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
Perhaps sam.
Ringo, what’s your problem today?? You OTR???
Looks like numerous other posters agreed with me on the co-op financials thing.
“Am I wrong on this? Anyone have some insight into this?”
These small townhouse co-ops have always confused me too Benson.
The only places I’ve seen common charges this high are expensive co ops in full service buildings and cheaper co ops with underlying land leases – where your money goes to pay the “rent” – but the actual unit is priced accordingly.
Where is this 1,800 a month going?
The real estate taxes on this are probably very high because it is a co-op in Brooklyn Heights, I would guess probably at least $600 a month for this unit. Then there is the underlying mortgage carrying charges, the water & sewer, insurance, part-time super, accountant, corporation taxes, managing agent (perhaps). And, lest we forget, physical maintenance costs and that is where the monthly carying fees go.
> “No offense, but Brooklyn Heights is too damn expensive for what it is.”
Hence my new ad campaign:
Brooklyn Heights.
Close to Manhattan.
Far from interesting.
What is a CHUD?
Anyway, if my budget was 2.2M I would buy the wreck on Warren at for $1.5M, invest 600k to make it look the way I like. Then I could live in the style of someone who spends $12,000 a month in housing costs.
My question is: how would a 2-unit co-op work? One of the units must have the majority of shares, and so effectively has the say. However, it seems to me that this is a worse set-up than a 2-family house (which I used to own). In a two family house where one occupant is the owner and the other a tennant, the roles, responsibilities and benefits are clear. It seems to me that the minority owner in this co-op deal has the worst of all worlds (in terms of living arrangements). You have to put your equity in the place, but you don’t get a say in its operations.
Am I wrong on this? Anyone have some insight into this?
of course you get to see the balance sheet if you’re buying. but balance sheets aren’t generally discussed on a comment section of a blog like you’re asking this broker to do. talk about STUPID! (I can type in caps too! huzzah!)
call the broker if you’re interested DIBS. call and report back. go ahead. I remember when you emailed that broker not long ago demanding an explanation about that apartment with access only via a SPIRAL STAIRCASE!!! (except you were wrong, natch). how’d that turn out? did they get right back to you?
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.