Co-op of the Day: 75 Henry Street
The listing for this 1,500-square-foot three-bedroom at 75 Henry Street makes a big deal about architectural lineage of its renovation but we gotta say it’s not doing a whole lot for. Nor is the asking price of $1,600,000 which seems very pricey for this building. Most folks who can drop this kinda dough on an…
The listing for this 1,500-square-foot three-bedroom at 75 Henry Street makes a big deal about architectural lineage of its renovation but we gotta say it’s not doing a whole lot for. Nor is the asking price of $1,600,000 which seems very pricey for this building. Most folks who can drop this kinda dough on an apartment in The Heights are going to want something prewar. Granted, we’re sure the views are nice and there’s some cheap parking available, but we’ll be very surprised if this fetches anywhere near the asking price.
75 Henry Street [Douglas Elliman] GMAP P*Shark
dar16 — What did it sell for?
ontheparkway: The long term statistics are limited and I don’t know of any for NYC, but they show pretty consistently that over long periods over many geographical areas, homeowners about the same as renters. Google Shiller for the best charts. Anything else would defy Adam Smith.
(Some US studies that compare median rents to median owner occupants show the owners paying more, but that is because they aren’t adjusting for the difference in quality between the median rental and the median suburban split-level. When they correct for quality, they show that ordinarily, annual rents are 1/8-1/10th the cost of comparable houses.)
In NYC, comparable rentals are available in all price ranges. Based on my anecdotal knowledge, from at least WWII until 1995 or so, owners almost always paid less, after the tax subsidy, than renters for comparable places. With the exception of the mini-bubble of the late ’80s, usually dramatically less.
Owners, after all, take a bigger risk than renters, invest more money, lose the opportunity to invest elsewhere and are less diversified. Rational buyers ought to refuse to take those risks unless they are paid for it.
Sam-in-the-hood “People still are somewhat classist in this city – and noone I know who does that well and can afford $1.6 million residence would ever want to live there.”[i.e. w/ middle-class Mitchell Lama folks or their Banker grandchildren]
Sam – get some new friends
bklyndoug – Sorry but the Eagle Warehouse is barely in Brooklyn Heights (especially compared to this building – every train w/in 5min), and your skyline view had to be through some very small windows (which is all you got over there) and also the $per sq ft goes down the bigger the apt – btw how how much was your maintenance?
Financeguy – the rent to purchase price has been out of wack for a LONG LONG time – so if someone is looking for a 3br TODAY for LIVING then your analysis is irrelevant – if someone is buying an investment – then your right. And while the Mkt price may not have increased 33% since ’06 – it is definitly up, so without knowing the condition, line, sq ft or views of your ’06 comp – it is possible that the price is far from “delusional”
Gemini10 – if you expect to get a 1500sqft 3br 2ba apt in a doorman building with world class views, in PRIME Brooklyn Heights for 800K (assuming a reasonable maintenance) then you are the one who is delusional – and if you expect the prices to fall to that level very quickly then I hope you also have a gun – cause you’ll need it to deal with the social dislocation that will have to happen in the rest of NYC to result in such a drop.
Glad to have you on my side Denton but really do you truly believe:
“If you can afford 1.6 mil, most likely you can send the laundry out or have the maid take care of it. ”
Cause I know alot of people who afford circa $1.6M apartments/houses – and I dont know anyone who “sends out their laundry”
Yes, for $800K there would be many takers (and a bidding war), because of the location, real 3-BR space and views (with balcony). And people who can afford $800K in this city are okay with living in an ex-Mitchell-Lama housing. But someone who can afford $1.6 million is, for the most part, someone doing quite well who wants to live like someone doing quite well – which means not an ex-Mitchel-Lama building. Remember, most of the folks living in these buildings are holdovers who couldnt afford to live there at fair market value. People still are somewhat classist in this city – and noone I know who does that well and can afford $1.6 million residence would ever want to live there.
BTW FinanceGuy, it appears that its the same unit from 06′ being sold today.
Hi finance guy,
So people in NYC should never pay more for an apartment or townhouse than what it would cost to rent the same unit, taking into account tax deduction?
That tells me people have been overpaying even before the current bubble and the market still has third or more to correct.
Not saying you’re wrong, just seems that people may always want to pay a premium to control their space and keep a lid on their longterm costs.
Hideous exterior, but absolutely amazing view, big place, and a beautiful neighborhood (BH, Cadman Plaza Park, DUMBO, etc.).
Don’t read too much into this admittedly imprecise comparison, but here’s some food for thought. Which would you rather do at least twice every day:
1. See the exterior of this ugly building and know that you live there.
or
2. Walk under the BQE or take an airport-style shuttle.
Why are people gushing over this being a building orginally designed for middle income level folks that are now being sold for 1.6mil? – GIMME a BREAK
who cares who it was designed for orginally, now they are trying to sell this thing for 1.6million? hardly middle income?
Agreed with the poster who said if the price was for $800K – people would be loving on this place – but for double the price – nahhh – I’d pass