Launch at 156 Macon
156 Macon Street is only a four-story brownstone, but the owners have managed to carve out eight units that they’re now offerings as condos. None of the six one-bedroom units and two studios is more than 400 square feet, so we are talking small. The cheapest studio is priced at $143,850 (but mysteriously lacks a…
156 Macon Street is only a four-story brownstone, but the owners have managed to carve out eight units that they’re now offerings as condos. None of the six one-bedroom units and two studios is more than 400 square feet, so we are talking small. The cheapest studio is priced at $143,850 (but mysteriously lacks a square-foot listing) and a 391-square-foot one bedroom is $205,275. What do you think of $500-a-foot or so for this location?
Streeteasy Listings: 156 Macon Street GMAP
Per square foot prices are not the only indicator of whether something is priced correctly, as has already been mentioned. Kitchens and bathrooms are the most expensive, so small apartments will always have higher SF prices because whether it’s 400SF or 600SF, you’ll most likely have one small kitchen and one small bath. Adding 200SF of living space doesn’t cost as much.
why on earth would you buy at those per square foot prices. It makes absolutely no sense to own an apartment at rent prices in that neighborhood if you can’t sell because it was dumb to purchase it in the first place. Some are behaving like the sales prices are 50K instead of close to 150K for the smallest apartments.
11217,
I live a block away and was VERY interested in the apt until I realized the size. Are you the owner.. ? If so, Why were you so greedy? That entire structure is smaller than the average brownstone. I can’t even envision how 8 units are there. Where are the interior pics? $200k ha! I atually pay below market rent – tons of people do. Lol. !!
If there are 8 in this building, they’re probably not floor thoughs. What does a half floor through/ junior one bedroom go for?
Floor thru one bedroom will be $1,100-1,400.
“It’ll be interesting to see if this works — because the developer will have probably doubled his or her money on this deal if it does.”
it better not be a crappy home depot reno
Good points, 11217. This looks like a nice brownstone building on a nice Bed Stuy block, five or six minutes from the express train. The monthly outlay may be slightly higher than comparable rents but not by much. I can see some space-efficient buyers going for these apts, particularly the units with outdoor space. It’ll be interesting to see if this works — because the developer will have probably doubled his or her money on this deal if it does.
“floorplan on listing shows 1A as 274 sf studio. At $143K that’s $525/sf. With cc you’d be paying more for the privilege of owning this place than it would cost to rent a floorthrough. Absurd.”
$143,000 with 10$% down and maintenance of $252 a month is $904 a month. With 20% down, it’s $832 a month, including maintenance.
With the mortgage interest deduction, you’re basically paying less than $600 or $700 a month to own an apartment. Albeit a small one.
You can rent a floor through in this area for $900 a month? I guess I don’t know Bed Stuy rents at all.
floorplan on listing shows 1A as 274 sf studio. At $143K that’s $525/sf. With cc you’d be paying more for the privilege of owning this place than it would cost to rent a floorthrough. Absurd.