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December 2, 2008

Co-op Success Story in Bushwick

The story of 246 Cornelia Street comes to us from photographer and filmmaker Willow Robin. Proud of her building and what's become of it, she told us the building "is claimed to be the only co-op apartment complex in the Bushwick area." "Well after its trolleys stopped running, the Bushwick neighborhood was one of the areas hardest hit by the city-wide struggle during the 1970s. As parts of Brooklyn, like the Bronx, historically burned around this time, the landlord abandoned this building, leaving tenants to legally obtain it from the city. Seen as one of the city's experiments in handing over control to tenants, its success has been proven by time; the 246 Cornelia board has met weekly ever sense." As apartments become available for sale, she says, younger folks are snatching up the properties at what she calls "jaw-dropping prices" — $210,000 for one-bedrooms (that's for the renovated ones) with $256 a month maintenance. "Those opting out of condo-life have afforded to move here without draining their savings, and learning valuable lessons in hard-work and community building along the way."




Posted by lisa at 10:52 AM | Comments (27)
Categories: Bushwick, Co-ops

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Comments

who are these "younger" people you speak of that spend 1/4 of a million dollars for a one bedroom in (hate the term... but the ghetto!?!).

i know that sounds cheap, but for what you get, it's totally not cheap. unless im coocoo in the head or something.

*rob*

Posted by: PitbullNYC at December 2, 2008 11:08 AM

Save $875/month for 2 years, or $438/month for 4 years = $21,000 = 10% down payment on a $210,000 apartment.

30 year fixed mortgage at 6% + maintenance = $1,389/month in housing costs.

Sounds possible for any one making $40,000/year and up, especially if you're buying it jointly with a partner also making at least $40,000 and up.

For the many "younger" people who are already living in Bushwick, why wouldn't this be a good idea if the co-op is sound?

Posted by: Peter18 at December 2, 2008 11:21 AM

That price is also for the fixed-up ones. She didn't disclose "jaw-dropping" but it must have been much less.

Posted by: lisa at December 2, 2008 11:30 AM

You can also get one-bedroom coop apts in Jackson Heights and other areas of the city for about $200,000 but they don't look as nice as the apartment pictured here. Also, Rob, this apartment is quite a hike from the subway, but it's not the "ghetto," and there are some really nice restaurants and retail close by (one or more subway stops), not to mention lots of loft parties.

Posted by: mopar at December 2, 2008 11:55 AM

ha. save 875 a month making 40k in new york?!? are you kidding? sure that's possible living in new york. i dont even buy myself anything! and most of the "young" people in bushwick at no where near the point of buying anything but their next laptop. plus most live like 4-5 people in one apartment and stuggle themselves, or else why else would they live there? i make over 40k a month and cannot save a single penny and youre claiming i should be saving almost 900 a month? i must be doing something wrong i guess.

*rob*

Posted by: PitbullNYC at December 2, 2008 11:55 AM

Mopar, I've been keeping an eye on Jax Heights. The places near the BQE or north of 88th street are a little dicey, but if you're looking at something solidly in the historic district, you may be able to find something comparable for the price. It probably won't have a real kitchen though...

Posted by: BrookLynn at December 2, 2008 12:01 PM

If Pitbull really "make over 40k a month and cannot save a single penny" and spend most of your day on Brownstoner doing something right. But you must have a bad coke or gambling habit if can't save a little.

Posted by: Petebklyn at December 2, 2008 12:01 PM

Bushwick is getting hotter...snap them up!

Posted by: bayridgegirl at December 2, 2008 12:25 PM

no nothing like that.. tho maybe if nyc didnt overtax for their cigarettes maybe i could save ahhaha. 9 x 30. gack. almost 300 a bux on cigarettes. okay i guess i really am doing something wrong :-/

Posted by: PitbullNYC at December 2, 2008 12:30 PM

uhh, $40k a year equals about $2k a month take home. saving half that and living off the rest is next to impossible.

this is the problem with pricing in this city.

Posted by: travy at December 2, 2008 12:36 PM

40K a month pitbull - now thats serious money. Was that a Keynesian slip?

Posted by: dittoburg at December 2, 2008 12:44 PM

thanks i knew i wasnt crazy, travy. but i guess in order to afford anything i will be forced to have to find a live in lover and share expenses :-/ grrr and that person will need to make at least 80k


*rob*

Posted by: PitbullNYC at December 2, 2008 12:45 PM

*rob*...marry rich!!
I should have taken my own advice :)

Or save as much as you can, one dollar at a time.

Posted by: bayridgegirl at December 2, 2008 12:48 PM

oh i didnt even realize that. i mean a year, not month and what's a keysneian slip?!

*Rob*

Posted by: PitbullNYC at December 2, 2008 12:49 PM

I just made it up based on Freudian slip - but paying homage to John Maynard Keynes - the "affluent society" coiner amongst other things...

Posted by: dittoburg at December 2, 2008 1:09 PM

I live in this building too and must say it's THE BEST deal in Brooklyn! Bushwick rocks!

Posted by: Nanook at December 2, 2008 1:12 PM

I have to take a lot of exceptions to what Rob (Pitbull) has to say. the younger people who you seem to believe don't exist are responsible people in their late 20's/early 30's who work and probably have better then entry level jobs that they got through hard work. They saved their money over years and purchased when they opportunity came. I think you are also mistaken about the population of bushwick. contrary to what this site or gothamist or curbed says, bushwick has artist and that is good. They are the ones living 4-5 in a loft. True, but they aren't that many lofts. It's mostly townhouses full of working people of different races and they have some money too. Artist would be lucky to make up 20 percent of the neighborhood.

I'll end my rant with a quote I have always liked.

I think a lot of what you are saying comes from an attitude that people in their twenties (that can carry on for life) have that is hedonistic. You don't save money because you want to smoke, drink, eat good food and don't have a budget that allows you to save money because this city is expensive. There needs to be a balance between living your life and having fun while also looking ahead and improving your life through long terms goals. You're dropping 3500 a year to smoke???? Even potheads probably don't drop that much.

Most of these people that you imply are crazy to buy in bushwick have probably been saving money since they started working and have a small nest egg that allows them to make an investment in a home in a city that is difficult to do so. You're right that it's hard to do making 40k by yourself but if you set it as a goal and works towards it...

Opportunity is missed by most people because it is dressed in overalls and looks like work.
Thomas A. Edison

Posted by: thatwasmyidea at December 2, 2008 1:52 PM

you have very valid points. you just had to go and make me feel all bad about myself huh

*rob*

Posted by: PitbullNYC at December 2, 2008 2:46 PM

i would live in bushwick over jackson heights in a heart beat. the art scene is exploding, access to the JMZ or L - quick to williamsburg/manhattan... so, there's just more to do.

also, believe that some people's parents would help them to buy as an investment vs. rent as well. and, what about 30 somethings who have savings but maybe not high incomes?


Posted by: wine lover at December 2, 2008 3:07 PM

ha. i guess i totally fall out of both of those categories. is it even worth moving to a cheaper city these days? i heard philly is relatively cheap?

*rob*

Posted by: PitbullNYC at December 2, 2008 3:26 PM

I sold an apt in the historic district of Jackson Heights and moved to Bushwick about a year ago. I love Bushwick. LOVE it.

Also have lots of advice about how to come up with a down payment on $40,000 a year.

*Live with mom (if mom lives in NYC)
*Inherit $40,000 from grandma!
*Get your rent down to $400-$600 a month and save.

There are ways to get your rent down to $400-$600 a month, many of them exemplified by people living in Bushwick, Astoria, Jersey City, Sunset Park, Flushing, etc. Some people share artists cooperatives in Bushwick, some rent by the room and split the rooms with other single adults, families with children split an apartment with another adult with children (often sisters) and each adult minds the children when they are not working.

Also, for a bit more, if you don't mind a roommate, you can split a really nice five or six room apt for $1500 to $1600 in Bushwick or many other decent places such as Bay Ridge, which gets your rent down to $800.

Last but not least, if you are a single person, I highly recommend saving anything at all, just a few thousand, and you can buy a condo studio with 3 percent down in an area such as Jackson Heights, Flushing, Bronx, etc., and sell it when prices rise and you will easily make $30,000 to $50,000.

Posted by: mopar at December 2, 2008 4:45 PM

i dont have family to live with. the only living remaining one is a sick grandmother on welfare in south carolina. so that wont work. oddly i did live with her and my grandmother after college for a few months in new jersey but i wasnt able to save anything because i didnt find a job right away. when i did find a job, i pretty much moved to nyc shortly after.

there is no one to inherit anything from.

but i agree with you. maybe i SHOULD have stayed in harlem living in that 5 bedroom!paying just 800 a month everything included.. but i moved out hastily because things were unstable there and i wanted a decent place to live for me and my dog. i hastily moved into a place that costs me now 1200 (my roommate also pays 1200) but insists i have a dog walker and that is a huge chunk of change everyday.

i sometimes look at ads on craigslist and now see i could have easily found another roommate situation for much much cheaper, even IN park slope and other nicer areas of brooklyn. i do like my current living situation but i have to be honest with myself, im digging myself a hole bigger and bigger every day. selling used video games and books back to stores for dog food and beer and cig money is probably not how a 31 year old with a college degree should be acting.

anyway sorry for my rant but im really vocal on this issue. sometimes i do like to wear my poverty on my sleeve tho.

*rob*

Posted by: PitbullNYC at December 2, 2008 5:07 PM

I actually think there's not much point in saving when you make that little vs. cost of living, Rob. The better thing to do would be to figure out how to make more money, or marry it. People act like buying is the end-all, even if what you are buying is 400 square feet in bushwick, which is still a slum.

(BTW, I like Bushwick. But I think up-and-coming is a relative term, and I actually don't really want to see Bushwick take off, because it's one of the few relatively safe and affordable places where working families CAN live in Brooklyn, these days.)

But the truth is, prices vs. salaries are completely out of whack right now. One of them has to give.

Still, seriously, dude. You are not of the class that should have a dog walker.

Posted by: Heather at December 2, 2008 8:39 PM

Studio condos under $80,000 exist in Jackson Heights, the Bronx and other places in NYC but not Bushwick.

What do you do for a living, Rob?

NYMag this week says Bushwick is the closest thing to the East Village in the 80s.

Posted by: mopar at December 2, 2008 10:55 PM

It is possible to save money when you are making $200 a week. You just can't live like we do.

Posted by: mopar at December 2, 2008 11:05 PM

Well, Rob, it sounds like you're very happy in your current neighborhood and with your current roommate, and that's important. Enjoy! And no, I don't think there's anything wrong with selling stuff people are throwing out. I think it's enterprising.

Posted by: mopar at December 3, 2008 1:10 PM

"We" meaning me, Rob, Heather, and likely the majority of people on this site, I mean.

Posted by: mopar at December 3, 2008 6:34 PM

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