Co-op of the Day: 1 Pierrepont Street

TO DIE FOR

Posted by: guest at April 29, 2008 12:46 PM

gorgeous - they don't make em like this anymore.

Posted by: guest at April 29, 2008 12:48 PM

this is absolutely stunning.

no comment on price. someone who loves the place will pay whatever they are asking.

Posted by: guest at April 29, 2008 12:50 PM

It's a 50% down bldg. gulp.

Posted by: guest at April 29, 2008 12:55 PM

stunning if you are 90. old, stale, over priced, wrong neighborhood. oh, wait, wall to wall carpeting comes with it? sold!

Posted by: guest at April 29, 2008 1:00 PM

wall to wall carpeting - ugly.
shared outdoor space - WTF!!

Posted by: guest at April 29, 2008 1:03 PM

American homes are losing their value at the fastest rate in two decades, according to a closely watched report released on Tuesday.

In the 12 months ended in February, the Case-Shiller home price index, which measures the value of single-family homes in 10 major metropolitan regions, fell 13.6 percent, the worst decline since records began in 1987. A broader 20-city index dropped 12.7 percent.

The slump in home prices was more severe than the worst point of the recession of the 1990s, the last time values fell so far, so quickly.

As foreclosures rise and mortgage lenders tighten their standards, the market is expected to continue to suffer under the pressure of sagging inventories and a dearth of qualified buyers, economists said.

Posted by: guest at April 29, 2008 1:09 PM

Look - I understand that the Heights is more expensive than elsewhere in Brooklyn, but if you are already across the river, why in god's name would you pay $3.45m for a CO-OP!?!? Especially one that is going to inevitably be run by the kind of no-life busybody senior citizens who would impose a 50% down payment requirement?

Please for the love of god - if you have that kind of cash - go a few blocks south or to Park Slope and by a full house of your own. No apartment in Brooklyn is worth that kind of money. (Frankly, I wouldn't pay that much for an apartment in Manhattan either, but that's why I bought my PS house five years ago....)

Posted by: guest at April 29, 2008 1:13 PM

not sure about the wall to wall, just very large ugly area carpets (perimeters show the wood floor peeping through). Btw, an EXCELLENT neighborhood, a nice apt. but 1:13 is right about the "senior citizens who would impose a 50% down payment requirement". Any young family should think twice about living in a fancy morgue.

Posted by: guest at April 29, 2008 1:21 PM

That's the best view in NYC.

People will pay it. You are an idiot if you think they won't. The same apartement in Manhattan would be double.

Not everyone wants a whole house. This will be sold to someone who has 3 other homes. I have a couple friends in this building and they have other residences in Aspen, Maine, Bermuda, Paris and upstate.

Oh and btw, one of the MAIN REASONS NYC has been so insulated from the housing downturn are BECAUSE OF CO-0PS!

No chance this baby is going into foreclosure with 50% down.

Knock co-ops all you want. They are a large reason your home is keeping its value so well when other areas of the U.S. are dropping 20% overnight.

Posted by: guest at April 29, 2008 1:21 PM

1:13 I totally disagree - first of all, it is very hard to find these beautiful pre-wars in brooklyn and the same kind of apartment in manhattan would be at lest twice the price. plus this location is much more convenient for anyone working downtown than upper east side or west side would be. Finally, many people don't like brownstones - I know a lot of people for whom a) a view is top priority and b) running up and down stairs is a dreaded prospect. And you KNOW there are no new condos in brooklyn that have this kind of lovely lay out.

Finally, there are also lots of people out there who would not consider any brooklyn neighb but brooklyn heights - park slope is simply not a consideration for them.

Posted by: guest at April 29, 2008 1:26 PM

TO DIE IN.

Posted by: guest at April 29, 2008 1:27 PM

"Finally, there are also lots of people out there who would not consider any brooklyn neighb but brooklyn heights - park slope is simply not a consideration for them."

Yes, but most people thank god are not as snobby as you are.

Posted by: guest at April 29, 2008 1:35 PM

re: wall to wall carpeting. it's likely that the carpets, which certainly appear temporary in nature, are there to satisfy a term of the co-op agreement, specifically that some portion of the floor must be carpeted to abate noise issues.

Posted by: guest at April 29, 2008 1:42 PM

the days of brooklyn not being attractive to manhattanites is over, 1:26.

the only people still adamently opposed to brooklyn are a certain set of upper east siders who think that the east village is like going into the depths of hell.

you are living in a really outdated version of nyc. most people are aware (whether they want to live there or not) that brooklyn has become the place where much of the interesting stuff is happening. if you are in the arts, brooklyn is IT.'

look at the brooklyn flea. i've never seen a group of more gorgeous people gathered in nyc at any one time.

Posted by: guest at April 29, 2008 1:43 PM

JUST FYI, 1:26.

I have a very close friend who is a broker who works primarily in Manhattan, but Brooklyn as well. She has said that time and time again in the past 3 years or so that one of the top three most sought after neighborhoods in NYC is Park Slope. And no, Brooklyn Heights was not one of the other two. Those were the West Village and Tribeca. Granted this is just one person's perspective, but she is good at her job, not slimy and rakes it in.

Posted by: guest at April 29, 2008 1:47 PM

1:42
Thank you, realtor, for your clear description of the flooring - again, this [term of the co-op agreement, specifically that some portion of the floor must be carpeted to abate noise issues] goes to the argument of who would want to deal with over-zealous old bigots on the board? Love Bhts, love the old apt. feel, but at what cost?

Posted by: guest at April 29, 2008 1:54 PM

"goes to the argument of who would want to deal with over-zealous old bigots on the board?"

You do realize that the 80% carpeted rule appplies to most rental buildings as well, right, 1:54??

Yeah, I didn't think so.

Ignorant, ignorant, ignorant.

Posted by: guest at April 29, 2008 1:56 PM

For God's sake - 1:43 - you are the one who is out of it if you think that there does not continue to be small but not insignificant swath of manhattanites who continue to think of brooklyn as a no-go zone. i grew up in this city, know a lot of people in the upper crusty world, and this is simply a reality. And frankly, those people go to all the downtown neighbs (you may have not noticed, but downtown is now MORE expensive than uptown) - they just don't want to live in brooklyn period. I am not one of those people, having lived in various neighbs in brooklyn for 10 years.

amd 1:26 I am not saying that the heights is popular with most people who are lookiing in brooklyn ( I wouldn't live there if you paid me) I am just saying there continues to be a minority of (wealthy) buyers who would not consider other brooklyn neighbs.

Jesus christ - brooklynites are so crazily defensive.

Posted by: guest at April 29, 2008 1:56 PM

brooklyn heights has too many cheapass towers. Not so in PS. Something got screwed up with BH zoning some time back. Its a crying shame.

Posted by: guest at April 29, 2008 1:57 PM

I grew up in that building and the old folks comments are very fair but it really is a mix of old people and young families.

Posted by: guest at April 29, 2008 1:57 PM

I like Park Slope and prefer houses to apartments. But, I'll make an exception for a classic four bedroom with views of the harbor. It doesn't get any better than that.

P.S. I lived in Brooklyn Heights fro 5 years. Have also lived in Park Slope, Carroll Gardens and Boerum Hill for extended periods. The Heights may be a little dull, but it's a great neighborhood. Beautiful architcecture, safe, small town feel, good subway service.

Posted by: guest at April 29, 2008 1:58 PM

Biff,

Does your neighborhood bear the huge brunt of critique and show up on gawker weekly about the goings on of people who are really just trying to raise a family and turn the issue into an elitist rage race war against yuppies?

No.

Park Slope takes it for the team 99% of the time. I think they have a right to stand up for their neighborhood when so much ill will, hate and falsehoods are spewed about it constantly.

Posted by: guest at April 29, 2008 1:59 PM

I have a friend who is a broker in Park Slope and she says that sales have slowed down considerably and would not buy in Park Slope for another 3-4 years minimum. She says its time has passed, but it was fun while it lasted.

Posted by: guest at April 29, 2008 2:00 PM

That "view" everyone is so keen on is fabulous - but it is from the SHARED BUILDING TERRACE, not the apartment itself. Judging from the apartment photos and the South-Facing comment in the listing, the view from the apartment itself is of... other Brooklyn Heights apartment buildings!

Posted by: guest at April 29, 2008 2:03 PM

1:47, not sure what your point is. Park Slope is higher up on the "sought after" list because it has more inventory and cheaper prices than Brooklyn Heights. But it's fact that people will pay more to live in BH than PS. Either way, who cares? This is a nice apartment and very desirable to certain rich people and I'm sure it will go at ask if not more.

Posted by: guest at April 29, 2008 2:04 PM

"I have a friend"

No, you don't.

Posted by: guest at April 29, 2008 2:04 PM

1:59 - but no one was criticizing park slope - I simply said some people who would look in the heights would not consider park slope - which is really the only other neighborhood where you could find a gorgeous pre-war apt like this one. this reasonable observation provoked a very defensive reaction from a sloper - hence their terrible reputation online.

Posted by: guest at April 29, 2008 2:06 PM

Park Slope is Brooklyn's whipping boy because it hurts so good.

Posted by: guest at April 29, 2008 2:07 PM

1:56 you've shown your age. I know of many many many families that are in co-op's that don't enforce that lame old-timer rule. You cover some of your rooms in rugs, sure, but 80%? You are, obviously, in favor of living in a rule enforced "Stepford-wives" bldg. Personally, I love being ignorant, happy and a good neighbor all at once. Try it sometime.

Posted by: guest at April 29, 2008 2:08 PM

so 2:00 wasn't criticizing? you took that statement as fact??

Posted by: guest at April 29, 2008 2:09 PM

Wait a minute here...

This is an anonymous blog. You don't think there might be some people on here who not only don't live in Park Slope, but know nothing about it??

You just assume everything you read on here as fact?

Part of the nature of these blogs these days is to rile people up it seems.

To say that Park Slopers have bad online form is ridiculous considering 99% of people here are anonymous.

Lots of agendas out there. You don't know a thing.

Posted by: guest at April 29, 2008 2:12 PM

It's nice to see that everything is back to normal on Brownstoner. Park Slope is taking it on the chin again and all is right with the world.

Posted by: guest at April 29, 2008 2:13 PM

2:09 - you really consider 2:00's comment a criticism? Whether or not it is fact (although I see no reason to doubt it) - if you took it as criticism you fall into the category of "defensive."

Posted by: guest at April 29, 2008 2:14 PM

"1:56 you've shown your age"

I'm 31.

And live in a rental building that requires 80% carpeted surfaces.

Posted by: guest at April 29, 2008 2:14 PM

I truely don't understand why EVERY thread about ANYTHING has to be hijacked by Park Slopers about why they are better than anyone else.

Posted by: guest at April 29, 2008 2:14 PM

I don't consider it as criticsm.

I consider it pathetic.

Posted by: guest at April 29, 2008 2:15 PM

this building as a VERY tough board. but it really is one of the best buildings in brooklyn.

and I know a couple families in here and there are plenty of young families. they are, for the most part, wall streeters who moved to BH when their 2nd child started at Packer/St Anns and they have a 3rd child in the wings. maybe not the most exciting people in the world, but people who make the world go 'round (I went to a dinner party not long ago in this building and michelle obama was there).

Posted by: guest at April 29, 2008 2:18 PM

Park Slope is the promised land and the savior of Brooklyn.

Posted by: guest at April 29, 2008 2:19 PM

2:14 - welcome to brownstoner.

Posted by: guest at April 29, 2008 2:19 PM

"I'm 31"

good for you. you win. you are young and have no thoughts of your own. can't wait till you buy and face a co-op board.

Posted by: guest at April 29, 2008 2:20 PM

"I'm 31"

good for you. you win. you are young and have no thoughts of your own. can't wait till you buy and face a co-op board.

Posted by: guest at April 29, 2008 2:20 PM

I went to a diner party in this building and fell asleep in my rabbit stew.

Posted by: guest at April 29, 2008 2:21 PM

Maybe because most of the people on this blog live in Park Slope (according to the bstoner survey) and anytime something relates to Park Slope, there are 20 times more comments than when any other neighborhood is mentioned.

And no, I don't mean the critiques and defensive stuff.

Park Slope sells. Just admit it.

Posted by: guest at April 29, 2008 2:22 PM

2:04 -- no, this apartment faces the Pierrepont plaground. may be a noise issue, and there may be some view but not much.

As an aside, the apartments on the upper floors with full views are offered (as sellers price) within the building before going on the market. It's in the bylaws and as such they are almost never on the market - don't think there's been one on the market for more than 15 years

Posted by: guest at April 29, 2008 2:24 PM

"you win."

thanks. i already knew that though. didn't need your permission.

don't be bitter cause you're old and were totally wrong.

like most everyone else here. i forgive you.

i don't need to own right now. my parents are loaded.

Posted by: guest at April 29, 2008 2:25 PM

2:25
just joining this blog now - you really should re-read your entry, we are talking real estate and brooklyn neighborhoods.

Posted by: guest at April 29, 2008 2:30 PM

what is "as sellers price"?

Posted by: guest at April 29, 2008 2:30 PM

"Sellers price" is the price that Peter Sellers would place it on the market for.

Posted by: guest at April 29, 2008 2:34 PM

"i don't need to own right now. my parents are loaded. "
I'm 35, not old, and wealthy because I've earned it, and own my place. grow-up.

Posted by: guest at April 29, 2008 2:34 PM

sellers price = any price the owner sets.

that's how it works in One Pierrepont. The city-view apartments have sold for a LOT of money.

Posted by: guest at April 29, 2008 2:37 PM

Can you two go duke it our on the douche bag forum please.

Posted by: guest at April 29, 2008 2:38 PM

Co-ops suck. Especially co-ops run by 90 year old Brooklyn Heights widows. Once you recover from the disgustingly invasive board approval process, you have granny next door complaining to the board every time you have a dinner party. And for that privilege you have to put up $1.7m? No thanks.

The NY real estate market is not being held aloft by co-ops: foreclosures were never going to be a material driver of a fall in prices in neighborhoods like Brooklyn Heights. Lack of demand due to a financial services meltdown, on the other hand...

Buy a house. It will hold value much more effectively, and you don't have to ask permission to customize. Views (esp of the playground next door) are overrated.

Posted by: guest at April 29, 2008 2:38 PM

anyonw who says "grow up" to another person is...well...not grown up.

Posted by: guest at April 29, 2008 2:39 PM

I don't understand. Isn't the price of every co-op set by the owner.

Posted by: guest at April 29, 2008 2:40 PM

I don't like cleaning up dog poop of or vomit the street or taking out the trash or shoveling my walk.

I have homes other places. I like having a co-op in NYC. I don't love having to pass a board, but that's paperwork and I'm used to that. But I do like other hopeful residents having to pass a board. That is worth it to me.

Posted by: guest at April 29, 2008 2:42 PM

"Actually, the opposite seems to be true: it's folks who love to bash the nabe who hijack unrelated threads to talk about how hateful Park Slope is."

I completely, 100% agree with you on this.

I wish it would stop.

Posted by: guest at April 29, 2008 2:48 PM

Quit your yappin' Park Sloper. You're nothing but a good for nothing Park Sloper. Go hop on your stroller and slide down a slope.

Posted by: guest at April 29, 2008 2:49 PM

"I don't like cleaning up dog poop of or vomit the street or taking out the trash or shoveling my walk."

Hire a maid and pay here extra to clean your stoop and the sidewalk immediately in front of your house. That's what I do. Doesn't cost much. And I don't need to hassle new residends because there are none - I own the whole friggin house.

I understand why people in the < $1m price range would buy a co-op, but I still think that anyone with $1.7 in cash lying around would be a total idiot to not buy a full house. But I guess that's just my opinion. All you millionair idiots out there, plese go ahead and buy at 1 Pierrepont. Birds of a feather and all that...

Just FYI - I split my time between my houses in NYC and LA so I really don't get why having a vacation house is relevant.

Posted by: guest at April 29, 2008 2:53 PM

That old timer board, and others like it, are keeping NYC from becoming forclosureland-unlike the rest of the nation. For once, I'm with the old timers!

Posted by: guest at April 29, 2008 2:55 PM

Using rough numbers, owning this place, after putting 1.7 down, would come to roughly 16k/month or 192K/year. (jumbo mortgage and maint.)

Posted by: guest at April 29, 2008 2:55 PM

I'm definitely liking the old timers. I live in a co-op. Love it. It's my 2nd one, and I plan to be here forever. Love my neighbors, love having a say what goes on, love being able to decide who will live practically on top of me (nature of nyc) and love the community spirit we all share to improve our building.

A lot better than some friends I now know who own condos around the city who say their buildings have turned into glorified dormitories. No ones take pride in the place, because they've become half filled with renters who don't care about the upkeep.

To each his/her own.

I am young, and love my co-op. There you go.

Posted by: guest at April 29, 2008 3:00 PM

After tax deductions, that's around 12k a month, 2:55.

Not bad for this amazing place.

Posted by: guest at April 29, 2008 3:02 PM

re; sellers price. It is just like every co-op.. Just saying, it's not governed by co-op or anything. The co-op bylaws only state if any of the higher floors front-facing units (with view) are sold, the current residents get first shot at them and are almost always snapped up even at very high prices.

Posted by: guest at April 29, 2008 3:04 PM

"I have a couple friends in this building and they have other residences in Aspen, Maine, Bermuda, Paris and upstate."

I want to be like these people when I grow up.

Posted by: guest at April 29, 2008 3:06 PM

"I want to be like these people when I grow up."

Then don't listen to people on here who say that it's better to rent.

Aren't gonna get there that way, that's for darn sure.

Posted by: guest at April 29, 2008 3:09 PM

A point that many don't understand:

MANY people no longer look at apartments like these or brownstones as investments. That's why the pricing scheme has gone so far out of whack. These are not homes for the middle class any longer.

These are LUXURY items that people WITH means can afford to buy. These are not people scraping up enough to buy a North Slope Brownstone. These are people who want these homes no matter what and don't care about price appreciation because they plan to own them for a lifetime.

It's like buying a 10 carat diamond ring, or a porche (horrible resale price compared to benz or bmw, but some people just want them). Same goes with a $1500 balenciaga purse or a $500 bottle of wine. These expensive homes have become disengaged from the pricing norms because people just want to own that at whatever the cost.

It might not be like that forever, but seeing as no more are being built, who's to say that they won't keep going up. Like a Picasso painting...some people view these as works of art. I know I do.

And better yet...you get to live in it and share many happy moments and memories with your loved ones.

Or not. Just enjoy life and be happy.

Posted by: guest at April 29, 2008 3:13 PM

"Quit your yappin' Park Sloper. You're nothing but a good for nothing Park Sloper. Go hop on your stroller and slide down a slope."

These are the first intelligent comments I've read on this blog all day.

Posted by: guest at April 29, 2008 3:14 PM

park slope -- can you show me how that was done here? how people used this thread to "attack" park slope?

Posted by: guest at April 29, 2008 3:15 PM

3:09 - you are a total moron. Whether it is better to rent or buy depends entirely on the state of the market and how much you can earn with cash that isn't sunk into a house.

Right now, with the right investment strategy, it is probably better to rent since renting is so much cheaper than buying in NYC. Even better if you can buy a vacation house in a market that has already hit bottom (or nearly - I highly reccomend Vermont) and take the tax deduction without tying up too much of your cash. New York prices may never come down far, but with the financial services industry in the toilet for the foreseeable future, prices of starter apartments here aren't going up any time soon.

FYI - I already own so don't give me that "bitter renter" BS.

Posted by: guest at April 29, 2008 3:19 PM

I'd love to live in this apartment, in this building, on this corner of brooklyn heights.

Sure, I like houses too. But are people so narrow-minded here that they can't look at that floorplan/that roof deck/that view and swoon? Honestly, you must live in a fragile little world if you can only understand why people buy what you bought and everything else is a mystery.

There is no mystery to me about this place. Gorgeous.

Posted by: guest at April 29, 2008 3:19 PM

"prices of starter apartments here aren't going up any time soon."

Is that so????

NYTIMES, April 2, 2008

"The median price for studios rose by 22 percent, to $490,000 from $401,000; and the median price for one-bedroom apartments grew by 12 percent, to $750,000 from $669,000, according to the Corcoran Group, a real estate brokerage firm."

Posted by: guest at April 29, 2008 3:25 PM

I actually heard that studios and 1 bedrooms were selling really well lately as some people were trying to downsize in preparation for harder times ahead.

My co-worker just sold her studio in the south slope for 120K more than she paid for it last year. She moved to a 1 bedroom in the North Slope.

Posted by: guest at April 29, 2008 3:28 PM

Do you people see this info at 3:25?? Do you see it??? Like letting it sink in? EVEN IF prices go down, they might go down what...20% or so??? That's how much they went up in just 2007 alone...A YEAR THAT EVERYONE SAID WAS TWO YEARS BEYOND THE TOP!!!!

That's how stupid you are. Most people here said 2005 was the top, as we have clear evidence that even in 2007, prices were going up in double digits. So if they fall back...they aren't falling back to 2001 prices. Or even 2003 prices. Maybe 2006 prices. Which is still a year AFTER most of you say was the top. It's really laughable how ignorant some of you are.

Posted by: guest at April 29, 2008 3:33 PM

sounds like your friend upsized, not downsized

Posted by: guest at April 29, 2008 3:34 PM

She did upsize. Just a different thought process on the two statements. Sorry, that was confusing. No, I forget...I read somewhere about the downsizing thing. Obviously easier for singles than those with kids...

Posted by: guest at April 29, 2008 3:36 PM

Yes, big exodus out of South Slope before the prices drop.

Posted by: guest at April 29, 2008 3:38 PM

sounds like even if they did drop, 3:38, they've already gone up quite a bit to cover the downturn. 120K on a studio in a year?
that's impressive. most homeowners in the south slope have seen their homes double in value in 5 years. i think they'll be ok to shave 20% off that if that's what the market does. it will recover in time as it always does.

Posted by: guest at April 29, 2008 3:40 PM

singles with no kids buying studios is not really the meat of the brooklyn brownstone market

Posted by: guest at April 29, 2008 3:41 PM

3:41, considering most studios in nyc are selling for DOUBLE the average HOME price in the united states, i don't think you can discount them so easily.

400K to sell off half a floor of a brownstone ain't too shabby.

Posted by: guest at April 29, 2008 3:43 PM

back to the topic: this is a 50% down building. you may very well have that sort of cash but I can tell you the board is fickle. if you did anything wrong to anyone in your past and they find out they don't care how much money you have, they don't want to disgrace the building. the super is an a**hole but the views are drop dead gorgeous. otherwise what sort of service do you get for that type of mntnc?

Posted by: guest at April 29, 2008 3:46 PM

3:33 - I'm not disputing the history of dramatic appreciation in NYC real estate(esp since I benefitted from it), but I don't invest with a rear view mirror either. That history of price increases is not really relevant to a prospective first time buyer's decision today.

For a typical young professional in New York, buying an apartment right now just doesn't make sense. First, renting is much cheaper, so they will have more spare cash to invest if they do not buy. Second, NY apartment prices are substantially at risk for falling or staying flat for the next 5 years or so. Third, it is demonstrably true in all markets that putting all of your money into one asset class is a loser's bet.

So if our hypothetical young professional cannot BOTH buy an apartment AND invest substantially in other assets (this is pretty likely, esp if we are talking about co-ops with a 20% down payment requirement), why should they buy now? I'm not saying don't ever buy, but it probably does make sense to hang back for a year or two and build up a larger, more diverse investment base. This both insulates them a bit from possible job issues but also will put them in a better buying position later on.

Posted by: guest at April 29, 2008 3:50 PM

There are so many crazies on this board today: e.g.

Park Slope sucks.

No, your neighborhood sucks.

Oh yeah? Well, strollers suck.

No, old people suck.

Not as much as young renters.

No, you suck because your parents don't support you.

No, you suck because you're new to this board.

Carpets suck.

Manhattan coops suck.

Brooklyn coops with carpeting suck...

Holy crap! What a group of whack jobs.

Posted by: guest at April 29, 2008 3:52 PM

zzzzzzzzzzz this thread managed to turn a perfectly good listing question into an obnoxious juvenile fight. you guys make me hate reading brownstoner and i like brownstoner. go away all you haters. just go away

Posted by: guest at April 29, 2008 4:00 PM

it has views of the pierrepont playground and the bay beyond that. see that bldg out the window in the photo? that's the brooklyn law dorm at the foot of pierrepont. it would have pretty decent views, but yes, seasonable. anyway, WE ALL GOT that their aren't straight-on views. we've been talking about how those apts rarely go on the market.

Posted by: guest at April 29, 2008 4:16 PM

Tax subsidy maxes out at about 25K: you can only deduct $1m mortgage, and anyone subject to AMT can't deduct real estate taxes. So this place costs you about $170k/year plus the opportunity cost on $1.7m.

Posted by: guest at April 29, 2008 4:18 PM

3:13 is right: no one in their right mind would buy this or any of the brownstones discussed recently as an investment. This is pure consumption.

When prices are double replacement costs, people find ways to create new supply -- DUMBO, new condos, rentals converted to one families, etc. Brooklyn Heights is probably three times the size it was 5 years ago.

And demand will drop as Wall St contracts and Manhattan funny money dries up.

Sooner or later, probably sooner, prices will return to normal equilibrium -- it'll be more expensive to rent than buy and building new stuff will cost more than buying old stuff.

Until then, buy in Brownstone Brooklyn because you love the house and want to spend the money. The money you give the seller and the bank and the coop board is gone and not coming back.

If you are trying to make money, sell your real estate, rent and invest the savings. Or buy somewhere where the prices have already collapsed down to rational levels.

Posted by: guest at April 29, 2008 4:25 PM

Thanks denton, I am 2:03 (and female)...

Posted by: guest at April 29, 2008 4:26 PM

The buyer of this place won't give a rat's you know what about a housing slump. You'd need $1.7 mil in liquid assets, plus the standard 2 years' maint/mort, plus whatever investments you might have. Your net worth, I'm guessing, is going to be well north of $5 million.

This is a killer layout in a great neighborhood. Yeah the board may be picky but if I was going to drop millions I'd expect nothing less.

Hopefully we can track this place and see what it sells for.

Posted by: guest at April 29, 2008 4:28 PM

Actually, going back to the actual apartment (views and carpeting aside) - how do they really swing 4 bedrooms in this place? Sticking the least-favorite children or unwanted guests in the maid's room and sitting room, which are connected to the stairwell and service elevator? Or converting the library into a bedroom? The room off the pantry shouldn't qualify as a decent bedroom either, not to those with a net worth of over $5 million.

That isn't such a killer layout, 4:28.

Then again, I don't have $5 mil, but I do have taste.

Posted by: guest at April 29, 2008 4:33 PM

people like this spend 90k to send their 3 children to st anns. plus drop another 25k in fundraising for the school. never mind the hamptons house, the fundraisers at 10k per, the plane.

honestly, you think 170k for housing is that big a deal for this population?

Posted by: guest at April 29, 2008 4:40 PM

No way this will sell for this price.

Posted by: guest at April 29, 2008 4:42 PM

The family I know who lives in this building has a net worth, I'm guessing more in the 20-25 million dollar range.

You people have NOOOO IDEAAAA...

Posted by: guest at April 29, 2008 4:45 PM

So we've learned that the people buying this particular apt. are of that strata of our society who are completely immune from the financial considerations that burden we mere plebes. Fine, but if true, why this place? Seems the case for the buyer's demographic has been way overstated b/c there are grander places available throughout the city where those who make the world go 'round could lay their precious heads. But it is fun to be lectured by anonymous blog commenters with tales of fantastic third party wealth the likes of which we people have no idea!

Posted by: guest at April 29, 2008 5:15 PM

Brooklyn Heights has, for many generations, attracted people of a distinguished and extremely wealthy class.

I worked in development for an arts organization in Brooklyn Heights for a time and all our major donors lived in the Heights. These people are loaded!!! I mean...like everyone who donated had a net worth above 10 million. They like it there. It's a nice place and a lot of it is family money.

We had more than 100 people who lived in the Heights who donated like 50K a year just to this one no name organzation and also donated to Carnegie Hall, Lincoln Center, etc.

You've got to be pretty wealthy to dish out money like that.

But I also noticed they were VERY smart with their money and did not spend it like the young new money types.

I think that is why they prefer these more "modest" apts to the 10 million dollar spreads at the Time Warner Center.

Posted by: guest at April 29, 2008 5:33 PM

Brown Harris has a weird policy about not showing pictures of bedrooms. I can't understand why.

Posted by: guest at April 29, 2008 7:52 PM

"according to the Corcoran Group"

Fox reports henhouse is secure.

Posted by: guest at April 29, 2008 8:44 PM

90 year old widow - please. Check out the picture of the library with the Fender Stratocaster!

Posted by: guest at April 29, 2008 10:25 PM

5:33 describes this building perfectly. Just do a google search and you'll see more than one resident who fits the bill.

Posted by: guest at April 29, 2008 10:36 PM

3.13, I told you the other day its porSche. Jeeze.

Posted by: guest at April 30, 2008 8:54 AM

people like this rent 100k houses in the Hamptons/Islands/Mountains (whereever they don't own). please, 175k a year is nothing.

it's ONE PIERREPONT. are people here that clueless?

(and yes, the board is crazy hard to get past.)

Posted by: guest at April 30, 2008 9:32 AM

condo = trailer park in the sky

Posted by: guest at April 30, 2008 10:33 AM

Its already in contract!

Posted by: guest at May 2, 2008 8:52 PM