Co-op of the Day: 56 Garden Place, #2
This attractive floor-through co-op at 56 Garden Place in Brooklyn Heights just hit the market asking $785,000. Despite the location and the fact that the apartment was recently renovated, this price would seem like a stretch for the small two-bedroom (especially given the $901 monthly maintenance) were it not for the large deck it boasts….

This attractive floor-through co-op at 56 Garden Place in Brooklyn Heights just hit the market asking $785,000. Despite the location and the fact that the apartment was recently renovated, this price would seem like a stretch for the small two-bedroom (especially given the $901 monthly maintenance) were it not for the large deck it boasts. Think the outdoor space makes the asking price achievable?
56 Garden Place, #2 [Brown Harris Stevens] GMAP P*Shark
This is an outstanding location and floor-through. If one does not mind walking up the short stoop and one flight, I think this would be a perfect apartment for a childless couple (or one that is deciding to downsize after the kids go to college.) Especially if they get the price down to 700K.
Although it is true that a “true” 2BR in an elevator building can be found for a little more that this place, you can’t find one with this deck _AND_ with a washer/dryer in the unit. That’s huge IMO. And I don’t know if you can find a nicely serviced building for under $1,000/month in maintenance. (But yes the high maintenance is puzzling.)
What I can’t figure out are the measurements on the floor plan. The rooms add up to 17 feet wide, but the city records show the lot width as 19′ 8″. Are these extra thick exterior walls?
Also, what’s up with the picture of the room with the sectional couch? Are the current owners sleeping in the small room and using the larger BR as a lounge?
(As for the snootiness, this is at the end of the block so the day-today interactions with such persons can be limited if so desired.)
Gee I can’t add my own numbers! I meant $680,000
I like Ringo price-o-meter. My very own little price sausage factory gives me this estimate: perfect location and newly renovated in BH: $900 psf * 550 square feet= $500,000, plus perfectly usable outdoor space with great light, accessible through living room $900 * 50% * 400 square feet= $180,000, for a total of $730,000.
Yes, obviously works better for person or couple with no child, where second bedroom can be used for other things. Terrace very appealing. Still feels too high to me, more than 10% too high.
Ninny –heehee.
This is a jewel box of an apartment that will appeal more to singles or childless couples, maybe as a pied a terre. A 400 sf terrace in prime BH has got to be worth a fair amount. 700k doesn’t seem out of line, so 10 pct. off ask.
BHO, you great big ninny! Tybur6’s comment is not “interesting”, it happens to be your very own point of view. The real estate prices are declining, and there is downward pressure, but your assumptions are laughable.
“New Yorkers will always pay half their income on housing.”
not so sure about that. it very much depends whether certain industries remain in NYC. Also people cannot afford paying half income to housing as there will be no social security, medicare, etc down the road. Gov spending means we have to pay more later. In short people need to SAVE MORE and spend less in housing.
Nice take on businesses and wages, tybur6. Interesting perspective. Yes, the majority of buyers out there are somewhat retarded. They are too lazy or too busy to independently process information and think for themselves so they rely on the pumpers and dumpers for the temperature of the market.
Yes, dope. New Yorkers will always pay half their income on housing. But incomes are dropping to $400/wk. 3 X annual affords you only a $57.6K mortgage or $800/mo rent. The market is going to get decimated! A financial crisis (really a correction) like this one might not immediately improve “our” intelligence but it most certainly doesn’t improve our incomes neither.
***Bid half off peak comps***