Co-op of the Day: 110 Hicks Street, Reduced Again

"Think this most recent cut will get the deal done?"

No.

Posted by: guest at February 21, 2008 12:45 PM

D-U-N-G D-E-A-L!

Posted by: guest at February 21, 2008 12:51 PM

"Think this most recent cut will get the deal done?"

Yes.

Posted by: guest at February 21, 2008 12:56 PM

Oh my god, there's recessed lighting in the bedroom! Knock off another $100K...

Posted by: guest at February 21, 2008 12:56 PM

It's in Brooklyn Heights though, 12:56. Recessed lighting is ok there.

It's not in Park Slope. There are different rules for the people who live there.

Or hadn't you heard?

Posted by: guest at February 21, 2008 1:05 PM

Asking Price = $1,850,000
Mortgage Amount = $1,480,000
Down Payment =$370,000
Monthly Mortgage Payment = $9,477
Maint/CC = $1,490
Total Monthly Costs = $10,967

Yeah, $11k/mo is a real bargain for a 2BR apartment.

Posted by: guest at February 21, 2008 1:06 PM

My BH apartment cost just 900k and even I put down 500k. People here don't put down 20%. We got the cash and only take the mortgage that makes the most sense tax-wise

Posted by: guest at February 21, 2008 1:08 PM

Anyone buying this, 1:06 is going to be a Wall Streeter who pays all cash for it.

Where do you live? Under a rock?

This will be their bonus money.

Their mortgage payment will be ZERO.

Posted by: guest at February 21, 2008 1:09 PM

Except that this isn't "enough" for a Wall Streeter. 1/2 a house? I don't think so.

Posted by: guest at February 21, 2008 1:14 PM

Basic finance guys - opportunity cost of capital....people don't keep the cash under their mattress earning 0.

rough eyeball puts it at around $1K per square foot. What would a comparable quality rental go for in the heights?

Posted by: guest at February 21, 2008 1:15 PM

I think the real estate market is pretty weak now. These are cute houses to buy in their entirity, but I think this is too much money for half a house. People who are conversant with finances realize that it makes sense to a: buy a whole house or b: buy a condo or coop in a full-service building with more than twenty units.

Posted by: guest at February 21, 2008 1:15 PM

1:15 is absolutely right--hit the nail on the head. Except I would add that A & B make sense even in a strong market. Especially for the people that can afford this price point.

Posted by: guest at February 21, 2008 1:18 PM

thanks for that incredible insight into the market, 1:15. you seem so wise.

i think you don't know your ass from your elbow is what i think.

Posted by: guest at February 21, 2008 1:19 PM

this house would be 5 or 6 million as a whole house.

for a 30 year old junior executive on wall street only making a million a year, this place will be perfect.

not everyone wants the upkeep of a 5 million dollar mansion at the age of 30.

Posted by: guest at February 21, 2008 1:20 PM

The upstairs 1BR also got a price chop from 795k to 700k.

Posted by: guest at February 21, 2008 1:24 PM

Nope--that 30 year old can take his/her $1.85 and buy an apartment in a full-service building, maybe even that fancy Park Slope co-op on the park.

1:19--your aggressiveness is indicative of your vested interest in this property. And no, I'm not 1:15.

Posted by: guest at February 21, 2008 1:26 PM

Speaking of Wall Street: "Lehman Brothers is planning to cut about 200 jobs, or 10% of its workforce, CNBC reported Thursday. Merrill Lynch & Co. is also planning another round of jobs cuts, the business channel reported."

Posted by: guest at February 21, 2008 1:26 PM

I think you have to facxtor in the tax shelter from the mortgage interest deduction when calculating the monhtly cost.

Posted by: guest at February 21, 2008 1:28 PM

1:26...everyone on brownstoner says no one wants to live in park slope.

Posted by: guest at February 21, 2008 1:31 PM

People who throw the term 'wall streeter' around as a general slag against the rich don't know a lot- Wall street is residential now. The people who live there are mostly lawyers and doctors. People who could be described as 'wall streeters' by profession are mostly middle of the rung in terms of pay for financial services. most are middle and back office. many make way below 100k or barely above, and they live in NJ, Bay Ridge, LI etc...

Posted by: guest at February 21, 2008 1:32 PM

Monthly cost calculation should also consider that mortgage amount capped at $1.1M as that is deductibility limit. The underlying building mortgage and real estate taxes are in the common charge, typically (~45%). This amount is also deducted from owner taxable income.

Posted by: guest at February 21, 2008 1:37 PM

nope, no vested interest.

i honestly think 1:15 doesn't know what he or she is talking about.

weak market in prime brownstone brooklyn??

where?

saw a 250K over bid on park slope house last week. i see about 5 houses on the market at all in park slope. i see nothing on the market in brooklyn heights.

and i'm about to see a 2 bedroom duplex sell for 1.8 million.

we have VERY different ideas of what a weak market is apparently.

Posted by: guest at February 21, 2008 1:38 PM

Whats wrong with recessed lighting?

Posted by: guest at February 21, 2008 1:40 PM

bstoner doesn't like it.

Posted by: guest at February 21, 2008 1:46 PM

"weak market in prime brownstone brooklyn??"

Where? How about here? This very post. This place has been slashed from 2.4mm to 1.85mm. Another unit in the same building has also received a noteworthy haircut.

Smells like weakness to me.

Posted by: guest at February 21, 2008 1:48 PM

Smells like it was overpriced to me.

Where is a comp for a 2 bedroom in the heights for 2.4 million, 1:48?

Do you know the difference between severely overpriced and a weak market??

Posted by: guest at February 21, 2008 1:51 PM

"Another unit in the same building has also received a noteworthy haircut."

How is that noteworthy? Most 1 bedroom I see in Brooklyn Heights are 500 or 600K.

How does a haircut from 785K to 700K (still WAY above what comps get) noteworthy?

Sounds to me that the only noteworthy thing is the greedy seller.

Posted by: guest at February 21, 2008 1:53 PM

Might be a case of bad pricing advice and not a greedy seller.

Posted by: guest at February 21, 2008 2:01 PM

1:38 is in deep denial and is lashing out at posters who are making him feel insecure.
This property is slashing its ask price. I don't see buyers fighting each other to buy it. It is, in a word, languishing. That is not to say the market is dead or that the bottom has fallen out, it says that the market is "weak" and I think that is irrefutable.

Posted by: guest at February 21, 2008 2:05 PM

I'll be sure to post your comment 2:05 when a 2 bedroom in brooklyn heights sells for 1.85 million dollars in a few months.

Let all the people laugh at how absurd you are.

So had I priced this place at 4 million and slashed it to 3 million, it would still show substantial market weakness?

Not overpricing?

Posted by: guest at February 21, 2008 2:08 PM

A thirty year old executive making a million a year would only live in sleepy Brooklyn Heights if his wife insists on it. If he is a bachelor or divorced, he wants to live in a jazzy highrise in Manhattan with pool and health club and "the works". Why not? he can afford it.

Posted by: guest at February 21, 2008 2:08 PM

I'm with the previous poster who said that at this price and size, a full service cooperative building would probably be more to my liking. If you don't get along with a neighbor in a larger building you can avoid dealing with them directly. In a co-op of this size you had better get along with everybody.

Posted by: guest at February 21, 2008 2:09 PM

I am a seller of real estate in Brownstone Brooklyn. We have experienced very strong interest in our product over the past few weeks. Mostly young couples from Manhattan looking for a place to raise a family. The majority of which are employed in the finance industry. While this particular co-op might be overpriced considerate of its condition versus say newer condo product, it is still priced at a significant discount to similar sized Manhattan real estate. I am sure a willing and able buyer will show up soon.

Posted by: guest at February 21, 2008 2:10 PM

don't hold your breath

Posted by: guest at February 21, 2008 2:14 PM

I am a seller of bridges in Brownstone Brooklyn. We have experienced very strong interest in our product over the past few weeks. I am sure a willing and able buyer will show up soon.

Posted by: guest at February 21, 2008 2:21 PM

the garden is nice -- you gotta give that to them

Posted by: guest at February 21, 2008 2:34 PM

Moving to Brooklyn Heights to raise a family is a real bonehead move right now. There are no spots in the schools. You practically have to bribe the admission committee to even see you (before turning you down).
If there is no sibling already in the school or if one of the parents is not an alum, forget it.
And PS 8 sucks, and it has become overcrowded too.
Having a kid in Brooklyn Heights is as difficult and as expensive as having a car there.

Posted by: guest at February 21, 2008 2:37 PM

If a price cut (from ask) on a duplex down to $1.85 million is taken as a sign of crashing Brooklyn real estate values then I'm feeling good about owning a house.

Posted by: guest at February 21, 2008 2:50 PM

Alternatively, a condo under the BQE for only $1.75M:

http://realestate.nytimes.com/detail/44-1194322

Posted by: guest at February 21, 2008 2:53 PM

The kitchen is nice. . . .

Posted by: guest at February 21, 2008 3:21 PM

you move here after your kid has been admitted.

(no wonder you were shut out... not too smart!)

Posted by: guest at February 21, 2008 3:58 PM

If this place had a cannon in the parlor, it would sell immediately.

Posted by: guest at February 21, 2008 3:58 PM

I see only two small closets.
One is in a bathroom.

Ridiculous cut-up unit.

Posted by: guest at February 21, 2008 3:59 PM

boom!

Posted by: guest at February 21, 2008 4:08 PM

2:37, what's with the pessimism?
Brooklyn in general, and Brooklyn Heights in particular, will continue to be the destination of choice for many young couples looking to relocate from Manhattan in order to raise a family. This is nothing new. The pressures associated with issues such as the acceptance of children into the local lower schools (both private and public) will be addressed and resolved by the motivated and adept parent's that choose to live there. There are many solutions to the scarcity of kindergarten spots. It will just take a little hard work and perseverance by those who have an inherent sense of responsibility and know how to effect change.

Posted by: guest at February 21, 2008 4:11 PM

4:11
that is true
or,
you can take your 1.8 million and buy a big house somewhere else where there are good schools that do not require parents to open a vein.

What made Brooklyn Heights attractive in 2003-2007, may no longer be relevant today.
A lot has changed in a short time. Smart people will consider all their options. Right now, the Heights and other brownstone neighborhoods are suffering from too much success. It may be time for a reality check.

Posted by: guest at February 21, 2008 4:29 PM

I'm curious what a duplex like this would go for in Park Slope, not even prime PS, but, say, somewhere btw. 9th and 12th streets. Anyone seen anything like that? I think they are rare, but appeal to folks who want the feel of a real house (not a cookie cutter condo) w/out the headache of being a landlord...

Posted by: guest at February 21, 2008 4:31 PM

Park Slope a duplex like this would go for maybe 1.2 million I'd guess...

Not seen too many...

Posted by: guest at February 21, 2008 5:03 PM

Who in their right mind would want to be in a 3 or 4 unit co-op? Sounds like a recipe for hell.

Posted by: guest at February 21, 2008 6:01 PM

a coop with fewer than 6 shareholders is a recipe for hell on earth.
the young will learn.
the hard way.

Posted by: guest at February 21, 2008 7:31 PM

i have friends that bought a lower duplex in a coop in the south slope a few years back, at the time, is was $420K - maybe in 2004ish? that's a reasonable amount of money, now, a 30 something couple has to have way more cash. their place, with an addition - would probably be worth at least $900 although perhaps it is a million.

Posted by: guest at February 21, 2008 8:30 PM

All you people passe enough to put in recessed lighting are SO embarrassed. Just shuddup already and get on with making the rest of your house look like a hair salon too.

Posted by: guest at February 22, 2008 8:19 AM

oye. BH is beautiful and has nothing to offer. Park Slope is beautiful and has everything to offer. Interesting that a 3 bedroom on PPW (white glove building) is asking 3.5M and a 2 bdrm plus (small, self managed building) is askng 1.8M.
These prices are ridiculous no matter where you are so stop bickering about BH vs. PS and realize what you can get for that money in Connecticut!!!!

Posted by: guest at February 22, 2008 8:35 AM

what's up with the brokers on this place? scarey and frankly that woman june is a bottom feeding predator (sorry, bad experience with her...)

Posted by: guest at February 22, 2008 9:13 AM

Back in the Bush I recession, banks would not lend on a small co-op. If one owner had problems it could bring down the whole building. I would think that this may be the case today.

Posted by: guest at February 22, 2008 9:34 AM

Why is everybody so nasty? It's an expensive apartment but it's in a nice neighborhood.. It's $10K a month but if you're in the max tax bracket, it's about 5K real dollars, which is probably cheaper (or as cheap) as rent. Of course you can get twice the house (or more) for the same money in Connecticut. You could get 10 times the house in Ames, Iowa. If you like Italian food, you'd rather live on Hicks Street.

Posted by: guest at February 22, 2008 1:42 PM

Not too many good Italian joints in the Heights. We eat Chinese food or plates of fresh cash here.

Posted by: guest at February 22, 2008 3:46 PM

I went to a open house at this place a couple weeks ago and upon entering it I had the highest hopes. It's dripping with pre-war detail: fireplaces, mantels, chandeliers, hardwood pocket doors, even a painted mural on the vaulted ceiling. The kitchen is very modern and quite exquisite. But it all end there. The powder room feels like it's built inside a tiny pantry, you have to walk downstairs to get to the bedrooms and the staircase is steep and narrow. The bedrooms are not comfortable, the tub in the children's bathroom looks more like a handicap bathtub and the washer/dryer door bumps into the bathroom door. The home office is a weird plywood attachment and the convertible nursery room is a laughable walk-in closet. There's also a big fence blocking one's entrance to the garden, which otherwise would be a lovely retreat. I've been to similar townhouses in the area for $1.6M and I'm still waiting for those to drop a bit. I don't know, if the owners could pay an architect to draft up a good renovation plan, I'd take a look at the blueprints and consider plopping down $1.4M

Posted by: guest at February 23, 2008 2:30 AM

in contract

Posted by: guest at June 18, 2008 1:10 PM