Co-op of the Day: 39 Plaza Street West

this is a hidoues little apt with very high maintenance.

Posted by: guest at February 11, 2008 12:55 PM

My thought when I saw that as well, $1200 for maintenance I'd want guaranteed happy endings

Posted by: guest at February 11, 2008 12:55 PM

$1200 is outrageously high for that type of apt

Posted by: guest at February 11, 2008 12:55 PM

This place is fantastically underpriced. Apart from the obvious shortcomings (ground floor, noise, security) of an apartment in an otherwise good location overall I wonder why.

Over $1K for maintenance?! Ouch! Again, why? Didn't this building just have some major masonry work done? Maybe they're still paying for it.

If you have a separate entrance how much benefit will a doorman bring you?

Posted by: guest at February 11, 2008 12:56 PM

This is the price of a studio in this area of Park Slope.

So yes, it is the maintenance that makes it not a great deal.

1200 is how much my mortgage is.

Posted by: guest at February 11, 2008 1:04 PM

The location is fabulous. You are so close to the Park, GAP subway and shopping on Flatbush, but a quiet, protected area.

Posted by: guest at February 11, 2008 1:12 PM

This apartment is literally on top of the Grand'Army Plaza subway station. Based on my experience of living 100 yards away, I'd be willing to bet that the shaking from the passing trains is constant and very disturbing.

Posted by: guest at February 11, 2008 1:20 PM

This apt has been on the market since July 2007. Original price was $375K. Very high maintenance obviously is deterring buyers.

Posted by: guest at February 11, 2008 1:22 PM

Another anomaly: "doorman building," except this unit apparently opens directly on to the street.

Posted by: guest at February 11, 2008 1:37 PM

Agreed, the maintenance is absurd. It's no surprise this place is on it's second price chop.

Posted by: guest at February 11, 2008 1:42 PM

The plan shows a second door. Must be from the lobby, so if you want doorman service, you have it.

Also, why would this apartment be less secure than the row houses next door?

Noise from subway is another issue, although I've walked there many times and never noticed it, unlike some other parts of the city.

Posted by: guest at February 11, 2008 1:43 PM

I smell a motivated seller: "First six months maintenance free!"

Posted by: guest at February 11, 2008 1:45 PM

You don't hear the subway at all.

Posted by: guest at February 11, 2008 1:51 PM

crappy kitchen. drab and icky

Posted by: guest at February 11, 2008 1:55 PM

I saw this place in the fall. It needs a lot of work. The pictures make the kitchen look nicer than it is. You'd probably want a new kitchen floor, new bathroom, etc. Plus, it's not laid out well. Not a bad space for one person, but really tight for two. It's 750 square feet, but laid out strangely so that much of that space isn't really usable. Ideally, you'd be able to replace the "front" door with a window (the apartment's real front door is through the lobby) but we asked about this and the building won't allow it. Who needs a mostly unusable front door?

This place has all the charm of a ground-level psychiatrist's office, which is what it looks like it would be best suited for.

Posted by: guest at February 11, 2008 2:03 PM

ummm...what exactly do you think you get for this price?

it's as low as it gets for a place in a blue-chip neighborhood. right across the street from the new meier building where places are selling for 3 million plus.

get a clue.

it might not be perfection, but it's also hella cheap.

Posted by: guest at February 11, 2008 2:06 PM

Thanks 2:03 PM. Any idea if the #1200 maintenance is tied to an assessment? If so, is assessment temporary?

Posted by: guest at February 11, 2008 2:19 PM

It's not "hella cheap" when you factor in the maintenance. And the ground floor location. And the bad layout. And redoing the kitchen and bathroom.

Clue train's coming down the track. Buy a ticket, 2:06.

Posted by: guest at February 11, 2008 2:34 PM

This would be good for a small professional practice like a shrink, or better yet a chiropractor.
The high maintenance may reflect the fact that they expect a professional use there.
It does not make a very nice apartment.

Posted by: guest at February 11, 2008 2:42 PM

It's perfect for an organic, holistic, vegan yoga studded acupuncturist.

Posted by: guest at February 11, 2008 2:50 PM

Yup, a small professional space would make sense here--GAP on the other side seems to have many of these on the ground floors of buildings. But, looks like it would take some work to turn it a suitable therapist's space.

But would the building allow it?

Posted by: guest at February 11, 2008 2:54 PM

definitely NOT "hella cheap." You HAVE to factor the maintenance into the price when you're looking at co-ops and, to a lesser extent (hello, Forte), condos.

For most Brooklyn co-ops I look for maintenance of less than $1 per square foot. Consider that you can find 750 sqft apartments with maintenance around $600... the $600/month savings equates to about a $70k mortgage, which means the effective comparative price of this place is about $410k.

Plus, the interest on that $70k of mortgage debt is deductible... in the early years of a a 30 year loan about 90% of the payments are interest, so you're looking at ~$540 deducted per month, or an extra ~$6,500 deduction for the year. Maintenance is generally about 50% deductible, so with the higher maintenance you only get a ~$3,600 deduction. The difference in most pockets is about $1k, so let's call the final price (compared to a co-op with $600 maintenance) $411k.

Not so cheap for a ground-floor unit with a crappy kitchen.

Posted by: guest at February 11, 2008 5:21 PM

Yes, obviously best as a professional office. Except not a lot of treatment rooms (just one small bedroom if you use the street entrance - that'd be your waiting room.) If you curtained off the street entrance, and used the foyer entrance only, you could use that room, too.

Wouldn't want to live in an apartment with street entrance entering right into living room. Might have some usefulness if it entered into a foyer, but this? NOT homey.

Surprised is not marketed as professional office. To me this says either broker dumb, or, more likely, coop board won't allow.

Posted by: guest at February 11, 2008 6:17 PM

5:21 made some good points about tax deduction, however many living in park slope suffer from AMT so may not get the write off altogether

Posted by: guest at February 11, 2008 7:20 PM

It was a doctor's office (that's why the street entrance) but the co-op voted to convert it to residential use.

Posted by: guest at February 12, 2008 12:07 PM

Bad choice, eh?

Posted by: guest at February 12, 2008 8:19 PM

It used to be two offices when someone bought it and converted it to a single apartment.
Thats why it has the weird layout.
That building is still settling after 84 years.
Thats why the constant need for masonry work.
They like assesments to pay for higher oil costs instead of adding it into the maintenance
thats why the maintenance is only $1200

Posted by: guest at March 5, 2008 11:53 AM