Co-op of the Day: 101 Lafayette Avenue

I looked at quite a few studios in this building 2 years ago...great big spaces, and the windows are lovely, although they are problematic for putting in a window a/c.

In the summer of 2006, studios (which are quite large here) were selling for around 259-279K. I think I saw a few listed recently for around 330K or so.

With that being said, I think a 1 bedroom at 619K is high. I think the studios are around 500 sf so I would not pay double for only 300 more square feet (and I believe 800 is overestimating a bit).

It is a lovely building though and great location. I found the lobby and hallways shabby, but I believe they were updating those or going to.

I ended up in Park Slope, but this building was a close 2nd...

Posted by: guest at June 17, 2008 1:26 PM

I love that building. I believe it was a hotel at one point. No two bedrooms though...

Posted by: guest at June 17, 2008 1:36 PM

love love love but agree that this price is too high. more like $569k.

Posted by: guest at June 17, 2008 1:42 PM

Never going to get that much. I mean take one look at the NY Times Real Estate section and you're seeing two bedrooms in Brooklyn Heights listing for around the $700,000 mark or less. And in Brooklyn Heights, you're close to more subway lines depending on the block of course.

They staged it nicely, but had they done some searches for comps, they would have seen that they're definitely over priced.

Posted by: guest at June 17, 2008 1:47 PM

the entrance and common areas have the look and feel of a halfway house...but the actual apts are nice. still, it's chopity-chop-chop time.

Posted by: guest at June 17, 2008 1:50 PM

The maintenance costs in this building have really been shooting up lately. Those studios had maint charges of around $300 per month 3 years ago and are up to around $550 and the 1 bedrooms used to be around $550 and now look to be more like $850. That's a lot considering how outdated the common areas still are.

Lovely apartment though. Looks really great. You can get a 2 bedroom for this price though, if you look hard...

I'm a little concerned about AY on this one though. And I'm pro-AY. The study they did shows this apartment house having many of its south facing views squashed, which means it will sit in a shadow for much of the day from "Ms. Brooklyn" or whatever the hell they are calling it now...

Posted by: guest at June 17, 2008 1:55 PM

This is a lovely unit, but the original windows mean high heating costs, drafts, etc...

Posted by: guest at June 17, 2008 2:24 PM

I used to live in the building and yes maintenance charges do go up there from time to time. Does anyone know what happened to the lobby renovation that has been a decade in the works? I would have loved to live in one of the one bedrooms but agree that $589k would be more reasonable. This is the only building of its kind in the neighborhood and will always be able to ask more per square foot, that said there are a lot of investor/renters/rent stabilized units and no board meetings have held a quorum in years.

Posted by: guest at June 17, 2008 2:31 PM

I was told the lobby renovation was happening imminently when I looked at the place two years ago. I'd be nervous if it still hasn't started and those maintenance charges are that high.

The lobby and hallways are REALLY gross...

Posted by: guest at June 17, 2008 2:43 PM

I live in this building. The maintenence charges have been raised recently, but there's also a huge difference in charges between the lower and the higher floors.

Posted by: guest at June 17, 2008 2:46 PM

I live in this building. The maintenence charges have been raised recently, but there's also a huge difference in charges between the lower and the higher floors.

Posted by: guest at June 17, 2008 2:46 PM

In terms of subway access, I'd rate this location a solid A.

Not better than Brooklyn Heights. No way.

Posted by: guest at June 17, 2008 2:52 PM

The comment about high heating costs is actually not true. As a long-time 101 resident/board member and building engineer, i know that the building has relatively low heat-loss because of its thick wall construction and thermal massing. (in fact, residents complain of too-hot conditions in the winter if anything). The windows are not perfect, and there are drafts if they aren't sealed properly. But it's well worth the beauty of the restored original windows.

Posted by: guest at June 17, 2008 3:02 PM

Don't think you're going to do much better for a big 1 br, provided this is restored. If the walls are skim coated and the woodwork is still sharp, I'd say this will fetch 599k. if its shabbier or smaller than it looks, try 575. Don't think this is a crazy ask, though.

BTW, this is the same price we listed our slightly smaller (750sf) 1br on the UWS in Jan 07. We got over ask but we had restored our place. An identical unit on a higher floor got 589. Nearly the same maintenance.

UWS in 2007=Ft. Greene in 2008? Just asking.

Posted by: guest at June 17, 2008 4:07 PM

There are currently 7 units in contract in this building, with an average price of $572/sf.

This place is asking for $773.75/sf.

The comps have spoken.

Posted by: guest at June 17, 2008 5:17 PM

This is my apartment. Thanks for all the comments. Just thought I'd chime in and say we got 2 appraisals for our place. The $619K is somewhere in between but way lower than the higher appraisal. As far as the $/sf, 6 of the 7 other units in contract in the building are on the ground floor and don't have our view. The walls are indeed skimmed and the wood work is still gorgeous. I think $619 is actually not a crazy price for the size, location, view and finishes. I hope not anyway.

Posted by: guest at June 17, 2008 10:45 PM

Exactly. The place is nice, but the price is ridiculous. I remember when the prices for 1-bedrooms here were just slightly higher than the 1-bedrooms in the Clinton Hill Co-ops. You can get a 1 bedroom in the Clinton Hill Coops for between $350,000-$380,000, so this price just seems silly to me.

Posted by: guest at June 18, 2008 3:52 AM

Your view ain't worth another 200/sf, sorry.

Posted by: guest at June 18, 2008 11:55 PM

As a neighbor of 101 for many years, "I've become accustomed to" its
facade with those exactly right casement windows, enjoying
the view.
And, as a member of the LandUse Committee of our area's Community
Board, I am keenly aware of the role windows play. Think about it.
What do you see the most of on the majority of buildings? Windows!
They have a tremendous impact on the appearance and appeal of a
building. An orderly, appropriate pattern of such openings provides
a look of stability and calm -- adding value to the property and
enhancing the surrrounding neighborhood.

Keep the casement windows (and they can certainly be efficient and cost
effective). It's the smart -- and the handsome -- way to go.
They are central to the character and uniqueness of the Griffin.

Posted by: guest at June 19, 2008 5:58 PM