Co-op of the Day: 450 Clinton Street, #3E
Sometimes the fantasy is better than the reality. The idea of a high-ceilinged apartment carved out of an old church sounds great. As this listing at 450 Clinton Street shows, however, the resulting space can be a little awkward. It’s hard to see how this will end up fetching close to the $850,000 asking price….
Sometimes the fantasy is better than the reality. The idea of a high-ceilinged apartment carved out of an old church sounds great. As this listing at 450 Clinton Street shows, however, the resulting space can be a little awkward. It’s hard to see how this will end up fetching close to the $850,000 asking price.
450 Clinton Street, #3E [Douglas Elliman] GMAP P*Shark
Well…it’s getting close to a month now. At least 154 Bergen was a two bedroom.
By brookjoo on April 22, 2010 4:44 PM
Your points are well taken, BoerumHill, in regards to volume selling. I’m by no means saying Ms. Naini isn’t bright, or that her listings don’t sell, I’m just questioning the price of this apartment. I’m not out there hunting down her listings and publishing them to say they’re high. Brownstoner has published two of her listings as co-op of the day, and I have observed that they both seem high to me. Axe? What Axe?
I’m not surprised that the Bergen one is in contract, but we don’t know what the sales price is, do we?
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No, we (royal usage) don’t know the closing price at 154 Bergen. I’ve been told by the seller (and my agent got the same story from one of the co-brokers) that they went into contract at full ask, with a backup offer above the first signed contract. Interesting they (= the marketplace, e.g. one buyer agrees with one seller) achieved a price you thought was unattainable.
With respect to this church conversion on Clinton, it’s pretty quirky; don’t know if its overpriced or not, but the market place will decide. That’s one offer plus one acceptance equals a deal. Not an exact science by any means.
H O R R I B L E
2 windows, you gotta be kidding.
I know a few people who live in this building. Its a coop but has a very small (maybe no) blanket loan. Common charges are very reasonable. Each apartment has its own separate heat/hotwater system. That’s in the mechanical closet…you cannot remove the closet.
The original developer skimped a bit on the fixtures. The original kitchens and baths are straigh out of home depot. So are the wood floors.
The heat/hotwater units are very unusual. They are from europe and do not require venting. My friend needed to replace his…there’s basicly one vendor in the City of New York who can replace the unit and they rip your eyes out. It cost somehting like $7000.
It is really a very nice and friendly building. The side garden is terrific.
At over $1000 a foot for this unit seems really expensive. I would think it is overpriced by at least 40% despite the low common charge.
Your points are well taken, BoerumHill, in regards to volume selling. I’m by no means saying Ms. Naini isn’t bright, or that her listings don’t sell, I’m just questioning the price of this apartment. I’m not out there hunting down her listings and publishing them to say they’re high. Brownstoner has published two of her listings as co-op of the day, and I have observed that they both seem high to me. Axe? What Axe?
I’m not surprised that the Bergen one is in contract, but we don’t know what the sales price is, do we? I’m not saying it couldn’t have gone for near or at asking price, because maybe it was the right price to someone, but I wouldn’t rule out it going for below asking either. There is still not a lot of inventory for non cookie-cutter apts. in the area, but things have still lingered on the market (anyone know what the deal is with the two bedroom on Atlantic and Henry?)
With regards to the church conversion, For all we know the her clients are the ones setting the price and she’s willing to let them figure it out. I doubt it, but could be. It could also be priced to allow for some negotiation, but again, this doesn’t seem to be the case as it’s a much higher price per square foot in a weaker market. If Ms. Naini get’s her clients close to asking price then she is to commended; however, _my_ humble opinion is that paying near or close to $1,000 per square foot for an oddly configured co-op with two windows isn’t that advisable. Would _you_ pay close to 20% more than a late 2006 price in this market, especially for this unit?
Let’s face it, anyone really interested in this place won’t be deterred from cutting a check by a bunch of real estate dorks, such as we are. I don’t begrudge the owners getting whatever price someone else is willing to pay. All I can do is say what I think, and in this case I think this is overpriced, and the broker plays a part in that. It’s either dumb luck or a pattern that the same broker has twice, in my humble opinion, put up a high price for a place AND had it featured on Brownstoner.
Cheers!
This place (or something identical) is listed for rent on the NY Times site for $4000 per month. Both prices seem pretty optimistic but it’s a good point of comparison in the rent vs buy argument.
Also forgot to add that while the bedroom has an in-wall air conditioner, that one-window in the living room is going the be pretty dim in the summer when you have to put an AC in. (and we’re not talking a small unit here, as you’ll need to cool the whole space with one unit, and there’s no chance of cross-ventilation).
I know some of Ms. Naini’s listings have been on Brownstoner before in the past for being over-priced, but this takes the cake. Either she or her buyers are being unrealistic here. At one time I thought of using Ms. Naini to sell my place, but on the phone she kind of put me off by saying, before she came over, that I would need to be realistic about pricing my place (this was this winter) because it’s not like it was in 2006 (I never mentioned a price I had in mind, btw). So this is her idea of realistic?
Good luck
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Actually, it seems like you have an axe to grind. You had the same observation Terry Naini a few months in the 154 Bergen St CotD 2 months. Its now in contract.
Her web page says she was the #1 broker in Brooklyn in 2008 (guess that means for PDE). She doesn’t do many townhouses, one or two a year (or rather its PDE keeps getting its butt kicked for single family listings by BHS and Corchran). I don’t see many DUMBO trophy pads or similarly big deals that drive up her sales figures. Seems like its just a lot of volume – meat and potatoes deals for 1-2 bedrooms under $1M.
You know how a RE agent gets volume? By working their butt off.
She is super bright, inquisitive, and I have found her to be quite charming in person. OK, so you didn’t connect on the phone. All I know is she gets a lot of deals done.
yeah. but the ironic thing is that the person who moves into this will totally be a cookie cutter person.
*rob*
I agree with Rob and also with Pigeon. 100%. DRAINED of its magic. Once those ceilings were part of a soaring structure, designed to inspire, quiet, console…. Now it is just wierd. No thanks. I hate this place.