Co-op of the Day: 61 Pierrepont Street, #43
Three bedrooms in a prewar building in The Heights for $800,000? Sounds like a good deal—at least on the surface. Unfortunately, the surface is as far as this listing at 61 Pierrepont Street lets you go. There’s not a single interior photo of this sponsor unit. The lack of disclosure combined with the fact that…
Three bedrooms in a prewar building in The Heights for $800,000? Sounds like a good deal—at least on the surface. Unfortunately, the surface is as far as this listing at 61 Pierrepont Street lets you go. There’s not a single interior photo of this sponsor unit. The lack of disclosure combined with the fact that the unit just received a $65,000 price cut after three weeks on the market doesn’t inspire confidence in the state of the apartment. (Plus, sponsors aren’t known for the quality of the renovations in general.) Anyone seen it who can shed a little light?
61 Pierrepont Street [Corcoran] GMAP P*Shark
Ever hear the phrase “location, location, location”?
Brooklyn Heights has it. Prices there, on average, will always be higher than anywhere else in Brooklyn. Most midle- and high-income people who live in New York City work in Manhattan. If they live outside of Manhattan, then they want a short commute to Manhattan. Brooklyn Heights has the shortest Brooklyn commute into Manhattan Enough said.
Great location, although it’s hard not to chuckle at “Apartment needs complete renovation. WELCOME HOME.”. Maintenance is high to boot.
Maintenance seems awfully high, doesn’t it? And in an old-school bklyn heights bldg. like this, I’d doubt that neighbors would have much patience for the noise and disruptions of extensive renovations too.
The 3rd room is not a BedRoom. It has no windows. It is at most a Home Office/Home Occupancy. I wouldn’t dirty my shoes to see that fugly place. Brooklyn Heights is dead, nothing but over the hill, 40ish and 50ish Nimby losers hating everything different from them.
Here’s what another apt in that building looks like.
Hey, Its Vicki’s too.
What up with photos for this one Vicks?
http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=1056679
Must be a dump
3BR/1BA REALLY SUCKS NO MATTER WHAT THE PRICE IS.
Man, this is one hard-assed crowd. Are you guys saying you don’t see the many ways this could be configured? Which walls are load-bearing anyway? Knock out the wall for that bedroom on the bottom and you have a huge living space. Maybe turn the dining room into a master bedroom and the bedroom on the left into a huge bath (pipes are avail with the kitchen right there). I’m not saying any of that can be done, but live it up and get crazy for once! A Brooklyn Heights prewar is pretty platinum-standard in my book.
Maybe it’s just me, but when I finally get enough green to buy, I’m kind of hoping for an apartment that needs renovation. There’s no end to the bad taste people use in their own renovations. I’ve seen maybe two or three apartments *ever* that I’d just move into.
The point Buffy C. is that not only is it not worth 1.2 renovated, it’s not worth 800 as-is. It’s still 10% too high.
co-ops are stupid anyway….pony up and get a condo.
Why does everyone always complain that the fixer uppers aren’t priced much lower. Why would the broker do that. Someone who can’t afford full price, but is handy will snap this up and realize that they are paying more than market for the condition, but less than market will be after their renovation. Or– they won’t care about resale, since they just want to buy and fix up the place they can afford in the neighborhood they want to live in.
We bought a similar place in the slope a few years ago, and needed to replace and resurface everything. It didn’t even have a kitchen, and the bath was barely working. No one would touch the place, and the layout was poor. But we got it because I could do most of the reno myself and GC the rest, and it cost us very little in labor to do. We spent more on the materials as a result. We loved living there and working on the place, and we sold the place recently for more than twice what we paid for it, and also way above ask. You could redo this place in a nice way for 40K including materials and you could bring the value up to 900/square foot. You’re still making a 100K in equity. What if the market drops 100K- well you still got an apt in the neighborhood you wanted vs somewhere else, and your brooklyn heights apt will hold up better.