Co-op of the Day: 315 Saint Johns Place
The listing for this co-op at 315 Saint Johns Place (just off Underhill) in Prospect Heights tries to position the property as the buyer getting a great deal because of the down market, but we’re not really buying it. Sure it’s nice to find a three-bedroom apartment near the park that’s not seven figures, but…
The listing for this co-op at 315 Saint Johns Place (just off Underhill) in Prospect Heights tries to position the property as the buyer getting a great deal because of the down market, but we’re not really buying it. Sure it’s nice to find a three-bedroom apartment near the park that’s not seven figures, but this place can’t be much more than 1,200 square feet according to our calculations, making the asking price of $799,000 hardly a steal. We might be more positively inclined if the apartment had some prewar charm but, while it’s perfectly presentable, it’s hardly dripping with detail. We suspect they’ve got another $100,000 to go on the price.
315 Saint Johns Place [Brown Harris Stevens] GMAP P*Shark
Perhaps there should be a disclosure breakdown of maintenance payments into the true maintenance costs, servicing of interest costs on underlying mortgage and pay down of underlying mortgage?
I guess this is covered once you get down to the nitty gritty of the contract details but it’s something that I would want to know before even considering making an offer.
Dreadnought is right about interest-only financing. Our building was in that boat and we spent 50k 2 years ago to refi/pay down so we’re actually making a dent in the principal.
I’d say the maint. is fair. Live-in super is better than ft doorman in my book.
I can tell you that 2 years ago when we were looking to buy we would have bid on this place. If you have kids that 2nd floor br would be a great sanctuary. This is one of the better co-ops I’ve seen listed. But I do think we’re talking more like 699k in this market if PS 9 isn’t really an option.
For over $1 psf/month maintenance, I would expect full-time doorman, full-time super. This building must have a huge underlying mortage with a substantial part of the maintenance going to service it.
The problem is, too many co-ops do interest-only financing on their underlying mortages, and never pay them off. Thus, maintenance stays high forever. Typical short-term thinking.
I JUST tried Fatoosh 2 weeks ago for the first time.
Indeed it was amazing. And the guys who work there are sexy.
Oh and I also tried Tacos Nuevo Mexico for the first time this weekend. The food was fantastic!
Have you tried Fatoosh on 5th (between 8th and 9th)?
It’s not big on atmosphere, but the food is very tasty.
Haven’t ever been to Lobo, Snark. Will have to keep it on my radar.
Went to Olive Vine (the one on 7th and Lincoln) over the weekend, and it’s still as delicious as ever. Love that place. Was glad to see it totally packed too.
> “Still haven’t made it to the Ramen place yet…have you??”
No, though we did decide to give Lobo another chance for brunch on Sunday. Still pretty tasty, but I think they’ve always done a better job with brunch than dinner.
I lived in a full service condo on the UES with 4 doormen, a super and about 6 handymen all on the payroll. The bnoiler, roof, tuckpointing and hallways were all done and there had been various special assessments over the years for them but the condo has a $400-500,000 reserve and the charges were $0.77 psf when I sold in 2007. Some of these places are just not well managed.
It’s in the PS 9 school zone, which has been “up and coming” for many years and is not exactly a draw. Between that and the high maintenance, I think this place is going to see a price chop. That said, I love the fireplace and in-unit washer/dryer.