Do the math - they are asking $725/psf + a monthly maintenance of $1.07/psf/month. Those are Manhattan prices, not Clinton Hill prices. And this building doesn't even have a full-time doorman.

I smell a co-op with a large mortgage attached to it. And considering the owners know what they paid in 2004 for it, they should know better than to go for a 50% mark-up over what they paid for it.

I mean really - prices have just gone up 10% a year for the last five years, right?

Posted by: Dreadnought at April 15, 2009 8:44 PM in response to Co-op of the Day: 277 Washington Avenue, #3J

For over $1 psf/month maintenance, I would expect full-time doorman, full-time super. This building must have a huge underlying mortage with a substantial part of the maintenance going to service it.

The problem is, too many co-ops do interest-only financing on their underlying mortages, and never pay them off. Thus, maintenance stays high forever. Typical short-term thinking.

Posted by: Dreadnought at March 16, 2009 8:53 PM in response to Co-op of the Day: 315 Saint Johns Place