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 particular apartment is going to be bought by someone of more than average means.”
-It would have to be, wouldn’t it?
I think it will be bought by someone already in the building. The price is probably just a negotiating tactic. Garden Place is lovely but so is most of Brooklyn Heights and you can find a real 2-bedroom, in an elevator buildings, with a separate kitchen and services for about this price or just a little more.
Let me put this in my price-ometer 2000.
At peak, they would have asked 799 for this place and gotten 845.
Brooklyn Heights is 16.5% off peak (not bad) (of course I just made that up).
So 16.5 % off 845 is 706k.
706 is the selling price. I have spoken.
Love the chairs in the living room. Kai Christiansen, I think.
The answer is the marketplace sets the prices. In this instance Garden Place is one of the prettiest little corner in NYC, so even with the correction inflicted by the tightening of credit and rising unemployment (which let’s face it, never affected coops in BH that much any way), this particular apartment is going to be bought by someone of more than average means.
Lovely deck. Laughable price.
I have to agree that it is somewhat retarded to spend 785,000 on an apartment like this. It is very small and the building has no services. The best idea would be for the occupant directly above or below to buy this level and combine it. Then you would have something. Garden Place is kind of snooty. You either own a whole house or you don’t if you catch my drift.
here we go again…
stupid buyers, idiot buyers everywhere.
it’s the only explanation for high real estate prices in new york.
last i checked these idiot buyers have been paying more of their paycheck into nyc homes for hundreds of years. renters too, btw.
what would we all do without the idiots?
do you really think a major financial crisis is sufficient to immediately improve our intelligence? if that’s all it took, we should of gotten started earlier…
Maly — But who decides how much you pay?!
It’s a huge economic mess. Wages in NYC are way out of whack with most other places because of housing costs. Many business can’t afford to pay these wages and can’t set up shop here. Commercial real estate is similarly effed up and shops, businesses, light manufacturing, etc have to make enormous amounts of revenue just to pay their monthly rent.
So, folks that *should* be making $50k get paid $165k (if they’re lucky) and then still can’t afford to buy a small 1-1/2 bedroom apartment like this… so pressure is put on the businesses to raise wages, companies fold or leave the city, and housing prices just keep going up!
Because… and this is the rub… because the *buyer* side of the market equation is made up of RETARDS that has no problem spending 60% of their paycheck on a tiny little home.
What the second bedroom lacks in girth is made up by its length.