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
I agree with mopar. It’s so hard to find apartments like these anymore. (I believe the current real-estate term is ‘estate condition’.) I despise sheetrock and I love character. I wish people who don’t appreciate apartments like this one would simply look elsewhere. Open spaces with no detail and no mystery; same ol’, same ol’ granite countertops; half dozen boring bathrooms; that’s what I call dreary.
But with the high maintenance and dirty halls, this price has definitely gotta drop.
And DIBS scenario is if the place sells out. There is a nightmare scenario too.
” new build condo with a sure appreciation, low common charges and cheap taxes”
Here’s what happens in this case.
1. Problems start occurring after Year 1…windows leak, roof leaks, bricks or whatever start to peel away from the curtain wall
2. Common charges go up as they under budgetted all the expenses
3. tax abatement goes spetime after Year 10 and the new tax amount is ridiculously high.
CGar, this is the place I wanted you to see. Agree that 750 is a good price. I think if you’re asking 815, you might take 750.
This is a sponsor sale so not really an estate. Meaning, family isn’t selling.
The downside, interior window in living room not ideal. I think I’d end up flipping LR and FDR). This building’s elevator is small and slow — so small I think they make you take stairs when you move in!! I wouldn’t want to tell my movers that! And the plumbing is really an issue.
Pros: I think the unit faces College Place and with construction nearly done, it’s charming back there. I’ll take the bathroom just as it is thank you very much. And more co-ops that you’d think would give you permission to add a 2nd bathroom (ours would allow it).
I’d be okay with maintenance in the 1200-1300 range. 1647 makes it a little too high.
So why does ” new build condo with a sure appreciation, low common charges and cheap taxes” deserve to pay little or no real estate taxes while this place likely pays $500+ a month (why the maintenance is what it is)????? Because there was a shortage or luxury condos in NYC and these poor developers had to be encouraged?
Dave, I didn’t mean to imply you were if you were referring to my comment about liking the broker.
Truman, I’ve seriously considered 1BBP, but it’s desolate down there, and it will STILL be desolate down there when the park is finished because people won’t be in the park past dusk (at least not people who will make you feel safe walking around at night). And if you want to run out to the deli or the store or the pharmacy, it’s a hike.
I walked my dog down there last night — Pier 6 of BBPark looks fantastic — and cars entering and exiting the BQE totally ignore pedestrians, in the crosswalk, who have the right of way. That is NOT a safe way to walk either to the new park or 1BBP, and I’m guessing DOT will address the safety issue as soon as someone is hit by a car (which was almost me 3 times in the span of 5 minutes last night). Then I walked — on the sidewalk — along 1BBP and along Furman Street, and oncoming traffic is speeding toward us on Furman. I’m sorry, I think the park is great and will be great once it’s entirely finished, and I’m sure a small portion of the units have great water and city views, but it is not a person-friendly or dog-friendly location for anyone who ever wants to leave the building.
I pay extra for “decrepit and haunted-looking.”
Mopar, this is BK Heights. No deep pocket is spending less than 100k on something of this condition.
” new build condo with a sure appreciation, low common charges and cheap taxes.”
ROTFLMMFAO