Co-op of the Day: 345 Montgomery Street

Sorry Brownstoner, old news already.

Posted by: guest at July 2, 2008 1:01 PM

How is it old news if we've never seen it before?

Posted by: guest at July 2, 2008 1:36 PM

when buying a coop the 3 most important things are:

finances, finances, finances.

A large building like this is pretty impervious to shock unless a lot of the units are still owned by the sponsors and a lot of rent-controled and rent-regulated tenants still occupy the apartments. That is the worst situation because there is nothing you can do with them and they will not contribute to the well being of the building. The other thing to look for is the amount of debt the building is in and what the last local law facade inspection turned up.

Posted by: guest at July 2, 2008 1:38 PM

$248,999 overpriced.

Posted by: guest at July 2, 2008 1:47 PM

"I bet you could actually rent that apartment for the cost of the mortgage too, as long as the co-op allows it."

Perhaps, but if the co-op does allow it, it is probably not a co-op you want to buy into.

Posted by: guest at July 2, 2008 1:49 PM

Gorgeous lobby! I remember being a foster care caseworker in the early 90s and making home visits to this block. Never thought I'd see the day when apartments were selling for this price!

Posted by: guest at July 2, 2008 1:52 PM

the maintenance is 751...is that fair for an apt this size?

Posted by: guest at July 2, 2008 1:56 PM

The maintenance seems reasonable but in this neighborhood I would suspect that the regulated rents do not cover the maintenance of the unsold units. For instance someone could have a rent of $380 on a 2-bedroom unit that has a maintenance of $800 dollars a month. The owner of that unit has to make up the differnce out of his pocket. He cannot raise the rent or evict the tenant. That is not a good situation. And the rent will never catch up with the actual cost of maintainng the building and servicing the debt. If there are two or three such units then there is nothing to worry about however if there are twenty or thirty such units, the corporation will probably go under sooner or later.

Posted by: guest at July 2, 2008 3:01 PM

First floor=no deal. . . bad light, loud street noise, security issues.

Posted by: guest at July 2, 2008 3:55 PM

The one for 370k was three bedrooms on a higher floor. I think this will go in the low 200s, depending on the condition of the interior and placement of the apartment (front versus back).

Posted by: guest at July 2, 2008 4:45 PM

It's a skeezy block. I saw this place advertised on the Times website and drove by a few weeks ago to take a look.

From the outside, the entrance is not impressive at all and the building is much smaller than you would think.

Also, the next-door neighbors are scary looking houses. One across the street is boarded up. If you drive down to the next intersection, there are drug-dealer type of characters walking around, even in the daytime.

Not for me. Take care anyone who moves in around there.

Posted by: guest at July 2, 2008 4:48 PM

Dreary with a capital D.

Posted by: guest at July 2, 2008 5:36 PM

I grew up at 346 Montgomery Street in the 1950's. It was a great block then. Ida, across the street who owned the candy shop would give me a coke and a stick pretzel for 7 cents. I went to PS 161 three blocks away and would come home for lunch but not before I picked a half of loaf of bread and a roll (for my dad's next day lunch) for 22 cents. We used to play stick ball on outside.
I'm glad to see this part of Brooklyn coming up. The buildings are great. Crown Heights needs more individual ownership.

Posted by: guest at July 2, 2008 5:55 PM

According to Streeteasy there are 5 units in this building on the market right now. Four of those five have had at least one price chop. At least a couple of them have been on the market since late last year. Seems like the price is going to have to fall a bit further.

And as 1:38 so wisely and succinctly pointed out: "when buying a coop the 3 most important things are: finances, finances, finances."

Posted by: guest at July 2, 2008 6:05 PM

I own a 1 bedroom co-op apartment, with an eat-in kitchen (& plenty of sun light) in Crown Heights, in a better building (no rent control & most apt. are owned), and safer area, but I still think $249,000 is high for a 2 bedroom. Thinking -if someone has interest- that for my 1 Bedroom, a price in the ball park $165,000 give or take $15,000 is fair.
Just MY/NY opinion

Posted by: guest at July 2, 2008 6:09 PM

ok, sorry to be a totally uninformed here, but i am new to the idea of the brooklyn/nyc co-op scene...have just started perusing. can anyone suggest to me where i can find out more info/reference links/previous threads in terms of what i should be thinking about, looking for, why, etc...for example some above mentioned "finances, finances, finances"..., "sponsor ownership" etc...just want to know how these things work and might impact a possible buyer...thank you SO much for your patience and replies!

Posted by: guest at July 8, 2008 5:09 AM

5:09 if your interested in a co-op & info about it you can contact me, reply to this post and I'll give you my email.

Posted by: guest at July 8, 2008 5:55 PM

hey that would be great, i just don't want you to have to broadcast your email, so not sure how the best way to go about this is...

Posted by: guest at July 9, 2008 11:57 AM