Co-op of the Day: 61 Pierrepont Street, #53
The new listing for 61 Pierrepont Street doesn’t actually say that the three-bedroom co-op is an estate sale but it sure looks that way. The 1,050-square-foot pad has all the prewar bones you’d hope and expect (moldings, original bathroom) but will definitely require a pretty major tune-up before a new owner moves in. The building’s…
The new listing for 61 Pierrepont Street doesn’t actually say that the three-bedroom co-op is an estate sale but it sure looks that way. The 1,050-square-foot pad has all the prewar bones you’d hope and expect (moldings, original bathroom) but will definitely require a pretty major tune-up before a new owner moves in. The building’s great, as is the location. At $1,647 a month, the maintenance strikes us as a bit rich. Considering all that, what do you make of the $815,000 asking price?
61 Pierrepont Street, #53 [Corcoran] GMAP P*Shark
And I was never referring to older condos or coops, just new, shoddy development, done by shoddy architects and contractors with no record to speak of. There are lots of them.
I would steer someone to an older building like this over any new construction that hasn’t been in place (without problem) for at least 3 years or so.
dibs is being a little over the top with his worst case scenarios of condo doom but just a reminder: this building is a coop. A very stable and long-established Brooklyn Heights co-op.
The recession took its toll on new condos such as One BBP but it took a far bigger toll on houses. How many Americans lost their one and two-family houses due to foreclosure?
Ironically the recession affected co-ops the least because even during the good times, coop boards required that purchasers actually have enough money to carry the units.
Good for you, winelover. Not all buildings are the same. Many new developments have problems. We’ve seen lots of them here.
DIBS – stop. you are ridiculous. many abatements are not 10 years – most longer. and then, the taxes and cc charges can still be reasonable (ours will be). i’m going on year four on my condo and the cc’s have been finally raised to whopping extra $10 a month just this year. with cc’s and taxes, pay all of $375 for a 2000 sq. foot place. and, the problems that we encountered in the beginning were entirely paid for and fixed by the sponsor. in fact, our board got the sponsor to do a major building wide upgrade for free.
regarding buildings selling out, if you get a loan and close, then you’ve closed. do your homework, that’s all. the rest of the units will probably fill up with renters in the short run worst case. in WB at least, the rental demand is very high, so we’re lucky in that regard here.
of course, renters can be great neighbors. we have a handful of renters in our building and become friends with several. one family that since moved and bought elsewhere remain very close to us still.
the whole doomsday condo scenario that you trot out endlessly is just BS.
This is a sponsor unit, meaning that it was occupied by a rent-control or rent-regulated tenant that finally went on to that cheap apartment in the sky. As a result, there is no board approval or review, that is a plus for many.
The wrote-up is confusing because it call it a three-bedroom, two-bathroom apartment. There is NO SECOND BATH in the floorplan. Perhaps the walk-in closet is all set up for a second bath? If that is the case, snap this baby up!
columbiatch, the unit you’re referring to was one floor down I think. but you’re right. same layout.
The other thing about 1BBP — and I really do want to be a fan! — is that you just know when the BQE is being redone, they’ll reroute traffic down Furman. I don’t know how you avoid that. I suspect they’ll close off the Joralemon entrance and make people walk OVER Furman via a pedestrian bridge at Atlantic or walk over at Squibb Park or Fulton Ferry. And it will be like that for 5 years? 10 years? Hope I’m wrong.
We looked at this apartment 2 years ago when it was on the market for like $875. It needed a complete overhaul. The bathroom and kitchen were very old and pretty dilapidated and the floors were a mess. My husband thought it would be a great project and we considered bidding on it for like $600, but then we wised up and bought something else that was cheaper, bigger and needed fewer renovations.
Ringo, I know, and I looked up the listing you posted on Saturday, only to discover I missed the Open House. Even $1,400 doesn’t make me wince, but once maintenance hits $1,500, I break out in hives.
As for 1BBP, widening the sidewalk along Furman Street would help those navigating Furman — 2 people and 1 dog an NOT pass safely — but it still won’t solve the problem that it’s desolate down there.