Co-op of the Day: 160 Henry Street

What a great deal! Must be a sponsor sale...

Posted by: guest at March 3, 2008 12:56 PM

5 bedrooms is big. Whoever buys this must have a large brood. The price of the unit will pale in comparison to the tuition at the local private schools.

Posted by: guest at March 3, 2008 12:58 PM

...if the kids can even get in!

Posted by: guest at March 3, 2008 1:04 PM

"financing won't be an issue given the high downpayment"

Why is that? A 50% mortgage is still $1.625mm. How are the jumbo rates these days?

Posted by: guest at March 3, 2008 1:06 PM

because a lender would love to have a 50% loan to value ratio even in this market. Plus someone with $1.65 in cash usually is not the greatest credit risk so unless the well heeled buyer goes belly up and then the coop loses 50% of its value upon sale I'd say the lender is sitting rather pretty.

Posted by: guest at March 3, 2008 1:19 PM

I don't see it. This is the best you can get for $3.25 million? The ceilings look very low, the rooms look small and cramped, and the interiors are unremarkable. Maybe it's the pictures, maybe not.

Posted by: guest at March 3, 2008 1:22 PM

the best you can get for 3.25 million?

you really think that's what people spending that kinda money are looking for? the best they can get??

i think they are looking for a place they love.

you want the "best you can get for 3.25 million" go take it to alabama.

Posted by: guest at March 3, 2008 1:25 PM

Take out the ugly furniture and it's an uglier apartment.

Posted by: guest at March 3, 2008 1:26 PM

50% down payment is pretty strict. most co-ops ask only for 20-25%.
This fancy-pants building should do something about their entry court, it looks like crap. Half dead shrubs in planters.
Hint to the board: you're supposed to be a high-class operation, get your act together.

Posted by: guest at March 3, 2008 1:26 PM

For that kind of dough, I'd want to be in this building's contemporaries on Montague Terrace or Columbia Heights. The location here is only so-so. The others have two of the best apartment house sites in all of NYC, with views as good as Fifth or CPW (and at a fraction of the price).

Posted by: guest at March 3, 2008 1:30 PM

What NO service entrance for the staff?? How vulgar!

Posted by: guest at March 3, 2008 1:30 PM

The layout is lovely but I don't like the big fugly a.c. stuck in the window. For this dough a little central cooling should be standard equipmnet. The ask price is ridiculous. I would rather overpay for the house with the 3-car garage in Boerum Hill.

Posted by: guest at March 3, 2008 1:35 PM

love the apartment.

love the location.

love everything.

Posted by: guest at March 3, 2008 1:43 PM

1:43 - you forgot to say:

love the price

Posted by: guest at March 3, 2008 1:49 PM

Hope the apt is not on a high floor, cause your housekeeper is going to get tired climbing up the service stair.

What's up with the weird configuration of the the bedroom, den, long hallway, bathroom and what appears to be a door out of the apt.??

Posted by: guest at March 3, 2008 1:51 PM

What 1:43 for got to say is:

Love the seller who hired me over other realtors so I get a (long)shot to a big fat commission check.

Posted by: guest at March 3, 2008 1:53 PM

Are you kidding me? That floorplan is CRAZY!!! Mad space.

Posted by: guest at March 3, 2008 1:59 PM

i do love the price, actually.

for what you get compared to manhattan, it's a fine deal.

there will not be a problem finding a buyer.

two properties (one 3.5, one 6.5) just sold on prospect park west.

and this has an even better commute for a financial guy with 2-3 kids and a wife.

Posted by: guest at March 3, 2008 2:00 PM

I like the floorplan. I don't like the interior, though. And at those prices you could be looking at a whole house in Park Slope.

Posted by: guest at March 3, 2008 2:05 PM

It's a great apartment, but I'd rather have a house. This place has no outdoor space and that $3,800 a month in maintenance is about as much as I pay for my house (mortgage + maintenance).

Posted by: guest at March 3, 2008 2:08 PM

This apartment has a classic pre-war layout. You either have the class to appreciate it or you don't. Living in this type of home is favored by many over living in a rowhouse where everything is on different levels. As for outdoor space, people who own apartments like this have weekend property in the country and possibly a ski home out west or in the Alps.

Posted by: guest at March 3, 2008 2:18 PM

2;18 - I don't appreciate it....I'm classless.

Posted by: guest at March 3, 2008 2:26 PM

This is lovely but not 3M lovely. i've seen the apartments in this building and you get a lot of space BUT the rooms are oddly configured and you don't necessarily get a lot of light. kitchen is laid out sort of weird too. for 3M i'd buy a house

Posted by: guest at March 3, 2008 2:27 PM

2:18, yes you are.

Posted by: guest at March 3, 2008 2:28 PM

when I bought my first co-op in Manhattan for $350,000 fifteen years ago, my elderly parents could not figure it out. They kept saying: but for that money you could buy a house!
House people don't understand apartment people.

Posted by: guest at March 3, 2008 2:34 PM

I know a family who lives in this building.

They are both in their early 40's...he's in banking. They have 2 kids.

In addition to this, they have homes in Aspen, Maine, upstate and one in the Carribean somewhere.

So these are not people who clip coupons or buy generic laundry detergent at Keyfood.

Don't assume everyone on earth is just like you.

Posted by: guest at March 3, 2008 2:40 PM

I LOVE the floorplan.

Posted by: guest at March 3, 2008 2:43 PM

Don't see a problem with the floorplan. Kitchen is fine. Only thing is, service entrance for taking out garbage isn't right off kitchen - but is that really a problem? It is off the hall, it isn't like you have to go through the dining room or living room.

I like the long halls by bedrooms. I'd be using that den off the master for dressers as a dressing room anyway. And if you did use it for a den or nursery (or the snoring mate), you can get to the closets and bath by the hallway without disturbing them.

That said, I'd rather buy a house. But that would be true at half the price. This is clearly for someone who doesn't want to care for a house - rich, travels a lot, etc.

Posted by: guest at March 3, 2008 2:56 PM

I LOVE thinking this apartment is nothing special.

Posted by: guest at March 3, 2008 2:58 PM

Some people prefer an apartment (less stairs, superintendent + management Co to worry about stuff, etc) that being said - you people are being a bit over the top on who (potentially) is shopping for this apartment.

Yes you need 50% down, yes you have $4000mo maintenance so yes the potential buyer is rich by ever definition of the term - but you're making it out like everyone who could buy/afford this place is going to have 3 in help, 2 vacation homes and possibly a private jet.

While "that" person might be in the market for this apartment, there is a much larger contingent of people who can afford this apartment who live (fortunately or unfortunately) much more "normal" lifestyle. Sorry but a $8M net worth and 750K a year income doesn't go as far (in NYC anyway) as you might think

Posted by: guest at March 3, 2008 3:12 PM

25k * 2 kids = 50k tuition. Housekeeper = 25k

$1.6 mortgage * 7% = 112k (less 25k deduction)
$1.6 opportunity cost for downpayment = 112k
3845 maint = $46k

School/housekeeper = 75k
House = 135k cash/yr, 112k forgone unearned income.
Jumbos under $1m are still readily available, at about a 1% premium to standard. Over $1m there are fewer, but still available to about $2m, sometimes with a larger premium.

Projected income of purchaser - could be as little as 500k if the buyer has the downpayment from elsewhere and likes her job and Packer a lot. That wouldn't cover a house in Aspen, though.

Posted by: guest at March 3, 2008 3:13 PM

3:12 see 2:40

Posted by: guest at March 3, 2008 3:18 PM

possibly a private jet.

This apartment comes with a private jet...SOLD!

Posted by: guest at March 3, 2008 3:20 PM

3:12, The rich always think they are not really that rich, but they are. everyone else knows even if they do not.

Posted by: guest at March 3, 2008 3:26 PM

why would people spend this much money on PPW and not here? Listen, it's not for me, but it's a nice place. I've been in the building. The ceilings are plenty high (10?) it's just that the rooms are big too so it doesn't show in these photos.

Posted by: guest at March 3, 2008 3:38 PM

cause some people prefer park slope, 3:38. i know that's difficult for some to believe.

i'd also rather look out at expanse of a park than old bags in the heights.

Posted by: guest at March 3, 2008 3:47 PM

blah, blah park slope me me me

Posted by: guest at March 3, 2008 4:18 PM

Clearly, those who don't understand the maintenance, let me explain. It is a FULL service building.

Posted by: guest at March 3, 2008 4:26 PM

Much rather live here than park slope any day.

Posted by: guest at March 3, 2008 4:26 PM

Well 4:18...you have to admit 3:38's statement was kinda dumb. Why would people want to live on PPW and not here?

That's like saying, why would people prefer Central Park West over a gutterhold on Amsterdam Avenue...

Posted by: guest at March 3, 2008 4:27 PM

3:18 - the fact that ONE resident lives that lifestyle hardly means that the market for such an apartment is limited to such people and

3:26 - I believe I said anyone who could afford this apartment is rich - what I am talking about is lifestyle - and the lifestyle (and concerns that someone living that lifestyle would have) that people here were describing seem to be far above the means of the "average" person who could afford this apartment.

Posted by: guest at March 3, 2008 5:01 PM

The average wealth of the residents of this building exceeds 10 million per unit.

Posted by: guest at March 3, 2008 5:09 PM

I don't see why people who automatically prefer PPW over Henry/Pierrepont. DOn't think the post was dumb

Posted by: guest at March 3, 2008 5:10 PM

Here's how it works. Everybody thinks everybody who can afford more than them is rich. When you are young and/or poor and rent, someone owning a nice apartment seems rich. When (if) you get to that point, it no longer seems so. Then, it's the people who have whole houses who seem rich. Then (if) you get there, it doesn't seem so. And on up, up.

That's why people who use the term "middle class" in this country to describe themselves include everything from the working poor (who wants to call themselves working poor, or "working class" these days?) up to the very rich (who wants to call themselves "upper middle class" or "filthy rich?")

Posted by: guest at March 3, 2008 5:14 PM

5:14, I agree with you completely, the only term more meaningless than "price per square foot" is "American middle class".
The NY Times was one of the first to refer to filthy rich people as middle class while also referring to poor working people as middle class. The real middle class is largely invisible to the NY Times and so it does not have a real term for them except perhaps "suburban voters". It is also interesting that it is the real middle class that most politicians have in mind when they talk about "taxing the rich".

Posted by: guest at March 3, 2008 5:28 PM

5:09 - excluding the value of their apartment - I am willing to bet you my net worth that you don't know what the f you are talking about.

and 5:14 - yes thats people 'perception' but regardless of perception - the number of people who can afford this 3M apartment yet cannot afford to also have numerous vacation homes, a "staff" and private school for 3kids far far exceed the number who can.

On some level it is nice to see how naive many people here are as to how rich some people in this world are.

Posted by: guest at March 3, 2008 5:31 PM

I do not know a single rich person who owns a two or three million plus residence in the city that does not also have a summer or weekend place. I just don't. I think there is no such thing as just barely affording a 3 million dollar apartment. If you can buy such a place you are in the ruling class and you are not struggling to find a time share on Point Pleasant for the summer. End of story.

Posted by: guest at March 3, 2008 5:40 PM

5:40 - you clearly don't know many "rich" people, nor do I guess do you know too many people who actually live (well) but within their means.

There are plenty (relatively) of people in this city who make 500-1M a year, who have an apartment that has appreciated a ton, who now have kids and want to stay in the city. While they can definetly afford to buy the 3M apartment, and probably can afford private school, they don't have so much left over after all that to go and also live the lifestyle being described here.

Posted by: guest at March 3, 2008 5:49 PM

5:49
I'm sorry but you are full of shit,
if a person makes 1 million dollars a year, they can do whatever the f+++ they want unless they are cheap or are hiding money from their wives (could that be your problem)?

Posted by: guest at March 3, 2008 6:05 PM

been in that building and it is nothing special at all.

Posted by: guest at March 3, 2008 6:28 PM

What does full service building mean??

Posted by: guest at March 3, 2008 6:57 PM

6:57 it means doormen, porters, live-in-super, and a masseuse, what do you think?

And it would not kill the folks at lah-tee-dah towers to plants a little garden in their dour concrete areaway and put a working lightbulb on the entrance light. the building's entry makes it look like a rental building.

Posted by: guest at March 3, 2008 7:13 PM

Give or take, it's $1,000 psf. I certainly don't think it's overpriced.

You aren't going to find many 5 (or 6, which this could be) br apts. in the city. Even a lot of brownstones don't have 5 full-size brs.

I dunno, I like it as an alternative for someone who's not a UES type but doesn't want to live in a house.

BTW, the maint. is on the low side psf for a full-service building.

Posted by: guest at March 3, 2008 9:38 PM

I saw the same apt on the 4th floor 5 yrs ago listed at 1.5, it was empty and had been sitting on the market for a long time. After a couple of deals fell through it went for about 1.6 during a market uptick. If this place sells for anything near asking price I will be a monkeys uncle because the place had low ceilings, a warren of small bedrooms, high maint with low tax deduction and is in a B- building.
Good luck to them!

Posted by: guest at March 4, 2008 12:24 AM

doormen, porters, live-in-super...La De Da....that's not so un commen for large buildings these days. So what's so special about this full-service building?

Posted by: guest at March 4, 2008 1:01 AM

there aren't a ton of them in brooklyn.

that's the big deal.

i can't wait to call 12:24 a monkey's uncle in 3 months.

Posted by: guest at March 4, 2008 10:43 AM

Add up the floor plan #'s - this place is barely 2000 square feet, where are people getting 3000 from? (a monkey's butt thats where)

Posted by: guest at March 4, 2008 1:28 PM