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
I don’t agree about the location being “ok”
I think it’s prime, incredibly close to transportation, the greenmarket and the Park.
I’m afraid to say that you are a bit out of touch, tyburg. Across the street, 2 bedrooms are going for 2 million at On Prospect Park. Down on Sterling and 7th, 1.5 million at the Vermeil.
And the market will let us know what this apartment is “worth.”
And… 11217 just reinforced my biggest problem. The definition of “nice.” $750k in Seattle, Portland and Boston would get you something actually NICE… I think they call it “luxury” here. What passes for “nice” in this city is amazing.
I enjoy people’s comments on this thread.
It’s as if the apartment has to do all the work for them!
What, no one has art, furniture, and rugs to create a comfortable place?
Better to put your money in art and antiques that appreciate over time rather than the latest kitchen and bathroom gizmos that are out of date in five years! (Another bonus: you can take them with you when you move!)
Honestly, who lives in their kitchens and bathrooms?
Apartments like these make nice palettes for people’s personal expression. And they were designed with this in mind. By the 20’s, architects and developers gave up a lot of interior frou-frou so that residents could decorate as they liked.
But some people, apparently, don’t trust their own taste.
And 25% down for a nice pre-war? Over here in Manhattan, 50% and all-cash are often the requirement.
Again, when I looked about eight years ago, this or a similar unit in the building was asking $200,000. At today’s $750,000, the appreciation at One Plaza is about the same as the Upper East Side.
Looks like a good bet to me.
I think there’s nothing wrong with Co-Ops… you’re right, they have some very positive aspects. (That’s why I said the co-op comment was just a snarky side comment.)
I have a SERIOUS problem with inflated real estate. It’s doubly bad. Basically, unless you are earning well into range of 6-figures, your choices are limited to mediocrity at best (like this co-op unit) or far worse. Regardless of what you have settled on (and it is most usually settling, regardless of what you’ve convinced yourself to think), a HUGE portion of your income is devoted to basic shelter. A much larger portion than most other places on earth with the exception of maybe London, San Francisco and San Diego.
The only reason these price tags are sustainable is because WAAAAY too many people with, apparently, extra cash to throw around have decided to equate REASONABLE with GOING RATE. And now, this is what we have…. a 2-bed, 1-bath pile of mediocrity in a pretty OK location, in a nondescript building for 3/4 of a million dollars.
Some of you are out of touch with prices.
In searching craigslist, this is the closest and least expensive STUDIO I found in this area (and that means North Park Slope)
$1850.
http://newyork.craigslist.org/brk/abo/800366601.html
My neighbor just told me she and her roommate pay $2800 for a small 2 bedroom in a brownstone (not far from here), and it certainly doesn’t have a doorman and isn’t in a top of the line building like this.
I don’t think this price is outrageous at all (I do think the maint is high) but you all do realize that you pay 750k for a nice 2 bedroom in many nice neighborhoods of Portland, Seattle and Boston, right?
TyBurg:
Do you dislike the idea of coops because you feel that you may be rejected as a buyer? Most Boards are pretty inclined to approve purchase applications unless the individual is lying about something, or hiding assets, or really obnoxious.
Most people have no problem getting in (unless it is one of those snooty Manhattan-celebrity buildings), and by vetting buyers, the building really protects its financial position, especially in times like the ones we have just been through when people who could not afford to buy real estate were roped-in by unethical lenders.
works out to about 4,000 per month with mortgage & mtc!
pretty hefty!
Sam,
I have not been away for a while… there is a difference between “reasonable” and the “going rate.” This city (all five boroughs of it) has gone nuts.
Have you noticed that in order to find a place that is objectively “nice” you are pretty much in the $2 million range. By nice I mean, of course, well-maintained (preserving all of the character etc) and up-to-date features like kitchens and bathrooms. Below that range you’re looking at crap holes that require a ton of work, but still have enormous price tags.
Sam – I’m not a real estate prospector that is looking at $750,000 mediocrity and saying “Ooooh, well, co-ops in this area are doing well, it should be worth a cool million in a couple years!!” I’m looking at this pile of mediocrity and saying, “Christ, what is WRONG with you nutters out there accepting these crazy prices and calling them REASONABLE!?!”
That’s all I’m saying.
radiators, ugly windows, complete bath and kitchen make over? AND, $1265 per month on top of that? ickkkk… soo ugly. you can get a condo with central air, 2 baths and laundry for that.
probably really small if they won’t list the sq. footage too.