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October 27, 2008

Co-op of the Day: 19 Grace Court, #3B

19-Grace-Court-1008.jpg
Chances are that buyers looking to drop two million bucks on a pre-war co-op with no elevator in Brooklyn Heights don't want the interiors to look like a new condo in the South Slope. Nor do they want to be staring at a brick. Such is the challenge with Apartment 3B at 19 Grace Court. The "Classic 7" is asking $1,999,000 now, down from $2,100,000 in July. Given the finishes and the fact that no board approval is required, we're guessing this is a sponsor job. Someone should start a support group for sponsors to explain to them that this kind of renovation just doesn't fly. Old moldings with 20 layers of old paint are far more fitting. Good luck with this one at more than $1,100 a foot. Looks like there are three other units on the market with a similar shtick.
19 Grace Court, Apt. 3B [Corcoran] GMAP P*Shark




Posted by Brownstoner at 12:39 PM | Comments (21)
Categories: Brooklyn Heights, Co-ops

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hah! nice try

Posted by: lowintheheights at October 27, 2008 12:54 PM

Oh man, that's a lot of space!

I could deal with the brick walls too and even the home depot -- maybe they went all out with a Home EXPO! -- renovation. But for two MILLION dollars? Nyet.

There's no elevator in this building? I'm surprised by that.


Posted by: Ringo at October 27, 2008 12:54 PM

I used to know someone who lived here. The building has an elevator and a live-in super but no doormen.
The apartments are very large. But the buildings is full of rent-control tenants who have lived there since the Truman Administration. Crusty, red-diaper, Brooklyn Heights geezers. It is not well-maintained as it is basically a rental building. It does have good bones. The asking price is ridiculous and no bank would make a loan on such a shaky co-op/rental building. If all three of these units are sold it could mean the place could begin to turn around. The geezers cannot live forever, although they do give one that impression.

Posted by: sam at October 27, 2008 12:55 PM

This ask would have benn silly even at the tippy top of the market.

Posted by: Boerum Hill at October 27, 2008 1:01 PM

If this were a normal co-op building the asking prices would be reasonable given the space, but it is not a normal co-op. None of the old residents bought their units. An idiotic decision given they are all rich, but it takes all kinds.

Posted by: sam at October 27, 2008 1:10 PM

In the one plus year I've been looking, this is officially the most absurdly overpriced place I have seen. And its also more evidence to me how Corcoran serioulsy seriously inflates prices.

Posted by: Delilah at October 27, 2008 1:12 PM

Why do people think they can do a renovation like this and it can fetch top dollar?????

And I'm not even going to get into the kitchen.
I can bet the bathrooms are blah also.

Posted by: bayridgegirl at October 27, 2008 1:30 PM

I really like the kitchen...guess I am the only one.

Posted by: AnneReal123 at October 27, 2008 2:13 PM

While this unit is far beyond my reach, I did look at #4D. Also no longer listed on streeteasy was I believe #4F, a 1-bedroom that was for sale at $400K. My thoughts...

4D is a very nice, quiet unit with views of the back garden. The bathroom is tastefully re-done and the kitchen is new, but the fridge and freezer are dorm-sized cubes, side-by-side below the microwave as there is no room for a full unit. The $549K asking price isn't absurd, it's about 650-700sq. ft, but I doubt it will move at that price. If it was listed for $100K less, I would've made an offer.

4F (or C? G? whatever it was) was about 400sq ft, which may even be a generious guess, though the broker claimed it to be 500 (no way!). The bedroom was about 7 feet wide by 9 feet long (barely enough space for a queen bed...and nothing else), and the way the kitchen was set up, there was basically no room for a living room, just a small dining room table. They were asking $399K, I'm not sure I would pay $250K for it.

The main downfall with the building is how poorly the interior is looked after. Doors have wretched red paint which is cracked, and looks like it has been painted over multiple times. The lobby looks old and dirty, it's not a welcoming place to come home to. If the renters leave and the managers did a proper job of renovating the interior I would consider buying, but in the meantime, it's not worth it to have a nice unit in an ugly building.

Posted by: fishermb at October 27, 2008 2:18 PM

Truly charmless from the pix.

Posted by: FatLenny at October 27, 2008 2:33 PM

I saw these at a recent openhouse, there are several units all with these renovations, i thought they were pretty well done and dont require any board approval. Corco has it listed at a lower price on the web. $1.8

Posted by: bulla12 at October 27, 2008 3:20 PM

I don't like this at all.. where is the old charm.. just blah

Posted by: scarter at October 27, 2008 4:02 PM

Agree about the finishes. Nice floorplan, though!

Posted by: Park Sloper at October 27, 2008 4:18 PM

Well at least asking prices are holdin up nicely.

Posted by: dittoburg at October 27, 2008 4:26 PM

may i ask why people dont like the kitchen? i think it looks nice....

Posted by: AnneReal123 at October 27, 2008 5:06 PM

The kitchen looks perfectly nice to me and so do the floorplans. The rooms are unfurnished, perhaps that makes some say they are "charmless". Actually this is an attractive building on one of the most picturesque blocks in Brooklyn Heights. The problem is that the sponsor controls the board and most of the units are occupied by long-time rent-control tenants. They include professors and doctors, so they are not lowlifes, this is the Heights, but they have the medieval renters' mentality and they refuse to buy their units and work with their neighbors to improve the building. If you can get a bargain here, this may me a great investment once more of the units turn over. You really can't beat the location or the layouts of the larger units.

Posted by: sam at October 27, 2008 5:44 PM

grace ct is the best block in brooklyn I saw this apartment it is really really nice the kitchen is spectacular it has 3 top of the line bathrooms and the maintanence is not bad

Posted by: neil at October 27, 2008 8:37 PM

I THINK ITS A GREAT INVESTMENT WHEN THIS MARKET TURNS IT WILL BE VERY VERY VALUBLE

Posted by: neil at October 27, 2008 8:40 PM

I wouldn't go that far Neil.
I think these units could be a good investment if purchased for prices commesurate with the risk that buyers are taking when purchasing in this fraught, neglected building. I would say half the asking price would be about right. Once the owners take control of the building, they will need to replace and modernize every stitch of the building's infrastructure, including the elevator, the wiring, the roof, the plumbing, the public hallways and lobby and the facade, which is a mess. So yes, it would be worth it but not priced as if it were a normal building.

Posted by: sam at October 27, 2008 8:58 PM

neil (aka Dances with Sockpuppets) - One word of advice for you: subtlety.

Posted by: SnarkSlope at October 27, 2008 9:19 PM

Corcoran evidently shaved another $100K off today. Lay-out actually looks quite nice, but yes, the photos seem very blah. The price is ridiculous, esp since maintenance is high.

Posted by: Miss Muffett at October 27, 2008 10:40 PM

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