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October 14, 2009

Co-op of the Day: 70 Remsen Street, #7D

Here's an attractive studio in a beautiful old building in Brooklyn Heights. The seventh-floor co-op at 70 Remsen Street, which is asking $319,000, has a nice clean feel as well as standard prewar touches. The monthly maintenance of $805 is less than ideal, but you are getting a full-time doorman and all your utilities thrown into the deal.
70 Remsen Street, #7D [CoreNY] GMAP P*Shark

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We routinely see coops/condos listed with comparable maintenance and it never raises an eyebrow. I've gotten so I can't tell what is a fair maintenance price anymore. This price seems so to me, however.

Posted by: infinitejester at October 14, 2009 12:50 PM

I've seen a bunch of studios show up for sale in the building.

Posted by: NYGuy7 at October 14, 2009 12:52 PM

I would rather live in Fucking Staten Island than pay 300 K for a studio only to pay a $800 maintenance. Fuck that!

Posted by: Joe from Brooklyn at October 14, 2009 1:30 PM

But Joe... look at all you get for your $2400 a month and $63,000 down. It's so huge! Think of yourself just wandering around this space.

I personally couldn't think of a better use of $30,000 a year!

Posted by: tybur6 at October 14, 2009 1:34 PM

love the agents' photos and links to contact them. i thought they were an ad for dating services...

Posted by: merchantress at October 14, 2009 1:37 PM

I don't know what's reasonable or not, either, so won't comment on that. I do love the facade of this building, though. Very Venetian Revival, with really witty grotesques above the arches.

Posted by: Montrose Morris at October 14, 2009 1:49 PM

Not commenting on the price or apartment but LOVE that entry way.

Posted by: Kensingtonian at October 14, 2009 1:54 PM

When they say "maintenance includes all utilities" does that assume heat, hot water, gas, electricity, television, internet?

Posted by: fishermb at October 14, 2009 1:59 PM

This is a medium (city-sizes) living room that you have to put your bed in. All that can be yours for $300,000 plus $400 a month shy of the FULL rent of a similar studio in a building down the street. Oh right, that place doesn't have a door man to accept your packages 6 times a year.

Posted by: tybur6 at October 14, 2009 2:03 PM

Seriously, one agent had a halo. ??

Posted by: serpentor at October 14, 2009 2:14 PM

GOOD doormen are useful...but that's an old school and there's not many of'em left.

Posted by: ftgreenepark at October 14, 2009 2:18 PM

probably not cable/internet, but certainly gas and electric.

Posted by: denton at October 14, 2009 2:46 PM

"We routinely see coops/condos listed with comparable maintenance and it never raises an eyebrow."

Actually, infinitejester, what we routinely see is 'stoner never fails to disparage the maintenance costs of Brooklyn Heights co-ops. Never mind that $1.25-1.50 is the norm for the area, its more than Crown Heights or Prospect Heights. Shouldn't all Heights be the same, property taxes notwithstanding? Isn't Clinton Hill comps the line in the sand when it comes to maintenance charges?

WTG, Jonathan - at least you are consistent.

FWIW - this one comes in @ $1.40 psf, and INCLUDES utilities.

But @#%$it, it's a studio...wah wah wah I wanna a bigger place or I'm going back to my parents basement!

Posted by: BoerumHill at October 14, 2009 2:48 PM

Hi all. Knowing a lot about this apartment let me shed some light. Maintenance does indeed include all utilities except the cable/phone bill. Also, the price is higher because it is not a studio despite the fact that its listed as one. Its technically a "two room studio" as you can see from the floor plan here:

http://media.realplusonline.com/nc/october09/70_Remsen_ST_7D.jpg

Its essentially shy of a one bedroom and if you're a single person looking for a one bedroom, but want to save a hundred grand, this is an excellent way to do so. In the 70 remsen building a lot of square footage is lost in long dark hallways around the apartments, so when comparing this apartment to a one bedroom in this building, if you exclude long hallways, its only the difference of a minimal square footage. This apt is actually very large, roomy, and has a full separate kitchen in a large separate room. Each room, has windows that get lots of sun.

Posted by: reykjavik at October 14, 2009 3:01 PM

Mortgage / maintenance costs on this would be about $2,175 per month and after the tax shield, about $1,650 per month. What would this place rent for? Maybe $1,500/mo or so. Once you throw in the utilities, monthly cost is probably about the same between rent vs buy. Now you might ask whether dealing with the complexities of ownership for a studio that one may not be living in for the next 20 years is worth it when monthly costs are roughly equivalent. But, it doesn't necessarily seem overpriced and I imagine there are a handful of people out there for whom it would be worth it.

Posted by: Bklyn365 at October 14, 2009 3:21 PM

Also, the price is higher because it is not a studio despite the fact that its listed as one. Its technically a "two room studio" as you can see from the floor plan here:

Its essentially shy of a one bedroom and ....

Posted by: reykjavik at October 14, 2009 3:01 PM

Last time I checked, that is STILL a studio. Since I have a large hallway, maybe I should start marketing my studio as a one bedroom.

Posted by: Kensingtonian at October 14, 2009 3:46 PM

@reykjavik: It's not a studio because it's one bedroom shy of a one bedroom? You funny person.

Posted by: kvnbklyn at October 14, 2009 3:49 PM

@Bklyn365: home ownership is not very complex at all. i've owned for 4 years now and would never go back to renting. renters throw money away even if their monthly rent is lower that what the mortgage/maintenance costs post tax deductions would be. ever heard of appreciation? chances are your condo/co-op will sell for more than you bought it for or at the very least you can collect your money back. renting is for suckers!

Posted by: brooklyngal171 at October 14, 2009 5:09 PM

It's a nice studio. But it is a studio and I would never pay this much to live in one.

Posted by: mopar at October 14, 2009 7:04 PM

"ever heard of appreciation?"

hey, i've got 2006 on the phone. they say they've got a great condo for you to come look at. btw- are you single?

Posted by: travy at October 15, 2009 9:43 AM

what is with the agents photos? I agree brokers photos more like print ads.
Is she a ballerina? cmon and 800 maint.??? for a studio
I would never never pay that for any studio in bklyn
what does Core know about bklyh looks like they only handle luxury manhattan stuff

Posted by: tjj at October 15, 2009 6:44 PM

what is with the agents photos... I agree brokers photos look more like print ads of some sort. LOL
Is she a ballerina? cmon and 800 maint so what if it includes utilities they only average 100 for a place that small anyway.??? for a 1 ROOM studio most likely will go for 270-250
I would never never pay that for any studio in bklyn
what does Core know about bklyh looks like they only handle luxury manhattan stuff.

Posted by: tjj at October 15, 2009 6:51 PM

« McDonald's Robber Apprehended in Slope House of the Day: 58 6th Avenue Revisited »

October 14, 2009

Co-op of the Day: 70 Remsen Street, #7D

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