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 would love to buy a little studio. But i’m 23 and don’t have 60,000 dollars. Does anyone want to front me?
5:16 Are you in a 55% tax bracket? Your valuation of the mortgage tax deduction seems too high.
What would your studio rent for?
How do you calculate the opportunity cost on your downpayment?
It is a bit of a strange layout. The dining room opens into one “bedroom” and a wall may be needed. The bathroom, while vintage, is old and needs updating, as does the seemingly small kitchen. Also the paneling in the dining room is not to everone’s taste (not mine anyways). So work needs to be done. And the bedrooms are small. A do-it-yourselfer might buy near this price, likely offer less as its FSBO. Most, however, probably wouldnt run to buy this place at that price.
I agree, Parkslope is always going to be a bit less expensive than prime Brooklyn Heights. But as far as money spent, I would go with the Park Slope apartment.
5:03 — 15 x rent is still more than a rational investor could pay unless s/he/it expected to be able to increase rent faster than expenses quickly. But it is a lot better than the ratios I’m seeing on the larger places I’m looking for.
Sorry, 1900 total a month roughly.
The the mortgage deduction factor…
(Although my maint is less than 300 a month…)
I figured out that my newly bought studio costs me about 1100 a month after the mortgage deduction…
300K apartment
60K down.
240K mortgage.
That’s about $1500 a month mortgage. let’s say 400 maint. for a studio in Brooklyn. That’s $1800 a month total.
Mortgage deduction brings that down to around 1200-1400 a month.
To own in NYC.
I’m always amazed how quickly these discussions deteriorate when I’m not around!
Brooklyn Heights has the waterfall. Brooklyn Heights wins.
Don’t forget the maintenance when doing your math, 5:03.