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Co-op of the Day: 150 Joralemon Street, #9B

Categories: Brooklyn Heights, Co-ops

150-Joralemon-121009.jpg
The maintenance is always the catch at 150 Joralemon Street. The trade-off is that the co-ops in the beautiful prewar building in Brooklyn Heights are priced accordingly low. This ninth-floor two-bedroom, for example, just hit the market asking just $429,000. Granted the place is barely 800 square feet, but still, for the area, that's a low asking price. Still, if you put down $100,000 on this place, your after-tax mortgage expenses wouldn't be much more than $1,000 a month, so we think this'll sell quickly and near ask. You?
150 Joralemon Street, #9B [Corcoran] GMAP P*Shark




By Brownstoner at December 10, 2009 12:41 PM | Comments (16)

16 Comments

By 11217 on December 10, 2009 12:50 PM

"Still, if you put down $100,000 on this place, your after-tax mortgage expenses wouldn't be much more than $1,000 a month, so we think this'll sell quickly and near ask."


Ummm...the maintenance ALONE is $1356 a month. Which is OBSCENE on an 800 sf apartment.

And with 20% down (85K), the mortgage is $1840 a month for a grand total of:

$3156 a month mortgage and maintenance. How in the hell are you getting $1000?

By 11217 on December 10, 2009 12:51 PM

p.s. It's listed with Corcoran, not Warren Lewis.

By Expert Textpert on December 10, 2009 12:52 PM

um, when the bed touches the window sill, the room is too narrow.

By Expert Textpert on December 10, 2009 12:54 PM

"Great Buy for the holidays!"

Um, I just want a blender for Xmas this year, thanks tho.

By Maly on December 10, 2009 1:09 PM

11B just sold for $391K, and had a nicer renovation, a better kitchen and fresher, less cluttered and tired look. I don't understand the psychology behind this pricing. Note to sellers/agent: price this apartment at $390,000 and hope for the best.

By saminthehood on December 10, 2009 1:12 PM

Well 11B went recently for $395,000, so you cannot get any better comp than that. The insanity is that someone is trying to sell 7B for $500K, and ealier someone was trying to offload 4B for nearly $600K!! I guess B stands for Bad Buy.

By saminthehood on December 10, 2009 1:17 PM

I also note that 7B sold for $370K five years ago.. Interesting how the market for that building has turned. I guess the fact that the apartments are cramped and the maintenance is so high limits the pool of buyers..

By Nomi on December 10, 2009 1:22 PM

A blender! (Expert Textpert) Why not a vacuum cleaner?

By blowfish on December 10, 2009 1:35 PM

OK, real-estate 101 for me: can someone tell me why the maintenance would be so high? Do co-ops pay property taxes out of the maintenance?

By TD on December 10, 2009 1:40 PM

Yes, the major components of co-op maintenance are usually the property taxes, the mortgage on the entire property, and staff pay.

By Expert Textpert on December 10, 2009 1:41 PM

Nomi, my vacuum cleaner didn't break!
I know, I don't ask for much. Very practical girl, here.

By Maly on December 10, 2009 1:41 PM

Yes, blowfish, maintenance in coops include the property taxes. These tend to be high in Brooklyn Heights, so that's a factor. The other large ticket item is interest on building mortgage. Some coops were converted and the corporation assumed a large mortgage to purchase the building/land. Each coop has its own story, so maintenance sometimes also includes utilities.

By pocketsevens on December 10, 2009 2:41 PM

I live in a BH coop and I think the maintenance is insane for this building. even with high property taxes there are plenty of coops in the heights with maintenance of less than $1/foot.

By Minard Lafever on December 10, 2009 4:09 PM

This building, which was built as a very attractive Gothic-revival office building, was converted to residential use too early, before anyone really knew how it was done. Who knew about lofts back then? Even the Planning Commission could not wrap its brain around using a commercial building for residental use back then and as penance for such a silly idea made the developer remove retail from the ground floor resulting in a bizarre, useless open arcade where shops should be. Thank you CPC brain trust! Sometimes being the first is not the best thing.
Having said this, this unit is a bargain. A real 2-bedroom in a fireproof elevator building a block away from six major subway lines.
The high maintenance is probably in part a reflection of all the facade work that has been done (and paid for). For those who may not know: a portion of every co-op's maintenance is tax deductible. Specifically the portion that goes to real estate taxes and to pay the interest on the underlying mortgage.

By sjtmd on December 10, 2009 10:56 PM

$1356 a month for facade work? No doorman? No health club?
The only utility included is water? Who did the facade, Michaelangelo??

By STARGAZER on December 11, 2009 9:47 AM

Once again, no bathroom or kitchen window, and again, where do we put the table with 4 chairs>


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