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
I hear you butterfly, and I dont think housing prices should only go up. I just think the board is not doing the right thing by the shareholders. They should be trying to increase shareholder value and they continue to do the opposite.
My attorney worked for this building for a time, and I’d weep when he told me stories. Well, I didn’t really weep …
quote:
“People are stuck in those apartments unable to sell.”
. <— see that? it’s the world’s tiniest violin!
*rob*
I think the maintenance here is indefensible. There was the crack in the pool area (where they then ripped out the gorgeous tile work) that cost a zillion, the legal fees from three-in-a-row bad commercial tenants, the roof repair (babs, they’re replacing the terracotta with fiberglass — I can’t even get worked up about that but it’s too bad), and then just on and on. Year after year after year.
But, say you’re Minard and you think, but this is a art deco high rise in Brooklyn Heights! Well you walk in and the lobby is nothing to write home about and the halls are endless and depressing and you KNOW they won’t be getting around to those renovations anytime soon. And then you walk into the units and they’re just very mediocre. I hate those beams running thru every room, the kitchens are all galley, the bathrooms are all small. Listen, it’s all fine except when you’re looking there and thinking, the maintenance is WHAT?
And these guys turned down the Tea Lounge revenue — a guy who has never walked out on a bill, ever.
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.
a probably fancier bldg on close to here went into contract cery quickly – 2 bedroom/2bath but 960sq ft…with $1600 maint and asking $649k. This is 15% larger, blah kitchen, but killer views which other one doubt has. So I don’t think that far outrageous of price.
For those not needing the prestige of being in heights proper, you get 2bed/2bath at concord village for $1223 maint and $625k asking.
Those kind of kitchen cabinets always make me think of doctor’s office, examining room.
But their just cabinets, I guess. Can change .. . .
Having taken a closer look I can add the following: those parquet tiles make me squirm and those kitchen cabinets are the absolute cheapest made and most often seen in low-end rentals. Perhaps I should revise my price downward.
11 million dollars would be a lot for some buildings but not for others. The meaningful number is debt per share. I don’t know what that is in this building but would guess its ballpark.
One’s personal debt service is also the way to look at it. Is it better to take out a million dollar mortgage and pay $1,000 a month maintenance or a $500,000 mortgage and pay 1900 in maintenance? It’s a calculation one has to make to determine whether or not it is a good deal.
Also, does living on a high floor give you vertigo? Do you hate the very thought of living in Brooklyn Heights? does Art Deco not seem like a real historical style to you? those considerations are important as well but do not reflect on the apartment being offered or its target buyer.
rob- click on the links. Go to picture # 3. If you think that big black thing on the right is a bed, you need new glasses.
Posted by: bxgrl at March 30, 2010 1:54 PM
LOL
I thought he was just messin’ with Minard, then I saw in the OT he was dead serious.
Fun thread today.
Bless you, ML. I’m glad this bldg has fans. I’ve been wondering for the last couple years who is buying here, but clearly it has appeal for some.
what is a perpetual mortgage?