Co-op of the Day: 111 Hicks Street
At first glance, we were wondering what a 1,320-square-foot apartment in Brooklyn Heights was doing on the market for only $625,000. Then we notice the monthly maintenance of $1,975 and it all made sense. Other than that, there are high ceilings, big windows and new appliances in the plus column and a low floor in…
At first glance, we were wondering what a 1,320-square-foot apartment in Brooklyn Heights was doing on the market for only $625,000. Then we notice the monthly maintenance of $1,975 and it all made sense. Other than that, there are high ceilings, big windows and new appliances in the plus column and a low floor in the minus column. The building also has the added benefit of housing the Eastern Athletic Club and possessing a killer views from the common roofdeck. Anyone know why the maintenance is so bad in this building?
111 Hicks Street [Corcoran] GMAP
anon7:50
you are right that the term middle class has no precise meaning, it is similar to the term “square feet” in commercial real estate.
The NY Times considers folks on Park Avenue middle class. On the other hand, quite poor folks with no savings but a steady job also consider themselves middle class, when in reality they are working class.
In my view, middle class folks are pretty well off. they draw income not only from their paychecks but from their investments, whether it is a small business, or rental property, or stocks and bonds.
That apartment at the St George is for a middle class person. Certainly not for a rich person and certainly not for someone struggling to pay the electric bill.
anon7:50
you are right that the term middle class has no precise meaning, it is similar to the term “square feet” in commercial real estate.
The NY Times considers folks on Park Avenue middle class. On the other hand, quite poor folks with no savings but a steady job also consider themselves middle class, when in reality they are working class.
In my view, middle class folks are pretty well off. they draw income not only from their paychecks but from their investments, whether it is a small business, or rental property, or stocks and bonds.
That apartment at the St George is for a middle class person. Certainly not for a rich person and certainly not for someone struggling to pay the electric bill.
Serge, what does ‘middle class’ even mean here? the median income in NYC is $38K. who in that range could even afford the maintenance, let alone the mortgage? i get your point about the house prices lately, but let’s not kid ourselves about who these apartments are targeting.
Gee, I would love to pay maintenance on that. Who needs anything else i.e. tuition, food, clothing, travel. I want to work for the corporartion till I die!
The floor plan would work great for me. That second bedroom is odd, but that’s where I would put my desk and gym (my ‘working and working-out room’), accessible from both the master bedroom and the living room. I imagine a nursery would work well in this arrangement as well.
There is a very valid reason for coops to limit subletting in additon to quality of life issues (and there ar emany): The cost of financing. Underlying mortgage rates are higher and lenders less plentiful for coops with more than 10% non-resident owners. In adddition, purchasers pay higher interest rates for coop loans for units in these buidlings.
Looks a lot better to me than some of the butt ugly houses in Red Hook and other remote corners that Brownstoner features and that are listed for a million dollars or more.
This is at least looks moderately middle class. And the roofdeck on the building is to die for. -And all the subway lines are right there.
i agree with you 2:33 but in terms of thinking you are going to move quickly (flip) or interest only loans, these are the sortof things that are producing a backlash in the housing market right now so anyone who is looking for stability (in all senses of the word) would be smarter to look at co-ops in my opinion.
and btw, many co-ops do have sublet policies after 2 years, but even those that do not and for most of us who live in brownstone brooklyn, having more owners vs. renters is typically a real plus.
If you plan on moving quickly, subletting your place, or financing 90% with an interest-only 5 yr ARM, then a condo is for you. Ditto if you enjoy living amonst renters, etc.
If not, a co-op might be a good bet.
Of course, in either scenario, you need to look carefully into the financials.