Co-op of the Day: 150 Joralemon Street, #7B
We like the idea of getting a real two-bedroom in Brooklyn Heights for $500,000, but other than that, we can’t find too much to get excited about with Apartment 7B at 150 Joralemon Street. There’s nothing offensive about it either—it’s just kind generic. And the maintenance of $1,315 also seems on the high side. It’s…
We like the idea of getting a real two-bedroom in Brooklyn Heights for $500,000, but other than that, we can’t find too much to get excited about with Apartment 7B at 150 Joralemon Street. There’s nothing offensive about it either—it’s just kind generic. And the maintenance of $1,315 also seems on the high side. It’s priced well enough, though, that it should probably sell within 5% of the asking price, we’d think.
150 Joralemon Street, #7B [Dougas Elliman] GMAP P*Shark
Fishermb…sorry, that sounds like I was jumping on you. It was more the phrase and what buyers may or may not know about such work.
and find out when the last facade maintenance was done (mandatory in nyc), as well as any recent assessments. that’s a tip-off that more surprises are in the works.
Fishermb…there is no such thing as “meaningless building work” especially if it involves the roof, the boiler, etc.
Buyers need also beware of special capital charges. The brokers are always fast & loose with the facts. You need to see a history of the CCs and also whether or not there are any special capital charges currrently, in the past or planned for the future. When there is not enough of a reserve, its the special charges that kill you.
BH76 is correct. The reason I bought into the condo that I did back in 1997 on the UES was because the building had new windows, new roof, new boiler and had a huge reserve. Condo charges then were about $300 for an 800 sq ft 1 BR and were $564 when I sold in last year. I have since found out that the reserve has grown so much that they will add a roof terrace for the benefit of any unit owner (not renter). Its all in the condo/coop management folks…its either very good, good or bad.
Fishermb: thanks for the 411 on the bldg. That’s ridiculous- raising CC for building work. No co-op that has solid financials would do something like that; that is why there are reserve accounts.
Here’s another, as mentioned, for 499K. Slightly larger. High maintenance. And that looks like a lot of building to maintain. Choppy layouts, but much cheaper (in the short run) than most 2br coops in BH.
http://www.bhsbrooklyn.com/detail.asp?id=884297
The maintenance charges should not be used for capital expenditures — that should come from the reserve fund. Likely this building has a substantial underlying mortage — listing does not say what percentage of the maintenance is deductible but is probably 50%+. If the financials for the cooperative are good, this is a good deal — space (real 2 bedroom), light and a good location. You would not lose here.
I’ve been looking for 1 or 2-br’s in Brooklyn Heights for a little while now. I’ve seen several sub-$500K listings in this building for 2-bedrooms, all look in fine shape, but like others mention, nothing really ‘wow’ about them. There is no doorman in the building, but the Super signs for packages. I spoke with someone who lives in the building and apparently they have raised common charges a few times recently, but for meaningless building work. CC’s on a 1-br hover around $1,000, which is just as ridiculous.
Not too much feeling the comprimised kithen layout neither.