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
OK… I might have been exaggerating about a 1-bed for $1265. But you COULD find a pretty decent alcove-style studio for that price, no problem.
I also want to remind everyone, this is Grand Army Plaza… not North Slope. This is Flatbush and Subway (eat fresh). Not 7th Ave and bistros. It’s Brooklyn, not fantasy land.
A block away – 2 bedroom, 1 bath, probably same condition… $2300. Or a difference of $26,976 per year. If you think the price tag will appreciate $300,000 in 10 years, you could very well break even! Oh, I can also move if my neighbors piss me off instead of waiting for the co-op board to approve who’s allowed to buy my property! (OK, yes… that was meant as a snarky comment not to start a conversation about the wonders of co-ops.)
tybu:
three quarters of a million dollars for a 2-bedroom co-op in a good elevator building in a good location is in no way nuts. In fact it is reasonable. Have you been away for a while?
what we are saying is that the maintenance is high and that the bath and kitchen may need some work. This could bring the price down.
But unlike houses, coops in good buildings seem to be doing pretty well price-wise. But time will tell.
Judge for yourself.
http://www.insideschools.org/fs/school_profile.php?id=395
small 1beds around around 1700 in the area
Fjorder – I’m not sure many would like the school zone – it’s NOT in the prized District 15, and also not in 321 (generally one of the most popular schools – but other District 15 school are popular too). I’m starting to think Brooklyn Properties is becoming what people used to think about Corcoran – way overpricing properties…
While I am not saying this place is reasonably priced, I defy you find a 1BR rental in this area for $1,265/mo. A small studio will cost you more than that. Sad but true.
The bathroom looks good, but “perfect?” No.
Are you guys all friggin’ nuts?!! Seriously… 3/4 of a million dollars for a VERY mediocre 2-bed, 1 bath apartment. And the maintenance alone is the monthly rent of a small 1-bed in that exact area.
And let’s pretend for a second that this price tag isn’t insane… The kitchen looks old and cheap. The rooms have no character, it has that icky parquet flooring used in college student rental apartments….
So… back to the price. $750,000. 25% down is $187,500. Yikes! Now the remaining $562,500. A 30-year mortgage at 5.75% is… wait for it…. $3,283 a month!! With the ridiculous maintenance fee for such a large multi-unit building, that’s a total of $4,548 per month. That’s before property taxes etc.
So, at $4,548 per month… or $54,576 per year… are you seriously going to tell me this place is OK? The price tag is on-target?! Honestly, this should be MAYBE a $2000/$2200 a month 2-bed if you were to rent it. It’s the GRAND ARMY Plaza, not the Plaza. The location isn’t that great… I know, I live a block away.
Bolder-if there has been a recent maintenance increase at/near the same time period that work was done on the hallways, I’d back out of the deal as soon as I could. Why would a bldg. with solid financials use a maint. increase for bldg. improvements and upgrades? That is what a reserve fund is for.