Co-op of the Day: 150 Joralemon Street, #5F
150 Joralemon, the 89-unit co-op in Brooklyn Heights, is quite a prewar looker from the outside, which makes the 80s-modern vibe of this fifth-floor apartment a bit of a surprise to see. There’s no floorplan provided so it’s a little hard to figure out where the raised bedroom and kitchen come into play. Regardless, it’s…
150 Joralemon, the 89-unit co-op in Brooklyn Heights, is quite a prewar looker from the outside, which makes the 80s-modern vibe of this fifth-floor apartment a bit of a surprise to see. There’s no floorplan provided so it’s a little hard to figure out where the raised bedroom and kitchen come into play. Regardless, it’s a clean space with nice views; the only downer is the maintenance of $1,028. The asking price is $369,000, down from an initial $389,000 when it hit the market last month. Reactions?
150 Joralemon Street, #5F [Douglas Elliman] GMAP P*Shark
Just stay away from this building and 111 Hicks. When I was looking, these were the 2 buildings that my realtor said were financial nightmares.
With maintenance like this, the place should be priced at 150K.
No joke.
These sorts of maintenance levels can’t be sustained or even continue to increase, can they? How does a co-op corporation go bankrupt? What happens to the tenants and their leases that cost them $370,000?
Would a bank actually provide financing for a tiny unit like this with crazy monthlies?
Bette knows best: http://bk.ly/1q
Despite the nice looking building exterior, many, many units inside don’t look like they’ve been updated since the 80’s. Most of the 1-bedrooms I’ve seen are indeed glorified studios. Maintenance is exhorbarantly high, I don’t believe it’s possible to find a 1-bedroom with less than $1,000 per month cc’s. There is no doorman, no roof deck/common space. The only other building that might be comparable is 111 Hicks, but that has a full-time doorman and incredible views. There’s a reason every single unit up for sale in this building gets chopped and chopped. Maintenance keeps going up, sale price goes down.
I guess we know where a young, trustfund UNhipster will be living.
Snarky comments aside, anyone know what the deal is with this building? The maintenance is outrageous, even by Brooklyn Heights standards. There are a lot of listings in the building and they’re usually well below nearby apartments on a price per square foot basis, but the maintenance more than makes up for it. Why would a building have such high maintenance?
I almost choked on my orbit gum
Has anyone tried the little magic “Monthly Costs Calculator” for this sweet pad? 20% down and, say, 6% interest… it’s almost $2,800 a month!
In commercial real estate rental terms, that’s $82 per sq ft. Not terrible if you had good traffic, a corner storefront, and could sell burritos or high-end sneakers!
(Actually, this might be too small for a sneaker shop.)
The widget doesn’t go low enough for my bid on this one.