Co-op of the Day: 60 Remsen Street
This alcove studio at 60 Remsen Street has had a nice tune-up since the owner bought it for $315,000 last October (the kitchen, in particular, looks beautiful) but the fact that it’s on the first floor and, after all, only a studio make the price jump in the intervening eight months to $465,000 a little…
This alcove studio at 60 Remsen Street has had a nice tune-up since the owner bought it for $315,000 last October (the kitchen, in particular, looks beautiful) but the fact that it’s on the first floor and, after all, only a studio make the price jump in the intervening eight months to $465,000 a little hard to swallow. While no square footage total is provided, as far as we can tell from the floorplan, this puts the asking price at close to $1,000 a foot. Is this realistic?
60 Remsen Street, Apt. 1C [Brown Harris Stevens] GMAP P*Shark
Actually avg. maintenance in Manhattan is $1.37 and that is average! Not just for doormen buildings. So this is about $1.35 so right in line. and everyone’s maintenance is going up with energy costs and r/e taxes…
Dave, 95% of buildings this size have underlying mortgages.
I think all the ground floor units in this building can be used commericially, so that may change things
1:23 here. I can’t believe I’m defending this apartment, but I guess I have a soft spot for that building and space from living there. First, this is a very large studio. I just glanced at the floor plan and it looks like the interior footage of only the square (not including the bathroom extra) is 20.5 x 23, so I’d guess the interior footage is at least 500 square feet. I’m lousy at square feet calculations, but I do know that I hated studios, and never considered them as a living space, but when I saw this apartment for rent I immediately grabbed it because it was nicer than many 1 bedrooms I had seen. Sometimes actual layout is more important than square feet.
If someone can point out a link to an apartment in the neighborhood for sale in a full-service doorman building in which the maintenance for a 1 bedroom doesn’t exceed $1,000 please show me.
No, I’m not a broker, and own a brownstone, so it doesn’t really matter to me what this sells for. But I think the apartment deserves to be appraised honestly. I happen to think the Brooklyn real estate market is wildly overpriced now, and even agree with The What on occasion. This apartment is still overpriced. But I’d certainly buy it over the crummy one-bedrooms on sale in fringe neighborhoods for prices that aren’t that far off of this one.
In the early years of a mortgage almost all of the payment is deductable as interest. If the maintenance is just for Common Charges and not part of a mortgage on the building, none of it is deductible.
Oh, I’m sorry a full percentage and a HALF lower than your “estimate”…
20% Down 93,000
Closing costs 12,000
Monthly payment: 30 Years
Interest rate: 7.750%
Loan amount: $ 360,000.00
$ 2,579.08 a month!
I don’t know the Maintenance so ad in 500 a month.
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Well let’s start with the maintenance…it is written plainly on the ad, so if you don’t know it, it means you CAN’T READ! Not a shocker to most bstoner readers, I’m sure.
I just got a quote on a mortgage rate for a similar mortgage amount of 6.125%. A full percentage point lower than your estimate.
Closing costs on this apartment will be around $7,000. NOT 12k.
Your figures are so grossly off, I don’t even know why you bother posting.
Oh and you CONVENIENTLY left off the fact that at least $500 a month of the total mortgage and maint. is going to be tax deductible. Most likely a lot more than that, actually…
The maintenance IS outrageous, 1:20.
The average…even for Manhattan doorman buildings is like $1.20 a square foot.
Even at that rate (assuming the place is 450 sf, which I think is a little high…i think it’s probably more like 400 sf) the maint should be 540 a month.
This is nearly $2.00 a square foot which is OBSCENE!
“This alcove studio at 60 Remsen Street has had a nice tune-up since the owner bought it for $315,000 last October (the kitchen, in particular, looks beautiful) but the fact that it’s on the first floor and, after all, only a studio make the price jump in the intervening eight months to $465,000 a little hard to swallow”
Nope, I think this is a great buy at 465K! Let’s see…
20% Down 93,000
Closing costs 12,000
Monthly payment: 30 Years
Interest rate: 7.750%
Loan amount: $ 360,000.00
$ 2,579.08 a month!
I don’t know the Maintenance so ad in 500 a month.
The grand total is north of 3000.00! Oh yes this is a screaming buy. It will be worth 650,000 after AY is built.
The What
Someday this war is gonna end…