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 just saw a very nice apt on the Upper East Side in a full service building for the same price and it’s nicely updated already. Slightly higher maintenance but not much.
This coop is a nice location but the price has to come down.
After 1987, when I’d bought a co-op at the top of the market just before the “crash,” it lost 2/3 its value. It remained at that level for years. (This was in prime Brooklyn Heights!) The apartment was, according to realtors, “Triple Mint” — totally rebuilt while preserving all its historic charm. And they tried to move it for less than I paid for it unimproved! No takers.
I’d sell the apartment for a nice multiple 15 years later, but only because I decided to hold.
The New York real-estate market has a long way tumble. Nearly $500,000 for a small one-bedroom in Brooklyn? Not likely.
Even here on the East Side, prices are down 20% and there’s talk in my co-op of a freeze on sales to avoid “devaluing” the building.
Speculation is dead for the time being, which may not be a bad thing.
(Eight years ago, an apartment like the one on Lincoln would go for the low 100’s. Look for that again.)
Nostalgic on Park Avenue
It should sell for 425-450. It is a great building and the unit itself is in great shape, great views. What’s not to like? The kitchen cabinets? That’s nothing.
I want a floorplan!
I’d call it a 399K apartment. Great potential in a great location, but I don’t see it going for more than that in this market. Remember, in down-swings one bedrooms never retain their value as well as larger places.
Bolder: bingo!
I agree that the kitchen is actually more valuable as is than as some cheapo HD job. For 10k you could do it up with decent appliances and higher-end Ikea, which beats Kraftmaid by a mile. Doesn’t look like it needs a gut reno. You could also replace the bedroom closet doors with something that doesn’t scream “rental,” too.
Something tells me this is a 475k apartment, and possibly falling fast. Think if you spent 25k on it you’d have a great pad. Hold out until 2011 and you’ll start seeing your investment increase in value…I think…
I’ve found that Brooklyn Properties is very spotty on providing floor plans, for mysterious reasons.
I like the kitchen. It’s not part of the living room for one thing and for another it doesn’t have any stainless steel or granite.
I hope it still has the “drying line” that pulls out of the wall.