Co-op of the Day: 692 President Street
This top-floor duplex at 692 President Street has a couple of things going for it: It’s cute and it has exclusive roof rights. (The listing describes a slick new kitchen but fails to include a photo.) On the flip side, at 650 square feet, this one-bedroom is on the small side. Luckily, the monthly maintenance…
This top-floor duplex at 692 President Street has a couple of things going for it: It’s cute and it has exclusive roof rights. (The listing describes a slick new kitchen but fails to include a photo.) On the flip side, at 650 square feet, this one-bedroom is on the small side. Luckily, the monthly maintenance is only $536. The asking price, however, is $499,000, which is high on a per-square-foot basis, unless you place a lot of value on the undeveloped roof.
692 President Street [Corcoran] GMAP P*Shark
I agree that this is a weird little Bohemian apartment with a Burgeoise price tag. I can’t imagine it will go for anywhere near this price for a couple of years. It’s a ridiculous layout.
Seems pricey, it’s a fourth floor walkup with squat ceilings. 14 * 16 isn’t much of a living/dining area. The roof is a crapshoot in a coop, quite possibly the reason the roof is undeveloped is becasue coop doesn’t want anything up there for various reasons. Roof rites can mean you can stand and gaze, not entertain or grill. If you have to pop your head thru like a ground hog it’s not worth a penny.
The person who buys this place should seek help… because this probably isn’t the only poor choice they made.
Lucybb:
Very interesting as I just saw today (in Streeteasy) that apartment 6C in that same building went to contract on March 10th for 518K.
Your friends place looks even better, so he/she shouldn’t have too hard of a time selling that place for 500K.
What did I miss? Did it get heated in here?
BRG, Park Slope wasn’t “bad” 25 years ago. That’s about the time it was the coolest neighborhood in Brooklyn (ok, not saying much since BK was so uncool back then). I loved PS once. But that’s all a distant memory now. 🙁
cw, they are mythical creatures, that’s what I was snarking about. 500k is not reasonable for an apartment that’s the adult version of a treehouse, because there are almost no 20-something with 100K in the bank and a 6-figure income. I would think that if they do, they either have a hedge-fund daddy in Greenwich CT, or are superstars. Either way, they are unlikely to aspire to this cute little place in Park Slope.
Glad to see some reasonable people here… Yeah, if you can afford this place, you shouldn’t live in a place like this. This is a starter apartment at best. It’s a little 2-room, 1-bedroom apartment spread into two floors…. basically a $1400 rental (because of the roof)
Why would someone want to buy this for more than $275k? (And in my mind, that’s still pushing it HARD)
A friend of mine is selling her place FSBO, also a one bedroom for around 500k, which is more like 800 sq feet and an even better location in Park Slope. check it out. it shows really beautifully and feels quite spacious. plus it’s in great condition. doesn’t need a thing.
http://916unionstreet4d.com/
I don’t know who these people in their mid-20s are that have $100k saved up. That’s a huge amount to save by that age. Even if you were putting away a grand a month, which is well above what most people in entry-level jobs are able to bank, you’re looking at 8+ years (so at least 29-30 years old post-college) before you’ve got $100k in the bank.
I guess maybe a finance hotshot or a lawyer or something? But wouldn’t they likely be paying off student loans and/or spending fairly extravagantly to live the lifestyle that’s expected of them?
Dunno. I’ve never come close to having that much in savings, and I’m financially more solid than almost anyone I know in my age range (31).