Check that car with the tail fins in the old photo. It's a 1957 Plymouth. I know that because it was the first car I ever drove. The car was a tank and I drove it until I got '66 Lemans convertible which was way cooler when I was in college.

Posted by: MarionG at October 23, 2009 12:14 PM in response to From Flicks to Fischer on 15th Street

Check that car with the tail fins in the old photo. It's a 1957 Plymouth. I know that because it was the first car I ever drove. The car was a tank and I drove it until I got '66 Lemans convertible which was way cooler when I was in college.

Posted by: MarionG at October 23, 2009 12:13 PM in response to From Flicks to Fischer on 15th Street

And by the way, even with the sweetheart deal, the MTA is now allowing Ratner to pay off the purchase for small change over 30 years. The needed revenue for current MTA shortfalls will trickle in, a very poor arrangement clearly against taxpayers interests. Let's hope the courts agree!

Posted by: MarionG at October 14, 2009 12:57 PM in response to Atlantic Yards: Suit Filed Against MTA

Joe:
Only one "basement" unit previously sold: 1A. 3E is supposedly in contract and 4A is the only remaining unit for sale above the first floor. Building has mostly young families, a good number of children and is maintained nicely. If you want more specifics write me at: marion11217@aol.com
(I used to own and lived on Lincoln Place, hence the old zip)

Posted by: MarionG at October 14, 2009 12:53 PM in response to How Much to Live in that Slope Scarano?

I'm an old lady, LOL. Retired, zero debt, own my condo free and clear and can live nicely on investment income <30k !!
I will let you young folks pay my social security starting sometime next year, just gravy from my perspective.

Posted by: MarionG at October 14, 2009 12:47 PM in response to Brownstoner Reader Survey

Joe:
I live at the "Heritage" which is # 309 2nd Street. Our building budgeted so nicely the first year that we got a free month's common charges in August, the charges were reduced 15% as of Sept. 1st and we have a very nice reserve in the bank. Our FINAL C OF O was issued 10/1/09 after a correction was processed. Construction problems were minimal.
The developer here sold 15 of 21 units before the market crashed. A 16th unit recently went in contract but I don't know the price as it hasn't yet closed. He is renting out 4 of the 1st floor/basement duplex units, these apartments are least desirable since the cellar "storage" rooms are really recreation rooms with very high windows that many folks might use as bedrooms, but are clearly overpriced. A large 2 b.r. unit on the top floor is currently being marketed at the high $700's per s.f.
Good luck!

Posted by: MarionG at October 14, 2009 12:32 PM in response to How Much to Live in that Slope Scarano?

Yep they obviously couldn't buy the bread at each end of the block! I remember the old owner emptying out all the poor non stabilized tenants from the whole row of walk ups...

Posted by: MarionG at October 6, 2009 3:27 PM in response to Development Watch: 150 4th Avenue Rising

Some food for thought. The "Elan" next to McDonald's on 1st St. and 4th Avenue, per ACRIS, just had it's second recorded sale. Apt. 5C which is 3 B.R. went for about $555/S.F. A bank in Smithtown L.I. has done the financing here and for apt. 5B. All other occupied units appear to be rentals since they have no recent recorded sales. I see this building from my residence on 2nd St. so am wondering how most folks could possibly purchase given the fact that most lenders need a 50% threshold of sales to qualify. There is a $14 million construction loan outstanding so it appears that lender doesn't yet want this loser in its portfolio to manage and sell. If a real fire sale happens I might jump in. Sad state of affairs on 4th Ave. with construction activity at the new building at Carroll St. now shut down for months as well.

Posted by: MarionG at October 6, 2009 2:48 PM in response to Last Week's Biggest Sales: Bay Ridge on Top

I live on 2nd Street and see this building from my window. I've checked ACRIS and only see one sale at 5B. That purchaser used a Suffolk county bank for financing which is probably holding the paper. FNMA regulations require 50%+ in sales before they will take the mortgage so who is lending here? I suspect financing difficulty will tremendously inhibit sales.
Folks are now living on the 3rd, 4th, 7th, 8th, 9th, and 11th floors but I suspect these are all tenants. I'll check ACRIS from time to time to see if sales have been recorded but "Street Easy" only shows 4A and 4B in contract and I see no deed yet for those two apts.
So, bottom line, if you buy figure most of your neighbors will be tenants for years to come. There is a $14 million construction loan on this building so question is: when will the foreclosure occur? I've been in the building and layouts are poor in many units. My recommendation: go elsewhere or wait for bank fire sale!

Posted by: MarionG at September 23, 2009 1:25 PM in response to Broker Switcheroo, Huge Price Cuts at The Elan

Love the inside of this gem! One wonders whether certain aspects of the renovation could be done without totally shutting down the facility: ie handicap access on the outside and certain portions of the inside work. Why can't a part of the interior be cordoned off while that area is worked on? Two years to do this project is insane, the entire Empire State Building was built in 13 months!

Posted by: MarionG at September 4, 2009 1:27 PM in response to Park Slope Library to Close in Fall

For me personal safety of the neighborhood is at the top of a list in deciding where to live.

Posted by: MarionG at September 4, 2009 1:17 PM in response to Crime Map Offers Easy Access to Stats

I personally would never buy an apt. with a basement (<50% of cubic content below grade)space unless there is an excavated cellar level below. Since you indicate the mechanicals are on the same level I assume there is no cellar. It takes only one severe noreaster with heavy rain to overwhelm the City's combined storm and sewer system. Net effect is a backup of water to the lowest level of a building. Such a flood will heavily damage the floor and personal effects. I have seen this in both old and newly constructed buildings here in Park Slope in the last 8 years at least twice! If you purchase, make sure you have flood insurance as this is specifically excluded from most homeowners policies! Good luck.

Posted by: MarionG at September 2, 2009 12:44 PM in response to Garden Apt. Safety Hazards?

I for one am voting for Norman Siegel whose bonafides for decades makes him eminently qualified to be a public advocate. The slumlord list is a joke since HPD has its own hit list. Time for "career" politicians to get a real job and off the public tit. Yasky also needs to be retired; hooray for term limits and, by the way, aren't we all getting sick of Bloomberg's deluge of ads and phone calls (I get at least two a week and have to mute the tv when they come on.) Sorry for my rant.

Posted by: MarionG at September 1, 2009 12:14 PM in response to Mapping Slumlords

Sorry to say if its rusted through to the point that there is little metal left a resurfacing won't work. Time to look for a replacement, antique or otherwise. Incidentally, having been in r.e. mgt. for many years the resurfacing available on the market is usually only good for a couple of years and generally not worth the money. My 2 cents.

Posted by: MarionG at August 31, 2009 1:46 PM in response to Resurfacing Cast Iron Clawfoot

Taxes are high because this was a J-51 not 421A. Building used to be a church and developer gut renovated it and added new bulk to reach the current height. Interestingly the early buyers had to pay full taxes (for more than a year) of over 10k average since it took for ever to get the J-51 benefits. Since the "new construction" got no benefits the renovated portion was spread over the entire structure leaving a very substantial residual tax liability. These benefits only run 10.8 years, so look at other new construction if you plan to live in your purchase a substantial period of time. Most new 421A jobs will give you only a 1k +/- tax liability for a greater length of time. Good luck to all!

Posted by: MarionG at August 20, 2009 1:36 PM in response to Condo of the Day: 145 Park Place, #2G

Stay away from National Coop Bank! I handled a refinance for my 8 family cooperative last year where we paid off NCB. NCB is a bureaucratic nightmare, they lost virtually all original documents and we had to pay over a thousand dollars to replace them with certified copies. We refinanced with Washington Mutual, now taken over by Chase and got a 6.54% self liquidating loan for 15 years. Not sure if this is still available since the merger but you may want to inquire. We took out 255k. Good luck!

Posted by: MarionG at August 14, 2009 5:19 PM in response to Underlying Mortgages

Stick to "seasoned" buildings with over 50% actual sales, not just representations of "signed contracts" which are difficult to confirm. Do not believe sales people's statements which are often bs. Remember, these contracts may never end in an actual sale. You can check the Dept. of Finance "ACRIS" web site for actual transactions or some of the other web sites such as "Street Easy". With sales below that threshold financing your purchase may be difficult. In buildings with low sales volume it may be difficult getting construction defects cured from a stressed developer. Check out the developer's history and reputation by doing research on completed projects including violations placed and speaking to owners. This is the biggest investment of your lifetime and units are not selling like hot cakes. Take your time.
I bought into a new building which closed about a year ago. Fortunately 70% of the apartments were sold but then the financial crisis hit and the builder has had to rent all the remaining units. We only had minimal construction defects and they have all been addressed. Given the tough economy over the last two years I consider myself blessed.
Marion

Posted by: MarionG at August 6, 2009 12:58 PM in response to Risks Buying New Condos

Try contacting previous owners if their whereabouts are known. Someone may have a copy in their files. Good luck.

Posted by: MarionG at July 14, 2009 5:29 PM in response to When Offering Plan is Missing?

Been in the building. Layouts are crazy. One unit had a bathroom where you had to walk around a column to get to the fixtures. Wall facing west can't have windows because it's built on the lot line and clearly air rights were not purchased. Broker indicated they were taking bids in the $650/s.f. range. I personally don't like buildings with through the wall a.c./heating units; the annual electric charges can run 4k! Since there are only 3 units per floor (2 on the top floors) you would think the architect could have come up with better layouts. Some bedrooms are ridiculous in their proportions. Balconies are narrow. Am wondering which bank will provide financing since most require 50% or more of units to be in contract before closing. This developer has whopping $14,650,000 construction loan per ACRIS which comes to over 450k per d.u. When you figure monthly interest charges and other soft costs the profits are dribbling away. Buyers beware: most of your neighbors will be renting!

Posted by: MarionG at July 1, 2009 1:17 PM in response to Checking in on The Elan

Until recently I lived on this block, watched this thing go up. I'm in contract and expect to close shortly on the 3 b.r. I am selling for about $600/s.f. I'm not happy with this number but realistic about the current market and will still make some nice change given the fact I own it since late 2001. Until spring the market was dead. Then had lookers but few bids. Folks are scared about their jobs, big down payments and perfect credit scores are required, and for the bucks this builder is asking this building will not move. Banks now require more than 50% (some 70%, and FNMA 90%) of units being sold in new structures. Resales of condos in the Slope on buildings constructed in the last 10 years are better deals, financing is possible and the tax exemptions and abatements have been finalized. Conclusion: too risky, too expensive and will ultimately sell in the $700-800/s.f. range. Competition at this price level is at Grand Army Plaza.

Posted by: MarionG at May 12, 2009 1:09 PM in response to 53 Lincoln Condos Hit the Market

Yep just bought new glasses at Urban Optical, good service and prices!

Posted by: MarionG at February 17, 2009 12:59 PM in response to Storefront Turnover on 7th Avenue

21 Lincoln Place has been a start and stop renovation for over 2 years. It was and will remain a 4 family which now has a new penthouse and the first floor unit will duplex into the basement given the amount of dirt removed from the basement. Have to check ACRIS but perhaps some new investors have entered the picture to complete the rehab. Street has just been dug up for new utility and/or plumbing service. The footprint of the property is very long, so it will be a challenge to eliminate the railroad flat layout. Assuming acquisition and construction costs beyond $3. million its hard to see much profit in this baby.
ps: I'm selling my 905 s.f. 3 bedroom, 2nd floor apt. directly across the street at 16 Lincoln Place for $635k, or 700 per s.f. My property was renovated 20 years ago and faces the front running the entire width of the property with no long hallways. Anyone interested drop me a line at: marion11217@aol.com

Posted by: MarionG at February 17, 2009 12:57 PM in response to Last Week's Biggest Sales

Move on to another building, too messy!

Posted by: MarionG at February 5, 2009 10:41 PM in response to HELP: Cert. of Occ. issue

Ansonia clock factory has a sprinkler system

Posted by: MarionG at February 5, 2009 10:52 AM in response to Issue for our Co-op Board

This is funny! Shares are based on square feet of space, indoor and outdoor as incorporated in the original offering plan. Sometimess extra shares are allocated based on the floor an apt. is located on. Have never seen shares based on cubic feet. Of bigger concern is fire safety! Plaster and drywall create a 1.5 to 2.0 hour fire rating between apartments. To expose joists and bridging (probably wood) to a direct fire is against the multiple dwelling law. The Dept. of Building would deny approval for this work unless the wood is treated and or a sprinkler system is present. Consult a professional on this issue and forget about changing the share allocation.

Posted by: MarionG at February 5, 2009 10:51 AM in response to Issue for our Co-op Board

The inspector is correct! I was involved in property mgt. for years. Although there is no flame, gas can leak at the pipe connections to the meter and elsewhere. Common sense dictates ventilation to avoid a gas build up should a tiny leak ensue.

Posted by: MarionG at January 20, 2009 12:26 AM in response to inspection challenge

The inspector is correct! I was involved in property mgt. for years. Although there is no flame, gas can leak at the pipe connections to the meter and elsewhere. Common sense dictates ventilation to avoid a gas build up should a tiny leak ensue.

Posted by: MarionG at January 20, 2009 12:26 AM in response to inspection challenge

Here is a list of suggestions: Change your vents so trapped air evacuates the radiators quickly. These are cheap and available at all hardware stores. Make sure your radiators are pitched slightly back to the valve so condensate drips back for return to the boiler. This can be done by slipping some shims or wood under a couple of the radiator legs. Make sure valves are totally open, not half way. Make sure vents are replaced on risers such as the bathroom and not painted over. You can also buy a piece of aluminum reflective board to place behing the radiator so heat is reflecting back into the room. Make sure no furniture or drapes block the radiators. By doing all of the above your heat distribution will improve.
Marion (retired r.e. professional)

Posted by: MarionG at December 12, 2008 1:09 AM in response to Coop in Queens Heating Problems

I was in this "farmhouse" over 35 years ago when I was processing 3% renovation loans in the Atlantic Terminal Urban Renewal Area. If one looks around carefully you might find some very early outlets powered by "direct current". Construction of this building predated most Fort Greene brownstones and dates back to the 1860's !!

Posted by: MarionG at December 1, 2008 1:58 PM in response to House of the Day: 170 South Oxford Street

I moved from this block a couple of months ago to 2nd St. Construction has been at a snails pace. Given the high acquisition cost of 350k per dwelling unit + say another 200k per unit to build, break even is about 550k for units which will probably average about 1000 s.f. Profits can be made but probably not at the level originally anticipated. My old apt is down the block, close to 5th Ave. and still available for sale - crappy market for sure. I probably will be renting it shortly. Anyone interested in a 905 s.f. real 3 b.r. with fireplace and other amenities drop me a line. I'm doing an open house Sunday noon to 3 p.m. at 16 Lincoln Pl. - Apt. 2A. Ad also in the Times. Good luck to all! Marion: marion11217@aol.com

Posted by: MarionG at November 28, 2008 3:02 PM in response to Modern on Lincoln

Gowanus houses across the street at 3rd Avenue. I used to have a friend who lived on this block. MAJOR DRUG TRAFFIC. Buyer beware for sure!!

Posted by: MarionG at October 15, 2008 1:31 PM in response to House of the Day: 18 St. Marks Place

I used to supervise mgt. of 1600 units. Bolder's comment is right on! All units must be done, the job must be filed at the Building Dept., each floor must be properly framed to sustain the same live load as regular joist construction (I believe 60 lb./s.f., the bulkheads removed and closed with proper framing as below, the basement doors must be removed and the openings blocked with masonry. You are probably talking about $300. per d.u. + filing and engineering costs. All of this work will get you an extra 16 s.f. per kitchen. Weigh the costs versus the benefit and remember you need 100% cooperation in the building.
Marion

Posted by: MarionG at September 18, 2008 3:20 PM in response to Closing Up a Dumbwaiter?

Folks:
Be careful on taxes. This is a J-51, not a 421a. Building had a huge pre construction assessment as a hotel. Net net: do your due dilligence on where real estate taxes will go. It is very likely benefits will take significant time to kick in. Figure only a partial abatement will last 10.8 years.
Marion

Posted by: MarionG at September 4, 2008 1:11 AM in response to Condos of the Day: 153 Lincoln Place

I am closing on a 2 b.r. at the Heritage later this month and was at the building today making sure the punch list was completed. The overall footage of my apt. measured out correctly but the stated room dimensions on the floor plan were off. Even with transfer taxes figured in I get almost 1,000 s.f. with 2 bedrooms, 2 baths plus a 95 s.f. balcony with a Manhattan skyline. Price for me came in at about $850 per s.f., but I bought early before the price increases (did an exhaustive review of the plans, cuts, elevations, etc.)
My common charges (no garage) are $523, very reasonable and taxes for the current year ending next June 30th are under $450 or about another $40 per month. This gives the expediter plenty of time to get the 421a approved when reassessment kicks in. We get a part time super to care for a 21 unit property and I can do without the doorman, concierge, and heavy staff which drive up common charges.
I have looked at virtually all the new projects north of 9th St. in the Slope and found the room sizes and amenities here well worth the price. There were a number of design errors but central air with separate base board hot water heat (part of common charges) is less costly than through the wall electric heat and a.c. units most developers use.
If anyone has a question, drop me a line at:
marion11217@aol.com
Consider me a happy camper!!

Posted by: MarionG at August 5, 2008 5:28 PM in response to Closings Begin at the Heritage

If the quality is as lousy as the NOVO condo, this building will suffer from slow sales in an inferior location. No worry however, like the NOVO, this baby won't be finished until two or more years elapse. The NOVO took that long and only now has received its first "temporary" C of O. Rental seems the way to go but who knows how good or bad the market will be in 2010?

Posted by: MarionG at July 11, 2008 1:39 PM in response to Big on 4th: Rental or Condo?