Residential Sales in Brooklyn
BROOKLYN HEIGHTS $355,000 100 Remsen Street 1-bedroom, 1-bath, 745-sq.-ft. co-op in a postwar building; dining area, renovated and windowed kitchen, parquet floors; maintenance $880, includes utilities, no tax deduction; listed at $365,000, 8 weeks on market. Brokers: Brooklyn Heights Real Estate; Dowling Realty Group. SUNSET PARK $530,000 210 30th Street 2-bedroom, 2-bath, 86-year-old 2-story brick…
BROOKLYN HEIGHTS $355,000
100 Remsen Street
1-bedroom, 1-bath, 745-sq.-ft. co-op in a postwar building; dining area, renovated and windowed kitchen, parquet floors; maintenance $880, includes utilities, no tax deduction; listed at $365,000, 8 weeks on market. Brokers: Brooklyn Heights Real Estate; Dowling Realty Group.
SUNSET PARK $530,000
210 30th Street
2-bedroom, 2-bath, 86-year-old 2-story brick house; renovated kitchen and baths, recreation room, oak floors; rear yard parking space; 17-by-100-ft. lot; taxes $1,370; listed at $549,000, 20 weeks on market. Broker: Betancourt & Associates Realty.
From the print edition of yesterday’s New York Times.
We looked at an apartment at 100 Remsen. Great light, beautiful space, etc. But there is a 10% flip tax, that plus the land lease and high maintenance made it very unattractive.
I thought that the land leases in delaware and md are because of georgism; the idea is that the property is taxed regardless o f improvements.
I wonder how much the owner of the land can get for the new lease.
What happens when the land lease runs out is that the Board renegotaites with the owner for a new land lease and the maintenance gets even higher than it already is with no deduction. Or, in theory, the building is ripped down and your out on your ass with your shares in a worthless corporation, but that would never happen for practical reasons.
Besides NYC, land leases are popular in Maryland and Delaware are are an unfortunate relic of colonial times.
There are 3 others for sale in the building from $385 – $465. Super high maintenance (all over $1000). We looked at the $385 that Corcoran has listed – fantastic space and light – its a top floor corner w/ 2 exposures – and the views out over the church across the street are super money, and the location cannot be beat (2 blocks from Boro Hall, 2 blocks from Promenade) but wouldn’t touch a land lease with only 36 years left with that maintenance combo. The folks who are listing over $400 are smoking some serious rock.
We looked at 2 apartments in the building. The land lease runs through 2041, so if you were looking to buy and hold for longer than 5 years, the concern is that the next buyer may find it challenging to get a 30 year mortgage on the property. The coop has no underlying mortgage, thus, 0% of the maintenance is tax deductible. 10:52 AM – can you link to any info that marks the building as a landmark? It is a 1950’s white brick building that is out of character for the area – I know that BH is the birthplace of landmarking, but I was not aware that 100 Remsen is landmarked. Anyway, the land owner is an individual who owns other buildings in the area. Unless and until the coop board and the land owner come to some agreement, I feel that potential buyers will be scared off by their attorneys and sellers will really suffer.
Also looked at a place there in 2001 and walked because of the “land lease”. No one could explain what happen to to shares in the co-op if the lease expired and was not renewed.
100 Remsen is landmarked so nothing can happen to the building itself. We looked at 2 apartments there. 1 broker said term was out approx another 25 years or so. Board approached the owner to buy the land but were refused. The land lease plus the amount of sponsor owned apartments in the bulidng scared us
In our co-op we have no tax deduction on maint. The reason for that is we have no underlying mortgage and therefore no interest to decuct.
Its rather rare in a co-op but it does happen.
Hope this helps
I think 100 Remsen is the building in BH that is on a “land lease”, this is the co-op does not own the land therefore no real estate taxes. Kind of how a tenant with a lease is not responsible for the taxes.
Anyone know the term of the underlying lease and what would happen to co-op owners when this lease expires?