Real Estate

Turner Towers?

My parents are looking to move to Brooklyn when they retire and they have fallen for an apartment in Turner Towers. Asking is $839,000 with a $1500 maintenance for 1800 square feet, EIK, formal dining area and 2.5 baths. The place needs extensive renovations. The bathrooms and kitchen are not usable. I think it would…

by roux42
11/25/2009

My parents are looking to move to Brooklyn when they retire and they have fallen for an apartment in Turner Towers. Asking is $839,000 with a $1500 maintenance for 1800 square feet, EIK, formal dining area and 2.5 baths. The place needs extensive renovations. The bathrooms and kitchen are not usable. I think it would need approximately 30 to 40 grand to make it livable (bathrooms, walls, floors and kitchen). What should they offer? What is it worth?

Real Estate

Comments

  1. There was an interesting article in the NYT recently about 3 apartments in the same line in a large Brooklyn building, having all received different renovations (and layouts). I guessed it was Turner Towers but I don’t know for sure. FWIW, I disagree with Maly in that some of the north facing apartments have amazing views of the Manhattan skyline and there’s less traffic noise because they don’t face Eastern Parkway.

  2. You could check Streeteasy to see what just sold and what’s listed. I just had a quick look, and the last 2br + maid (classic 6) sold in July for 995k. According to the listing. It was a recently renovated corner apartment. The one Vinca linked was 7A and is in contract. The last asking price was 850K, and the listing noted the seller was motivated and the kitchen and baths needed work. It was also a corner apartment with beautiful southern views onto the botanical garden. We won’t know the selling price until it closes, but you could guess low 800’s?Inonada, that’s a great one, actually. I wish we could that buyer to explain what is so special and wonderful about this nice, if inconveniently located apartment, that he was willing to spend 50% more to buy. It’s not like it’s unique or perfect
    The only classic 6 available is listed as a high-floor E line, so not so lovely views as the A line, and not a corner apartment either. Based on the recent comps and the high cost of renovating a pre-war apartment, I would say 750-800K would be fair.
    Your parents should visit the place again with a contractor with some experience working in this building first, and get a proper estimate to make sure. Also, be aware that southern park views will always be more desirable and/or dual light exposure, so if the apartment your parents are considering does not have theses features, take another 5-10% off my estimate.
    Now I need to go back to my turkey.

  3. Does this building still have their 35% flip tax? (of profit?) That is very high.

    Also, was recently told building is redoing all plumbing, a giant cap ex issue but overdue. They have water pipes running along the roof right now.. a potential disaster waiting to happen.

    But otherwise, it’s great.

  5. Interesting, very familiar with this building. We just completed a reno there for clients earlier this year. As mentioned in previous posts, building services need some work. We replaced all the local plumbing branch lines in the kitchen and baths we renovated and added new waterproofing in the floors to protect. My clients had already upgraded the local electrical panel so we didn’t need to modify as part of our recent project, but we understand the building is in the midst of upgrading the service and distribution for the entire building (not sure on timing though).

    As far as design, we essentially rebuilt the wing with the “maids-quarters” (small bath, small bedroom, butler pantry), and the kitchen, dining room, foyer, re-finished existing floors, painted, reconfigured the dining/entry to open it up make room for an expanded, updated kitchen. We also added a washer/dryer room and study. Not sure how far-gone the apartment you are considering buying is, but I think I have a sense of the issues based on what I saw in our project.

    I think you are likely looking at more around 100-125K to deal with the apartment as a whole, and that certainly varies depending on the level of finishes and fixtures, etc. you are replacing. It’s tough to say you should simply offer 100-125K less that the asking price, but I think you have some negotiating room. If the apt. is truly “unusable” as-is, I think you could argue 75K less than asking to deal with absolute minimum reno issues to get it running. It’s easier to say once seeing it in person.

    If you want some first hand perspective on the potential, I will put you in touch with my clients in the building and you could see what we did in their apartment to resolve various deficiencies. Drop us a direct email (info@pulse3am.com) and we’ll forward their contact info to you. They are happy to share their experience.

    Also, you may contact our contractor who did the work. He’s done a variety of projects in the building and is very familiar with the systems, inner workings, etc. and could give you some additional thoughts on reno costs. Tell him George referred you.

    Contact:
    Joe Maldonado | J’s Custom Cabinetry
    T: 917.642.2137
    E: jnamaldo@att.net

    Also, we are available to directly discuss further and give some guidance as to what you would be dealing with, should you decide to proceed and make an offer. We’re still in the building periodically finishing up the aforementioned project so feel free to drop us a line. It would be useful to see the apartment you are considering in person with you and look at the issues you would be dealing with.

    Regards,

    George

    George Roushakes, R.A., Principal
    PULSE3AM…architecture + design
    T: 917.647.2678
    E: george@pulse3am.com

  7. I took me a few seconds to realize why that building name was so familiar to me. Several years ago I gutted an apartment in that building. That entire building should have been vacated and gutted a long time ago. All the common plumbing in that building is way past its most optimistic lifespan. The electtric services to the apartments were last adequate sometime in 1940. Yes, some were upgraded, but very little. Because the upgrade was not systematic it’s a total mess.

    That being said it’s a nice building in a now-nice location and if you have big bucks has potential. You need to be prepared at the minimum to replace 100% of the electrical within the apartment and probably your riser and service. You will also have to most likely replace the water and drain risers. This is besides the rough plumbing in your apartment. This is all on top of the cosmetic renovations you see.

    On the very low end you need to spend $215K.

    Finally, unless you are on the top floor be prepared for your upstairs neighbors antique plumbing and or rotted bath walls to rain into your apartment. Good luck.

  8. what vai says. Also have you checked the electric service? I understand some apts were never upgraded. And make sure you know what the board policy is on renos, you can’t just waltz into a coop and start ripping things out.

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