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 bought a studio and pay less to own it than i would to rent it.
it depends on the property. studios are still very good deals in brooklyn right now.
have you seen that studios in manhattan are basically starting at 400k and up these days. more like 500k…
you can still get one for 300k in prime brownstone brooklyn if you look hard. that’s less than 2000 a month, which is cheaper than most nice studio rentals when you factor in the mortgage interest deduction.
“You can rent this apartment for 3K a month, or pay 7K a month to own it.” That’s why I’m renting, with a million cash burning a hole in my pocket.
Much as I want to buy, I can’t justify these prices. And even in the top 5% of NYers, I don’t have enough money to give it away to apartment sellers asking silly amounts for their properties.
In the medium run, rental, investor and owner-occupant prices have to converge. Otherwise, entrepreneurial types will buy up rentals and convert them to owner-occupant, or buy up empty lots/commercial buildings and build new units. At equilibrium, investors should be indifferent between holding their units for rent or selling them to owner occupants.
Which means that it should be CHEAPER to own than rent, not more expensive. How can I justify paying more than about 10x annual rental value?
not many people in this market are going to want to overpay for a 2 bedroom like this in a neighborhood which has probably already peaked for the next 5 years.
The apartment is nice but entirely too expensive for what it is. I’m not saying someone won’t buy it, but I’d certainly choose any number of those Park Slope places linked here over this one.
Agreed that this thread is ridiculous. It’s hard to believe that the majority of you posters are adults with enough purchasing power to buy an apartment, anywhere in Brooklyn.
You’re likely wrong, 3:57, and I’m probably right. (3:23 here.)
Lots of “grand” apartments in New York were carved up as residential patterns and tastes changed during the 1900s. Buildings this vintage — especially in a neighborhood like Brooklyn Heights — commonly had apartments with 10 rooms and more.
Look at the plan. It was probably the rear of an apartment that may have extended all the way to the street. That explains the awkward layout of rooms, the oddly positioned and narrow kitchen (unlikely the original in an apartment this age), and other idiosyncracies.
Apartment buildings like this one and in this part of Brooklyn were built to compete with nearby private houses, the upper-middle-and upper-class standard of the day. They simply morphed over time according to market conditions — usually shrinking. (The Depression was a particularly hard time. On Central Park West, for example, apartments of 12 rooms and more were turned into “efficient” three and four room places because these were easier to rent. Same on Park Avenue.)
Brooklyn Heights’ row houses were turned into apartments (think of all those charming, albeit small Remsen Street co-ops in former private houses). And Brooklyn Heights apartments were turned into smaller apartments.
Read your history.
Sources: Richard Plunz, History of Housing in New York City; Robert A.M. Stern, New York Architecture and Urbanism series, including New York 1930.
wow!!!!!!! what are you people!!!!!!!!!!!????????? its insane how retarded these threads can become…a bunch of people with really wack taste and opinions….no wonder brooklyn is what it is today….
welcome yallllllll!!!!!!!!!
What on earth does my comment about 2-1/2 bedrooms have to do with Park Slope? I just happen to live in Park Slope.
that Park Sloper post is everything I hate about Park Slope. 2-1/2 bed vs “2-bedroom, convertible to 3”? really? this is something you get online and post about? who frickin cares.
And whoever wrote that this apartment is the result of carving up grand places is 100% wrong — this place was clearly built as an aparmtent building.