Co-op of the Day: 299 Henry Street One Bedroom
This one-bedroom co-op at 299 Henry Street seems charming enough but we have our suspicions that it’s really a former studio that someone has put up a wall in and is now calling a one-bedroom. Perhaps someone who attended last weekend’s open house can tell us if that’s an accurate portrayal. The listing says the…
This one-bedroom co-op at 299 Henry Street seems charming enough but we have our suspicions that it’s really a former studio that someone has put up a wall in and is now calling a one-bedroom. Perhaps someone who attended last weekend’s open house can tell us if that’s an accurate portrayal. The listing says the apartment is in a post-war building but those windows have more of a pre-war vibe. As for the kitchen, looks pretty decent for an apartment this size. Think they’ll get the asking price of $399,000?
299 Henry Street [Halstead] GMAP
Nobody finances 100%, but if you have money, you have a choice of either
a) raising your downpayment (lowering your leverage, lowering your mortgage payment)
b) investing the money in something else (e.g. stocks, bonds, or something that provides income)
I use 100% financing because it reinforces the idea that you could invest the money in something else — your money isn’t free.
Why would someone finance 100%? Not only that, but I doubt the coop board would permit it.
I think it is a top floor walkup (5th or 6th floor, if I recall)
Your all-in cost of financing this is (assuming 100% financing + maint) is 2800/month (assuming 6.5% financing); if you assume 33% tax deductions, around 2200 or so.
This has a reasonable chance of getting sold at this price, but is no screaming value.
Equal size studios tend to be much cheaper.