NYC guys, should I buy this apt.?

[997CTSurg]

Originally Posted by thenanyu

Thanks for the advices guiz. I am taking a look at it tonight - will ask questions etc.

I'd roll right out of bed and out of that loft.
Would be a ***** getting up and going to the bathroom in the middle of the night and I shudder to think what might happen when drunk.

Otherwise, pretty small but that's NYC.

 

[Johdus Fanfoozal]

I'm pretty familiar with this building.

It's the former St. John's law school building (when STJ was in downtown Bklyn before moving to Queens). As a result, the apartments have non-traditional layouts and high ceilings.

The building is in downtown Brooklyn, but a short walk from Brooklyn Heights - easily one of the best neighborhoods in NYC.

The building seems well maintained - nice wood-paneled lobby with lots of detailing. The hallways are meh.

Double check, but I think the maintenance is rather high because of a large underlying mortgage.

Just make sure you know the market you're entering. This is not Manhattan or really a hot area of Brooklyn right now. The apartment won't appreciate at the same rate. Plus co-ops aren't the best investments to begin with: large carrying charges, hard to resell (buyers have to be board approved, harder to get mortgages) and you'll likely have to pay a flip tax on the way out (a percentage of your profit that goes to the co-op board).

 

[thenanyu]

Thanks! I have been in the building too - looked at a rental there about 6 months back - what would constitute a reall "hot" area of Brooklyn these days? Carroll Gardens and Park Slope? Williamsburg pretty much sputtered out right?

 

[Johdus Fanfoozal]

Originally Posted by thenanyu

Thanks! I have been in the building too - looked at a rental there about 6 months back - what would constitute a reall "hot" area of Brooklyn these days? Carroll Gardens and Park Slope? Williamsburg pretty much sputtered out right?
Williamsburg has been overdeveloped and prices have fallen, but it's still a pretty popular place. Park Slope will always be a hot area because of its brownstone stock, proximity to the park and family-friendly service. Same with Carrol Gardens and Cobble Hill. Other neighborhoods on the gentrification rise include Greenpoint, Red Hook and the areas directly east of the park. Bushwick and Bed-Stuy too, but they are not nearly as far along. The thing with a building like 96 Schermerhorn is that it's relatively rare in that part of Brooklyn. It's a co-op, a highrise, a prewar building and it has a full-time doorman. Most co-ops are in smaller buildings or have been carved out of brownstones. Most new developments are condos sans doorman that have little charm. There are other options in the area like the St. George Tower on Hicks and a converted office building on Joralemon. Both are in the heart of the Heights and will likely be more expensive than 96 Schermerhorn, which is about two blocks too far to the west.

 

[Dbear]

Do you move around in your sleep?

Looks like you could roll right off the bed...onto the first floor...

 

[HotlantaHoward]

Originally Posted by Johdus Fanfoozal

Williamsburg has been overdeveloped and prices have fallen, but it's still a pretty popular place. Park Slope will always be a hot area because of its brownstone stock, proximity to the park and family-friendly service. Same with Carrol Gardens and Cobble Hill. Other neighborhoods on the gentrification rise include Greenpoint, Red Hook and the areas directly east of the park. Bushwick and Bed-Stuy too, but they are not nearly as far along.

The thing with a building like 96 Schermerhorn is that it's relatively rare in that part of Brooklyn. It's a co-op, a highrise, a prewar building and it has a full-time doorman. Most co-ops are in smaller buildings or have been carved out of brownstones. Most new developments are condos sans doorman that have little charm. There are other options in the area like the St. George Tower on Hicks and a converted office building on Joralemon. Both are in the heart of the Heights and will likely be more expensive than 96 Schermerhorn, which is about two blocks too far to the west.

You are a good poster. Please continue posting here.

Are you an ex-agent, btw?

 

[svd]

I would also look in to the Co-op's policy on subletting. Some are rather strict on what you can do.

 

[tropics]

i live two blocks away towards cobble hill

your place is straight across from "brooklyn house of detention" if you care about that

 

[origenesprit]

Originally Posted by Johdus Fanfoozal

Bushwick and Bed-Stuy too, but they are not nearly as far along.

 

[patrickBOOTH]

Originally Posted by thenanyu

Thanks! I have been in the building too - looked at a rental there about 6 months back - what would constitute a reall "hot" area of Brooklyn these days? Carroll Gardens and Park Slope? Williamsburg pretty much sputtered out right?

The Greenpoint/Williamsburg boarder in between McCarren and McGolrick park.

 

[Johdus Fanfoozal]

Originally Posted by origenesprit

Can't swing a cat in Bushwick without hitting a hipster. Give it a few years and the baby carriages will follow.

And BedStuy is where Harlem was 10 years ago. Except it has even better housing stock. Hell, Fresh Direct now delivers there.

 

[turboman808]

Originally Posted by patrickBOOTH

Aside from the snarky size comments by the people that clearly have no idea how people live in New York, .

Well that is true I left 3 years ago.

Just answer me this. Since when do people refer to Brooklyn as NYC? As long as I have been there NYC was always Manhattan. My guess is they tell all the new people Brooklyn is NYC so they will pay stupid high rent.

Yes I know technically Brooklyn is part of NYC but then so is Queens, Staten Island and the Bronx. When I lived in Forest Hills Queens I never said I lived in the city. I lived in Queens. When I lived in Dumbo I never said I was in NYC. I lived in Brooklyn. The only time I said I live in NYC is when I lived in Manhattan.

I'm gonna start saying I live in NYC since Edgewater NJ is so dam close.

 

[ter1413]

I live appr 4 blocks away in Boerum Hill.....
Location ain't bad. Near subway lines(Jay St); walk to Smith St/Court St/Montague St for food spots; bars all over; Trader Joes a short walk away on Atlantic/Court; much bigger Pathmark down Atlantic twds Ft Green; if o are into basketball, you will be able to walk to the new Nets stadium...

 

[origenesprit]

Originally Posted by Johdus Fanfoozal

Can't swing a cat in Bushwick without hitting a hipster. Give it a few years and the baby carriages will follow.

And BedStuy is where Harlem was 10 years ago. Except it has even better housing stock. Hell, Fresh Direct now delivers there.

Meh, I'm still too much of a ***** to live in either of those places.

 

[chas]

You are looking at $586 per sq foot which is decent for the area but Studios are always less so you want to compare the average price per sq foot for studios in downtown Brooklyn.

When you compare it to other apartments make sure to always compare it on a price per sq foot basis as well.

Also, because it is a coop I wouldn't assume that you only need to put 20% down. Often they require quite a bit more than that. Just do your research - and if after you know everything about that specific area you still want to live there....do it.