Co-op of the Day: 60 Pierrepont, #3

This 2-bedroom, 1-bath FSBO listing at 60 Pierrepont Street in Brooklyn Heights has a nice feel to it. While we could do without the baseboard heaters, the third-floor apartment has a good layout (nice separation of sleeping and living quarters), attractive architectural details and a lovely 400-square-foot terrace. The monthly maintenance of $1,114 seems a little rough for a walk-up building with no doorman given that the apartment itself has only 1,000 square feet. That said, with the terrace thrown in, we suspect there will be interest at or near the asking price of $865,000.
60 Pierrepont Street, #3 [FSBO/NYT] GMAP P*Shark

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I like this place. Not sure if they'll get asking but certainly close. This is at least an $800,000 apartment.

Posted by: lowintheheights at September 9, 2008 1:19 PM

like I was saying, sweet place, but that maintenance

Posted by: dittoburg at September 9, 2008 1:19 PM

Speaking of monthly maintenance fees, check out this listing in prospect heights. It's a modern condo with nice features, and maintenance is only $361/month.

http://www.corcoran.com/property/listing.aspx?Listingid=1367297&Region=NYC

Dean Street, between Vanderbilt and Underhill Avenues, in Prospect Heights.

Posted by: crownheightster at September 9, 2008 1:21 PM

It is a nice apartment. but I have to agree that the maintenance is high, considering no doorman, or any special amenities.

Posted by: bkheightscoop at September 9, 2008 1:27 PM

Yeah, I don't get how they can get away with that kind of maintenance. Makes me wonder about the financial solidity of the building itself. Big maintenance usually means big debt. Looks like a nice apt and all but the monthly nut to live there is pretty hellacious unless you buy it outright, which I guess plenty of Manhattan buyers could.

Posted by: wasder at September 9, 2008 1:31 PM

This may sound naive... but what is the building possibly doing with all of that $$$? That's some serious cash. I mean, over $13k just from this one unit. That should cover the oil bill and the lights in the hallway, that's for sure!

Posted by: tybur6 at September 9, 2008 1:43 PM

I think that it means that someone bought the house, it cooped it and is letting the new owners (possibly his neighbors) pay his original mortgage after he made a mint selling the rest of the building.

Posted by: BH76 at September 9, 2008 1:54 PM

It's a pretty high maintenance, but I wouldn't be surprised if they're paying more for the deck. The other units may be paying less. If that's the case, it's not out of line. There could be a virtual doorman or other features. We pay about $1 psf for 1,300 sf in a walkup co-op. Heating oil has killed us in the past few years.

I'd love to see the kitchen, but given that there's a fireplace and W/D, plus that killer deck, this place is pretty sweet.

Posted by: Bolder at September 9, 2008 2:21 PM

What could the fuel costs honestly be for this place... let's say there are two other units (is it a 3-unit place?) and they pay even quite a bit less... $32k per year?

($1114 x 12 x 3 x 80%)

What could cost $32k per year?

Bolder, you pay too much too. :-)

Posted by: tybur6 at September 9, 2008 2:31 PM

Kitchen looks small on the floorplan, and presumably not great, because otherwise they'd show it instead of that weird bathroom shot.

The price seems high for only 1 bathroom. They should be hoping for a pied-a-terre buyer who is indifferent to the high maintenance, small kitchen and lack of bathroom space but is attracted to the terrace.

I say they get $849K in cash.

Posted by: NorthHeights at September 9, 2008 2:34 PM

I see people writing comments on here all the time about how expensive the maintence costs are on small buildings, but as someone who lives in a small self managed coop with only a small amount of debt I think these costs are ussually in line. Fuel costs are high but there are other costs too for example general maintence costs (plumbing/boiler issues and maintence, exterminator costs, and of course taxes to name a few). When we bought our place the going rule was as close to $1/per square foot as possible and with costs going up. If this place is 1000 square feet this seems reasonable. The alternative is paying lower maintence and getting an assessment EVERYTIME you have to do anything for the building.

Posted by: no name at September 9, 2008 2:55 PM

What's wrong with baseboard heaters?

Posted by: Make My Heights the P Heights at September 9, 2008 3:03 PM

A big chunk of the maintenance goes to NYC real estate taxes. Small building coops got the shaft the last time the city reassessed RE taxes. There were articles in the NYT and other places about this. The city put small coops in the wrong rate cell. They know it but won't correct it. This affects the Heights, Park Slope and the Village. I just sold my brownstone coop because of this. About $5,000 a year of my maintenance was going to taxes.

Posted by: giovannina at September 9, 2008 3:36 PM

Posted by: giovannina at September 9, 2008 3:39 PM

Crownheigthster-
the fire house condo- covered a lot here -I guess some one finally decided to move out. Nicely renovated building, but the roof deck is not huge. Decent size, but not "huge"
I am glad the first floor people put up the fence.

Posted by: brooklynjennie at September 9, 2008 3:56 PM

Are you kidding me? How can this apartment contain 1,000 square feet? Square feet are a measurement of reality if not of realty. This is a very tight, small apartment, 600 sq ft max. The second bedroom is like a walk-in closet.
The unit is grossly overpriced and the maintenance is ridiculous for a chopped-up single-family house without a doorman or a live-in super.
Sorry,
I am a booster of Brooklyn Heights but this is not a good deal.

Posted by: sam at September 9, 2008 7:39 PM

« Last Week's Biggest Sales House of the Day: 293 Prospect Place »

September 9, 2008

Co-op of the Day: 60 Pierrepont, #3

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