Co-op of the Day: 209 Lincoln Place, #9D
If this one bedroom at swanky prewar 209 Lincoln Place isn’t actually an estate sale, it’s certainly doing its best job to impersonate one. (We discussed a two-bedroom in the same building back in October.) We’re digging the parquet floor and classic black-and-white bathroom and, frankly, we’d rather see the 1960s kitchen than some Home…
If this one bedroom at swanky prewar 209 Lincoln Place isn’t actually an estate sale, it’s certainly doing its best job to impersonate one. (We discussed a two-bedroom in the same building back in October.) We’re digging the parquet floor and classic black-and-white bathroom and, frankly, we’d rather see the 1960s kitchen than some Home Depot rush job. (We think the built-ins and closet doors would look better painted, but that’s neither here nor there in terms of value.) The monthly maintenance for the full service building is $688. Asking price: $495,000, down from the original October listing price of $525,000. If there were a nicely redone kitchen, that would seem possible. Without it? Dunno.
209 Lincoln Place, #9D [Brooklyn Properties] GMAP P*Shark
I used to live across the street from this building and before we moved out of the neighborhood we considered a two bedroom at 209 Lincoln. If you want to be in the North Slope, I think this building is the best value in the neighborhood. It’s well maintained. The financials are good. The board is on top of things. The rooms may not be gigantic but I felt they offered generous space and great pre-war detail.
Quite frankly, I think the older charm and rock solid construction of the time period makes this a much more appealing building to live in than any of those cookie cutter, new highrise jobs with thin dry wall, metal studs and drafty windows. And a 4th floor walk-up in a brownstone can’t compare.
Let’s be honest, living in a brownstone that has been chopped up into smaller apartments kind of sucks.
Who knows if or when, but that “stunning panoramic view of NYC” disappears with Atlantic Yards.
Renovated kitchen, no renovated kitchen.
“Pre-war” plan, no “pre-war plan.”
It doesn’t matter!
I was just at an East Side dinner party where a couple have walked away from a $100,000 reserve on the sweetest apartment in Manhattan!
Get real!
Real estate prices have a long way to fall.
Back during the Depression, prices didn’t bottom out until the mid-1930’s — years after the great crash.
Keep that in mind.
There IS a floorplan. Go check again. I saw it.
This is a great apartment. Compare it to the tinder-box walk-ups in Park slope with views of the brick alleyway and rubber-tread wooden stairs and “take down your own garbage policy” Are you kidding me? If those dumps sell for $300,000. This place is worth $600,000!
The kitchen is horrible. Even factor in old school nostalgia, it is not very functional.
Reno? Kitchen is the most expensive room to reno in any typical house. It would take at least $30k to do this correct.
HD stuff might look generic, but at least it would be more functional than this crap. The only redeeming value of that kitchen is the window/outdoor light. That is always a bonus in regards to kitchens and bathrooms.
The architectural details (beams, molding, built-ins) are nice. Windows needs upgrading. Excellent floors.
No floorplan. :-/
.02
$350,000.00 will get this moved.
I agree that we may be seeing dramatically lower prices (not just 10 and 15%) in 2009. That would be both good and bad. It would make the city affordable again to regular people.
yeah, it’s hard to say what a good price to pay for this place is right now. I do know that you could probably get a 30-year fixed mortage for a ridiculously low rate, as per last week:
“The national average interest rate for 30-year fixed-rate mortgages was 5.19 percent for the week ending Dec. 18, the lowest level since McLean, Va.-based Freddie Mac (NYSE:FRE) began the survey in 1971.”
If you didn’t plan to move for 5 years, I don’t think now is a terrible time to buy. You could be living in this place for around $1,600 a month after tax deductions, depending on how much you put down. People who were buying these places 15-20 years ago for 125k (non inflation adjusted) were also paying much higher interest. In 1992 the 30-year fixed was at 8.34 pct.