Co-op of the Day: 123 Henry Street
Three things this one-bedroom co-op at 123 Henry Street has going for it: (1) Good location; (2) Nice casement windows; (3) Decent floorplan. Negatives: (1) Zero architectural detail; (2) Home Depot-esque kitchen. Oh, the kitchen. Why do people persist in pursuing these short-sighted attempts at money-saving renovation? A little imagination and creativity go a long…
Three things this one-bedroom co-op at 123 Henry Street has going for it: (1) Good location; (2) Nice casement windows; (3) Decent floorplan. Negatives: (1) Zero architectural detail; (2) Home Depot-esque kitchen. Oh, the kitchen. Why do people persist in pursuing these short-sighted attempts at money-saving renovation? A little imagination and creativity go a long way. In this case, if the kitchen were compelling, it would help downplay the basic-ness of the rest of the apartment. The way it is now, the kitchen only serves to underscore the lack of charm. Not to be all negative: As we said upfront, this place has some good things going for it, enough probably to fetch pretty close to the asking price of $449,000.
123 Henry Street [Corcoran] GMAP P*Shark
Exterior photo by Scott Bintner for PropertyShark
No need to yell or get so upset.
“This block of Henry is ugly: there are NO ugly blocks in brooklyn heights.”
clintonhillbuyer, your other points are good, but nobody said the block was ugly. WE SAID IT WAS NOT AS NICE AS SOME OF THE OTHER STREETS IN BROOKLYN HEIGHTS. Talk about broken telephone!
Bravo, clintonhillbuyer.
I dont think that anyone who comments on this blog has been in the market for a 1BR in brownstone brooklyn anytime in the last 5-10 years. A couple points of rebuttal to some of the uninformed haters who are dumping on what looks to me like a reasonably priced 1BR with a good lay out and closet space.
1) Casemate windows suck: I have no idea if this is true. but having looked at plenty of sub-450k 1BRs in the last year, I will tell you that having more than 2 windows that admit any sort of appreciable light…PERIOD… is a big plus. I dont give a damm if they’re drafty, as long as they exist and don’t overlook an air shaft/brick wall.
2) This block of Henry is ugly: there are NO ugly blocks in brooklyn heights.
3) Plenty of 1BRs listed in the Heights for less than 450: No. There are plenty of cinderblock 1BRs in Concord Village, the big developmetn on Tillary next to the Bridge that is a good 10 minute walk from Brooklyn Heights but is advertised as being in the Heights. The other ones are tiny, cramped, or have obscene maintenence fees.
4) Kitchen sucks: Whats wrong with the kitchen??? Man oh man are you people snobs! It has what looks like a nice backsplash, a dishwasher, newish looking appliances. Even a window!!! I see nothing wrong with it.
I agree that the color of the living room is sickening. but c’mon people are you really so pretentious that a couple buckets of paint and some rollers would kill ya? My other big question with this place is whether or not its a 5th floor walk up, which would kill it at 450 I think.
I’m just a bit disapointed with the general lack of interest/knowldge B-stoner (and the commentators here) show/have in the sub-500K 1BR market.
There is awesome Rent vs Buy calculator tool on the nytimes website that compares all money involved and allows you to put in advanced settings for the mortgage side, the rent side (how many months deposit, annual %increase etc) and your general interest/inflation rate expectations. It makes a nifty graph that shows you gains over different time periods and where the buy vs rent breakeven point is given all the variables you input. For example financeguy might be able to earn 10% interest a year in his other investments but I don’t take enough risk to do that and only earn about 5% on my money.
http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html#
McFly, let’s call a truce. Anyone who posts a wedgie reference in the middle of a serious mortgage discussion is ok in my books!
Why figure in opportunity cost of the dp? You’re building equity from the very first mortgage payment.
That’s not, IMO, a realistic factor in the cost v. buy equation. Sure you could earn a fixed amount, but most people have a mix of stocks/mutual funds/money market funds, and you can’t ever predict your returns.
You’re sandbagging in favor of renters, and to be fair you’d have to factor in expected rent increases.
I lived in an old house with steel casements once. I discovered that on freezing winter nights the condensation would freeze on the interior of the units and the drafts would completely stop, the ice plugged in the gaps. of course having several large sheets of ice in your bedroom was not that cozy, but there were no drafts. I think these windows were meant to be covered with heavy velvet curtains, and the beds in the house were also meant to be draped like the ones in museums.
Of course a down-payment isn’t free – it’s an investment. You take the risk of whether or not you’re going to see a return on it. Isn’t the whole goal of home ownership to pay roughly what it would cost to rent while increasing your equity?
On a separate note, if my thirteen year old self could see me posting this comment, he’d surely want to give me a wedgie.