Co-op of the Day: 70 Remsen Street, #5J
This studio at 70 Remsen Street in Brooklyn Heights isn’t particularly sexy but it is a nice solid prewar pad for someone with limited square footage needs. With a maintenance of $759 and an asking price of $225,000, the after-tax of owning this place wouldn’t come out to more than $1,500 a month, which ain’t…
This studio at 70 Remsen Street in Brooklyn Heights isn’t particularly sexy but it is a nice solid prewar pad for someone with limited square footage needs. With a maintenance of $759 and an asking price of $225,000, the after-tax of owning this place wouldn’t come out to more than $1,500 a month, which ain’t too shabby at all. There’s no mention or photo of the either the bathroom or kitchenette though, which we’d want to know about before giving this two full thumbs-up.
70 Remsen Street [Douglas Elliman] GMAP P*Shark
The building seems extremely well maintained and operated. In fact it is impeccable. The board looks to be doing its job very well.
Having a shareholder go into default is a nightmare for any board. None of that is controlled by the board but rather by the courts. Boards do not have the right to evict without lengthy court procedures. That is one of the reasons why it is so important to screen potential buyers. I honestly do not know how a small co-op manages to survive a shareholder foreclosure. Perhaps the courts treat those cases more expeditiously, but I doubt it.
According to streeteasy there are two other studios for sale around the same price. One is the exact layout only asking 215,000 with a renovated kitchen but no counter space there either.
Any buyer should read the board minutes for this building carefully. There is a super-litigious pain-in-the-ass lawyer who lives on the top floor who held the wimpy board hostage for years and drove the building into deep debt. They have real problems addressing shareholders in default. There are assessments and fees above and beyond the maintenance. The building is dominated by studios and one bedrooms which makes for high turnover, while the board is ruled by self-serving penthouse owners. Just a warning…
Sink $45,000 in equity into 250 square feet of space? No thanks.
this is almost the same set up as my studio now – if they knocked down one of the walls separating the kitchen it would allow for some more counter space and a pretty nice setup.
I once had a 250 sq ft studio, so I can speak of a place like this with familiarity. Mine had a full height fridge (although, it was a bit narrow) and at least 4 linear ft of kitchen counter space. But, this particular place (Remsen) makes poor use of it’s limited space.
If the maint were $300/mo cheaper, I’d say this place were a pretty good deal, though. At that price, it’s a decent crash pad.
You put a countertop surface on the wall outside the kitchen. Many furniture retailers sell such a thing.
Is it not possible to bust out part of the wall to expand the kitchen?
You’d have to either get an under the counter fridge or put something on top of the stove to use it as counter space when you’re not using it.
This was a residency hotel, the dining room was downstairs. Surely posters on this sophisticated blog are familiar with this sort of arrangement from the hundreds of similar buildings all over the city?
It is what it is. Small kitchen small price. People manage to make a sandwich.