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December 22, 2008

Co-op of the Day: 209 Lincoln Place, #9D

209-Lincoln-Place-Brooklyn-1208.jpg
If this one bedroom at swanky prewar 209 Lincoln Place isn't actually an estate sale, it's certainly doing its best job to impersonate one. (We discussed a two-bedroom in the same building back in October.) We're digging the parquet floor and classic black-and-white bathroom and, frankly, we'd rather see the 1960s kitchen than some Home Depot rush job. (We think the built-ins and closet doors would look better painted, but that's neither here nor there in terms of value.) The monthly maintenance for the full service building is $688. Asking price: $495,000, down from the original October listing price of $525,000. If there were a nicely redone kitchen, that would seem possible. Without it? Dunno.
209 Lincoln Place, #9D [Brooklyn Properties] GMAP P*Shark




Posted by Brownstoner at 12:39 PM | Comments (20)
Categories: Co-ops, Park Slope

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Comments

no floorplan, no sq.ft. mention, ugly kitchen. and are those really considered "built in bookshelves" when they look just like ordinary bookshelve up against a wall? guess they're counting on the "location location location!" to pull people in.

Posted by: goldie at December 22, 2008 12:52 PM

It is rare to see such an uninspired kitchen in a building like this. Perhaps the owners took FULL advantage of the takeout to be had on 7th Avenue. With that said, the price would have to come down another $30K to make work. It just makes me wonder why there is not floor plan.

Posted by: BrooklynIsHome at December 22, 2008 12:57 PM

I like the kitchen. It's not part of the living room for one thing and for another it doesn't have any stainless steel or granite.
I hope it still has the "drying line" that pulls out of the wall.

Posted by: sam at December 22, 2008 1:10 PM

I've found that Brooklyn Properties is very spotty on providing floor plans, for mysterious reasons.

Posted by: Miss Muffett at December 22, 2008 1:17 PM

I agree that the kitchen is actually more valuable as is than as some cheapo HD job. For 10k you could do it up with decent appliances and higher-end Ikea, which beats Kraftmaid by a mile. Doesn't look like it needs a gut reno. You could also replace the bedroom closet doors with something that doesn't scream "rental," too.


Something tells me this is a 475k apartment, and possibly falling fast. Think if you spent 25k on it you'd have a great pad. Hold out until 2011 and you'll start seeing your investment increase in value...I think...

Posted by: Bolder at December 22, 2008 1:36 PM

Bolder: bingo!

Posted by: sam at December 22, 2008 1:57 PM

I'd call it a 399K apartment. Great potential in a great location, but I don't see it going for more than that in this market. Remember, in down-swings one bedrooms never retain their value as well as larger places.

Posted by: shillstoner at December 22, 2008 2:02 PM

I want a floorplan!

Posted by: BrooklynButler at December 22, 2008 2:05 PM

It should sell for 425-450. It is a great building and the unit itself is in great shape, great views. What's not to like? The kitchen cabinets? That's nothing.


Posted by: sam at December 22, 2008 2:14 PM

After 1987, when I'd bought a co-op at the top of the market just before the "crash," it lost 2/3 its value. It remained at that level for years. (This was in prime Brooklyn Heights!) The apartment was, according to realtors, "Triple Mint" -- totally rebuilt while preserving all its historic charm. And they tried to move it for less than I paid for it unimproved! No takers.

I'd sell the apartment for a nice multiple 15 years later, but only because I decided to hold.

The New York real-estate market has a long way tumble. Nearly $500,000 for a small one-bedroom in Brooklyn? Not likely.

Even here on the East Side, prices are down 20% and there's talk in my co-op of a freeze on sales to avoid "devaluing" the building.

Speculation is dead for the time being, which may not be a bad thing.

(Eight years ago, an apartment like the one on Lincoln would go for the low 100's. Look for that again.)

Nostalgic on Park Avenue

Posted by: NOP at December 22, 2008 2:15 PM

I just saw a very nice apt on the Upper East Side in a full service building for the same price and it's nicely updated already. Slightly higher maintenance but not much.

This coop is a nice location but the price has to come down.

Posted by: Ozymandius at December 22, 2008 2:16 PM

yeah, it's hard to say what a good price to pay for this place is right now. I do know that you could probably get a 30-year fixed mortage for a ridiculously low rate, as per last week:

"The national average interest rate for 30-year fixed-rate mortgages was 5.19 percent for the week ending Dec. 18, the lowest level since McLean, Va.-based Freddie Mac (NYSE:FRE) began the survey in 1971."

If you didn't plan to move for 5 years, I don't think now is a terrible time to buy. You could be living in this place for around $1,600 a month after tax deductions, depending on how much you put down. People who were buying these places 15-20 years ago for 125k (non inflation adjusted) were also paying much higher interest. In 1992 the 30-year fixed was at 8.34 pct.

Posted by: Bolder at December 22, 2008 2:38 PM

I agree that we may be seeing dramatically lower prices (not just 10 and 15%) in 2009. That would be both good and bad. It would make the city affordable again to regular people.

Posted by: sam at December 22, 2008 2:54 PM

$350,000.00 will get this moved.

Posted by: Gowanus_Bklyn at December 22, 2008 2:57 PM

The kitchen is horrible. Even factor in old school nostalgia, it is not very functional.
Reno? Kitchen is the most expensive room to reno in any typical house. It would take at least $30k to do this correct.

HD stuff might look generic, but at least it would be more functional than this crap. The only redeeming value of that kitchen is the window/outdoor light. That is always a bonus in regards to kitchens and bathrooms.

The architectural details (beams, molding, built-ins) are nice. Windows needs upgrading. Excellent floors.

No floorplan. :-/

.02

Posted by: crimsonson at December 22, 2008 3:56 PM

This is a great apartment. Compare it to the tinder-box walk-ups in Park slope with views of the brick alleyway and rubber-tread wooden stairs and "take down your own garbage policy" Are you kidding me? If those dumps sell for $300,000. This place is worth $600,000!

Posted by: Inigo at December 22, 2008 9:43 PM

There IS a floorplan. Go check again. I saw it.

Posted by: Nokilissa at December 23, 2008 12:01 AM

Renovated kitchen, no renovated kitchen.

"Pre-war" plan, no "pre-war plan."

It doesn't matter!

I was just at an East Side dinner party where a couple have walked away from a $100,000 reserve on the sweetest apartment in Manhattan!

Get real!

Real estate prices have a long way to fall.

Back during the Depression, prices didn't bottom out until the mid-1930's -- years after the great crash.

Keep that in mind.

Posted by: NOP at December 23, 2008 12:41 AM

Who knows if or when, but that "stunning panoramic view of NYC" disappears with Atlantic Yards.

Posted by: uglyjohnny at December 23, 2008 10:06 AM

I used to live across the street from this building and before we moved out of the neighborhood we considered a two bedroom at 209 Lincoln. If you want to be in the North Slope, I think this building is the best value in the neighborhood. It's well maintained. The financials are good. The board is on top of things. The rooms may not be gigantic but I felt they offered generous space and great pre-war detail.

Quite frankly, I think the older charm and rock solid construction of the time period makes this a much more appealing building to live in than any of those cookie cutter, new highrise jobs with thin dry wall, metal studs and drafty windows. And a 4th floor walk-up in a brownstone can't compare.

Let's be honest, living in a brownstone that has been chopped up into smaller apartments kind of sucks.

Posted by: BrooklynSteve at December 25, 2008 12:17 PM

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