Co-op of the Day: 24 Monroe Place, #3A
Despite having lots of prewar charm and a very generous layout, this four-bedroom co-op at 24 Monroe Place in Brooklyn Heights has had a hell of a time finding a buyer. The apartment started out in 2007 (!) with Douglas Elliman asking $2,400,000, only to be reduced within a few short weeks to $1,950,000 before…
Despite having lots of prewar charm and a very generous layout, this four-bedroom co-op at 24 Monroe Place in Brooklyn Heights has had a hell of a time finding a buyer. The apartment started out in 2007 (!) with Douglas Elliman asking $2,400,000, only to be reduced within a few short weeks to $1,950,000 before being yanked off the market. It reappeared in 2008 with Corcoran, starting at $1,850,000 before dropping to $1,700,000. The listing was once again yanked in early 2010, but after another breather reemerged–this time with Brown Harris Stevens–last October asking $1,450,000, which is where it remains today. We’re actually surprised it hasn’t found a buyer at that level, given the lack of nice family-sized apartments in the Heights. We can only assume that the low floor and lack of views is what’s making this such a tough sell.
24 Monroe Place, #3A [Brown Harris Stevens] GMAP P*Shark
I believe Monroe to be the best block for the following (albeit subjective) reasons:
Widest St in BH
Most Accessible to both BMT, IND and IRT lines
Close to only real Park in BH (Cadmen Plaza)
Virtually no through traffic
Close to both areas of BH shopping/restaurants – Henry North of Clark and Montague
Availability of off-street Parking nearby
Taxi’s available around corner on Clinton
Good security with 2nd Dept on corner (not to mention gorgeous building)
Library around corner (I know that is a bit old fashioned today)
Monroe Place near the intersection of Clark isn’t one of the best blocks in the Heights. Come on. That is crazy. FSRQ – just reveal yourself as the broker and save us all the trouble of guessing.
Also, $3,000 a month of maintenance is out of control. I live in a 3 bedroom in the Heights and pay about half that. I also get to have a dog.
Minard, I think you’re on record for every single block in BH being the best, so your credibility is a bit shaky. That block is fine, but nearly my favorite area. I much prefer the fruit streets and the area closer to the water, or the places at the southern end of BH (in general further away from high-rises, which kill the light.) Settle down.
Doubt it’s a combo; it’s an A-line, which often designates the largest line in a building. Plus the layout looks like a traditional C7 layout to me; it doesn’t look cobbled together.
Hard to tell for sure, though, since there haven’t been other A-line comps since 2004 (when Streeteasy starts showing them).
Monroe Place is very nice, but I think the Place blocks (e.g., Sidney or Garden) over near State Street are nicer. Also, something bugs me about all the St. Ann kids hanging out at the end of the block — For some reason I have enver noticed Packer kids lurking around in the same manner (although I don’t walk by there as frequently as St Ann’s.)
It’s very strange that this had not sold. JB — if you know the building, is there something odd? Are there big assessments coming down the pike?
Layout is really good, maybe some modifications can be made.
Everything else can be changed.
Could this have of been 2 apartments combined?
Actually: I might be wrong about the condition of this place. In the old Corcoran listing there’s a picture of the kitchen, which appears to be redone (although not particularly well). That said, old wiring is clearly wrapped around the moldings in some of the photos. I’d still assume this place needs some costly renos.
This is a prewar classic 7 — generally a very desirable type of family apartment. The original layout is quite nice.
However: While the maintenance would not be totally out of line for prime Brooklyn if this were a full-service building, this building does not have a doorman so far as I can tall. As others have pointed out, the apartment is on a low floor and might not have great light/views. Most important: the apartment looks to be in estate condition, or close to it. To do a skim-coat, floor-sand, new kitchen, etc. in an apartment like this will easily cost $400k — more if the bathrooms also need to be redone.
All of that said, I wouldn’t think the price would have to go much lower to get a deal done. Which makes me wonder if there’s an issue with this place that’s not evident from the listing, like an issue with the building.
“Monroe Place is probably the best block in BH ”
Like Minard, I’m not getting this. Is it something we can’t see? Do they have great block parties or something?
The Clark st. end is all high rise/high rise views. The southern end is ok, but plenty of the streets going onto Columbia are much prettier. Monroe is pretty pedestrian looking. (Not that I’d turn my nose up at living there, to be clear).