Co-op of the Day: 62 Pierrepont Street
This ground-floor FSBO at 62 Pierrepont Street in Brooklyn has a great prewar vibe to it. At about 900 square feet, it’s not huge but there are “2 1/2” bedrooms according to the listing and some substantial outdoor space to boot. Fans of original detail will no doubt dig the picture-frame moldings and cherry wainscoting….
This ground-floor FSBO at 62 Pierrepont Street in Brooklyn has a great prewar vibe to it. At about 900 square feet, it’s not huge but there are “2 1/2” bedrooms according to the listing and some substantial outdoor space to boot. Fans of original detail will no doubt dig the picture-frame moldings and cherry wainscoting. The maintenance is a reasonable $866 per month. And the price? $799,000. We bet this’ll go pretty darn close to ask. Do you agree?
62 Pierrepont Street [FSBO] GMAP
I believe studios…even in this market are a pretty fair deal in Brooklyn. They are the only “fair” deals I see in terms of the rent/own ratio…
5:30 got an old-fashioned fair deal: it costs less to own than rent. Basically, the buyer–not the seller–is getting the benefit of the mortgage deduction tax subsidy.
This coop isn’t priced that way, unless its rental value is north of 5k. I don’t see how it could be.
5:38, yes I’m aware of that, but I was also spending about 24K a year on rent previous to the purchase, so I feel pretty great about my place. I didn’t buy it as an investment. I bought it because I want to live in NYC long term and this actually ends up being cheaper than rent. It was one of the best things I’ve ever done for myself.
Studios are supposedly the one segment of the market which are showing marked strength right now. I bought mine in 2006 for 235K and someone JUST sold theirs in my building in May for 375K. No joke. Not sure what you say is totally true, 5:35.
5:34:
Your friends lived in this building before World War I, when this building likely opened?
5:16, in pricing your monthly cost of purchase you forgot the cost of lost interest on your down payment. Of course, on the other side, there is then the price of equity build up over time…..
To afford a 300k apt you should have about a 100k income — or at least that is what any bank would have said up to 5 years ago. Standard rule of thumb is that you should be saving 15% of income. Presumably you are single and childless; on 100k you should be able to save more than that. Save for three or four years and you’ll have the downpayment — and the 300k studio will still be at 300k.
this building was always an apartment building. I knew someone who lived in this building, in this line even. I think the layout here has been changed a little tho.
So, no, it was never “grander” than it is now.
My studio rented for $1800 before I bought it a year ago. Like I said though, my maint. is only 250 so that with my mortgage payment is a little less than 1600 a month. I could not find something to rent in my area for that price. It would be very difficult, anyway. I looked.
I know that I got 7 grand back this year in taxes and before I owned I had to pay 2K.
The money seems to be rolling in now that I own. I honestly don’t know what my tax bracket is….