chuck's Profile
- c. huck
- 2001
- 2004
- Brooklyn
- Boerum Hill
- Co-op
- advertising
- Male
- 34
Author's Posts
October 4, 2007
Underpinning - how to tell a good job?
I'm buying an old brick/brownstone (circa 1899) mid-block 4-story townhouse. The place was completely gutted in the 1980s, including excavating out about 2/3 of the basement - down an extra foot or two and pouring an 18" concrete "retaining" wall along the perimeter along with the new concrete floor.
My inspector called this little retaining wall by a nickname -- a 'knee'-something. He said that it wasn't the best way to underpin, but that it was very common, and that it can be perfectly fine. However, there's no way to tell if it was done properly, and he can't guarantee that the foundation wasn't compromised. A couple days later, over the phone, he told me that since the underpinning was done twenty years ago, any problems would have surfaced by now and that there's nothing to worry about. (He was also impressed by the quality of the plumbing and electrical work, so he said it was a solid building.)
I went to the DOB and pulled all the records anyway. Everything looks like it was done right - permits and plans filed and approved for plumbing, mechanical ventilation, etc., over a few years - except there was no specific "underpinning" work described anywhere.
What do you think? Is this kind of underpinning common? Your experience would be greatly appreciated. Thanks!
September 17, 2007
$1.1M in BH - "should I buy?"
Yup, it's another "Should I buy this brownstone?" post. But I sincerely need your opinion -- and I know you love this question -- so here are the details:
4-story, 3-family brick townhouse near the Atlantic-Pacific station in Boerum Hill. Top floor is rent controlled 55-year-old guy paying $160/mo. Middle floor is market 1bd paying $1900. Owner's duplex is parlor floor (2.5 bd, 1ba), garden floor (K, LR, 1ba) and partially finished rec room in basement. 20x35 bldg on 20x100 lot. No original details, livable 80s renovation. Asking: $1.1M
Do I buy it? Please advise!
Author's Comments
Hi poiuy -
I'm probably not saying anything you haven't already realized, but the other thing to consider is where you're looking. You can read almost daily about the softness of the housing market in Bed Stuy and Bushwick and more fringe or up-and-coming neighborhoods. Some of those same articles will tout the stable or rising prices in neighborhoods like Park Slope and Brooklyn Heights (and my own Boerum Hill). Point being that there's a reason they say "location, location, location." Brownstone Brooklyn is a very limited commodity. I'm not saying it won't go down. I'm just saying you'll have lower risk buying (and then re-selling) in those areas. Good luck!
Posted by: chuck at September 21, 2007 10:23 PM in response to Prices will go down?
thanks, johnife! you explained it better than the inspector. very much appreciated.
Posted by: chuck at October 4, 2007 9:30 PM in response to Underpinning - how to tell a good job?
I refinanced our co-op building's underlying mortgage two years ago with NCB - National Cooperative Bank. As the name implies, they do co-ops. They were really great service-wise, and part of their schtick is that you have to invest in some of their shares as a savings account, but that pays pretty good dividends.
Posted by: chuck at October 4, 2007 10:29 PM in response to Finding a Lender to Refinance Coop Building
not only are they inaccurate, if they're really inaccurate, it means they haven't gotten around to adjusting the assessments upwards, which means the taxes have no where to go but up.
Posted by: chuck at October 4, 2007 10:31 PM in response to Property Tax Assessment - Accurate?
that's a shame. i only got to eat twice at the st. claire, and it was great diner food both times. isn't the "carroll gardens classic diner" that one with all the chrome and flourescent lights -- and it has another name underneath it, like "salonike" or something?
Posted by: chuck at October 5, 2007 9:57 AM in response to Smith Street Diner Getting 'Trendy' Makeover
check out the website. the amount of work they did.
wow.
maybe if they had opened it earlier, heath wouldn't be leaving.
Posted by: chuck at October 5, 2007 10:14 AM in response to StreetLevel: Heaven or Hell at New Atlantic Ave. Bar?
Bonsavant brings up the percentages. Most (if not all?) co-ops are only allowed to have 20% or less of their total revenues/operating budget come from non-shareholders. Meaning, if your co-op has a commercial space, the rent the co-op collects from it cannot contribute more than 20% of the co-op's operating budget. It's called the 80/20 rule, I believe.
So there's a limit to how much outside income a co-op can bring in from commercial rents and cell-towers.
And, of course, the brain tumors.
Posted by: chuck at October 23, 2007 8:08 PM in response to Wireless towers on top of co-ops?
i was in there a couple months ago for their open houses.
those AC are pretty bad, yes.
but I saw a few units which made us briefly consider buying (but we're not condo people). the units that come with private courtyards in the back (2nd and 3rd floors, A & B, I think) had some great outdoor space. and there was a unit on 6 that entirely faced south that was enormous with great views and a 100sqft terrace for like $740,000.
i liked that the units weren't all cookie-cutter. and the kitchens were nice.
Posted by: chuck at October 31, 2007 10:38 PM in response to The Atlantic
right on, brenda.
i'm just glad that every spoiled, childish brat quoted in that NYT article was from Manhattan.
Posted by: chuck at December 10, 2007 9:51 AM in response to Why Townhouses Are Priced at a Discount
Right - the RC guy is a huge liability.
But isn't that factored into the price of the house? I've been trying to think of it as a 2-family in Boerum Hill for $1.1M.
Isn't that still a good deal?
And thanks to everyone for advice. Especially 11:13! Where did you move to, btw?
Posted by: chuck at September 18, 2007 2:50 PM in response to $1.1M in BH - "should I buy?"