Co-op of the Day: 150 Joralemon Street, #9B
The maintenance is always the catch at 150 Joralemon Street. The trade-off is that the co-ops in the beautiful prewar building in Brooklyn Heights are priced accordingly low. This ninth-floor two-bedroom, for example, just hit the market asking just $429,000. Granted the place is barely 800 square feet, but still, for the area, that’s a…
The maintenance is always the catch at 150 Joralemon Street. The trade-off is that the co-ops in the beautiful prewar building in Brooklyn Heights are priced accordingly low. This ninth-floor two-bedroom, for example, just hit the market asking just $429,000. Granted the place is barely 800 square feet, but still, for the area, that’s a low asking price. Still, if you put down $100,000 on this place, your after-tax mortgage expenses wouldn’t be much more than $1,000 a month, so we think this’ll sell quickly and near ask. You?
150 Joralemon Street, #9B [Corcoran] GMAP P*Shark
Once again, no bathroom or kitchen window, and again, where do we put the table with 4 chairs>
$1356 a month for facade work? No doorman? No health club?
The only utility included is water? Who did the facade, Michaelangelo??
This building, which was built as a very attractive Gothic-revival office building, was converted to residential use too early, before anyone really knew how it was done. Who knew about lofts back then? Even the Planning Commission could not wrap its brain around using a commercial building for residental use back then and as penance for such a silly idea made the developer remove retail from the ground floor resulting in a bizarre, useless open arcade where shops should be. Thank you CPC brain trust! Sometimes being the first is not the best thing.
Having said this, this unit is a bargain. A real 2-bedroom in a fireproof elevator building a block away from six major subway lines.
The high maintenance is probably in part a reflection of all the facade work that has been done (and paid for). For those who may not know: a portion of every co-op’s maintenance is tax deductible. Specifically the portion that goes to real estate taxes and to pay the interest on the underlying mortgage.
I live in a BH coop and I think the maintenance is insane for this building. even with high property taxes there are plenty of coops in the heights with maintenance of less than $1/foot.
Yes, blowfish, maintenance in coops include the property taxes. These tend to be high in Brooklyn Heights, so that’s a factor. The other large ticket item is interest on building mortgage. Some coops were converted and the corporation assumed a large mortgage to purchase the building/land. Each coop has its own story, so maintenance sometimes also includes utilities.
Nomi, my vacuum cleaner didn’t break!
I know, I don’t ask for much. Very practical girl, here.
Yes, the major components of co-op maintenance are usually the property taxes, the mortgage on the entire property, and staff pay.
OK, real-estate 101 for me: can someone tell me why the maintenance would be so high? Do co-ops pay property taxes out of the maintenance?
A blender! (Expert Textpert) Why not a vacuum cleaner?