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October 29, 2008
Co-op of the Day: 70 Remsen Street
Here's a nice meat-and-potatoes prewar listing in Brooklyn Heights that should hit the sweet spot of many apartment hunters. Wall color aside, this two-bedroom, two-bath place at 70 Remsen Street has nice prewar bones, a new kitchen and a more open layout than you'd expect to find. And obviously the 103-unit building is a charmer. The asking price of $865,000 also seems reasonable for a 1,060-square-foot pad in this part of town.
70 Remsen Street [Douglas Elliman] GMAP P*Shark
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Comments
Is it just me, or does it look like there's no door to the second bath?
Otherwise looks like a very pretty place. I'd probably repaint, though. Yellow isn't doing it for me.
Posted by: cwbuecheler at October 29, 2008 12:48 PM
I looked at an ultimately disappointing studio at 70 Remsen (too small) but can testify that this building is the real deal. The lobby, with its detailed dark woodwork, takes you to another time. And it's just a short block from both the promenade and Montague Street.
P.S. I'm actually a fan of the yellow.
Posted by: alsawo at October 29, 2008 12:53 PM
I looked at an ultimately disappointing studio at 70 Remsen (too small) but can testify that this building is the real deal. The lobby, with its detailed dark woodwork, takes you to another time. And it's just a short block from both the promenade and Montague Street.
P.S. I'm actually a fan of the yellow.
Posted by: alsawo at October 29, 2008 12:53 PM
I looked at an ultimately disappointing studio at 70 Remsen (too small) but can testify that this building is the real deal. The lobby, with its detailed dark woodwork, takes you to another time. And it's just a short block from both the promenade and Montague Street.
P.S. I'm actually a fan of the yellow.
Posted by: alsawo at October 29, 2008 12:53 PM
the building and location is nice, but the maintenance is high
Posted by: Ringo at October 29, 2008 12:56 PM
Nice pad. Finally, enough closets for all my skeletons. I was loving this place until I saw the $1,655 maintenance.
Posted by: SnarkSlope at October 29, 2008 12:58 PM
must be on a low floor. and the maintenance is a killer.
i'd offer $800K.
Posted by: herenow at October 29, 2008 12:58 PM
The maintenance is double what I'd expect (or ever want to) pay for the size of the apartment. I do have a friend who bought in this building. It is very beautiful, just no good on the common charges.
Posted by: 7foundry at October 29, 2008 1:02 PM
If you bought this, you would be just a couple of doors away from today's 10.8 million mansion. The neighbors seem nice.
Posted by: sam at October 29, 2008 1:06 PM
You can sit by the window and look out onto Grace Alley and watch the owner of the most expensive house in BroHi pull their Bugatti in and out of the Carraige House.
Posted by: bayridgegirl at October 29, 2008 1:09 PM
WoW they are really going for the gold with those colors. Love that building.
Posted by: gkw at October 29, 2008 1:15 PM
looks lovely but i'm going to venture to say that it is two apartments combined...hence the high mnt. to my knowledge, this building was originally studios (and MAYBE one bedrooms) because I believe it was a hotel at one time.
Posted by: justme at October 29, 2008 1:23 PM
justme - I think you are right. Years ago (last bubble) people were buying ajoining studios to combine there. There may also have been an issue with plumbing -- not sure if you coudl have a d/w then...
Posted by: BH76 at October 29, 2008 1:27 PM
fwiw, this is one of the hardest colors to paint over
Posted by: altervoce at October 29, 2008 1:28 PM
fwiw, this is one of the hardest colors to look at
Posted by: Biff Champion at October 29, 2008 1:44 PM
it seems that most BH buildings have much higher maintenance than other areas i've looked in. and not b/c of things like doormen or anything like that (at least not all). is it just that these buildings are in such bad (or i should say not great) financial shape or am i missing something? it seems more on the level of an upper east side apt.
Posted by: RobertMosesJr at October 29, 2008 2:03 PM
It's the rarefied air they have to pump through the buildings.
Posted by: dittoburg at October 29, 2008 2:11 PM
Robert, true enough. I know of 4 different bldg's very close to this listing, that have high maintenance due to repairs, new elevators (or drums), etc. There is even a bldg on the corner of Pierrepont and Henry that has been doing exhaustive repairs for over a year, not only did their maint. increase, but their assessment for the work was ridiculous!
Posted by: promenade at October 29, 2008 2:12 PM
Maintenace in many of the BH-area buildings is higher than one might expect because 1) they are relaticvely small -- not that many units to spread the cost of staff over, 2) they are staffed -- 24/7 security/doormen, live-in supers and porters, 3) they were co-oped back in the last bubble with bad underlying mortgages (double-digit, maybe neg amort) and so have had to build solid financials while doing all the capital expenditures that keep these charming older building habitable and attarctive to live in. And the real estate taxes are significant. Wait till all those abatements run out!
Posted by: BH76 at October 29, 2008 2:20 PM
Maintenace in many of the BH-area buildings is higher than one might expect because 1) they are relaticvely small -- not that many units to spread the cost of staff over, 2) they are staffed -- 24/7 security/doormen, live-in supers and porters, 3) they were co-oped back in the last bubble with bad underlying mortgages (double-digit, maybe neg amort) and so have had to build solid financials while doing all the capital expenditures that keep these charming older building habitable and attarctive to live in. And the real estate taxes are significant. Wait till all those abatements run out!
Posted by: BH76 at October 29, 2008 2:20 PM
Love the yellow! You guys are boring. . .
Posted by: ontheparkway at October 29, 2008 2:28 PM
like others, i see 2 drawbacks: high maint (anything over $1.25 psf for full-service is too much unless you're on Park Ave.), and what appears to be the ground floor. that's somewhat of a plus if you have kids/stroller, however.
Thinking this will sell, though, at close to ask. That's a great area if you're looking for peace and quiet and a negligible commute. And it has 8 closets, including a walk-in.
I, like others, would also break out the brushes and rollers...
Posted by: Bolder at October 29, 2008 2:34 PM
I like the yellow but let's keep it in one room only. Bad taste in those oak kitchen cabinets and that wimpy colored granite on the island.
Posted by: daveinbedstuy at October 29, 2008 2:35 PM
You'd think in an older classic building like this one, a 2BR would be more than 1000 sft. I agree, maybe combined from other apts.
Posted by: denton at October 29, 2008 2:38 PM
I like yellow but a lighter, softer yellow than this. These walls look like they should have the word French's in white on a red flag all over them. What about the home office? It looks teensy; not much bigger than the walk-in closet.
Posted by: Biff Champion at October 29, 2008 2:41 PM
BH&6 - don't forget the footmen salaries.
Posted by: dittoburg at October 29, 2008 2:42 PM
yellow aside, this place just seem awkward, maybe it is all the closed blinds in every room - what are they hiding?
Posted by: promenade at October 29, 2008 2:43 PM
Is there a floor butler?? I always liked that at the Dusit Thani Hotel.
Posted by: daveinbedstuy at October 29, 2008 2:44 PM
Dave, I've stayed at the Dusit Thani and it's indeed beautiful. It's a shame I don't get to Bangkok as often as I'd like.
Posted by: Biff Champion at October 29, 2008 2:48 PM
I would have to recommend The Sukhothai over any other hotel in Bangkok. Since it opened in 1991 or thereabouts its the only place I'll stay. Five star and no hassle over "guests."
Posted by: daveinbedstuy at October 29, 2008 2:52 PM
Even the nicest hotels in Phuket can be a hassle with "guests". Of course this is just what I hear.
Do you get to Sukhothai/Bangkok often? (If that's not a setup line, I just don't know what is)
Posted by: Biff Champion at October 29, 2008 2:58 PM
DIBS how often do you get to bangkok?
Posted by: dittoburg at October 29, 2008 2:59 PM
damn, beat me
Posted by: dittoburg at October 29, 2008 2:59 PM
It's a first, ditto. I'm usually the slow one.
Posted by: Biff Champion at October 29, 2008 3:01 PM
I usually get there once a year now. But in the past I've gone far more often. If I were to count my immigration stamps on my passports I'm sure they'd add up to over 70!!
There are oftentimes issues with many hotels on "guests." Each one is different and each one has different ways around it that usually involve a few hundred baht. Current exchange rate is 34B/USD. The way it worked at the Dusit Thani for example was if you pay for a room on the "club floors" you never got hassled!!!
As far as the other questions I'll leave that to your imaginations.
Posted by: daveinbedstuy at October 29, 2008 3:08 PM
The exchange rate when I was there was 40B/USD. Still seems pretty good. I remember getting one of the fanciest and best meals I ever had for less than $20US. (Of course this is in a country where you can get a delicious bowl of fish ball soup for less than 50 cents). I gave an extra $10 or so and they practically kissed my feet as I was leaving.
Posted by: Biff Champion at October 29, 2008 3:13 PM
The "off" fee at the bars runs between 100-200 Baht.
The Sukhothai Hotel has arguably the best Thai restaurant in Bangkok; not only ambiance but food quality...and yes, very inexpensive.
Posted by: daveinbedstuy at October 29, 2008 3:16 PM
you guys done yet?
Posted by: promenade at October 29, 2008 3:17 PM
Biff...did you just out yourself with your 2:48 post? It could be a big controversy!!!
Posted by: bayridgegirl at October 29, 2008 3:18 PM
Probably done with the Co-op of The Day.
Posted by: daveinbedstuy at October 29, 2008 3:20 PM
BRG, touche! But alas, I meant it in the literal sense. I love the country and the people. And the language is beautiful, as are the women.
promenade, can you just give us another hour / 50 posts or so?
Posted by: Biff Champion at October 29, 2008 3:23 PM
Which particular bars do you enjoy Biff?? Normal bars and "patpong style" bars? There's a nice Irish bar on the corner of Silom Rd and Soi Convent just across the Silom from where you enter Patpong.
"My" bar is Tawan.
Posted by: daveinbedstuy at October 29, 2008 3:27 PM
Yeah promenade. I apologize but I'll only be here until around 4:30 or so anyway.
Posted by: daveinbedstuy at October 29, 2008 3:28 PM
Dave, I haven't been there nearly as much as you (only twice in fact and the last trip was some time ago). I can't recall the specific names of the bars but I had a friend from Singapore with me who gave me the grand tour. I wanted to experience all of the different kinds of drinking establishments and I think by the end I did. Certainly spent lots of time around the area you mentioned above.
Posted by: Biff Champion at October 29, 2008 3:32 PM
Seems like a deal to me even with the maintenance (if there is 24hr doorman).
Posted by: eastriver at October 29, 2008 3:34 PM
My UES condo had 24 hour doormen, service elevator operators and handyman plus a superintendant (not live-in). CCs were about $870 for this size square footage. The building had a new roof, tuckpointing, new boiler, newly rmodelerd hallways and a new first floor facade & lobby so there wasn't anything else to do. It had a $350,000 reserve.
I would assume that some of these CCs are deductible in this building but still.
Who needs a concierge in the neighborhood in which you live?????
Posted by: daveinbedstuy at October 29, 2008 3:40 PM
"I've stayed at the Dusit Thani and it's indeed beautiful. It's a shame I don't get to Bangkok as often as I'd like."
What a wanker.
Posted by: Yllebdael at October 29, 2008 3:44 PM
It was a legitimate commet. Get your mind out of the gutter Yllebdael. :)
Posted by: daveinbedstuy at October 29, 2008 3:46 PM
Biff, if you had said:
Dave, I haven't gotten to Bangkok nearly as much as you (only twice in fact and the last trip was some time ago).
I still would have been skeptical.
Posted by: bayridgegirl at October 29, 2008 3:47 PM
BRG..as usual, Biff's statement was more grammatically correct and succinct.
Posted by: daveinbedstuy at October 29, 2008 3:49 PM
Yllebdael, at least I'm not one of those complete jackoffs who thinks it's brilliant to have a backwards login name.
What a loser.
Posted by: Biff Champion at October 29, 2008 3:55 PM
Houses for sale in bangkok. Remember, divide the price by 34 to get the dollar price.
http://www.bangkokcondo.org/propertylist.asp?pi=11
Posted by: daveinbedstuy at October 29, 2008 3:57 PM
yeah, what a gabehcuod
Posted by: daveinbedstuy at October 29, 2008 3:58 PM
Yllebdael = tahssa
Posted by: bayridgegirl at October 29, 2008 4:01 PM
promenade is going to yell at us again
Posted by: daveinbedstuy at October 29, 2008 4:03 PM
Dave, I can't believe I can get property HS 76 on your link for less than the co-op listed above! And I would be a hop, skip and jump to Chiang Mai.
Posted by: Biff Champion at October 29, 2008 4:03 PM
Yup....makes you want to leave the country no matter who is elected. Check out prices now in Mexico with the currency at 13 to the dollar!!!!
Posted by: daveinbedstuy at October 29, 2008 4:05 PM
I can see Russia from my house!
Posted by: GHB at October 29, 2008 4:06 PM
This would have to be the Mexican equivalent of a brownstone in Merida. merida has a very large American population. $267,000
Check out those floors, that woodwork & that wallpaper.
http://www.mayanliving.com/Listings/001727.html?listing_page=Merida&lang=eng
Posted by: daveinbedstuy at October 29, 2008 4:18 PM
Been there, done that BRG.
Posted by: daveinbedstuy at October 29, 2008 4:18 PM
That's a nice, quaint place DIBS. Sheesh, to think that Kevin Carberry can buy two of them with the commission from his last sale alone!
Posted by: Biff Champion at October 29, 2008 4:22 PM
This was residential hotel, not a day-to-day hotel. Dinners were served in the ground floor dining room and it was probably quite genteel until after WWII, when all of Brooklyn Heights went to shit. It is one of the nicest residential hotels in Brooklyn. A concierge is just a doorman who has a fancy old concierge's desk to sit at. Doormen/concierge are really a nice amenity. The maintenance here is too high. It is a red light indicating that the building may not be in such good financial health. Before one thinks of buying you should check out the debt-to-share ratio of the units as well as when the underlying mortgage comes due. A mortgage that comes due this year is not a good thing. The layour is nice although I have promised myself never to buy a houe or apartment with small bathrooms.
Posted by: sam at October 29, 2008 5:08 PM
sam, interesting insight. As others have said though, I find most of the co-ops in Brooklyn Heights have higher than average (for Brooklyn) maintenance. I'm thinking of places like 75 Livingston, 111 Hicks, etc. I don't think this is out of line with other buildings that have say 15+ units in the area.
Posted by: Biff Champion at October 29, 2008 5:13 PM
SnarkSlope, you're badly needed in Wasder's Forum (post). My setup line to you remains unanswered...
Posted by: Biff Champion at October 29, 2008 5:19 PM
Ahhhh, got it. The setup was too easy. Sorry, I'll try to be more challenging next time.
Posted by: Biff Champion at October 29, 2008 5:32 PM
Nope, my bad, Biff. I thought you meant the Bangkok setup elsewhere. I'll have to take a peek at Wasder's post.
Posted by: SnarkSlope at October 29, 2008 5:47 PM
Biff,
The buildings you site are problem buildings. The apartments in them are actually quite cheap because the maintenance is out of control. The more established buildings have lower maintenances and higher reserves.
Here I am, talking to you about reserve. G'night!
Posted by: sam at October 29, 2008 5:48 PM
Thanks sam. I agree those are extreme examples, but most others in the neighborhood I've seen really seem to have more Manhattan than Brooklyn type per sf maintenance. Anyway, have a great night.
Posted by: Biff Champion at October 29, 2008 5:56 PM
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