Co-op of the Day: 11 Garden Place
This co-op at 11 Garden Place just hit the market with an asking price of $2,250,000. The lower duplex in a 25-foot-wide townhouse, the apartment has wonderful sense of scale and lots of old-world charm. We also are digging the rear addition with its many-windowed kitchen and dining area. Still, that asking price is far…
This co-op at 11 Garden Place just hit the market with an asking price of $2,250,000. The lower duplex in a 25-foot-wide townhouse, the apartment has wonderful sense of scale and lots of old-world charm. We also are digging the rear addition with its many-windowed kitchen and dining area. Still, that asking price is far from a lay-up in this market. Time will tell.
11 Garden Place [Brown Harris Stevens] GMAP P*Shark
Yes, the RE taxes are very high here, though cheap compared to a comparable property in Manhattan.
I’d love to see the per population amounts that BH folks pay in RE taxes as compared to those living esewhere like Ft greene or Bed Stuy. I bet many would be very surprised.
RE taxes per sq ft in differing locations would be interesting to look at too. The economics change so much within just 2-3 miles of different places throughout Brooklyn.
“Just because you can afford a whole house does not necessarily mean you want a whole house, especially if you own a huge place in the country or if you are looking to down-size. This will not sell to regular middle-class folks but to folks who are more affluent than that. It has the feel and privacy of a house but the convenience of a co-op with, I assume, a part-time super, and probably even a managing agent. It is a house on auti-pilot if you have the cash. A pied-a-terre with a garden on Garden Place. Rich.”
OK Sam, I’ll ask you as a follow-up to my question above. What is the benefit of owning a minority share in a 2-unit coop versus just renting a similiar place? If a person is rich, then they can afford a high-end rental, tapping into the interest on their capital. Moreover, they don’t have to tie up their capital in an asset that is likely over-priced, and with little prospect of appreciation (at least in the near-term). They don’t have to put their capital into a corporation in which they effectively have no say. Finally, in a rental, they will get the services that you mention.
I just don’t see the sense, in any way, of a 2 unit coop. I can dig a 4 or 5 unit situation, but this is just unworkable, IMHO.
My bad the bldg pays 17K taxes a year.
The 0% deductiblilty is wrong. This place pays $17K in taxes a year.
A house on Garden Place might very well be in the $20k-$40k range a year on RE taxes (buildings on Remsen between Henry and Clinton are right around $24k a year, taxes go up as you get closer to the water). Right there is 1 unit’s yearly maintenance.
I would never buy, but as someone said, if you have the cash and you want the “house” feel with the benefits of a super, managing agent, et al, then this is a good spot. If you want a full house you buy a full house. A float for every boat as they say.
I agree with those posters who say that you can’t own a whole brownstone for this price ON THIS STREET. But you could not so far away from here. And, sam’s probably right. It appeals to people who don’t want the hassle of their own building.
Is that OK, Ringo???
Nice place, absurd price. NFW.
sam..I believe it said 0% deductible which is often the lion’s share of co-op common charges. That’s what makes this one feel especially ridiculous. It’s a newly formed co-op I suspect and perhaps they need to build a cusion, which is fine, as long as its stated and there’s a schedule for downsizing the charges.
Comments, Ringo??????
I dont get this place. It does seem silly to buy an apartment whose main selling point is you get teh “feel” of living in a brownstone without owning one when you could own one for the same price.
Though I totally see Sam’s point that the attraction here would be getting a b-stone feeling without all the maintenance and hastle that goes into owning own.
That said I expected to love this place but find it dark and overly….Victorian. For this type of money I’d want a house with a backyard or a really nice apartment with a view.