financial services industry?

Posted by: guest at December 12, 2007 5:06 PM

10% work in finance.

Posted by: guest at December 12, 2007 5:08 PM

"10% work in finance."

And make 90% of the money.

Posted by: guest at December 12, 2007 5:11 PM

I want some cheese. Does anyone have any cheese?

Posted by: guest at December 12, 2007 5:12 PM

i don't care if this place is priced right or not.

it's too damn small for a family.

PS isn't worth it.

find a more suitable family sized apt some where were you'll stay because you won't feel like killing the people you live with.

yuck.

Posted by: guest at December 12, 2007 5:15 PM

close, 5:11.

try 35%.

90 and 35 are close though.

you all need to read about your city a little more. even a hit of the wikipedia entry for new york city would give you all a HUGE education on what goes on in this city outside your own little world.

Posted by: guest at December 12, 2007 5:17 PM

Cheese anyone?

Posted by: guest at December 12, 2007 5:17 PM

Sounds like you might need to get a new family, 5:15.

Not a new apartment.

Posted by: guest at December 12, 2007 5:18 PM

Wikipedia is edited by the same bloggers on this site. If The What has his way, nothing about NYC in Wikipedia is correct.

Posted by: guest at December 12, 2007 5:23 PM

Jarlsberg. Creamy, buttery, nutty jarlsberg. Mmm.

Posted by: guest at December 12, 2007 5:25 PM

The largest growing employment segment in NYC is health care workers! They cannot afford this or anything else on $7-10/hour! Get real!

Posted by: guest at December 12, 2007 5:29 PM

Smoked. Gouda.

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

sorry, but less than 800 sq ft is a college starter apt, not for grown ups

old ugly and small ... next!

Posted by: guest at December 12, 2007 5:44 PM

WikiWHATia? Never hoid of it.

Posted by: guest at December 12, 2007 5:46 PM

a college starter apartment in Raleigh, NC

Posted by: guest at December 12, 2007 5:56 PM

I like cheese, but not as much as we all like Park Slope.

Posted by: guest at December 12, 2007 5:57 PM

"Less than 800 sq ft is a college starter apt, not for grown ups"

Thank you, out of town correspondent. Keep those cards and letters coming, and do try to visit our fair city some day.

Posted by: guest at December 12, 2007 6:07 PM

Generally speaking, the price seems ok for a 2B apartment with a decent layout on the western edge of PS.

But this apartment seems to have all the bad that comes with a prewar apt. and none of the good.

It looks old and run down but doesn't possess any of the pre-war detail or charm that makes the b'stoner crowd drool.

This apartment looks to have been through one or two cheapo renovations in the past. You'd have to spend another 25-40k to bring this up to date. Then you have the equivalent of a modern, new construction condo in the shell of a pre-war coop.

Seems like a lot to ask for a 1st time buyer who also needs to come up with the 120k down payment. I assume this apartment would mostly appeal to a couple buying their first home. Maybe it would also appeal to someone trading up from a 1b but I would think someone trading up would want to get a little more.

All that said I bet it still will sell within 5% of the current ask because there isn't that much out there that is better in this price range.

Posted by: guest at December 12, 2007 6:39 PM

Once again- this HOTD is now the top viewed corcoran property according to their site....

Posted by: guest at December 12, 2007 7:07 PM

who moved my cheese?

Posted by: guest at December 12, 2007 11:19 PM

where is this "most viewed" link? i think you mean "most recently viewed" at the bottom of the homepage after you just looked at the listing...

Posted by: guest at December 12, 2007 11:22 PM

3:08 "Not sure they are afraid to go through the board per se, they usually just don't have the financial credentials to be accepted by the board."

Wanting to buy a condo doesn't always have to do with the lack of financial credentials.

In this age of identity theft, co-op boards acting like the popular clique (they can deny buyers for whatever reason but don't have to tell them what that reason is) and all your neighbors knowing ALL of your business, I still can't figure out why some people want co-ops.

Posted by: guest at December 13, 2007 1:00 AM

Exactly 1 a.m. Does no one else see an issue with revealing every detail of your financial life, your income, assets, liabilities, to a group of absolute and total strangers? Is privacy just not valued? Based on my income and assets, I'm sure I would be accepted by a co-op board. But I'm not in the market for this type of living arrangement because I have no interest in undressing in front of my neighbors. Also, my husband was recently the victim of identity theft, which makes the issue all too concrete and tangible. Money was withdrawn from his account, credit cards and e-trade accounts were opened. I'm much more careful now. It can happen to anyone.

Posted by: guest at December 13, 2007 8:33 AM

You reveal all the same stuf to your mortgage brokers when you apply for loans. The people in the coop live with you afterwards, and probably aren't going to steal your checking acct.

Posted by: guest at December 13, 2007 10:17 AM

75% of homeowners in New York City live in co-ops.

Clearly those who despise co-ops are in the minority.

I've had no problems with my neighbors knowing my financial situation. My live does not revolve around money. My neighbors know me as a musician, our gardener and hopefully a nice guy.

Not as someone with $ xxxxx in his checking account.

Sounds like that's all some of you really care about though.

Posted by: guest at December 13, 2007 11:00 AM

11:00 AM,

What are you talking about?

Of course you were only approved because of the money in your account. I have no money, I'm a musician and I'm nice. Would they approve me too?

Posted by: guest at December 13, 2007 11:29 AM

My point is that I do not understand the issue with people knowing your finances.

Half the world knows your finances.

How do you think you receive all of the tailor made spam and junk mail with credit card offers etc?

You are naive if you don't think this information is already out there.

Personally I'd rather have my neighbors know than a total stranger using it to sell me stuff through the internet.

Posted by: guest at December 13, 2007 11:38 AM

Your wanting your neighbors to know about your finances makes you a little different from most, I'd guess.

The junk mail situation is more anonymous.

Perhaps you don't mind because you handle your finances well, so there is no shame involved.

Posted by: guest at December 13, 2007 12:00 PM

There should be no shame involved either way.

Finances do not make a person.

That's my point. Sure...to pass a co-op you need to show a certain financial stability, but once you move into said co-op, the financial conditions are not what has created friendships among neighbors. Nor is it what has created a really incredible sense of pride all of us take in our building and neighborhood. It's the person.

Some on here seem to think that their financial situation IS who they are thus feel uncomfortable in a co-op situation.

I do not agree.

Posted by: guest at December 13, 2007 12:06 PM

This place and places like it will be had for a FRACTION of this price, when the shirt hits the fan in the next year, and prices get their arses kicked!

This RE hype makes me sick!

Posted by: guest at December 17, 2007 3:57 PM