Co-op of the Day: 278 Henry Street, #1
This co-op at 278 Henry Street is most certainly droolworthy. The brownstone duplex (parlor and garden floors) has incredible original details, a nicely modernized kitchen and a beautiful landscaped garden. Oh, and it’s 25 feet wide. So the question’s not who’s going to fall in love with this place (because many will), but whether anyone…
This co-op at 278 Henry Street is most certainly droolworthy. The brownstone duplex (parlor and garden floors) has incredible original details, a nicely modernized kitchen and a beautiful landscaped garden. Oh, and it’s 25 feet wide. So the question’s not who’s going to fall in love with this place (because many will), but whether anyone will be willing to pay $2,250,000 for the privilege of living in half a house.
278 Henry Street [Brown Harris Stevens] GMAP P*Shark
Re maintenance, for coops, the maintenance is comprised of taxes, underlying mortgage and funds for physical maintenance. Condos do not have an underlying mortgage on the building, so charges are broken down into taxes and physical maintenance. There may be little or no underlying mortgage on the building, hence the very low maintenance. A lot of these oldie buildings in the Heights were cooped in the 70s and actually worked off a lot of their mortgages. This is a CO-OP.
TextperV / BH,
see see. my boy can defend himself (albeit I still have my doubts). AND he stood by his “comparable” reference vs. your back-tracking defense/explanation.
CGar,
can we now discuss brownies (instead of brownstones)?
A super-rich couple will buy this and then in a year or two they will buyout their upstairs neighbors and take over the house. It happens quite a bit in the Heights.
well, this is literally a garden duplex I guess
http://streeteasy.com/nyc/sale/551383-coop-114-remsen-street-brooklyn-heights-brooklyn
m4l, as my friend Biff pointed out to me, my use of the phrase “can be had” was a poor choice of words. But, I disagree with you about having to go back 3-4 years for comps at $1.225m. All I’m saying is that since I started looking in the past 12-18 months, I have seen 2 or 3 comparably SIZED Brooklyn Heights Brownstone duplexes — NONE WITH GARDENS — in the $1.2m to $1.3m asking price range. That’s all I meant. Wasn’t trying to be controversial or BS you.
1) The facade is being re-done as we speak.
2) The price to rent ratio here is crazy — you might get 8k/month for it, so the P/R is around 22.
3) Property tax increases (5%/year) are built in for…ever
4) You can get a whole house on State St for the price.
5) These are high maintenance buildings, so you’d better really like your co-shareholder. No idea how things work when there are only two voters — you probably have to take out your own garbage and shovel the snow.
Seems like a nice apartment, but also seems rather overpriced. May go to someone as a ‘vanity’ purchase, but long-term, it is a terrible investment.
So, basically CGar is saying he can get a completely different kind of apartment in the same area for $1M less.
Why can’t you people understand that?
😉
CGar, we’ve seen comparably sized (25-footer) floor throughs, sans garden, for one million less (Pierrepont right now IIRC, but going off shaky middle aged memory). A duplex in prime Heights for $1.25? That seems like a stretch in late 2010.
I saw this pop up a few days ago, and while at first I was taken aback, I got to thinking about what a 3-story 25 footer (plus garden apt aka english basement) would run in this exact location. Above $4M for sure. Cut that baby in half, and add a great garden space…OK, I’, not arguing we’re looking at a bargin, but I don’t think it is as far off as some of you have implied.
I note that the fireplace in the front parlor is closed up and missing its original mantel (unless they moved it to the extension in the back). The back parlor fireplace surround doesn’t look original either.
Geez M4L! I’m an idiot and I understand what CGar is saying.
There’s no comp duplex for 1.25!!!!! But there are duplexes WITHOUT GARDENS for 1M less.
Sheesh.