Co-op of the Day: 111 Hicks Street, #13MNO
The $900,000 price tag on this three-bedroom pad at 111 Hicks Street in Brooklyn Heights looked quite low to us, but then we spotted the monthly maintenance of $2,837, which is definitely on the high side for a 1,700-square-foot apartment. We suspect this is a result of three smaller apartments having been combined to create…
The $900,000 price tag on this three-bedroom pad at 111 Hicks Street in Brooklyn Heights looked quite low to us, but then we spotted the monthly maintenance of $2,837, which is definitely on the high side for a 1,700-square-foot apartment. We suspect this is a result of three smaller apartments having been combined to create this place. Even with that maintenance, we suspect there will be strong interest in this place. A truly family-sized apartment in The Heights for under a million bucks is a rare thing.
111 Hicks Street, #13MNO [Prudential Douglas] GMAP P*Shark
This building is horrible to begin with – a notoriously difficult co-op Board. Add to that $3,000 / month maintenance, and I don’t know why anyone would ever look at this apartment.
I knew there was a reasonable explanation. What else can explain such high maintenance. Thanks Ditto.
its because during the days of easy credit the co-op board got a second mortgage on the building and made a flashy $30 million yacht impulse purchase. Its now permanently moored in Red Hook after being used once to pick up lobster rolls at the back entrance of Fairway.
ditto, so true. I aspire to be monied riff-raff.
the real explanation is what pete wrote.
many need to stick to renting or buying a house because the concept of co-op maintenance charges seems to defeat them.
not so, there’s plenty of monied riff raff.
next explanantion?
high (relative) maintenance fees are because of large underlying mortgage for the coop. Some building have large mortgages , some have hardly any.
So when buying your unit – you are essentially buying a share of the coops mortgage.
This is not a new concept folks.
can someone explain to me why brooklyn heights co-ops are notorious for high maintenance fees?
it keeps out the riff-raff?
lordy, lordy, lordy! how on god’s green earth can families afford to live here?! $2800 in maintenance means this apartment should probably sell for about $650K in order to make it even remotely reasonable. it’s not like the apartment is so mindblowing that paying the asking price plus maintenance is worth it.
“A truly family-sized apartment in The Heights for under a million bucks is a rare thing.”
And with that type of maintenance fee, will continue to be so.