"commuters from outer Brooklyn will clog our streets all day"

As an "outer" Brooklyn resident, I'd rather walk 5 minutes to a train station and be in midtown in 45 minutes than drive an hour to get to FG or CH and then another 15-20 minutes on a train.

Posted by: Gravis at May 6, 2009 10:47 AM in response to Reduced Parking Regulations Coming to CB2 Nabes

Proximity to a desirable synagogue dictated the price for the Midwood house.

Posted by: Gravis at April 14, 2009 12:13 PM in response to Last Week's Biggest Sales

What a great logic: "The price the seller set was absolutely nothing! Zero!"... Therefore, "Don’t ever underestimate its power to bounce back with bigger and better values"

This only tells us that, in theory, if the economic and cultural climate in NYC changes a lot, the RE prices in some areas can go to zero before bouncing back.

Posted by: Gravis at April 13, 2009 11:42 AM in response to Babs: 'Don't Ever Underestimate' New York

DIBS,
Agreed. What I don't understand though is why only in Brooklyn the foreclosures are down. Special treatment by banks?

Posted by: Gravis at April 3, 2009 9:48 AM in response to Brooklyn Foreclosures Drop Dramatically in First Quarter

Anyone noticed a huge influx of Brooklyn properties on streeteasy? It's up like %50 since yesterday.
After looking at what was actually added, I noticed that the other Brooklyn MLS database was merged into it.
For those who don't know, there's a separate huge MLS that specializes on Kensington and everything south of it (Bay Ridge, Bensonhurst, Sheepshead Bay, Midwood, etc).

Now finally all of Brooklyn properties are in one place.

Posted by: Gravis at April 2, 2009 9:49 AM in response to Open Thread

Sam,

"your analyis is a little simplistic"
Yes, it was intentional since I didn't feel like going into details. I just pointed out one reason why some underlying mortgages are much bigger than the conversion cost.

"I am a big booster of co-ops"
Me too. I own one now and plan to buy one more next year.

Posted by: Gravis at March 3, 2009 10:29 AM in response to Co-op of the Day: 111 Hicks Street, #8N

The Chicken,

I might be able to answer this as well. From what I heard, the following is an example of condo/co-op conversion that previously had no mortgages as a rental building:

Let's say there is a landlord, who wants to sell %70 of his/her building (100 units; cost of building before the conversion is $10M). He/she has 2 options:

- Convert to condos. Sell %70 apartments (70 units) at $100K each. Money in his/her pocket = $7M + rental of remaining 30 units.
- Convert to a co-op. Get an underlying mortgage of $7.5M and run with it. Sell %70 apartments (70 units) at $50K. Money in his/her pocket = $11M + rental of remaining 30 units.

Obviously, most landlords went with the second option. While the landlord (a.k.a. sponsor) might have pocketed up to %100 of the underlying mortgage funds, as a shareholder of the co-op, he/she only has to worry about %30 of it.

Posted by: Gravis at March 2, 2009 5:31 PM in response to Co-op of the Day: 111 Hicks Street, #8N

"People like cornerbodega and others will be stymied as to how anyone could possibly come up with $300k downpayment though."

No DIBS, more likely that the team Bear is winning.

Posted by: Gravis at February 18, 2009 1:52 PM in response to House of the Day: 55 Cambridge Place

Boerum Hill,
I bought my co-op studio 4 years ago when I was in early twenties and single. When I needed something bigger, I rented mine pretty well. The good thing about studio is that in my neighborhood, the $return on a studio is the same as the return on a 1-bedroom, because the X dollar difference in rent is eaten away by the same X dollar difference in co-op maintenance.

Posted by: Gravis at February 11, 2009 4:51 PM in response to Co-op of the Day: 70 Remsen Street Studio

Yeah, the listing says 400 sq ft, but if you do your math based on the floor plan, it's 280-290 sq ft.
Reminds me of an apartment I saw yesterday. Listing broker says 1300 sq ft, while I measure it at (including everything + wall space) 870 sq ft.

Posted by: Gravis at February 11, 2009 3:50 PM in response to Co-op of the Day: 70 Remsen Street Studio

Hm, interesting, when I saw the comments here to an Oceana (Brighton Beach) apartment with an IDENTICAL interior design a while back, EVERY comment said how distasteful it is ("Russians don't have taste", "How good we, American hipsters, are", etc).
BTW, I'm neutral to Russians, this interior style, hipsters, or anything about the two listings. At the same time I knew back then that if I saw that kind of apartment in a fancy area, all of a sudden the design would rule! After that when someone tries to rationally approve or disprove a design, all I here is "Blah, Blah, Blah.." It's all relative anyway.

I like the building though.

Posted by: Gravis at February 11, 2009 2:36 PM in response to Co-op of the Day: 70 Remsen Street Studio

DIBS,
I take it as a valid argument. I would look at some statistics that says "average of the last week" or "best value of the last week" and track it over a period of time, but I agree that it's hard to get that information in one report.

Posted by: Gravis at February 10, 2009 2:43 PM in response to Last Week's Biggest Sales

Hi DIBS,
I think "Last Week's Biggest Sales" section does not give us an accurate reading of the general RE market.

Posted by: Gravis at February 10, 2009 12:00 PM in response to Last Week's Biggest Sales

Sam,
Even though the blog is called Brownstoner, it features lots of different houses: brownstone, wood frame, pre-war/post-war buildings, new construction (fedders, hi-rise) and others in the topics. Nobody questions your right to comment on non-brownstone topics, right?
FYI, if you're about to label me an anti-brownstoner too, I'm not one.

Posted by: Gravis at February 10, 2009 10:55 AM in response to House of the Day: 63 South Portland Avenue

Fsrg,
Simple. If I'm laid off and/or forced to earn less, then the more I borrow, the less chance I have to successfully pay it off.
If prices go down %20, no one in my co-op is under water, while there will be some in a condo.

Posted by: Gravis at February 9, 2009 11:18 AM in response to Most Post-2006 Condo Buyers Are Underwater?

FSRG,
%20 down (vs %10 or 5%) results in a smaller monthly payment which, along with what Mr. B said (10:30am), made buying a co-op a safer bet.
If, however, condo prices go further south, co-ops WILL follow to a certain degree.

Posted by: Gravis at February 9, 2009 10:40 AM in response to Most Post-2006 Condo Buyers Are Underwater?

Tybur6,
This conversion probably qualifies for a 15-year real estate tax abatement, so the reduced tax is only for land use if I'm not mistaken...

Posted by: Gravis at February 4, 2009 10:34 AM in response to Conversion of 185 Huntington Nearing Completion

Even if it's not an ideal house, I think it's hard to find something at ~$250/sq.f (or $200, if very lucky).

Posted by: Gravis at January 15, 2009 3:50 PM in response to House of the Day: 403 East 19th Street

MM - I agree with you mostly, but %80 is not what I was talking about. The phrase I quoted as well as you pulling your seniority here shows that this blog is a private party.

Posted by: Gravis at January 15, 2009 2:48 PM in response to Brooklyn Rental Market More Stable Than Manhattan

DIBS - I add to discussions whenever I want and can while at work. If I have little clue, I use words "may be", "I guess", etc. I wonder what names I used when "calling names". My response to you is retaliatory: every other post by you offends either people who live in a non-brownstone home, not in the brownstone part of Brooklyn, new to the site, or don't agree with you. I belong to all those groups. It's not your private party so don't "STFU" anyone here.
No need to respond.

Posted by: Gravis at January 15, 2009 2:35 PM in response to Brooklyn Rental Market More Stable Than Manhattan

DIBS,
This forum is not your private party, so you don't have to put up with anyone.

Posted by: Gravis at January 15, 2009 2:01 PM in response to Brooklyn Rental Market More Stable Than Manhattan

"Fsrq, as Wasder said, this is a blog about brownstones. Why even be here if you find them so awful?"

MM - this blog is about all Brooklyn real estate; look at the headlines: brownstones, hi-rises (new construction & old), coops, "horror show" sections. If you don't like our comments, why don't you ask Mr. B to ONLY write about brownstones?

--------

DIBS - I find it unbelievable that when people tell you that not everyone wants to live in a brownstone, you try to convince them otherwise and in a not so mature way.

Posted by: Gravis at January 15, 2009 1:44 PM in response to Brooklyn Rental Market More Stable Than Manhattan

Chaka,
It's one of a million reasons not to buy a brownstone, but what you said is very much true. That doesn't mean though that 2nd, 3rd [and so on] generation Americans only buy brownstones. I like brownstones myself but what's the overall percentage of them in US, %5 to %10?

Posted by: Gravis at January 12, 2009 4:46 PM in response to A Couple of Sales

Not everyone wants to live in a brownstone with "timeless" architectural and interior details and I'm not just talking about myself here. It also makes me wonder whether some residents of brownstone Brooklyn have been outside of the city. In addition to that, when it comes to renovating the interior of a brownstone, I'm surprised how nosy the brownstone crowd is. It makes me think that the communism is alive and well.

Those new houses are fine if you look outside of the city. I don't think we should expect them to build brownstones these days.

Posted by: Gravis at January 12, 2009 3:55 PM in response to A Couple of Sales

Benson,
I think that when the original owner decided to convert the brownstone into the three units, there was a mortgage on the property that he/she couldn't pay off right away. I think condo conversion is only possible when there's NO mortgage on the property. Therefore, coop was probably the only way to go.

Posted by: Gravis at January 12, 2009 3:15 PM in response to Co-op of the Day: 110 Hicks Street

%20 from peak is what I think. Which team am I a part of? Oh well, I'll be a double agent then...

Posted by: Gravis at December 23, 2008 4:53 PM in response to Last Week's Biggest Sales

By plane, DIBS. English? What is it? We use Google language tools to communicate here.
Happy holidays!

Posted by: Gravis at December 23, 2008 4:18 PM in response to Today on the Forum

DIBS,
Bensonhurst. That's in Brooklyn, BTW.

Posted by: Gravis at December 22, 2008 11:39 AM in response to Brownstone Interior Destroyed Modernized by Artist Couple

Sam,
We all have a right to say. That's not the point.

*** Brownstones Are Overrated ***

Posted by: Gravis at December 22, 2008 11:31 AM in response to Brownstone Interior Destroyed Modernized by Artist Couple

OMG, how can they survive there without the crown moldings?

Posted by: Gravis at December 22, 2008 11:15 AM in response to Atlanta All The Way

Sam,
IMO, you should be ashamed of yourself.

Posted by: Gravis at December 22, 2008 11:06 AM in response to Brownstone Interior Destroyed Modernized by Artist Couple

RH,
"let them buy something modern". Do I hear the word "regulation"?
But seriously, no one stood between them and a modern home. There WAS a reason they bought that property.

Posted by: Gravis at December 22, 2008 10:43 AM in response to Brownstone Interior Destroyed Modernized by Artist Couple

"one of my neighbors sold all his parlor floor woodwork to an antique dealer. MANY neighbors rang my bell, asking what we could do to stop him"

That's not even funny what some people would do to invade others privacy. I wouldn't be surprised if they would spy to see what underwear their neighbors have and whether it has details that please their eyes through binoculars.

Posted by: Gravis at December 22, 2008 10:26 AM in response to Brownstone Interior Destroyed Modernized by Artist Couple

For this price, I'd better buy this place in Kensington: http://www.streeteasy.com/nyc/sale/309105-coop-160-ocean-parkway-kensington-brooklyn
A little smaller (1050 sq/ft), 1 bath, no terrace, but the maintenance is $504 and it is located in the more prime area of Kensington (above Church Ave). Went into contract yesterday though.

Posted by: Gravis at December 19, 2008 9:44 AM in response to Co-op of the Day: 515 East 7th Street

Local Broker,
What are your thoughts about Trump Village coops? In your opinion, would the prices there do better or worse than the overall Brooklyn prices in the southern half of the borough?
Thank you.

Posted by: Gravis at December 18, 2008 2:00 PM in response to Rezoning for Brighton Beach?

Billyboomer,
I don't mean to be rude, but you make it sound like EVERYONE in the region dreams of living in a brownstone. Sure, I like these townhouses and wouldn't mind living in one and appreciate the architectural details, but brownstones are overrated on this forum, IMO. Brownstone-mania of a select few has little effect on overall demand and, as any other mania, it comes and goes...

Posted by: Gravis at December 16, 2008 3:34 PM in response to Last Week's Biggest Sales

There is however life east of Prospect Park. :)

DIBS,
Also, there are lots of private houses on Ocean Ave besides the dozen in PLG and yes, it is still oficially Brooklyn :)

Posted by: Gravis at December 3, 2008 9:31 AM in response to Wednesday Links

The problem is many people think Brooklyn ends in Prospect Park and there's no life outside of it. Reminds me of a decade or two earlier: Manhattan residents were wondering where the hell Brooklyn is...

Posted by: Gravis at December 3, 2008 9:12 AM in response to Wednesday Links