« Last Week's Biggest Sales House of the Day: 455 Henry Street »

July 21, 2009

Co-op of the Day: 34 Plaza Street East, #704

This 1.5-bedroom pad at 34 Plaza Street East is nice enough but given that it traded for $415,000 back in 2007, the asking price of $629,000 may be a little tough for buyers too swallow, even if the kitchen and bathroom have been recently redone. Probably the sweetest thing about the co-op is the corner balcony overlooking Grand Army Plaza. Very nice indeed.
34 Plaza Street East, #704 [Corcoran] GMAP P*Shark

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Comments

Hmmm, no spiral staircases outside. I don't like it.

Regardless, the seller is expecting to make more than a 50% profit after buying at the peak of the market and selling when almost nobody's buying? What's wrong with this picture?

Posted by: Biff Champion at July 21, 2009 12:43 PM

How do you calculate the area of a non-right triangle?

Posted by: northsloperenter at July 21, 2009 12:46 PM

Our apartment, on Plaza St. West, is very similar -- sans balcony and view, and unrenovated, but with a large entry foyer. We've considered renovating the kitchen and bath, but with two young kids, decided it would be too much hassle. I've always wondered how much of a difference this kind of renovation makes in the selling price. A broker told us we could expect to list our apartment in the low $500's. Are the view and kitchen/bath renovation really worth $100K?

Posted by: Lesloaf at July 21, 2009 12:48 PM

Well, I guess that is pretty close to being a right triangle.

We'll call the 0.5 bedroom 54 square feet.

I'm sure even baby jesus would cry if you made that his bedroom -- especially if you wanted to use the living room or kitchen after baby bedtime.

Nice 1 bedroom apt. though.

Posted by: northsloperenter at July 21, 2009 12:49 PM

That half bedroom isn't useable.

Posted by: dirty_hipster at July 21, 2009 12:51 PM

my closet is actually bigger then that .5 bedroom. No joke

Posted by: brickoven at July 21, 2009 12:54 PM

I should add that we have a true half-bedroom (meaning, a dining room converted to a bedroom, with a real door and two windows), but no closet. That little triangle-thing is not a half bedroom. It is a nook.

Posted by: Lesloaf at July 21, 2009 12:55 PM

at least technically, it can be called a bedrm (window - checked, closet - checked).

agree with others, it's a very nice 1 bedrm that could get around 450k-475k

Posted by: more4less at July 21, 2009 12:56 PM

A "nook"!

That made my day.

Posted by: Nokilissa at July 21, 2009 12:57 PM

Id say 515 gets it sold
nice 1 BR - you can't be serious using that .5 room as a BR - maybe a nice office or study or take out the wall and you have a HUGE Living room

Posted by: gemini10 at July 21, 2009 12:57 PM

yes, it is useable. my first apartment on ludlow street i only had a kitchen (with the tub in it of course) and the tiny bedroom off the side. the side of the bedroom was about 36 square feet (6 x 6) and i lived in that tiny room (with my pitbull) for about 4 1/2 years

*rob*

Posted by: PitbullNYC at July 21, 2009 12:58 PM

I appreciate the lowball prices being thrown out, but the place is 1000 sf and $400-500 psf are not the comps for an apartment like this on this street, I don't think.

They are certainly above 500 psf, although yes...the "nook" is going to make this one a much tougher sell.

We've seen 2 bedrooms with far less square footage and far higher maintenance.

Posted by: 11217 at July 21, 2009 1:00 PM

Rob, that sounds like a jail cell, not a bedroom. It's like living in the closet (no pun intended).

Posted by: Biff Champion at July 21, 2009 1:02 PM

The kitchen is awfully narrow- it would drive me crazy.

Posted by: bxgrl at July 21, 2009 1:02 PM

rob -- how much were you paying?

The real issue isn't "is it useable" but "would it be considered useable by someone who could afford it".

Posted by: northsloperenter at July 21, 2009 1:07 PM

I would knock the wall down between the kitchen and nook and make it a real kitchen. Then this place would be a great 1 bed

Posted by: brickoven at July 21, 2009 1:10 PM

actually the funny part is it was like living in a closet because a clothing rack was hung from one wall to the other near the ceiling. so much clothes hung above, bare ass naked out, where i slept (inflatable mattress for 2 years, just a blanket for 1 year, and then i purchased a small mattress, so it's do-able. freakytown, but do-able. but then again i was paying very little in rent and was like a 6 minute walk to work, not buying a 1/2 million dollar apartment.

*rob*

Posted by: PitbullNYC at July 21, 2009 1:10 PM

11217, believe corco sold a big unit (no view and not as renovated) in this bldg or the one right next to it for 370k or so. So this baby could drop below 500k. BTW, this doesn't look like 1000 sqf. feels more like 825 or so.

Posted by: more4less at July 21, 2009 1:11 PM

i was paying 750 a month, utilities included, then the rent got knocked down to 725 cuz i was doing favors i guess for the person who's rent controlled apartment it was. she was only paying like 300 for one apartment, then 350 or something like that for the apartment next door (she broke thru the wall the connect apartments) and she rented mine out for 750 and the one next door which was a whole apartment, same size bedroom as mine, but with a living room and a shower in the kitchen, not a tub, i think she got 1200 a month for that apartment. i didnt have access to the living room in my apartment, it was used for storing painting and her lifes work. but she never went in there so it was my own apartemtn for the most part, tho super super tiny. but it was fun :) i painted the whole place neon pink. which probably made it look darker and smaller since my only window was on an airshaft. but yeah youre right if you are paying 600k for a place, that 1/2 bedroom sounds really terrible. good for crotchfruit tho im sure, at least the first 2 years.

*rob*

Posted by: PitbullNYC at July 21, 2009 1:14 PM

11217, this isn't a 1000 sf apt.

living room (12.5 x 21) = 262.5
dining foyer (10 x 10) = 100
master bedroom (12 x 16.5) = 198
kitchen (15 x 7) = 105
nook ((9 x 12)/2) = 54
bathroom/closet = 80
================= ~800 sf

Include the terrace if you like:

Terrace (10 x 8.75) = 87.5 sf

888 sf

Posted by: northsloperenter at July 21, 2009 1:16 PM

one word: delusional.

Posted by: Miss Muffett at July 21, 2009 1:18 PM

rob -- you were robbed pay $750 for that space.

Also, a newborn's bedroom is not for the kid. It's a place for parents to store all the kid's crap (crib, dresser, changing table, thing to shove dirty diapers into, various and sundry toys, boxes of diapers and wipes, etc.).

Posted by: northsloperenter at July 21, 2009 1:18 PM

Ok, thanks.

I hadn't done the math. Should have known better than to trust the ad copy.

I don't even know why I'm defending this place. It's ok.

Posted by: 11217 at July 21, 2009 1:20 PM

quote:
Also, a newborn's bedroom is not for the kid. It's a place for parents to store all the kid's crap (crib, dresser, changing table, thing to shove dirty diapers into, various and sundry toys, boxes of diapers and wipes, etc.).

well there's a balcony so that eliminates the need for diapers. just dangle the precious little bundle of lemon joy over the balcony and let herm tinkle in the wind.

*rob*

Posted by: PitbullNYC at July 21, 2009 1:22 PM

lol. If only it were that easy rob.

But once you get the kid to let you know that it is time to be dangled over the balcony to crap on pedestrians, you can train them to use the toilet.

Posted by: northsloperenter at July 21, 2009 1:28 PM

How the heck did they get 1000 SF? I guess they are using Corcoran wide-angle lens measurements...:) I agree, they should have opened the kitchen, if possible, into the fake .5 bedroom space. As is, its a too-narrow galley - I cant see how you can stand in front of the oven, and have enough clearance to open it. Price is delusional.

Posted by: saminthehood at July 21, 2009 1:41 PM

Big up to corcoran for the honesty in calling the smaller "bedroom" one half. Challenging layout.

The effect of the trees through the transparent balcony panels make the view look like that of the Gowanus. Killer balcony nontheless.

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 21, 2009 1:43 PM

Love the terrace.

The rest scores a solid "meh."

Posted by: DitmasSnark at July 21, 2009 1:49 PM

This agent is ridiculous...she overinflates the square footage on all of her listings. This should sell close to $500K.

Posted by: PHfamily at July 21, 2009 2:03 PM

you don't measure the inside of rooms and add up to sq footage in any bldg. You take footprint of floor and divide up by apts on floor (so yes each apt sq ft will include some common space, and walls, etc, etc). But you all know about real estate so knew that anyway.
I think is very nice apt which will go for close to asking.
Views and decent size terrace. And it looks like all rooms have the view but not sure.
2nd bedroom works great as office/guest room and with double door opens to be more spacious feel.
Sounds like very reasonable maint for a doorman bldg.
As someone approaching age of possible downsizing...this would be the type of thing I would consider. I can see why not so appealing to child rearing group.

Posted by: Petebklyn at July 21, 2009 2:09 PM

No, actually, you don't include common space in the apartment’s square footage. You include the common space when you try to figure out each units % of common interest.
Regardless, this is nowhere near 1000 sqft.

Posted by: PHfamily at July 21, 2009 2:24 PM

"you don't measure the inside of rooms and add up to sq footage in any bldg."

Uh, actually, *I* do measure square footage that way.

Do you know why? I don't live between the walls or in the elevator shaft or in the effin hallway.

I don't care about stupid realtor games. I care about "will my crap fit in this space in an arrangement I find livable".

Oh, and wtf is this:

"You take footprint of floor and divide up by apts on floor"

So, you have 4 apartments on the floor, the building is 100 x 40, and you magically declare each apartment in 1000 sq foot? Even if one is a studio, one is 3 bedroom, one is a 1 bedroom, one is a 2 bedroom, there is a laundry room, interior stairwell, and elevator.

Please...

Make sense if you want to be taken seriously.

Posted by: northsloperenter at July 21, 2009 2:47 PM

If the 1/2 bd makes baby Jesus cry, that kitchen would make him downright suicidal. 7ft across? Really? Seriously? That kitchen is a sin. And the fact that it was recently renovated and was kept that small is a bigger sin. Seller should've ditched the 1/2 bd and had a bigger kitchen with a breakfast nook and pantry or something.

Posted by: kissera at July 21, 2009 3:28 PM

don't be a dope northslope. You know that is not what meant.
Each apt on floor would include a representative %age of the common area.
And this is not a realtor game. Single family houses in podunk are measured by the footprint...by appraisers, insurance companies, etc, etc etc.
So to compare price per sq foot you need to keep that in mind. IF you want to measure usuable sq ft for yourself that is great...and valuable tool. But don't be so angry when others refer to standard way and then call it a game or
misrepresentation.

Posted by: Petebklyn at July 21, 2009 3:39 PM

Pete -- this isn't a 1000 sq. foot apt.

And, guess what?

Anyone who tells you otherwise is selling something...

Posted by: northsloperenter at July 21, 2009 3:58 PM

800 measured interior sqf = 1000 sqf for advertising

crap, I've been understanding my sqf on my units by 25%

Posted by: more4less at July 21, 2009 4:09 PM

perfectly nice apartment but another delusion seller who wants 50 percent more than s/he paid at the height of the market. watch it sit.

Posted by: southbrooklyn at July 21, 2009 4:32 PM

talking to some of my california friends - they always find it amazing how important price/sqft is in nyc real estate. easy explanation is simply the very value of space in the city - although i don't think that full explains it.

anyway, given that that's the case - shouldn't their be some more regulation of how one determines and advertises square footage - i mean for many new yorkers the value of an apartment is directly tied to:

(everything positive about the apartment) / pricepersqft

Posted by: perhaps at July 21, 2009 4:42 PM

I think this awesome apartment. Great building, great location. Love the corner balcony. I agree its really a one bedroom and should be marketed as such. Given the location, balcony, view and all around nice renovation i'd say it should sell (as a 1br) between 500 and 550.

And good god give me a break about the kitchen "being too narrow." Do any of you people actually live in New York City?!?!? I lived for 22 years in a 2 bedroom on the Upper East Side with a kitchen like that and it sold for well north of 1 million.

From reading the posts on here it sounds like most of you really want a to be living in a nice split level out in Merrick. This is freakin new york city. you cant have everything!

Posted by: clintonhillbuyer at July 21, 2009 4:45 PM

"From reading the posts on here it sounds like most of you really want a to be living in a nice split level out in Merrick. This is freakin new york city. you cant have everything!"

THANK YOU. Most people I know who live in NYC would KILL for a kitchen that nice. And yes, I've also seen my share of million dollar apartments in Manhattan with kitchens which pale in comparison to this one.

I truly hope the brownstoner readership is not indicative of the overall population in NYC, otherwise we are headed in the direction of another mass migration to the burbs.

Posted by: 11217 at July 21, 2009 5:22 PM

Actually, the kitchen, by virtue of the renovation, is narrower than standard NYC galley kitchens. But it def looks nice. As does the terrace. I would rather be on the other side of the Plaza though - I dont think much more than $500K.

Posted by: saminthehood at July 21, 2009 5:24 PM

Upstate friends use a place like this as a pied-a-terre.

Posted by: BklynSoFar at July 21, 2009 6:19 PM

« Last Week's Biggest Sales House of the Day: 455 Henry Street »

July 21, 2009

Co-op of the Day: 34 Plaza Street East, #704

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