A no-board-approval coop for sale, right along the park on Ocean, in the coolest looking apartment building on the block...for under $300,000. I know, I know, there's probably a catch. A murder perhaps. Ghosts. Current owner Republican. Maybe the Super is a cannibal. But still, if you're looking to own a big one-bedroom...
(did I happen to mention it's right across from the park? Not Umma. Prospect.)
Here's the details: Times Listing. They know they have a hot one, cause the Corcoran agent listed it before taking pictures of the insides.
10 comments:
"This pre-war stately entrance leads to two elevators, 6 stories and its 84 co-op apartments."
Something about that listing can't be right since 163 also has rentals. Or are they just leaving out the number of rentals?
the broker is probably ill-informed or fibbing and this building is likely being converted by the sponsor from rental to co-op. Propertyshark.com will have more info about sales in the building, etc. If buying into this sort of building, do a lot of research into the sponsor and the finances of the building (get a very good and thorough lawyer). Also read the co-op board minutes from the past decade and speak with both owners and renters in the building. Sponsor units in this neighborhood can be a great deal but also a disaster.
This building was converted to co-ops some time ago, under a non-eviction plan. The ownership percentage has been increasing in recent years, but it is still relatively low vs. what banks like to see and getting a mortgage here is HARD. Great for an all or mostly-cash buyer. This is not a new conversion, just a rental unit that was vacated and is now being sold by the sponsor, but Michelle's points re due diligence are still valid.
Also, since the ad doesn't say anything about Park views from this unit, I'd imagine it's at the back of the building with view of (and noise from) the Q/B trains - another major downer. All things considered, I much prefer 50 Lefferts Ave., unless you can snag a park view unit here.
There are actually a bunch of listings in the building right now: http://www.corcoran.com/agents/listings.aspx?region=NYC&userid=MCAPURSO
also, babs, your info is a little out of date, it used to be impossible to get a mortgage here due to low owner occupancy, but the last few buyers have been able to do so.
I know someone who got turned down for a mortgage here over the summer - he wound up having to increase his down payment amount substantially and buying a lower-priced unit. You still can't get a mortgage here with less than 20% - 25% down, and this was confirmed to me lest week by a mortgage broker very familiar with the building.
True babs,
But in this mortgage climate the 20/25% down requirement has become standard practice. It is just a whole lot harder to get a mortgage for everyone. I'm not saying the building is a snap to make work, but it's also not totally out of reach.
Not at all - I have done two in Brooklyn co-ops in the past 2 months at 15% down. This building is definitely harder to get a mortgage than in other buildings in the neighborhood. Additionally, the building's underlying mortgage is pretty hefty, with a big balloon payment in June 2015. Trust me, banks do not like this building. That, plus the probability that this is a rear-facing (subway overlooking) unit make a $299K price a tad too high, actually.
Babs is right. It's a challenge to get a mortgage here. The park facing apartments have stellar views. The apartments in back face the rail yards.
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