Co-op of the Day: 160 Henry Street
This co-op at 160 Henry Street in Brooklyn Heights ain’t for the faint-of-pocketbook. Even if you decide that the $3,250,000 asking price makes sense for this five-bedroom prewar pad, you’re still going to have to find a way to come up with 50% of that in cash. Building rules, sorry. (While it’s a high barrier…
This co-op at 160 Henry Street in Brooklyn Heights ain’t for the faint-of-pocketbook. Even if you decide that the $3,250,000 asking price makes sense for this five-bedroom prewar pad, you’re still going to have to find a way to come up with 50% of that in cash. Building rules, sorry. (While it’s a high barrier to entry, it’s also part of the reason you won’t see a whole lot of foreclosures in co-ops like this.) No square footage stats are provided, but given that the monthly maintenance is a cool $3, 845, you gotta figure it’s at least 3,000 square feet, right? Before you start guffawing, keep in mind that a unit on the eighth floor sold for $2,745,000 last summer and financing won’t be an issue given the high downpayment.
160 Henry Street [Brown Harris Stevens] GMAP P*Shark
25k * 2 kids = 50k tuition. Housekeeper = 25k
$1.6 mortgage * 7% = 112k (less 25k deduction)
$1.6 opportunity cost for downpayment = 112k
3845 maint = $46k
School/housekeeper = 75k
House = 135k cash/yr, 112k forgone unearned income.
Jumbos under $1m are still readily available, at about a 1% premium to standard. Over $1m there are fewer, but still available to about $2m, sometimes with a larger premium.
Projected income of purchaser – could be as little as 500k if the buyer has the downpayment from elsewhere and likes her job and Packer a lot. That wouldn’t cover a house in Aspen, though.
Some people prefer an apartment (less stairs, superintendent + management Co to worry about stuff, etc) that being said – you people are being a bit over the top on who (potentially) is shopping for this apartment.
Yes you need 50% down, yes you have $4000mo maintenance so yes the potential buyer is rich by ever definition of the term – but you’re making it out like everyone who could buy/afford this place is going to have 3 in help, 2 vacation homes and possibly a private jet.
While “that” person might be in the market for this apartment, there is a much larger contingent of people who can afford this apartment who live (fortunately or unfortunately) much more “normal” lifestyle. Sorry but a $8M net worth and 750K a year income doesn’t go as far (in NYC anyway) as you might think
I LOVE thinking this apartment is nothing special.
Don’t see a problem with the floorplan. Kitchen is fine. Only thing is, service entrance for taking out garbage isn’t right off kitchen – but is that really a problem? It is off the hall, it isn’t like you have to go through the dining room or living room.
I like the long halls by bedrooms. I’d be using that den off the master for dressers as a dressing room anyway. And if you did use it for a den or nursery (or the snoring mate), you can get to the closets and bath by the hallway without disturbing them.
That said, I’d rather buy a house. But that would be true at half the price. This is clearly for someone who doesn’t want to care for a house – rich, travels a lot, etc.
I LOVE the floorplan.
I know a family who lives in this building.
They are both in their early 40’s…he’s in banking. They have 2 kids.
In addition to this, they have homes in Aspen, Maine, upstate and one in the Carribean somewhere.
So these are not people who clip coupons or buy generic laundry detergent at Keyfood.
Don’t assume everyone on earth is just like you.
when I bought my first co-op in Manhattan for $350,000 fifteen years ago, my elderly parents could not figure it out. They kept saying: but for that money you could buy a house!
House people don’t understand apartment people.
2:18, yes you are.
This is lovely but not 3M lovely. i’ve seen the apartments in this building and you get a lot of space BUT the rooms are oddly configured and you don’t necessarily get a lot of light. kitchen is laid out sort of weird too. for 3M i’d buy a house