« CB1 Likes Greenpoint Waterfront Tower House of the Day: 170 South Oxford Street »

December 1, 2008

Co-op of the Day: 111 Hicks Railroad Loft

111-Hicks-Street-1108.jpg
$500 a foot in prime Brooklyn Heights? You betcha. There is one catch with well-located and well-appointed pad: A distinct shortage of windows. The railroad-style apartment has just two windows at the front; for a space that's roughly 70-feet deep, that's not a lot of natural light. On the other hand, it's been nicely renovated and, at $699,000, is a heckuva a lot cheaper because of the lack of natural light. How do you think this will fare on the open market?
111 Hicks Street [Brown Harris Stevens] GMAP P*Shark
111-Hicks-Floorplan-1108.jpg




Posted by Brownstoner at 12:40 PM | Comments (41)
Categories: Brooklyn Heights, Co-ops

Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/7389

Comments

Wow, I really like it actually.

But I don't need a ton of natural light in my living space. I like it a little more cave-like.

Posted by: 11217 at December 1, 2008 12:44 PM

No light and $2,075.00 monthly? Got to be kidding!

Posted by: househunt at December 1, 2008 12:46 PM

In 6 months to 2 years, we won't be doing QOTD we'll be doing " Realistic Price of the day" .
I say fair price, even withstanding light issues.

Lets see more.....! Here comes the price lowering trend.


Posted by: Prodigal_Son at December 1, 2008 12:47 PM

i like it alot but the 2 windows is a deal breaker for me.

Posted by: bkny at December 1, 2008 12:47 PM

Track lighting in a railroad loft. How a propos. Choo Choo!

It's definitely unique. However, I'm not sure how feasible it really is to revert to the original 14 ft ceilings and convert this to a duplex.

Posted by: Biff Champion at December 1, 2008 12:48 PM

$2,075 maintenance for such a small space?? I don't think so.
Also, the only two windows you do have apparently face an alley--see how close the other building appears in the photo.

Posted by: nyc87 at December 1, 2008 12:53 PM

Nice space, good price, but that maintenance is INSANE!

Posted by: GHB at December 1, 2008 12:54 PM

I find myself filled with the inexplicable urge to go bowling.

Posted by: SnarkSlope at December 1, 2008 12:55 PM

Guess you have to price relatively low to off-set the staggering 2K a month maintenance. Not what I'd call a bargain, all things considered.

Posted by: Florence Castleberry at December 1, 2008 12:56 PM

Wow, nice apartment. They really worked well with what they had. The asking price seems realistic to me, given the whopping maintenance.

I agree with Biff that a duplex ain't gonna happen with 14 feet total ceiling space. Minus the thickness of the new ceiling, no one taller than 5'4" is going to want to live there. You end up with one OK-height level and one mezzanine/duck-your-head level, or two levels each with claustrophobically low ceilings, like 6'6". Much better to stay at 14' and keep it loftlike.

Posted by: zeebee_in_bklyn at December 1, 2008 12:58 PM

And if this were in Soho or Nolita or Tribeca, it'd be sold, in cash in 3 minutes. No one would complain about light, guaranteed.

Posted by: Prodigal_Son at December 1, 2008 12:59 PM

One may be able to cope without a lot of natural light, but a $2075 monthly maintenance is truly insane.

Posted by: Fjorder at December 1, 2008 1:02 PM

Not bad, but the asking price is way too high given the ridiculous maintenance.
They need to cut at least 150,000 from the price -or cut the maintenance in half.

Posted by: sam at December 1, 2008 1:02 PM

Nicely done. Love the kitchen.

There's sound isolation padding on the walls in the bedroom...hhhmmmm.....interesting!!

Posted by: bayridgegirl at December 1, 2008 1:02 PM

The catch is not the layout, it's the maintenance. It's a real and ongoing issue with 111 hicks. I've heard the new board is getting things back in shape, but I've heard that before. There are sometimes decent 2 bed/2 baths with asking prices lower than this in this building... but again, really high monthlies

Posted by: Ringo at December 1, 2008 1:05 PM

Sunlight is key for me, but somehow this place looks nice to me despite the lack of it. But I must agree with the others that the maintenance is crazy - why on earth is that?

Posted by: Miss Muffett at December 1, 2008 1:13 PM

Natural light doesn't mean a thing to me (except for re-sale). Personally, I keep my shades closed ALL the time, anyway. But, that maint is outrageous. I can't afford this place... but, I do like the layout and the interior. I'm guessing the soundproofing in the bedroom is to keep his/her sound IN, as opposed to keeping the neighbors sound out.

Posted by: broadwayron at December 1, 2008 1:16 PM

zeebee_in_bklyn, it appears the ceilings are currently at 10 ft (but can reach up to 14 ft, according to the listing).

Ringo, you're right about the maintenance. I've tracked prices in BH for quite some time now and 111 Hicks has always had high maint. I've mentioned this before - most of the tall, doorman buildings in the area have maintenance that seems on a par with, if not higher than doorman buildings in Manhattan. I'm not sure why this is, Miss Muffett.

Seems this might be owned by a musician (based on my keen observation skills picking up on the keyboard in the bedroom pic); hence the sound insolation.

Posted by: Biff Champion at December 1, 2008 1:18 PM

Folks, it is not just light that is lacking, though it is, but how does one get air?!?! True, this might sell in Manhattan, but that is an obscene monthly fee and likely to go up annually. Besides, I love Brooklyn, but BH ain't Soho or Nolita.

Posted by: househunt at December 1, 2008 1:19 PM

Ah yes, fresh air. If a guest should fart near the back of the space, you will be living with that for a week.

Posted by: sam at December 1, 2008 1:24 PM

Biff, you're right - I misread the listing. Point still stands about trying to squeeze two floors into 14' - I'm in a loft sublet that tried to get creative with 14' and ended up with a 'sleeping loft'/mezzanine where I can't stand upright, and I'm 5'7. I'll have Cro-Magnon posture by the time I leave this place...

Posted by: zeebee_in_bklyn at December 1, 2008 1:33 PM

zeebee, yep, your point is still perfectly valid that there's no way this is truly convertible to a duplex. I was just making it clear that the ceilings are currently 10 ft high.

sam, perhaps that's a viable option for "guest management" when encountered with friends or family who have overstayed their welcome...

Posted by: Biff Champion at December 1, 2008 1:37 PM

Wha!! Look at that maintenance fee $2K/month!?!?

Posted by: BrooklynButler at December 1, 2008 1:41 PM

The maintenance is a building issue, not a neighborhood issue. The building even has a page on their website devoted to the topic:

http://www.111hicksstreet.com/building/development_finance.php4

Posted by: NorthHeights at December 1, 2008 1:41 PM

'squeeze two floors into 14'

NYC DOB code...min 8'-0" ceiling heights.

Posted by: bayridgegirl at December 1, 2008 1:42 PM

Regarding the maintenance on this building, the "why" is complicated. They had a number of structural issues -- one having to do with an infamous pool that was in the basement. But the bigger issues were having to do with a lawsuit with contractors and then two failed restaurants in their commercial space and THOSE lawsuits. They've had to spend a lot of money on this kind of crap and meanwhile, their hallways, etc are in need of updating.

As I said, I've heard they're moving ahead. But who knows.

Posted by: Ringo at December 1, 2008 1:44 PM

NorthHeights, that's very interesting and kudos to the Board for their efforts in communicating various information in this way to the shareholders. However, I can't easily ascertain from the website how this building is different than a typical co-op, i.e., the types of expenses noted are what one would expect.

It seems Ringo's post gives the "real" answer.

Posted by: Biff Champion at December 1, 2008 1:48 PM

Ok. This is snot as pretty but it has windows and light!!!! Higher floor and slightly lower mainteance for $26K more...http://www.brownharrisstevens.com/detail.aspx?id=934913

Posted by: BH76 at December 1, 2008 1:51 PM

to the musician who lives in this apartment with the ugly egg crate foam plastered all over his/her bedroom: umm howabout a pair of headphones?

Posted by: bowl of dicks at December 1, 2008 1:57 PM

Ms. Celano, I mean BH76, how big is the place?

Posted by: Biff Champion at December 1, 2008 2:00 PM

This is a joke!! Not sure why nobody has flamed about the 'if this were SoHo' comments, but even in Manhattan, this place would be a loser....
Just think: $1K per month per window!

Posted by: parkedslope at December 1, 2008 2:07 PM

Also, add this to the pantheon of broker listing lies: this is NOT a 2Br.
No window = no bedroom.
Put a fork in it. All the frosted glass in the world can't conceal that this place is a dump!

Posted by: parkedslope at December 1, 2008 2:10 PM

The maintenance has always been high in this building because of the greed of the original sponsors who placed a huge underlying mortgage on the coop. It's a miracle the corporation hasn't failed, although it has come close. The old sponsors milked it dry. Now the shareholders have to pay for their windfall.
forget it.

Posted by: sam at December 1, 2008 2:16 PM

Biff: My comment was just to point out that this is hardly cheaper because of a lack of light. It is barely cheaper .... What are the criteria for "co-op of the day" any way? There are plenty of "well-located" units around -- in fact, more coming every day!

Posted by: BH76 at December 1, 2008 2:21 PM

Sorry, BH76, I couldn't resist. But did you notice the link you gave has two bathrooms? That, combined with the additional windows and lights, makes the small difference in price make me favor the listing you posted. Say what you will, 2 bathrooms is WAY better than 1.

Posted by: Biff Champion at December 1, 2008 2:33 PM

Not if you have to clean them, and not in anything under 1000K square feet.

Posted by: Heather at December 1, 2008 3:38 PM

Heather, I would still prefer a second or at least a half-bath. Plus, I don't like the thought of having to go down the long hallway, i.e., the apartment, to get from my bedroom to the shower. Although it would be fun yelling out to potential guests to cover their eyes as you make a run for it. And to parkedslope's good point, how on earth is this considered a 2 bedroom? It that were the case, they could put up a couple more dividers and call it a 3 or a 4 bedroom.

Posted by: Biff Champion at December 1, 2008 3:48 PM

Perhaps this was once two apartments combined into 1. The maintenance seems high even for this building.

Looks nice otherwise.

Posted by: JLater at December 1, 2008 4:48 PM

I wonder if they can refi their mortgage at a lower rate? That might knock a few hundred off the maintenance, which I agree is a dealbreaker. At 20-25% down you'd be paying as much in maintenance as mortgage. Ugh. But at least a lot of it is deductable.

Posted by: Bolder at December 1, 2008 5:55 PM

Bolder:
underlying co-op mortgages are not like individual mortgages. there are usually extremely severe penalties for pre-payment. Co-ops therefore cannot refinance their underlying mortgages at will, they must wait until they are close (within a year or so) of coming due. This is one of the basic facts of co-op financial management.

Posted by: sam at December 1, 2008 7:30 PM

Sam, you may be right, but our co-op refinanced last year and paid down 50k of principal. Our mortgage was due in 15 years. Perhaps the paying down negated some rule of which I'm not aware of. It cost us, but not as much as we're going to save over the life of the mortgage.

Posted by: Bolder at December 1, 2008 10:08 PM

Post a comment

Please be patient while your comment is published. It may take a moment.

Latest Restaurant Additions