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September 5, 2008

Co-op of the Day: 422 State Street, #20

422-State-Street-0908.jpg
This two-bedroom, one-and-a-half-bath FSBO looks like a nice apartment for a couple with one small child. The apartment's not particularly big (about 700 square feet by our guesstimate) but the space is laid out well and it looks like the current occupants created some efficient built-ins. For the size, the maintenance of $860 a month looks a little pricey for a non-doorman building, but there is a small common roof deck thrown into the bargain. What do you think of the $550,000 asking price?
422 State Street [FSBO] GMAP P*Shark




Posted by Brownstoner at 12:31 PM | Comments (23)
Categories: Boerum Hill, Co-ops

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Comments

Looks like a very reasonable deal. Priced to sell. I priced my similarly sized two bedroom co-op in this ballpark and it sold quickly so I would imagine that these folks will get their ask without too much trouble.

Posted by: wasder at September 5, 2008 12:50 PM

i like it -- small but efficient. reasonably nice block, too. price seems a little on the high end given the maintenance, but i wouldn't be surprised if it sells for ask.

Posted by: z at September 5, 2008 12:54 PM

What would a place like this cost to rent?

Posted by: the chicken at September 5, 2008 1:31 PM

Decent looking place, both inside and the deck area. I like the layout and the way they've fixed it up, too. It's a little on the "wrong" part of State St, in my opinion (further from Target = better), but nonetheless, a decent location.
I think it's priced well, even considering the high maint.

Posted by: broadwayron at September 5, 2008 1:35 PM

Nice looking place. Also, good job with the FSBO listing -- it seems very thorough.

Although on the floor plan, the appliances look very very tiny.

Posted by: mothra at September 5, 2008 1:42 PM

I like this apartment a lot. Not the most ideal nabe, but close enough to everything in bk. If this can be bought for under asking, would seem like a steal. Given its proximity to the Nevins st subway, im guessing this would go for between 2500-2700 as a rental.

Posted by: bktycoon at September 5, 2008 2:14 PM

I just moved to that part of State street so naturally I disagree that it's the "wrong" part.

It's beautiful, quiet, and it's walking distance to Smith st., Fort Greene, and 5th ave. shops and restaurants. Not to mention the convenience of all the subways that stop at Nevins and Atlantic/Pacific stations.

Posted by: pickleBot3000 at September 5, 2008 2:26 PM

The appliances look so small because the floorplan as a whole is grossly out of scale. Small living area in actuality.

Posted by: ppw_girlz at September 5, 2008 2:37 PM

That actually looks like less than 700 sf. But they've maximized it nicely. And it is an excellent location. Maint. seems high, though. I bet it has a tiny bathroom. I'm sort of nitpicking on this place b/c to me it's an argument for going a few subway stops east and getting a larger 2 br.

Posted by: Bolder at September 5, 2008 2:53 PM

Is it a walk-up?

Posted by: Heather at September 5, 2008 2:59 PM

At 700sf this place is the size of a average 1 bedroom, and the $785 price is more than the average price per sq foot of the Ore or Toren.

Strickly by numbers this place is overpriced by at least 20%-25%. But from the pictures it does look charming and there are not many 2 bedrooms (however tiny) at this price point in the area. So my quess is it will sell close to ask.

Posted by: kdabrowski at September 5, 2008 3:16 PM

Dear Heather;
Per Ad-
"Boerum Hill / Downtown Brooklyn Coop

2 bedrooms, 1.5 bathroom apartment on top floor of ELEVATOR building. 12-foot ceilings - Southern and Western exposures."

Only if you insist and need the exercise.

Posted by: Petebklyn at September 5, 2008 3:34 PM

"overpriced by at least 20%-25%" - kdabrowski

I completely disagree. 25% off of asking would be $413K. I've been looking for months and I have not seen anything resembling a renovated 2 BR with 1.5 bathrooms for 413K in this area of Brooklyn.

Also 700 SF is not an "average-sized 1BR". Out of hundreds of listings I've looked at, I've seen very few that size in this part of brooklyn, unless you go over 500K.

I think this is a very fair price based on my research over the past 4-5 months.

Posted by: squaredrive at September 5, 2008 4:14 PM

The Pacific street building had a similarly-sized 2 bedroom for 450K, I think? A few months back. That was a walk-up, and less nicely renovated... that was why I was wondering, from the outside, the buildings look pretty similar.

Posted by: Heather at September 5, 2008 7:00 PM

We also live on the "wrong" part of State Street, even "wronger," pretty much "wrongest" hanging out on Flatbush--and it's very right for us, too.

Posted by: btwprd at September 5, 2008 7:29 PM

Holy Jesus on a stick is that place tiny.

Posted by: Xander Crews at September 5, 2008 8:23 PM

I live in the building and the apartment is quite large, the sq footage seems a bit off I think it's bigger. The building's mechanicals are all updated, including new intercom system. Our reserve is probably the largest you'll find in this neighborhood and many of the surrounding neighborhoods. Which means if there's ever a problem your maintenance will not go up because the money will always be available in the reserve. The architect they used to update the apt (pretty recently) did a wonderful job. The lobby and the hallways were also recently updated, so were the washers and dryers. New flooring is currently being installed in the hallways and stairs too. Everyone in the building knows each other and we all get along. I'd say we all know about 90% of our block's neighbors, which really helps have a sense of community. We are 100% owner occupied, unlike the place on Pacific street, which many a sumer day you will find a sidewalk bbq happening with loud music. Our building is a really quiet building.And you can't beat the location we are near every train line, A,C,2,3,4,5,Q,N,R,B,D,M, and the LIRR. And I agree with squaredrive it's reasonably priced for the size and neighborhood. And to answer the rental question, a 2 bedroom on this block goes for $2300-$2600. And that's without the use of outdoor space, we have roofdeck. And yes it will sell for asking.

Posted by: plasticlove at September 6, 2008 3:54 PM

Just for the sake of argument, if that place is actually 700 sf, and the ppsf is really $785/sf, it would be selling for more than a much larger (recently listed) 2br in the same building at $731/sf.

http://www.streeteasy.com/nyc/sale/346359-coop-422-state-street-downtown-brooklyn-brooklyn

Maybe there's some other spectacular point about the FSBO place that I am missing, but I for one would rather continue saving my pennies and buy the actual 2br, over what seems to be a 1br converted to 2 at the expense of living space.

Posted by: evnyc at September 7, 2008 9:35 PM

You're more likely to get accurate age and waist size of a broker than sq footage of their units for sale.

Posted by: iddelz at September 8, 2008 10:18 AM

this is a super smart reno- would love to know the name of the architect.

Posted by: gkw at September 8, 2008 10:35 AM

iddelz, true, and it's a cute place for sure. But I would still favor the larger 2br.

Posted by: evnyc at September 8, 2008 12:10 PM

the architect is andrew wilkinson (www.wilkinsonArchitects.com)

Posted by: hsj at September 8, 2008 1:10 PM


This would be a great place for a couple just starting out, but its still kind of small. The triple use room isnt a great selling point in my book. It looks great, but after a few months of living your realize your doing everything in one room.

Posted by: DizzyNYC at September 8, 2008 1:42 PM

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