Co-op of the Day: 111 Hicks Street, #24E
This new listing at 111 Hicks Street in Brooklyn Heights is just a few floors below the raw space that just got featured in the New York Times. The 1,120-square-foot two-bedroom has absolutely killer views but, given that it’s a prewar building, the finishes in the apartment, while perfectly presentable, are a bit of a…

This new listing at 111 Hicks Street in Brooklyn Heights is just a few floors below the raw space that just got featured in the New York Times. The 1,120-square-foot two-bedroom has absolutely killer views but, given that it’s a prewar building, the finishes in the apartment, while perfectly presentable, are a bit of a letdown in the charm department. The maintenance is also a painful $1,935 per month. Asking price: $799,000.
111 Hicks Street, #24E [Corcoran] GMAP P*Shark
ome buildings are structured with high underlying mortgage and lower equity. Others prefer opposite. Not a sign that something wrong with bldg.
Citilights buildingin LIC is perfect example or low equity bldg. Some people are more interested in that for reason Minard stated. Somebody with good cashflow but not much down payment. And looking for deductibility of mortgate interest.
Not in your financial interest, fine. But not understanding the difference and jumping to conclusions shows an uninformed buyer.
Posted by: Petebklyn at March 30, 2010 3:59 PM
**hangs head in shame**
Aye, thanks for the explanation, Pete. Although I am not sure why I haven’t heard it before. We must have had scores/hundreds of Brooklyn Heights co-ops with high maint/cc (though, to be sure, not as absurdly high as 111 Hicks) over the last few years and it never came up before.
Kinda sorta makes sense. I have friends who bought a 40th floor UN facing pad in Citilights, and I wondered how they pulled it off since they put a huge down payment on an east end cottage.
Anyway, this bldg doesn’t make sense for me or anyone who has a sizable amount to put down. But it seems like most sales in the St George are smaller starter places – the sort that attract first time buyers without much to put down. But the low equity model must hurt larger/pricier apts like this one.
actually i sleep on a black leather sofa!
*rob*
Ladies and gentlemen, before you mock Rob, where DID the wealth and spoils of the Roman Empire go??
Rob, good advise, especially coming from someone who sleeps in a piano.
some buildings are structured with high underlying mortgage and lower equity. Others prefer opposite. Not a sign that something wrong with bldg.
Citilights buildingin LIC is perfect example or low equity bldg. Some people are more interested in that for reason Minard stated. Somebody with good cashflow but not much down payment. And looking for deductibility of mortgate interest.
Not in your financial interest, fine. But not understanding the difference and jumping to conclusions shows an uninformed buyer.
Posted by: Petebklyn at March 30, 2010 3:59 PM
take this with a grain of salt, as i am not 100 percent on the validity of this rumor.. a lot of old school co-ops with super high maintenances are sometimes filled to the brim with satanists (like in the movie rosemary’s baby!!) and a lot of the money is pilfered into whatever it is they do, props, herbs, satanic retreats, etc.) supposedly there are a couple of satanist filled co-ops on the upper east side, who KNOWS, they could be hiding out in brooklyn heights as well. they look just like you and i, youd never really know just by talking to them, or even living next to them!! id imagine they are probably mostly harmless tho, except for the fact that they jack up the maintenance fees.
*rob*
Posted by: Butterfly at March 30, 2010 4:14 PM
As usual, rob’s definition is definitely more well-thought-out and logical.
take this with a grain of salt, as i am not 100 percent on the validity of this rumor.. a lot of old school co-ops with super high maintenances are sometimes filled to the brim with satanists (like in the movie rosemary’s baby!!) and a lot of the money is pilfered into whatever it is they do, props, herbs, satanic retreats, etc.) supposedly there are a couple of satanist filled co-ops on the upper east side, who KNOWS, they could be hiding out in brooklyn heights as well. they look just like you and i, youd never really know just by talking to them, or even living next to them!! id imagine they are probably mostly harmless tho, except for the fact that they jack up the maintenance fees.
*rob*
some buildings are structured with high underlying mortgage and lower equity. Others prefer opposite. Not a sign that something wrong with bldg.
Citilights buildingin LIC is perfect example or low equity bldg. Some people are more interested in that for reason Minard stated. Somebody with good cashflow but not much down payment. And looking for deductibility of mortgate interest.
Not in your financial interest, fine. But not understanding the difference and jumping to conclusions shows an uninformed buyer.
Here’s my solution St George: lower the maintenance by 1/3 today, take all sales in-house with a on-site agent and capture 5%, and add a 5% flip tax on the place for the next five years. All of a sudden these units would be 945k, the building would take 95k off a each sale, and the seller would be better off too.
They need to do something. People are stuck in those apartments unable to sell.
Posted by: Ringo at March 30, 2010 2:39 PM
The maintenance in this building has been like this forever…Ringo from your lips to the board’s ears. The location is great but my firt thought whenever I see an out of whack maintenance like that is what is WRONG with the building.
this building was troubled for years, it really was, but it has turned itself around. The problem I think was with the initial conversion but that was a while ago now. Plus the corporation stands to make good money from the sale of the former water tank space.
For people interested in this or any other co-op: you need to look at a couple of years of the buildings audited annual financial statement; does the building run in the red or the black? Is there a financial cushion or reserve? Is there a flip tax? You should look at the debt to share ratio and you should see what major capitol improvements are planned. Whatever you do, don’t be swayed by mean-spirited and half-informed opinions on the internet.