Co-op of the Day: 57 Montague Street, #4A
The views alone make this two-bedroom co-op at 57 Montague Street in Brooklyn Heights worth looking at. We like the large living room, too, and the common roof deck. But the monthly maintenance of $1,573? Not so much. That makes the asking price of $849,000 a little tougher to swallow. 57 Montague Street, #4A [Corcoran]…
The views alone make this two-bedroom co-op at 57 Montague Street in Brooklyn Heights worth looking at. We like the large living room, too, and the common roof deck. But the monthly maintenance of $1,573? Not so much. That makes the asking price of $849,000 a little tougher to swallow.
57 Montague Street, #4A [Corcoran] GMAP P*Shark
And Bklyn365…the monthly outlay is still almost 6K a month.
You don’t receive the tax savings each month. That is something you get back when you file your taxes.
Anyone who would pay 5K a month to rent this place would be the ultimate sucker.
The mortgage and maintenance on this place is $5700 a month.
I have confidence you could find a comparable rental for 4K.
This apartment would most likely rent for about $5K/month… which is just about what it would cost after tax at the asking price.
seems to me that the rent vs own comparison on this is in line, perhaps slightly favoring ownership. Approx $4,500 mort pmt + $1,500 maintenance less tax shields and equity component of mortgage pmt results in around $3,600 monthly outlay (ex closing costs).
What do you think this would rent for?
bessie, this building did a major lobby/hallway renovation a couple of years ago. agree, it used to be not so good. about your question, taxes are higher in BH. they’re very high in fact. the “services” would be the same since it’s union all over the city. I’m on our board and it’s really difficult these days. Taxes, services, and heat. KIller!
You also seem to have a complex about older people, Minard.
I never said older was worse and younger was better, so unless you are projecting, how is me saying that the average age of Brooklyn Heights (a true statement) is “denigrating” it?
Brooklyn Heights is an extremely lovely, very wealthy, very white, a bit older neighborhood. True or not?
I love Brooklyn Heights, Minard.
The difference is that if this apartment sells for 700K, I will love it just as much and think Brooklyn is EVEN HEALTHIER because of it.
You holding onto your home value is not the clincher for the health of Brooklyn.
Allow more and more people the opportunity to our borough is better for it, in my opinion.
11217, the apartment is going for $849,000 not a million and it is not run of the mill. Furthermore, if you did your research on what the the going rate is for maintenance on top-notch co-ops in Brooklyn and Manhattan you would see that this figure is well in line. There is nothing outlandish about this ask, and furthermore there is nothing illogical about my comment that when a prime property in a prime neighborhood cannot sell for a decent price then the whole boro is in trouble especially the not-so-prime properties in not-so-prime locations. I am in no way trying to denigrate Park Slope. It is my second favorite neighborhhod. You on the other hand are trying to denigrate Brooklyn Heights, both here and on other threads, and that stinks. There is plenty of room in Brooklyn for many nice neighborhoods.
Some years ago I looked at a place in this building. The apartments are very handsome, the lobby less so. I was very put off by something about the proportions of the lobby, plus it had some very drab, bunchy, gray carpet, which I trust has since been replaced.
Once you add service to a high tax building, it’s hard to get maintenance any lower than about $1.25/sf. And, if I recall, this building has a fair amount of staff, which is going to send it up even higher.
What I want to know is how some of those buildings in Park Slope offer such obscenely low maintenances. Their RE tax must be absurdly low and they must have no underlying financing. I’m also pretty sure they have no services whatsoever, and they may be doing without a Management Co.I run my co-op’s books and I just can’t see any way else they can do it.