House of Red Bricks

By wisdom a house is built, and through understanding it is established

Queens Restaurant Week 2014

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Queens Borough is the most culturally diverse area on this planet. Therefore, it also home to a very diverse selection of world cuisines.

From October 13 until Halloween, more than 100 local restaurants — spread out over roughly 30 neighborhoods — will offer special prix fixe meals. A three-course dinner for only $28 per person and lunch for only $14 will be the most common offerings. Details and a list of participating restaurants can be found here:

http://www.itsinqueens.com/dq/RestaurantWeek/participants/

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Broker’s Tribeca Open House Tour (10/22/2014)

Address  Unit Price CC/Maint RE Tax  Ownership   Doorman  Rms  Bds  Bths  Res SqFt DOM
261 Broadway 7D $1,795,000 $1,781  N/A Coop No 4.5 1 1 1450 152
100 Reade St 6B $1,450,000 $508 $722 Condo No 3 1 1 825 126
135 Hudson St 6F $1,775,000 $1,314  N/A Coop No 4 2 1 1400 182
47 Walker St 2B $2,350,000 $1,080  N/A Coop No 4 2 2 1830 69
395 Broadway 8D $2,050,000 $589 $1,197 Condo No 1 1 1 1128 182
40 White St 4 $1,425,000 $1,200  N/A Coop No 3 1 1 1000 28

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October Market Snapshot – Cooperatives Edition

Compared to condos, coops purchases are more concentrated in UES, UWS, and Greenwich Village, Gramercy, Murray Hill/Kips Bay, and Flatiron.

Closing Volume by Zip Code

Closing Volume by Zip Code

Can you afford a coop?

Coops were conceived to allow renters to participate in the ownership of the buildings they live in. Most of the coops are not the ultra high-end and exclusive types commonly found in Upper East Side in certain blocks. The pricing distributions below suggest price points for coops vary by a wide range. This may be due to the size (coops are not required to disclose), location, level of services (minimalistic to highly personalized):

  • One-bedroom: $350k – $1mil
  • Two-bedroom: $500k – $1.7mil
  • Three-bedroom: $800k – $2.8mil
Price Distribution of 1-Bedroom Coops

Price Distribution of 1-Bedroom Coops

Price Distribution of 2-Bedroom Coops

Price Distribution of 2-Bedroom Coops

Price Distribution of 3-Bedroom Coops

Price Distribution of 3-Bedroom Coops

Neighborhood affordability (past does not imply future):

Lowest priced top 3 for 2-bedroom units:

  1. Harlem
  2. West Harlem
  3. East Harlem

Highest priced top 3 for 2-bedroom units:

  1. SOHO
  2. Tribecca
  3. Lower Manhattan
Average 3-bedroom Closed Prices by ZIP

Average 3-bedroom Closed Prices by ZIP

Average 2-bedroom Closed Prices by ZIP

Average 2-bedroom Closed Prices by ZIP

Average 1-bedroom Closed Prices by ZIP

Average 1-bedroom Closed Prices by ZIP

Average Closed Prices by ZIP code

Average Closed Prices by ZIP code

Average Closed Prices by Neighborhood

Average Closed Prices by Neighborhood

Monthly Maintenance:

For people who are deciding between buying a coop vs. renting, this table might provide some insight. Part of the maintenance is real estate tax and interest expense from an underlying mortgage, both are personal income tax-deductible items (subject to conditions). Actual ratio of deductibility is furnished by the building. Given coops have low price points, even with financing, the monthlies after tax can be comparable to market rate rent, but with the benefit of home ownership and control.

Monthly maintenance charge

Monthly maintenance charge

Building Activities:

Coops encourage tenants to stay put and not sell their unit-shares. As a result, sales volumes are low. The most active building in the last six months has 19 closes, compared to the most active condo building (St. Anne’s Court in Central Harlem, a new conversion) which has 200+ closings in the same period.

Most Active Buildings

Most Active Buildings

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