« Inside Third & Bond: Week 92 House of the Day: 265 Sterling Street »

July 16, 2009

Co-op of the Day: 35 Pierrepont Street, #3B

We suspect this two-bedroom listing at 35 Pierrepont Street will go into contract faster than most in this market: It's got lots of prewar charm, is well-laid out and is priced reasonably at $785,000. The only drag is the maintenance of $1,303; on the flip side, you're getting one of the nicer full-service buildings in The Heights. Thoughts?
35 Pierrepont Street, #3B [Brown Harris Stevens] GMAP P*Shark

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excellent apartment. Nice layout, good light, two bathrooms, full-service building, Art-Deco stylish lobby, Brooklyn Heights, sounds good. The maintennce is high but is 31% deductible. If the maintenance were lower the asking price would be higher. This will sell fast becuas it is priced realistically and people know the biggest hassle they will deal with in the neighborhood are film shoots.

Posted by: Minard Lafever at July 16, 2009 12:47 PM

Nice place, agree it will sell. My only complaint is that the living room seems rather small, although that would be mitigated if the foyer is usable.

Posted by: etson at July 16, 2009 12:50 PM

Can the person who put 500K in the widget actually comment as to the reason for that analysis.

Posted by: Kensingtonian at July 16, 2009 12:52 PM

Seems a touch high given the maintenance and the fact that the kitchen looks in need of an update. Also, there are no bathroom pics, leading one to suspect they are tired as well.

Seems small, but well laid out.

Is nearly 900k for a small two bedroom, with high maintenance, considered pretty standard for BH?

Posted by: Nokilissa at July 16, 2009 12:58 PM

It isn't 900k it's 785k and what's your definition of small in NYC?

Posted by: Minard Lafever at July 16, 2009 1:01 PM

nice place, nice location, still not liking the maint (albeit it's expected for BH). someone will pay close to 700k for it but I personally place it closer to 625k

Posted by: more4less at July 16, 2009 1:02 PM

Nokilissa, you mean nearly 800K and my bet is more like 750K is a reasonable ask. Higher maintenance than other co-ops in the area is accounted for with full time doorman and roof deck. Those things can be very expensive as likely the 3-4 doormen (I am figuring 8 hours each shift) are union employees with medical benefits.

Posted by: Kensingtonian at July 16, 2009 1:04 PM

in addition to doorman and roofdeck, this building has an elevator man, mail delivered to apartment door, garbage used to pick up from service entrance (not sure if it still is), and Paul Giamatti. The maintenance here used to be a lot higher than other buildings, but as other buildings have increased their fees, 35 has done a nice job keeping theirs steady (unless a hefty increase is in the works). More services than I want to pay for, but you get something for your money. Nice building.

Posted by: Ringo at July 16, 2009 1:10 PM

Lovely building but the kitchen seems very cramped- at least from the angle of the photo. Lots of closets space though- always a plus.

Posted by: bxgrl at July 16, 2009 1:15 PM

Super layout but only 31% deductible? Only $408/month for taxes and mortgage? I bet the taxes on this unit (hypothetical) would be above $4K a year for a 2 bedroom in BH.

Posted by: DeLepp at July 16, 2009 1:15 PM

I don't know how fast it will sell. The same apartment 1 floor up (slightly higher maintenance at $1,364) has been for sale since 3/17/09, and has undergone 3 price reductions from its original ask of $849,000 (link below). I agree with others that the LR/DR is small.

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1520616&ohDat=7/19/2009%2012:00:00%20AM;

Posted by: CarrollGardened at July 16, 2009 1:17 PM

Ah, my mistake. I had misread for some reason.

I guess my definition of small could include a two br apt. in which the main living space is only 12x18.

Posted by: Nokilissa at July 16, 2009 1:17 PM

Not a lot of closet space either. And the other apartment seems to have more light. A nice place for someone who has a house in the country.

Posted by: BH76 at July 16, 2009 1:24 PM

CGar, great detective work! It's listed at 787K currently. Give 2 similar apartment for sale at the same time in the same building with a little maintenance difference, there might be a bit of a price reduction on one of the units to get it sold. Because of that, I might revise my estimate to a bit lower.

Posted by: Kensingtonian at July 16, 2009 1:26 PM

Tx Kens. I meant to mention that the price reductions on #4B had brought it down to $787k.

Posted by: CarrollGardened at July 16, 2009 1:32 PM

"in addition to doorman and roofdeck, this building has an elevator man, mail delivered to apartment door, garbage used to pick up from service entrance (not sure if it still is), and Paul Giamatti"

Do they have someone to wipe your butt, tie your shoelaces, and perform all the other onerous tasks that make life so difficult for the weak (like elevator buttion pushing)?

Posted by: dittoburg at July 16, 2009 1:33 PM

ditto, with another 300 bucks maintenance increase, you might get all of those tasks done for you.

Posted by: Kensingtonian at July 16, 2009 1:44 PM

If they keep the knobs well-shined, DIBS might be interested.

Posted by: dittoburg at July 16, 2009 1:46 PM

oh ditto... keeping the threads as classy as ever

*rob*

Posted by: PitbullNYC at July 16, 2009 1:49 PM

Rob, maybe you should apply for a job in this building ;o).

Posted by: Kensingtonian at July 16, 2009 2:07 PM

Nice building. Nice potential for the apartment - but agree, the LR/DR is a bit too small. We lived with an 18X12 LR/DR and it was small space for both living and dining (we actually use a dining table). When we moved to an apt with an approximately 23X13 LR/DR, we couldnt believe how we manages with the earlier space. Seriously, you see all these 2-BR layouts in newer construction with LR/DR areas that are even less than 18 feet long - how (and why) do people deal with that?

Posted by: saminthehood at July 16, 2009 2:17 PM

I have no idea. In fact I don't know how people manage without a sitting room, a drawing room and a dining room.

Posted by: dittoburg at July 16, 2009 2:22 PM

> this building has an elevator man

That's not an amenity, that's an annoyance.

Posted by: DitmasSnark at July 16, 2009 2:24 PM

apartments in the Heights that have spacious living room dining room areas and that are much larger than this sell for over one and a half million dollars. This is an apartment priced under $800,000. The question is not whether the living room is small but rather if the apartment as a whole is priced well. I think it is.

Posted by: Minard Lafever at July 16, 2009 2:40 PM

"(we actually use a dining table)"

Yes, as someone who actually eats off of an actual dining room table, I can't help but be thoroughly unimpressed with the "dining/living" rooms of the city.

This place needs another room imo.

Posted by: northsloperenter at July 16, 2009 2:44 PM

we looked at apartment 4B last year when it was like $875K (and FSBO) and thought it was a nice apartment (the skim coated walls were especially nice), but the one we wound up buying was listed for $50K less and had a much bigger living / dining area with room to build a 3rd bedroom if we ever needed it. Apparently Paul Giamatti lives on the 4th floor b/c the owners told us that he was their next door neighbors. We kept calling the $50K the "Giamatti premium."

In this market - I think they both could go for $750.

Posted by: columbiatch at July 16, 2009 3:09 PM

It's the second bathroom that's golden. So this is where Giamatti lives? I see him all the time walking around the neighborhood looking like the very opposite of a screen star.

Posted by: Minard Lafever at July 16, 2009 3:18 PM

Poor old Giamatti. He already looks downtrodden, and now he has to pay that maintenance.

Posted by: dittoburg at July 16, 2009 3:29 PM

How many celebrities live in BH? I've only seen Giamatti, but Mr. Biatch has seen Gabriel Byrne and Michael Showalter.

Posted by: columbiatch at July 16, 2009 3:32 PM

Used to see Bob Balaban in the park on the promenade (when kid was young)...

Posted by: BH76 at July 16, 2009 3:40 PM

I'm pretty sure Squidward lives in BH. Seems like his kind of nabe.

Posted by: dittoburg at July 16, 2009 3:50 PM

This is a very nice building. The drag is that one has to wait for the elevator man who does double duty as the doorman; while some might like the feeling of being waited upon it is mostly an inconvenience.

Posted by: punko at July 16, 2009 5:23 PM

I saw Gabriel Byrne recently at Tazza on Henry & Atlantic. I heard he lives on Garden Place.

Posted by: CarrollGardened at July 16, 2009 8:08 PM

why not put this money in a brownstone co-op, cut the geriatric service staff aspect of the maintenance... and build 30 water wells in India a year with the savings?

Posted by: sufisurfer at July 16, 2009 10:40 PM

The LR/DR is too small, the rest of the apartment is nothing special and not so large either, and the maintenance is insane. I don't know why anyone would pay more than $550 for it.

(And an elevator operator in this century? Is there someone on staff also to polish the spittoons and trim the candlewicks?)

Posted by: zuleika at July 16, 2009 11:22 PM

A spittoon? Now that's something I'd pay for. A polished spittoon? What's better than that? Hell, yeah.

Posted by: Nomi at July 17, 2009 3:21 AM

I lived in Apt. 7B (exact replica of this one) from 1964 to 1971. Best thing about it was the short walk to the promenade. I wonder if there are remnants of my stupid decals of psychedelic butterflies on the French doors to the kitchen. The elevator man practically frisked our black friends before he'd take them upstairs. It was a good apartment but not a great apartment (post-war but pre-remodel). When we left for California the rent (it wasn't a co-op then) was $325. The "penthouse" apartment had just become vacant for $600-something -- totally out of our range.

Posted by: cynthia at July 17, 2009 9:49 PM

« Inside Third & Bond: Week 92 House of the Day: 265 Sterling Street »

July 16, 2009

Co-op of the Day: 35 Pierrepont Street, #3B

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