Co-op of the Day: 16 Lincoln Place
The asking price on this third-floor 2 1/2 bedroom co-op at 16 Lincoln Place in Park Slope was just trimmed from $615,000 to $599,000. The apartment next door, which is of a similar size but probably not identical layout, sold for $615,000 back in September of 2006 so this has to be in the right…
The asking price on this third-floor 2 1/2 bedroom co-op at 16 Lincoln Place in Park Slope was just trimmed from $615,000 to $599,000. The apartment next door, which is of a similar size but probably not identical layout, sold for $615,000 back in September of 2006 so this has to be in the right ballpark. The apartment is pretty non-descript, though we suspect most potential buyers will at least think about tweaking the bathroom and kitchen. The maintenance is a reasonable $611 per month. We suspect a deal will get done pretty quickly at the new price. Agree?
16 Lincoln Place [Corcoran] GMAP
i would get rid of the kitchen and move it into the dinning room. and make the former kitchen part of the small bedroom.
the small bedroom would become the new master, with small bathrooms built from the closets next to it.
I’m guessing by the floorplan that you could spend around 40K and pretty easily:
1. Make the current bath the master and change the bedroom egress accordingly. Create egress to bedroom two from the current office.
2. Put a second 1/2 or full bath off the stack of that other bath and place it where one of the office closets are. If the building allows it, you could also get a stackable laundry in there for another 3000 or so.
Bam. Two bath dilemma solved and you’re still in this place for 650K, which isn’t a bad price for that block or those trains.
While your at it, get rid of the office, and open it to the kitchen to use as a dining area. Then you’ve got a small but very usable family apartment.
a couble making both around 70k could pull this off pretty easy.
too bad im poor.
That bathroom needs to be tweeked with a sledge hammer
I’m a VP in IB at GS and I’ve been waiting all my life to move to PS. I’ll buy it! And the one next door!
I really like the wall of white brick and the fireplace.
Lots of possibilties for a cool modern, clean interior on this one.
Looks as though the new owner might want to do a little cosmetic work to the bathroom and kitchen, but with not too much money, this could be a really great place for a reasonable price.
Good buy, terrific location. I agree with 1:47 regarding the 1 bathroom situation. I don’t believe it is a make or break for a small family looking for a place in this price point.
600k for a 2 bedroom in Park Slope is a relative bargain. Very good train access with this one also. A skip to the Bergen 2/3 or all the others at Atlantic Terminal.
Agree with the feel vs. square foot comments as a matter of making the buying decision, but the square footage is still a good way to determine if the pricing is in line with the market. For instance, last week’s collbe hill place was overpriced by a lot per square foot (because the loft shouldn’t have counted.) This one seems reasonable becuase you can presumable look to recent sales in the area and see that it’s priced around the same square footage. Whether someone wants it or not is PURELY a matter of layout and how they feel in it, but that’s not how the pricing works. Additionally, since whoever buys it can reconfigure the layout, the actual square footage (and the placement of the plumbing and windows) is important to design how the space could be lived in with renovations…
I haven’t seen this apartment, and have no interest in defending it. BUT, the emphasis on square feet here in general (and price per) is sometimes a bit much.
I have seen so called 1,000 square feet apartments that feel tiny and 800 square feet apartments that feel fine. Layout matters tremendously. It’s all about walking into an apartment and feeling as if you could live there as a family. The layout of this apartment (at least on paper, who knows for real?) works for a family. There was a so-called huge apartment in Cobble Hill last week that generated alot of comments that was basically a one bedroom with a 2nd loft bedroom overlooking the living room. This one, despite being smaller, is far preferable for families with kids than that one.
Only having one bathroom is a problem. But, believe it or not, many middle-class families who want to stay in the city but can’t afford alot of money will compromise on a 2nd bathroom. They don’t like it, but it’s a compromise they are willing to make. But no one I know with kids will buy an apartment without two private bedrooms (or that can be converted to one). Instead, they are moving out of cheap 1+ bedroom apartments as their kids grow because they absolutely need 2 bedrooms. In my opinion, you can compromise on the 2nd bathroom, but not the bedroom.
Of course, the singles/couples no kids market is different, but if you are selling to a family, 2 bedrooms is more important than 2 baths.
“If this same exact apartment were a condo instead of co-op, how much more would it fetch per square foot?”
Not more. Less. Condos bad.