Co-op Success Story in Bushwick
[nggallery id=”26598″ template=galleryview] The story of 246 Cornelia Street comes to us from photographer and filmmaker Willow Robin. Proud of her building and what’s become of it, she told us the building “is claimed to be the only co-op apartment complex in the Bushwick area.” “Well after its trolleys stopped running, the Bushwick neighborhood was…
[nggallery id=”26598″ template=galleryview]
The story of 246 Cornelia Street comes to us from photographer and filmmaker Willow Robin. Proud of her building and what’s become of it, she told us the building “is claimed to be the only co-op apartment complex in the Bushwick area.” “Well after its trolleys stopped running, the Bushwick neighborhood was one of the areas hardest hit by the city-wide struggle during the 1970s. As parts of Brooklyn, like the Bronx, historically burned around this time, the landlord abandoned this building, leaving tenants to legally obtain it from the city. Seen as one of the city’s experiments in handing over control to tenants, its success has been proven by time; the 246 Cornelia board has met weekly ever sense.” As apartments become available for sale, she says, younger folks are snatching up the properties at what she calls “jaw-dropping prices” — $210,000 for one-bedrooms (that’s for the renovated ones) with $256 a month maintenance. “Those opting out of condo-life have afforded to move here without draining their savings, and learning valuable lessons in hard-work and community building along the way.”
no nothing like that.. tho maybe if nyc didnt overtax for their cigarettes maybe i could save ahhaha. 9 x 30. gack. almost 300 a bux on cigarettes. okay i guess i really am doing something wrong :-/
Bushwick is getting hotter…snap them up!
If Pitbull really “make over 40k a month and cannot save a single penny” and spend most of your day on Brownstoner doing something right. But you must have a bad coke or gambling habit if can’t save a little.
Mopar, I’ve been keeping an eye on Jax Heights. The places near the BQE or north of 88th street are a little dicey, but if you’re looking at something solidly in the historic district, you may be able to find something comparable for the price. It probably won’t have a real kitchen though…
ha. save 875 a month making 40k in new york?!? are you kidding? sure that’s possible living in new york. i dont even buy myself anything! and most of the “young” people in bushwick at no where near the point of buying anything but their next laptop. plus most live like 4-5 people in one apartment and stuggle themselves, or else why else would they live there? i make over 40k a month and cannot save a single penny and youre claiming i should be saving almost 900 a month? i must be doing something wrong i guess.
*rob*
You can also get one-bedroom coop apts in Jackson Heights and other areas of the city for about $200,000 but they don’t look as nice as the apartment pictured here. Also, Rob, this apartment is quite a hike from the subway, but it’s not the “ghetto,” and there are some really nice restaurants and retail close by (one or more subway stops), not to mention lots of loft parties.
That price is also for the fixed-up ones. She didn’t disclose “jaw-dropping” but it must have been much less.
Save $875/month for 2 years, or $438/month for 4 years = $21,000 = 10% down payment on a $210,000 apartment.
30 year fixed mortgage at 6% + maintenance = $1,389/month in housing costs.
Sounds possible for any one making $40,000/year and up, especially if you’re buying it jointly with a partner also making at least $40,000 and up.
For the many “younger” people who are already living in Bushwick, why wouldn’t this be a good idea if the co-op is sound?
who are these “younger” people you speak of that spend 1/4 of a million dollars for a one bedroom in (hate the term… but the ghetto!?!).
i know that sounds cheap, but for what you get, it’s totally not cheap. unless im coocoo in the head or something.
*rob*