Co-op of the Day: 111 Hicks Street, #8N
For a decently laid-out, two-bed, two-bath apartment in a prewar elevator building, Apartment 8N at 111 Hicks Street in Brooklyn Heights looked priced to sell to us at $650,000 until we noticed the cumbersome monthyl maintenance of $1,665. After all, this is equivalent to a $750,000 apartment with a maintenance of $1,100 or so. Think…
For a decently laid-out, two-bed, two-bath apartment in a prewar elevator building, Apartment 8N at 111 Hicks Street in Brooklyn Heights looked priced to sell to us at $650,000 until we noticed the cumbersome monthyl maintenance of $1,665. After all, this is equivalent to a $750,000 apartment with a maintenance of $1,100 or so. Think it’ll sell?
111 Hicks Street, #8N [Douglas Elliman] GMAP P*Shark
Thanks for the info BH76.
What is the underlying mortgage for? Let’s say I own the whole building. Then I get bored of it and sell it to the tenants. Do they not take out their own mortgages for their own shares? If interest rates skyrocket (not inconceivable in the next few years), it’s going to kill any coop with a substantial mortgage.
Are there any rules regarding how much the underlying mortgage can be limited to or is it just down to the board and how much the bank is willing to lend?
Maintenance includes the underlying mortgage, R/E taxes, services, utilites, (usually except ind. elec), prof fees. Mortgage may have been interest-only and then ballooned; also may have been refi’d to pay for capital projects.
Average maintenance for a full-service coop is now about $1.50 share/month (close to the suare footage). Real estate taxes went up 13% this year, energy costs have gone up abotu 40% over the past two years.
What are you actually paying for with “maintenance”? It seems to vary dramatically from building to building and BrooklynSteve suspected above a large loan for conversion but wouldn’t this be covered out of the monies received for sales?
In such a case, would you be paying down the capital cost of the loan (so that the maintenance goes down over time) or just the interest – which might be subject to some hefty increases if rates rise.
On the other hand, what would you expect the lowest and average maintenance charge to be for a place this size?
“it’s so obnoxious when they so blatantly use photoshop to sun drench the windows to the max to mask terrible views.”
Yes, awfully bright yet foggy day out there . . .
THL, I thought there were only range (and other appliance) worshippers on this site!
My homeland is showing…
Oh, so that’s why they canceled my contract (Monday Links comment) on that condo. They found out I worshiped the Rangers!
ha clearly Biff is British with the use of our in neighbor
hahahaha
“supposedly there is a certain expensive building in brooklyn heights that caters to wealthy devil worshippers”
That’s odd…I’ve never noticed any New Jersey hockey fans in the neighbourhood.