Co-op of the Day: 40 Clarkson Avenue, #4F
If you’re looking for a large prewar apartment for under $350 a foot, this co-op at 40 Clarkson Avenue in Prospect Lefferts Gardens could be worth a look. The three-bedroom pad has over 1,200 square feet of space and a new kitchen to boot. The monthly maintenance is $1,000, pretty reasonable given the space, but…
If you’re looking for a large prewar apartment for under $350 a foot, this co-op at 40 Clarkson Avenue in Prospect Lefferts Gardens could be worth a look. The three-bedroom pad has over 1,200 square feet of space and a new kitchen to boot. The monthly maintenance is $1,000, pretty reasonable given the space, but you don’t get a doorman with that. The location is good in terms of proximity to the park and the Q train. What’s this particular block like?
40 Clarkson Avenue, #4F [Douglas Elliman] GMAP P*Shark
Here’s an even nicer 2 bedroom apartment in the same building. Apt. 4K Much lower maintenance, significantly lower price, almost same square footage at 1100 sq ft., much better layout very open and airy with many archways, french doors and recessed book shelves. Fully renovated kitchen and bathroom with all high-end materials including granite counters, stainless steel appliances, solid custom cabinets. Also, kept original pre-war details throughout renovation. Whoever got this idea of 66% increase in maintenance needs to do their homework a bit better. This is completely false. The board has fought rising fuel costs and assessments to keep the maintenance fee as low as possible. It’s based on number of shares owned and the larger apartments have more shares.
http://www.prudentialelliman.com/Listings.aspx?ListingID=1165389&rentalperiod=&SearchType=apartments&Region=NYC
Tybur, sadly, you are fighting a losing battle. I get your point. But the fact that many don’t says to me that real estate in NYC will remain ridiculous. Argh.
Jaysus Squaredrive — while I’m not looking at the “actual bills,” I’m looking at the actual numbers that the Co-Op has reported!!!! And I’m saying that $1000 a month does not seem reasonable because it does not seem to be backed up by the reported expenses.
To me, “reasonable” does not mean in-line with NYC prices. That would be retarded when it comes to monthly maintenance fees.
We’re not talking about the PRICE TAG — we’re talking about the MONTHLY MAINTENANCE fees. There is a HUGE difference here. The former is completely dependent on the market forces etc. and “reasonable” is a very flexible concept. When it comes to the latter — “reasonable” has to be based DIRECTLY on expenses. And 83c for a building with no services seems very high. And, I will repeat, 83c is a startling figure when it appears to be a 66% increase over just 1-1/2 years ago. This makes it even less “reasonable.”
Do you get it?
the psychic part of my brain totally thinks that some people in co-op buildings totally fund their personal vacations off of other peoples maintenance fees… you know it’s totally gotta happen in a bunch of buildings, you cant convince me otherwise.
*rob*
Thanks Flatbushrising. I’ve lived on this block too for many years and think it’s just fine – not iffy at all. I also think this is the best apt. building in the area.
what can justify an increase in maintenance fees? New roof needed, facade re-pointing, boiler issues, maybe they voted to raise money to build a spa on the roof or renovate the common areas. Who knows, so what’s the point? The maintenance is in line the vast majority of coop buildings that I’ve seen, which tells me that it’s not really an issue.
Posted by: squaredrive at November 12, 2009 2:21 PM
I think it’s pretty obvious that the board is trying to attract a “different class of people” though I’m not sure those “new people” would want to live in such a butt-ugly project looking building.
Actually, my point was that you don’t have ANY knowledge whatsoever of the financials of the building, so what’s the point of doing a half-baked back of the napkin audit? Do you really think you are THAT much smarter than the people actually seeing the bills?
The buyer will have the opportunity to review the financials and make a judgement on what is setting the rate and where it’s heading. All we can do is judge the listing and I feel comfortable with b’stoner’s use of the word ‘reasonable’.
To me, reasonable means in line with the going, accepted rate across the city. If you want to argue that point, feel free to go ahead and get yourself worked into a tizzy about the financial absurdity of living in NYC.
Kensingtonian – I thought I captured all of those expenses (I even figured in a 15% “savings†annually for big ticket items. Actually, they reported their 2007 expenses and they showed a $247,000 pre-tax surplus. That included things like $60,000 for the super — no porter, there ain’t no doorman here. And so on.
They ran a surplus at $0.50 per square foot. Average of $632 per unit per month. Now (according to this listing) the rate is at $0.83 per square foot. Average of $1,035 per unit per month.
That’s a HUGE increase in a year or so. Another $4,800 a year! Don’t you find this starling? And make you wonder about the fiscal health of this place with its “reasonable” maintenance fees?
Flatbushrising — What’s the deal? Was there a huge increase in fees? Do some residents not pay any and are subsidized by newer owners? Seems a bit odd.
You can guess and guess, but anyone who would be at all interested in this building should have their atty look at the past 3-5 years of the coop’s financials.