Co-op of the Day: 385 Clinton Street, #3L
This co-op at 385 Clinton Street in Carroll Gardens has a lot of nice things to recommend it, but we still have a hard time seeing how anyone will end up ponying up $1,485,000 for a third-floor walk-up in a non-doorman building in this location; on top of that, the railroad layout and the single…
This co-op at 385 Clinton Street in Carroll Gardens has a lot of nice things to recommend it, but we still have a hard time seeing how anyone will end up ponying up $1,485,000 for a third-floor walk-up in a non-doorman building in this location; on top of that, the railroad layout and the single bath seem like additional hurdles. What do you think? Kooky asking price?
385 Clinton Street [Brown Harris Stevens] GMAP P*Shark
I think this is a very nice apartment. If you don’t like 1.5 baths, then you can convert the .5 to a full bath in about one second.
But I don’t know about that price. Friend of mine is selling a very swanky pre-war one-bedroom (could be used as a two) of the same size in Manhattan in a luxury doorman building for considerably less. However, maintenance is $2,000 a month. Anyone interested?
There are several buildings in Jackson Heights with maintenance in the $300s and $400s a month, so it is definitely possible. They are all original coops from the teens and 1920s with no underlying mortgage and self managed.
Mindard — It could have a doorman. They just need a little shed out front like the guards at Buckingham Palace.
Looks to have been a co-op since at least 1989 – though it looks like this apartment was purchased as a sponsor unit in 2005. It’s a left-right building, so a total of 8 apartments; it looks like the two 1st floor units are still rented as are 4R and 2R, so it’s just 50% owner-occupied. May present some financing issues.
From my knowledge of the buildings in the area, I’d imagine this is self-managed, accounting in part for the low maintenance. This is not a bad thing; for people prepared to pitch in and be involved in the daily life of the building it’s a good community-building opportunity. Of course, if you don’t want to be bothered, or to know your neighbors, this probably isn’t for you, but in that case why buy a co-op at all?
Taxes on the building are about $13.5K/yr., or $1.125/mo. – if all the apartments are equal in shares, this apartment would have about $141/mo. in taxes, and $200 in building upkeep.
It also looks like there is no underlying mortgage, so this could be a source of cash for any major needs.
All told, not a bad property, but if I were buying I’d try really really hard to keep it under $1 million to avoid the mansion tax.
It might be that the coop owns the commercial space, so the rental income goes towards the upkeep. And if the building went from tenement to coop 40 years ago, the building taxes could be as little as $1,000/year per unit, or about $80/month.
Anyway, the small maintenance is not necessarily a bad thing, but the accounts and minutes should be looked at carefully.
I def like this one, walk up or not, that would not be a deal breaker for me.
Yay !! Windows in all the rooms, a real dining room for a table and chairs.
the smallest bedroom, should have a=been a larger laundry room, that would have been ideal…
thumbs up on this one !
my coop has no underlying mortgage. we are self-managed (no managing agent costs). our super is paid a pittance as he only does basic cleaning and taking out of the trash. so i can say with complete confidence that there is NO WAY that that maintenance covers the basic operating costs of insurance (although they are probably seriously under-insured), water, taxes, heat. unless there is an tax abatement in place — but isn’t that only for newly constructed buildings??
caveat emptor — review financial records and look for regular ’emergency’ assessments to cover routine expenses.
The widget doesn’t go low enough for this one.
I don’t think this is the best real estate investment you can make with 1.4 million dollars. The layout is nice and roomy and the location is very good but it is and always will be a walk-up with no services.
The maintenance is oddly low. It is worth looking into. Either the building pays no real estate taxes, or no water and sewer charges, has no insurance, has no one to take out the garbage, no one to sweep the halls, no electric charges for the hallway lights, no heating fuel costs for heat and hot water, no maintenance contract for the boiler, or perhaps it is creative accounting. Our perhaps they save by not hiring an independent auditor to prepare the Corporation’s annual financial statement.