Co-op of the Day: 1 Plaza Street
This may be the one time we can remember a listing saying that a bathroom needs to be renovated when, in our opinion, it looks perfect! (We will readily concede that the kitchen could in fact benefit from a makeover.) Other than that, this two-bedroom, one-bathroom apartment at 1 Plaza Street in Park Slope looks…
This may be the one time we can remember a listing saying that a bathroom needs to be renovated when, in our opinion, it looks perfect! (We will readily concede that the kitchen could in fact benefit from a makeover.) Other than that, this two-bedroom, one-bathroom apartment at 1 Plaza Street in Park Slope looks like a decent pre-war blank slate, albeit one with a fairly high monthly maintenance of $1,265. The building itself and the location are obviously sweet, though, and the apartment is on a high enough floor that views clear the surrounding townhouses. All this for $769,000. Good deal?
1 Plaza Street [Brooklyn Properties] GMAP P*Shark
SnarkSlope makes an excellent point.
Old dumpy apartments were quite cheap way back when.
Which is why we love these old buildings, SnarkSlope (5:21).
They fit like an old glove.
And check out the shot of the lobby. The heavy iron door. The crenelated ceiling. The bronze torcheres.
They don’t make them like this anymore.
“Historically, these prices are in line with precedent.
When buildings like 1 Plaza Street were built…”
Of course, back when this building was built, this was new and probably considered luxurious. Now it’s rather frumpy, outdated, and in need of “Cosmetic TLC Thru-Out.”
“New York has always been a tough town to live in”
I think that is true and probably explains why so many left in the 1960’s, 70’s, 80’s, if not for new immigrants, the city would have been a ghost town then.
The racial and religious restricitions you mention were true in every American city, that was just a ubiquitious reality. Interestingly, when the United Nations first opened for business out in Queens, many of the employees from countries as diverse as Egypt and Nigeria could not find a place to live because most middle-class neighborhoods did not admit non white households. The UN had to build a complex called “Fresh Meadows” specfically for non-white UN personnel.
But what we are facing today is inflation across the board in rents and purchase prices. The only smart thing to do perhaps is what our parents and grandparents did: leave. Find a better life somewhere else. Ironically, if enough people leave, the prices will come way down.
Sam (4:37):
Historically, these prices are in line with precedent.
When buildings like 1 Plaza Street were built (similar in vintage to mine in Manhattan), a one or two bedroom apartment ran $300 to $500 per month, or between $3,600 and $6,000 per year.
When the average working person’s salary was $1,200 per year!
Plus, the buildings were even harder to get into for lots of people: restrictions on race (whites only) and religion (e.g., no Jewish or Catholic families) were widespread. (Back then, Eastern Parkway and Prospect Park West were Jewish and Christian streets, respectively.)
New York has always been a tough town to live in. If anything, it’s softening up somewhat (at least in terms of “restrictive” leasing and purchase polices — check out the Times article on the Toren and its 50% Asian-American occupancy).
I have to admit that I m also at a loss to explain why perfectly ordinary houses and apartments sell for king’s ransoms in Brooklyn. Seems incredible, but it is the fact here. Being overly incredulous about it just makes one seem out of touch.
This is my POINT, 11217. The market has gone retarded. I will concede that the location is prime-ish, but come one. You’re going to tell me that building is “top of the line” and that apartment is in good shape?
Just because hundred of thousands of douche bags have decided that this apartment and thousands like it are worth $60,000 a year… that doesn’t make it reasonable. It means, there are thousands of douche bags that have decided to inflate the real estate market to an absurd level.
Oopss…I take that back. Europeans DO move to NYC for the cheap housing, but Americans do not.
Tyburg:
I LOVE Seattle, Portland and Boston, but they aren’t NYC.
I think that’s where you’ve got things confused.
This is by some people’s accounts (mine for one) one of the greatest cities in the world. You pay through the nose for that.
If you’d prefer more space for less money, there are other options which are less expensive.
One does not move to NYC for the cheap housing.