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
Do you think the market is finally starting to wise up about the St George tower? Some data from the last 12 months.
11 sales during that period (out of more than two dozen listings). 8 of those 11 recorded sales were for studio or 1-bdrm units that sold in a range of $190-390K (I got this from nyc.gov/dof as P-shark and SE are unreliable).
Anyone want to try a generalization about the makeup of those 8 buyers? My presumption is might be a few first-time buyers in that group.
3 sales for 2- and 3- bedroom.
Unit 4L started out at $929K. 282 days later, off a final list of $625K, sold for $570K. 39% discount.
Unit 13L (1100 sq ft) started out at 725K. 401 days later, off a final list of 625, sold for 580K. 20% discount.
Unit 8CD (combo 3 bdrm) started out at 1.1M. 117 days later, off a final list of $999K, sold for 890K. 19% discount.
As CGar and I noted during an exchange yesterday, there are some buildings that are so poorly run that you don’t even bother looking, regardless of price. Beyond the maintenance issue (presumably from a large underlying mortgage), there isn’t a lot of old world charm here to begin with.
FWIW, there are 15 listings, 2 in contract, currently on the market at 111 Hicks (out of 300 units).
the mortgage looks like 11.5 million, and perpetual. had they actually amortized the thing in the 80’s it would be paid off, but hey its the american way. hopefully that suckers not all floating.
dave some people prefer a doorman building (safety) as well as the amenities of having no upkeep or responsibilities thereof. also some astute buyers really don’t compare a high crime shitty school zone to the opposite in any serious fashion.
i do agree though lower brownstone taxes is a nice perk.
Minard, don’t get me wrong. I love the building and the views are probably unparalleled.
But $4,300/mo is a lot of coin for a 2 bedroom, even with great views and this is after the tax deductions. I love the apartment, but the price is way off the mark. While I agree that the mtc vs price trade-off is great for a couple without a lot of savings, if they buy at this price, they are not running the numbers and will be unnecessarily taxing their savings into the future – it simply does not make economic sense.
quote:
living room easily accommodates the grand piano.
lol. how random
*rob*
I’m breaking the trend and saying that I really like this apartment. First of all the layout is very nice. The master bedroom is big, lots of closets, living room easily accommodates the grand piano. Nothing remotely hotel-like about the layout. Secondly the views are really world-class. Your guests will probably spend minutes oohing and aahing all over the place whenever you have them over, like for New Years Eve fireworks or whatever.
The price is low because the maintenance is high. This is actually good for a single or couple with a good income but not a lot of savings because it makes the down payment smaller. In the end, the interest on your mortgage and the interest that is part of the maintenance is the same thing and they are both tax deductible. the tax portion of the maintenance is also tax deductible. I wish people would give this building a break, it has come a long way and is a beautiful place to live. Co-ops are not for everyone but they have been around for a long time, have shown their stability through up and down markets and make good homes and good investments.
The last couple 2-bedroom apartments sold under $600,000. I think it’s a waste of time to list that far above reality.
Pros: location, views
Cons: high maintenance, tired decor, rental-style kitchen
If they really wanted to sell, they’d have listed at $625,000 or so.
If there’s a renovation of the roof deck going on then there may be some short-term special capital charges added to the monthly maintenance.
Oftentimes these are added for 3-12 months for things like brick repointing, new roof, new boiler, lobby renaovation, hallway renovation.
Before 111 Hicks St was a co-op, it was part of the St. George Hotel complex, and built in 1929 (just like the Williamsburgh Bank Building). As such, you’re not looking at a building constructed to provide permanent living space but built as a hotel, albeit a luxury one (just as the upper floors of the Williamsburgh Bank Building were originally designed as office space). So there wasn’t that much pre-war detail goodness to begin with, and once rooms were combined into apartments when it went co-op what detail there was was lost.
Some people love this building, despite the crazy maintenance and bizarre apartment layouts. To me it still feels like a hotel, with its endless corridors and impersonal atmosphere, although the roof deck is gorgeous (any word on how the restoration is going there?) and some apartments have amazing views. And. of course, the convenience of the 2/3 trains in the lobby around the corner can’t be beat.
It’s this building. Just as a public service, somebody should get the financials of this building and figure out what is going on with the mortgage on that building to make the maintenance is so insane. On that cutted penthouse space yesterday, someone said the maintenance was 5600 dollars.