Brooklyn Sales: Under a Million
Some of the sales recorded last week that went for $1 million or less: $250K or under: SUNSET PARK 466 49th Street, #4; Price=$110,000 GMAP This 550-sf, 2-bedroom co-op was originally listed for $135,000 in April, according to StreetEasy. Maintenance=$275/month. Closed on 8/28/09; deed recorded on 9/15/09. $250-$500K Range: GREENWOOD HEIGHTS 643 6th Avenue; Price=$300,000…
Some of the sales recorded last week that went for $1 million or less:
$250K or under: SUNSET PARK
466 49th Street, #4; Price=$110,000 GMAP
This 550-sf, 2-bedroom co-op was originally listed for $135,000 in April, according to StreetEasy. Maintenance=$275/month. Closed on 8/28/09; deed recorded on 9/15/09.
$250-$500K Range: GREENWOOD HEIGHTS
643 6th Avenue; Price=$300,000 GMAP
This is an 884-sf, 2-family, according to Property Shark. Entered into contract on 4/21/09; closed on 9/3/09; deed recorded on 9/14/09.
$500-$750K Range: WINDSOR TERRACE
279 Prospect Park West, #2A; Price=$595,000 GMAP
This is a 1,196-sf condo, according to Property Shark, divided thus: main floor is 900 sf; smaller upper level has bedroom; and above that is a roof deck. The condo was first listed in the mid $600,000’s, but by the time it wound up here was asking $599,000. Entered into contract on 7/28/09; closed on 9/11/09; deed recorded on 9/17/09.
$750K-$1 Million Range: PARK SLOPE
323 7th Street; Price=$850,000 GMAP
This is a 2,346-sf, 3-family house, according to Property Shark. There’s no listings trail, but it was definitely an estate sale. Entered into contract on 7/9/09; closed on 8/26/09; deed recorded on 9/17/09.
Photos from Property Shark.
Mopar, what Kens said. I’ve come across 3 or so such coops in my house hunting days. Dont think they’re precluded from issuing shs or proprietary leases – ie something they can get done via engaging a lawyer
mopar they were built as original co-ops in 1920s and just stayed that way. I don’t know the legalities of it but back then there was no proprietary lease or shares. They are registered as corporations though. Because of lack of shares and leases, banks don’t want to give financing. I guess they are grandfathered and follow more of a condo structure but still listed as a corporation since the corporation technically owns the land and building.
Fascinating on the Sunset Park coops. But how can it be a coop without a proprietary lease and shares?
oh barf, so it’s like high school student council all over again? no thanks
*rob*
Finnish did know how to build good sound buildings. My friend’s coop on Finlandia Ave AKA 40th street is a very solid and structurally sound building. She has a good layout in her 1 bedroom apt. I have a couple of beefs with these coops though. Hers is self managed and a bit of a dictatorship even though she is very loved by the board and doesn’t have any problems. Also, its a rotating board and everyone in the building HAS to serve at some point. Also, you have to go through a pretty rigorous board approval. First you have to interview with the board, and then meet ALL tenants at the shareholders meeting and everyone votes whether you can live there or not. That’s just a bit too much. I don’t know if the rest work that way but hers does.
c’mon Kens, who DOESN’T have $120k in walking-around money these days?!
Kensingtonian is probably correct about the Sunset Park place/
I know somebody who lives in one of those “Finn Town” co-ops. I believe she bought it in the late 80s, all cash, for about $10,000. The maintenance is low, but you better have your own cash reserve, because when work needs to be done, an assessment is charged.
That sunset park apartment is a one bedroom and most probably building is original coop like most of them and doesn’t have proprietary lease and shares so had to be bought ALL CASH. I don’t have time today to research this particular coop but about 90 percent of these type of building in Sunset Park follow that co-op structure and banks wont give mortgages on them unless you get private financing of some sort. The ones that are bank approved and can get financing, are substantially higher in price. Good thing about these SP co-ops is that most have their underlying mortgages paid off and their maintenance is somewhere between 200-300 bucks a month for a one bedroom. I know 4 people who live in these co-ops (different buildings) and none of them pay over $300 a month.
The greenwood house price seems great. Maybe it’s in a bad condition or structural damages. Let’s see if anyone has an inside scoop.
WT condo seems like a good price as well.
That does look like some cheap digs for somewhere half commutable.