Co-op of the Day: 179 Ocean Parkway
While the kitchen isn’t exactly doing it for us, this convertible three-bedroom at 179 Ocean Parkway in Kensington looks like a reasonable way to pick up a family-sized pre-war apartment for under $500,000. (The asking price is $459,000 and the monthly maintenance is $703.) Think this is a good deal for 1,200 square feet? Any…
While the kitchen isn’t exactly doing it for us, this convertible three-bedroom at 179 Ocean Parkway in Kensington looks like a reasonable way to pick up a family-sized pre-war apartment for under $500,000. (The asking price is $459,000 and the monthly maintenance is $703.) Think this is a good deal for 1,200 square feet? Any readers live in this building? Sweet lobby.
179 Ocean Parkway [Corcoran] GMAP P*Shark
i thought 60k was a pretty normal starting salary out of college in nyc. was for me.
3:22…
20% of 459K is $104,000?
Really???
Perhaps your poor math skills have hampered your ability to move up the compensation ladder…
Get real. Ocean Parkway is noisier than 5th Ave, 7th Ave and Prospect Park West combined.
It’s more like 4th Ave, only wider, louder, and with trees.
4:01, I don’t know where you live but my husband is a NYC teacher and he doesn’t make anywhere near 85k. I consider his work public service with a housing stipend. We’d be in the burbs if it weren’t for my salary keeping us afloat.
The unit we looked at in this building a couple of months ago was being offered at 150k more than the owners paid two years ago. They took if off the market because they couldn’t get their ask. Nice reno, but no thanks. Not our fault you chose to sink all that money into an apartment in an area where property values appreciate at a pretty glacial pace. Check the comps carefully, is my advice. Prices are all over the map in this area. Don’t be the sucker that overpays to live in what is one of the more bland areas of Brooklyn. Oh, and it’s about a twenty minute walk to Windsor Terrace, even, if that gives you an idea of how convenient amenities are. True, there are some smaller groceries, a deli here and there, and some interesting smaller restaurants, but seems to me location, location, location should be the guiding principle here. Oh, and the F train wasn’t running into Manhattan the day we went down there, a circumstance which we understand is not all that uncommon past the 15th street stop because of track work.
4:01,
Assuming those numbers are correct, how many years before someone makes top salary and what percentage of total workers are allotted top salary? I also think 100k for a Bus driver is a stretch, no?
You, in New York City there are about a hundred more jobs other than Police, Fire, Corrections, Bus Drivers Conducters, motormen, and tradesman. Or I guess everyone else working in other jobs are just not worthy enough to live within the 5 boroughs, or have decent housing. I work with women who are home health aides that live far out in the Bronx and have to commute up to 2 hours a day to various parts of Manhattan and Brooklyn, or Queens to go to patients. Even in their far out poverty-ridden neighborhoods they are concerned about rent going up.
Police, Fire and Corrections all pay about 65K at top pay. Include uniform check, night differential and overtime about 85K-90K. Get promoted you are over 100K at top pay. Teachers slightly more. Bus drivers, conducters motorman 65K-100K. Tradesman – plumbers, electricians, HVAC 50K-100K. Thank goodness most of these people choose to live outside of the city. If they didn’t we would be competing against them for housing.
Taken from Housemath – http://www.housemath.us/
Home Price – 459,000
Maintenance – 703
Mortgage 30 years @ 6%
Downpayment 104,977 (20%)
Total Monthly (with maintenance) 3,134.00
Assuming a couple buys the house, they’ll each have to fork over 1,567 to cover the mortgage. Assuming each partner pays only 30% of their monthly net income, they each must earn a yearly salary of 90,000 to earn a monthly net of 5,277.19 (30% of this is 1,583 – close enough to the shared monthly)
In summation, how many “middle class” jobs pay 90K? This city has become mathematically impossible for a true middle class family to buy in 2008. Please correct me if I’m wrong.