Co-op of the Day: 28 Old Fulton Street, #5E
Compared to a lot of the apartments in the Eagle Warehouse, the layout of this 1,820-square-foot loft feels spacious and natural. (Not surprisingly, it could benefit from some bigger windows, but what’re you gonna do.) It’s a real two-bedroom with a very large living area. The bathroom could stand to be spruced up, but we’re…
Compared to a lot of the apartments in the Eagle Warehouse, the layout of this 1,820-square-foot loft feels spacious and natural. (Not surprisingly, it could benefit from some bigger windows, but what’re you gonna do.) It’s a real two-bedroom with a very large living area. The bathroom could stand to be spruced up, but we’re loving the columns and open feel of the living room. The monthly maintenance is a reasonable $1,229. The asking price is $1,349,000. Predictions?
28 Old Fulton Street, #5E [Harvey Bernstein] GMAP P*Shark
“This is one of those areas where I don’t fully get the appeal. ‘Live on a loud, heavily-trafficked four-lane street right next to a gigantic bridge with nothing around except a decent pizza place and the Ikea shuttle, a lengthy walk from the nearest subway … only $1.4 million dollars!'”
I understand the appeal of the spot. It’s breathtaking. “Right next to a gigantic bridge” — that’s funny. I’ve spent countless hours at the Fulton Ferry Landing and never get tired of looking at that gigantic bridge.
I looked at some recent sales for comparable units in this building and they all seem to have gone for close to asking (in the $1.3MM range). However, I don’t see how this one can possibly go at that price in this environment.
“As part of his gig he gets to sell apartments in the building.”
But owners aren’t forced to go with him; the comparable units I’ve seen listed were through Corcoran.
it has to be depressing living in someplace this dark! ugh…so not worth it.
Prediction, the pizza across the street will still be good.
Harvey Bernstein is the manager of the Eagle Warehouse. He’s been there for probably 10 years, maybe more. He is an effective manager and runs a clean building. His staff is efficient and generally courteous. However, owners in the Eagle either like him or hate him. As part of his gig he gets to sell apartments in the building. Many feel there is an inherent conflict of interest, and I have known a few tenants who felt strong armed into listing with him. RE agents tend to view him with dismay as he is perceived to hold up buyer board packages for sellers who did not list with him. He also is viewed by some as combative and sometimes difficult to work with in his managerial capacity. There was a even an effort last year by a determined band of residents to have him removed (though that never came to pass).
That said, as a former owner I had generally good experiences in working with him. I did not list my place with him when I sold, nor did I feel pressured to. He was efficient at moving my buyer’s board package through and was mostly reasonable throughout. He knows more about that building than anyone in the area. He just has a strong personality that must be managed. In sum, he is a pain in the ass, but the kind of guy you’d rather have on your team than not.
Again… don’t oversell the “tax deduction.” It’s not 1:1, it’s tax deductible. It get subtracted from you taxable income, not your tax liability!!
Needs a price chop, new bath, new kitchen.
I saw an apt in here years ago, Nice spaces but dark dark dark.
Whar wasn’t mentioned above in coop vs condo is that interest on the underlying mortgage of a coop is also tax deductible. Normally 30-50% of the monthly maintenece in a building like this is deductible.
I believe HB is the co-op’s property manager
Is $1,200 a reasonable maintenance on a 3 BR? Really? That seems like a whole lotta money to me, and I’d never see it back.