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March 23, 2009

Co-op of the Day: 28 Old Fulton Street, #5E

28-Old-Fulton-Street-0309.jpg
Compared to a lot of the apartments in the Eagle Warehouse, the layout of this 1,820-square-foot loft feels spacious and natural. (Not surprisingly, it could benefit from some bigger windows, but what're you gonna do.) It's a real two-bedroom with a very large living area. The bathroom could stand to be spruced up, but we're loving the columns and open feel of the living room. The monthly maintenance is a reasonable $1,229. The asking price is $1,349,000. Predictions?
28 Old Fulton Street, #5E [Harvey Bernstein] GMAP P*Shark




Posted by Brownstoner at 12:40 PM | Comments (31)
Categories: Brooklyn Heights, Co-ops, Dumbo

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Comments

"The bathroom could stand to be spruced up"

If by spruced up you mean it needs to have a tub installed, then yeah, it must be spruced up. How do you sell a home with no tub???? Insanity.

Posted by: InsertSnappyNameHere at March 23, 2009 12:45 PM

Seriously... I already eat WAY too much pizza. This location would be evil.

Posted by: tybur6 at March 23, 2009 12:46 PM

Someone please explain the logic behind the ridiculous maintenance fees to me. I am admittedly a renter but find it absurd that people pay so much with little control over what the fees actually go toward (unless I really just don't get it). When I see $1,229 maintenance, the last thing I think of is "reasonable". How far do these fees go each month? Is there any accountability to determine how much is actually being spent on the building and where your dollars are being spent? If not, why are so many people willing to shell out so much extra each month in addition to their mortgage?

Posted by: MikeD1116 at March 23, 2009 12:51 PM

Mike D, I'd on the board of our building. We make very few decisions. 95% of our expenses are decided for us; taxes alone are 50% of our budget.

Posted by: Ringo at March 23, 2009 1:00 PM

Main room looks good, if cluttered. Can't see much evidence of the hand of the 'award winning archtiect' in this place, though. Bathroom is a serious problem, and possible dealbreaker for some (even as a single guy, it would give me pause). Kitchen also looks like it needs an upgrade. Would guess it sells somewhere around $1mm a few months from now.

Mike D - largest items for maintenance charges are paying the underlying mortgage, paying real estate taxes, paying building staff and general maintenance of the fabric of the building. As a shareholder, there is accountability but no control, unless you are on the board yourself. I am sure others can explain it much better than I can.

Posted by: etson at March 23, 2009 1:04 PM

Yeah - I never got the "underlying" mortgage part of the fees. I get that what I am buying is really just occupancy rights and I don't actually own anything concrete... but why o' why would a property have an "underlying mortgage"? Seems like bad business...

I also don't quite understand this stuff.

Posted by: tybur6 at March 23, 2009 1:14 PM

"Proud we are to present our new exclusive."

When did Yoda go into real estate?

Posted by: shillstoner at March 23, 2009 1:15 PM

The difference between a condo and a coop besides how you own it is the underlying mortgage that most if not all coops have. The Coop corp owns the building and only leases you your part. The Condo you own it and a undivided share of the common area. Normally if you look at the price per room on a coop and a condo and divide your portion of the coop mortgage the per foot price should be fairly close for the same location. the coop price should be lower to you to recognize the share of the coop's mortgage that you have to pay on.

Posted by: smeyer418 at March 23, 2009 1:19 PM

I'd make sure I wrote in the contract that all those holes in the walls to hang all those photos be fixed...and not with toothpaste the day before the walk-through.

Posted by: daveinbedstuy at March 23, 2009 1:22 PM

Patched walls? Serious? This place is a bargain at $1.34 million! They shouldn't be expected to fix the walls at that price.

Posted by: tybur6 at March 23, 2009 1:26 PM

RIP OFF

Posted by: bktycoon at March 23, 2009 1:54 PM

$1M+ apartment and the microwave is on top of the refrigerator.
I would get so tired jumping up to heat my food, I'd go hungry.

Nice open living / dining area.

Posted by: bayridgegirl at March 23, 2009 2:01 PM

"Predictions?"

The windows won't get any bigger.

Posted by: East New York at March 23, 2009 2:03 PM

Defibulators!

Posted by: NorthHeights at March 23, 2009 2:03 PM

This is one of those areas where I don't fully get the appeal. "Live on a loud, heavily-trafficked four-lane street right next to a gigantic bridge with nothing around except a decent pizza place and the Ikea shuttle, a lengthy walk from the nearest subway ... only $1.4 million dollars!"

Posted by: cwbuecheler at March 23, 2009 2:04 PM

who the hell is harvey bernstein and how did he get this listing?

Posted by: Petebklyn at March 23, 2009 2:10 PM

You are paying solely for the raw space on this one. The kitchen, bathroom - and even bedrooms - needs complete overhaul. The light is pretty crappy as far as lofts go, and location isnt ideal. Cannot imagine they would get ask.

Posted by: saminthehood at March 23, 2009 2:15 PM

Petebklyn, Harvey Bernstein is likely schtupping (sp?) the owner's sister!

Posted by: InsertSnappyNameHere at March 23, 2009 2:17 PM

Based on the other listings on Harvey Bernstein's website, he seems to have a lock on Eagle Warehouse listings. Maybe he's a resident? Interesting to know if anyone has the backstory.

Posted by: aishling at March 23, 2009 2:25 PM

Always been curious about this building but those windows are just too damn small. 1.349? Ha! I'd take one of those Henry St joints around the corner.

***Bid half off peak comps***

Posted by: Brownstones Half Off at March 23, 2009 2:26 PM

yep only in NY would you pay that price when you would need to drop $100k and 4-5 months work (including dob approval times) on the apartment before you moved in.

nice space though but i don like the idea of living in a bedroom without any natural light.

Posted by: deancollins at March 23, 2009 2:43 PM

I once went to a party in the clock face apartment on the top floor of this building. Now that's a window I could live with.

Posted by: Frederick Law Homestead at March 23, 2009 2:46 PM

Is $1,200 a reasonable maintenance on a 3 BR? Really? That seems like a whole lotta money to me, and I'd never see it back.

Posted by: Brooklyn Chicken at March 23, 2009 3:14 PM

I believe HB is the co-op's property manager

Posted by: NorthHeights at March 23, 2009 3:16 PM

Needs a price chop, new bath, new kitchen.

I saw an apt in here years ago, Nice spaces but dark dark dark.

Whar wasn't mentioned above in coop vs condo is that interest on the underlying mortgage of a coop is also tax deductible. Normally 30-50% of the monthly maintenece in a building like this is deductible.

Posted by: denton at March 23, 2009 3:40 PM


Again... don't oversell the "tax deduction." It's not 1:1, it's tax deductible. It get subtracted from you taxable income, not your tax liability!!

Posted by: tybur6 at March 23, 2009 3:45 PM

Harvey Bernstein is the manager of the Eagle Warehouse. He's been there for probably 10 years, maybe more. He is an effective manager and runs a clean building. His staff is efficient and generally courteous. However, owners in the Eagle either like him or hate him. As part of his gig he gets to sell apartments in the building. Many feel there is an inherent conflict of interest, and I have known a few tenants who felt strong armed into listing with him. RE agents tend to view him with dismay as he is perceived to hold up buyer board packages for sellers who did not list with him. He also is viewed by some as combative and sometimes difficult to work with in his managerial capacity. There was a even an effort last year by a determined band of residents to have him removed (though that never came to pass).

That said, as a former owner I had generally good experiences in working with him. I did not list my place with him when I sold, nor did I feel pressured to. He was efficient at moving my buyer's board package through and was mostly reasonable throughout. He knows more about that building than anyone in the area. He just has a strong personality that must be managed. In sum, he is a pain in the ass, but the kind of guy you'd rather have on your team than not.

Posted by: bklyndoug at March 23, 2009 4:27 PM

Prediction, the pizza across the street will still be good.

Posted by: Xander Crews at March 23, 2009 4:54 PM

it has to be depressing living in someplace this dark! ugh...so not worth it.

Posted by: bkny at March 23, 2009 5:09 PM

I looked at some recent sales for comparable units in this building and they all seem to have gone for close to asking (in the $1.3MM range). However, I don't see how this one can possibly go at that price in this environment.

"As part of his gig he gets to sell apartments in the building."

But owners aren't forced to go with him; the comparable units I've seen listed were through Corcoran.

Posted by: Biff Champion at March 23, 2009 6:09 PM

"This is one of those areas where I don't fully get the appeal. 'Live on a loud, heavily-trafficked four-lane street right next to a gigantic bridge with nothing around except a decent pizza place and the Ikea shuttle, a lengthy walk from the nearest subway ... only $1.4 million dollars!'"

I understand the appeal of the spot. It's breathtaking. "Right next to a gigantic bridge" -- that's funny. I've spent countless hours at the Fulton Ferry Landing and never get tired of looking at that gigantic bridge.

Posted by: Nomi at March 23, 2009 6:31 PM

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