Sale at 62 Pierrepont Street #5A

What do you mean, how do they justify this?

Do you mean how do they justify the asking price? It's priced $300K less than a renovated 3 bedroom/2bath on the same floor. The maintenance is low by Brooklyn Heights standards, and the location is perfect. I don't love the floor plan (don't like the kitchen away from living/dining), and the third "bedroom" seems to lack a closet. But it's not an outrageous asking price for the neighborhood.

Do you mean how can they justify their potential profit? They bought for under market price - all these units seem to have been sold through insider or sponsor sales.

In either case, they'll justify it when/if they sell.

Tina
(Brooklyn broker)

We went to the open house today. This apartment has no signs of having been renovated in recent decades, if ever (built 1912...). The broker has both apartments and was clearly embarassed by the state of the kitchen. Though quaint, the sink seems to be an antique (not kidding), and the refrigerator and stove seem stand out as uncomfortable recent arrivals: the kitchen obviously requires (no choice) a total redo. The bathroom is very old. The floorplan is old-fashioned.

On the other hand #5CD has no view, is rather dark, and the renovation was not top quality. It is fully renovated but seems overpriced compared to this:

http://www.streeteasy.com/nyc/sale/399318-coop-40-remsen-street-brooklyn-heights-brooklyn

This apartment has much more light and beautiful views, and was given an excellent and thorough renovation. This building has even more charm and is even better located than 62 Pierrepont. OK, it is a 3rd floor walkup (elegant Victorian staircase). And it gives access to very good roof deck with views to Manhattan and NY harbor.

Why should 1) 62 PP #5CD go for $250K more than this, and 2) 62 PP #5A go for the same price?

Plus, 40 Remsen has 2 baths, whereas 62 Pierrepont has only 1.

And maintenance of nearly $1300 seems awfully high for 62 P.

I agree with you Harlem, 40 Remsen is far more appealing on every level. The Pierrepont building is way overpriced.

If the same broker has both apartments and she cut the price on one after only 6 days on the market, might we not regard that as admission of a slight tactical error?

If I were one of the sellers, I would regard the broker handling both sales as a conflict of interest.

How can a broker exercise best judgment for each of these sellers? What if one needs to sell quickly? They would still fear that the low price will harm their other client.

And this seems to be the case here. Why not price #5A at a discount to the sale just one year ago? Or at least at a discount to 40 Remsen #10? Isn't it because that would make the comp to #CD look untenable?

I'm pretty sure they 5A sale last year was within the estate. Apartment seems to be not lived in. Plans must have changed and now it's on the open market. I can't comment on price bcs not much is moving these days at any price.

I like 40 Remsen - prefer the location -- but it's only good for a family with one small kid. And $1600 is tough.

I'm always suspicious when the bulk of the pictures of the "apartment" show only exteriors of the building. And while the living/dining room does look quite beautiful -- for nearly a million bucks -- regardless of the neighborhood -- I want at least one bath and a powder room, if not a second bathroom.