Co-op of the Day: 1 Grace Court, #2B
Someone must think the market has rebounded! This riverfront co-op at 1 Grace Court in Brooklyn Heights was on the market with Douglas Elliman last year. It was taken off the market in July, after having had its price reduced from $1,675,000 to $1,500,000. Now it’s back on again with Corcoran asking $1,795,000. The 2,200-square-foot…
Someone must think the market has rebounded! This riverfront co-op at 1 Grace Court in Brooklyn Heights was on the market with Douglas Elliman last year. It was taken off the market in July, after having had its price reduced from $1,675,000 to $1,500,000. Now it’s back on again with Corcoran asking $1,795,000. The 2,200-square-foot three-bedroom pad clearly has killer views and we like those wood built-ins in the living room, but the monthly maintenance of $2,483 is not for the faint-of-wallet. Then again, it’s a prime Heights location.
21 Grace Court, #2B [Corcoran] GMAP P*Shark
Apartments this size are pretty rare in Brooklyn Heights.
And even rarer with views like that.
The decor dates to about 1980 so the interiors need to be totally redone, but I agree with CGar that this could be a great opportunity for someone who is neither feint of heart or faint of wallet.
I’ve been in other corner units in this building. The windows are tripled glazed so there is no noise, period. Nor did I find the traffic whizzing by to be a visual issue. If you’re the kind of person who likes to open the windows, then yes, you’ll have a problem with this apartment. I myself fall into that camp, but I was surprised at how many other people I’ve talked to when this building came up who said it didn’t matter to them.
I don’t know anything about the condition of this unit or its history, so I won’t opine on the price.
“we are now hitting an interesting period where RE Brokers think things have recovered and everybody expects Wall St. bonuses to drive up prices”
Totally agree with you, BrokeD. I’m even hearing this from my own brokers, whom I like and respect mind you. And I’ve suddenly seen some bizarre 10% price increases all over the place. But I’m just pushing back and telling my brokers that I’m personally not willing to pay these newly inflated prices. IMHO, I think it’s the sellers and brokers who are going to be disappointed when these still or newly overpriced units are not snapped up with bonus money.
Delusional pricing by the sellers and brokers. This apartment needs a TON of work!! In his listing, here’s what the Elliman broker had to say last year:
“PLEASE READ THIS FIRST: APARTMENT IS 25 FEET ABOVE THE BROOKLYN QUEENS EXPRESSWAY, IT’S BEST TO WALK DOWN TO THE END OF GRACE COURT TO UNDERSTAND PROXIMITY TO BQE.THIS IS NO DIFFERENT THAN A 2ND OR 3RD FL APT ON PARK AVE, LEX. AVE E A IT’S A TEARDOWN AND THE OWNER WILL NOT ENTERTAIN ANY OFFERS UNDER $1.375 MILLION.FANTASTIC OPPORTUNITY…”
Not sure who needs more of a reality check, the widgeteer who entered $1.12MM or the one who input $2.02MM, but I would guess the latter.
Just when sellers were starting to price things reasonably, we are now hitting an interesting period where RE Brokers think things have recovered and everybody expects Wall St. bonuses to drive up prices. Either the market is going to get some momentum from these factors or there are going to be a lot of disappointed sellers and brokers.
“faint of wallet?” lol
is that like feint of heart, except that your wallet gets the vapors? Cute.
There are a few more views in the Curbed Price Spotter from last spring:
http://curbed.com/archives/2009/04/16/pricespotter_big_reveal_brooklyn_heights_coop_prepark.php
This place needs a serious renovation to go with the serious views and monthly maintenance. That’s the first time I’ve seen sheet vinyl used as a wall finish.
no doorman?!!! if one is lazy to deal with some stuff assoc’d with owning a house and chose to live in a big aptmt, fine. but to pay this much plus big maintenance and NO doorman, what’s a dude to do? open his own door? hey, might as well live in a house or in another bldg man
pretty big unit though