Co-op of the Day: 47 Plaza Street West, #11B
This new listing at 47 Plaza Street West isn’t quite as huge or swanky as its 11th-floor neighbor (which appears to have sold very recently) but the two-bedroom, two-bath co-op is impressive nonetheless. The apartment has all the prewar touches that you’d expect from a Candela building. Probably the only nit we can come up…
This new listing at 47 Plaza Street West isn’t quite as huge or swanky as its 11th-floor neighbor (which appears to have sold very recently) but the two-bedroom, two-bath co-op is impressive nonetheless. The apartment has all the prewar touches that you’d expect from a Candela building. Probably the only nit we can come up with is that the second bedroom is on the small side (though you could close off the dining room and solve that problem). At $1,768, the maintenance isn’t low, but then again it’s a full-service building. The asking price is an even $1,000,000. Think it’ll fly? (Note: We’re removing the Pricing Widget until we can get a more sophisticated version built with predictive measures other than the average price, which 99 out of a 100 times dramatically understates the ultimate sales price.)
47 Plaza Street West [Corcoran] GMAP P*Shark
You don’t live inside a banana.
Genuinely interesting post, tybur.
Question: what is your model for determining the intrinsic value of a property. I have never really worked one out, although I do think it should be do-able.
e.g. BHO consistently uses 10x rental value. I can understand why rental value but not why 10x. The chicken used to suggest something around the replacement cost of the property, but that is very hard to calculate. You have mentioned a relationship to earnings in the past, which makes sense but which I also think should change over time dependent on interest rates and the supply of properties.
(FYI: I am on both sides of the fence on this personally and so don’t really have an axe to grind. I own some small real estate but would probably be able to increase my exposure if I thought the market was super cheap.
Just because someone pays the asking price doesn’t make the price ‘right’ or take it out of the realm of being nutso. Take Ty’s banana example. Anyone paying $8 for a banana will be labeled a complete dumbass. Well, by a lot of us anyway.
How are prices out of whack with reality if people are paying the prices, Tyburg?
Aren’t the people who bought yesterday’s biggest sales real? Aren’t the people all over the neighborhoods we talk about who spend 750K for a 2 bedroom real??
Agreed – this isnt a real 2BR. I wonder what the original configuration of the floor was like… In any event, is a Junior-4 in the slope worth One Million?? I hope not..
11217 —
You always characterize me as no knowing anything. Have you ever thought that perhaps I actually do understand how a “marketplace” works and that you are wrong?! That I can differentiate between what I think the ‘value’ of something is and what it will actually sell for?
It’s amusing that you call me Mr. Frownstoner… when all I ever suggest is that price tags are WAAAAAAAY out of whack with reality and are not sustainable. Your perennial retort is something along the lines of “That’s the market!!” or “We’re talking about the ‘prime’ neighborhoods, what do you expect?!”
Both of these responses and your variations always presuppose some sort of Market as “other.” There is no human agency. We have no right to suggest the prices are TOTALLY RIDICULOUS regardless of how fancy or “prime” the location. We must just accept and even be cheerleaders for the runaway pricing. Why should we stop buying bananas at Store X just because they are $8 each? The market says we should! $8 is not just an acceptable price for a banana… it’s the CORRECT price. After all, this is a very nice store! Embrace your impotence to the market forces! The market is not made up of people… it’s created by a wizard behind a curtain!
I would actually say that it _is_ a very livable 1 BR (rather than an actual 2). Assuming my instincts are right here that this was once an apt with a single large chamber plus the smaller room, what was that called? A classic 4? A junior 4? Seems like the type of apartment that Bertie Wooster would have had, had they taken space at Grand Army Plaza rather than Upper East Side when visiting New York.
I smell a rat.
Candela was too good an apartment house architect for this plan. Someone must have taken a hammer to it after World War II, when Brooklyn’s fine old pre-wars were on the ropes.
It’s time to start a Society for the Preservation of Pre-War Apartments.
That said, this could become a very livable one bedroom with a big formal dining room, or a small library if the owner insists on keeping that odd little room.
ilovebrooklyn — it’s not uncommon for the floor plans to be different between the low floor and high floors, so that floor 3 has the two full chambers while the upper floor only has one in this case. But it certainly does shed light on the idea that the 2 BR was once a proper maid’s room that was then raided for space to make a larger 2nd bathroom and lost it’s closet to create the 2nd door to the kitchen.