Brooklyn Real Estate Q&A and Info

Fort Greene Brooklyn has a number of spectacular places to live, but none outshines University Towers Cooperative Apartments.  The co-ops complex consists of three sixteen-story apartment buildings located at 122 Ashland Place, 191 Willoughby Street, and 175 Willoughby Street. 

One of the things that I’ve found most impressive about the complex is the 5 1/2 acres of beautifully manicured lawns and stately trees that are accented by a charming gazebo.

The apartments are quite spacious with wood flooring and large windows that let in a lot light.  Take a look at the many amenities that the co-op provides, and you’ll see why University Towers is a great choice for fine living in Fort Greene.

1. 549 Apartments
2. Huge cash reserves of 6 million dollars (in 10/08)
3. 75% Owner Occupied
4. Hardwood Floors
5. Laundry facilities in the building
6. 24 Hour Security
7. Fitness Room
8. Onsite Parking Available
9. Playground
10. Barbeque Pits for residents use
11. Two blocks from the Dekalb Avenue Station
12. 5 minutes to Metrotech, Polytechnic and Long Island University

With prices that are still are very reasonable for Fort Greene (a 1 Bedroom/ 1 Bath apartment was selling for $473,000 in 10/08), University Towers is a great place to get a good bang for your buck and still enjoy high-end amenities.

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If you would like to find out more about the apartments for sale in University Towers, please give me a call at 917-544-2662 or 718-338-3380 or click here to email me.

I was asked by a fellow shareholder at the co-op where I live if its worth the money to get an co-op insurance policy. My answer to the question is a resounding yes!

Many shareholders are under the impression that the co-op corporation’s insurance policy should be all the insurance that they need. So, what does the co-op’s master insurance policy cover? Typically, it covers any liabilities that occur in the common areas of the co-op. For example, if some one slips in the hallway outside your apartment, the co-op’s insurance policy would cover any bodily injury that occurs. However, if that same person slips and falls in your unit, the co-ops insurance does not cover any liability, you would be responsible.

A co-op insurance policy will cover any losses to your unit as a result of a burglary, if fire damage ruins the walls in your apartment, or if someone is injured when he trips and falls over an object in your living room.

Protect yourself and your belongings and get a co-op insurance policy (if you’re a renter, you should have a renters policy). They’re not that costly. I personally pay about $300 a year for $50,000 worth of coverage. Better safe then sorry.

Mitchell-Lama is a program that was developed back in 1955 to create affordable housing for moderate and middle income families.  There are 101 Mitchell-Lama developments in New York City with close to 46,000 affordable cooperative and rental apartments.

A Mitchell-Lama development is either sponsored by the City of New York or the State of New York and may be Federally subsidized.   Whether a development is Federally funded or not, they all have eligibility requirements based on income, family size and the number of people that can occupy an apartment based on the number of bedrooms. 

Mitchell-Lama Cooperatives have a Board of Directors like a typical co-op, however, the New York City Department of Housing Preservation and Development (HPD) has oversight over management issues and waiting lists.

To obtain one of these apartments, you have to put in an application, which then goes on a Waiting List.  Depending on the desirability and location of the development, and the size of the apartment you want, the waiting list can be several years long.   If you interested in obtaining an apartment in several different developments, you’ll have to fill out an application for each.  For more details on applying for a Mitchell-Lama Co-op, go to HPD’s website.

If you’re looking to make your first apartment purchase, but you’re finding most cooperatives to be out of your price range, a Mitchell-Lama Co-op might be a great alternative for you.  Here is a list of developments in Brooklyn that have open waiting list at the time of this writing.

BENSONHURST

Contello Towers 2
2740 Cropsey Avenue,
Brooklyn, NY 11214
321 Apartments
1, 2 and 3 Bedrooms Available

CLINTON HILL

Atlantic Terminal 1
161 South Elliot Place
Brooklyn, NY 11217
200 Apartments
Studios, 1, 2 and 3 Bedrooms Available

Atlantic Terminal 2
415 Carlton Avenue,
Brooklyn, NY 11238
304 Apartments
Studios, 1, 2 and 3 Bedrooms Availalbe

Ryerson Towers
309 Lafayette AVenue
Brooklyn, NY 11238
326 Apartments
1, 2 and 3 Bedrooms Available

CONEY ISLAND

Sam Burt Houses
2675 West 36th Street
Brooklyn, NY 11224
146 Apartments
1, 2 and 3 Bedroom Available

CROWN HEIGHTS

1185 Carroll Street,
Brooklyn, NY 11225
238 Apartments
1, 2 and 3 Bedrooms Available

SHEEPSHEAD BAY

Kings Bay 1
2520 Batchelder Street
Brooklyn, NY 11235
538 Apartments
Studios, 1, 2 and 3 Bedrooms

Kings Bay 2
2533 Batchelder Street
Brooklyn, NY 11235
356 Apartments
Studios, 1, 2 and 3 Bedrooms

WILLIAMSBURG

114 North 5th Street,
Brooklyn, NY 11211
41 Apartments
1, 2 and 3 Bedrooms

If you would like to find out more about Mitchell-Lama Cooperatives, please give me a call at 917-544-2662 or 718-338-3380 or click here to email me.

Happy Mitchell-Lama Cooperative hunting,

The first thing you’ll notice about Kings Village and the Old Mill Basin section of Brooklyn, is how peaceful it is.  The Kings Village Co-op is situated in the middle of a quiet residential area, with abundant trees and manicured lawns.  The co-op consists of 5 buildings between Avenue I and J.

Getting into Manhattan from Kings Village is simple. Hop on a number 46 Limited Bus which runs along Utica Avenue, and you’ll quickly find yourself at the Crown Heights/Utica Avenue Station on the number 4 Line, which is only 5 stations away from lower Manhattan.   You can also catch the number 6 Bus at Avenue H and take a 10 minute ride to the number 2 or 5 Trains.

Kings Village is affordable.  Studio apartments sell for around $115,000, 1 bedrooms for around $170,000, 2 Bedrooms for $255,00 and 3 Bedroom Apartments for only 325,000.  Here are some the other great features of the Kings Village Co-op:

1. Maintenance includes everything except electricity.
2. Newly Renovated Lobbies, hallways and elevators
3. Large windows, some have unobstructed Manhattan views.
4. Beautiful wood Floors. 
5. Private Security On Site
6. Some apartments have terraces.
7. Ample Closets.
8. Storage is available at an additional cost.
9. Parking available at an additional cost.
10. Kings Plaza, the New AVIATOR Sport Center, beaches and horseback riding, and hiking trails only minutes away. 

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If you looking to purchase an apartment that is affordable in a picturesque setting, then King Village Co-op may be what your looking for. For more information, give me a call at 917-544-2662 or Click Here.

If you’re looking for a place to live while you attend school at Pratt Institute’s Brooklyn Campus, or you simply love the Clinton Hill area, then Willoughby Walk Co-op Apartments is a great place for you to consider purchasing an apartment. 

Tall and majestic, this co-op has terraces that let you enjoy the great out of doors without leaving your apartment (technically), and breathtaking Manhattan views that rival any postcard.  Here is a list of the other great features that makes Willoughby Walk an ideal place to call home:

1. 100% owner occupied.
2. Only 10% down required by the co-op!
3. Large windows bring a lot of light into the apartments.
4. This is a gated community with 24-Hour Security.
5. The Co-op is Pet Friendly.  Dogs and Cats are welcome.
6. Some apartments have terraces.
7. Some apartments have picture postcard Manhattan views.
8. The Co-op has great Financials and cash reserves.
9. Brand new laundry facilities on campus.
10. Storage is available.
11. Steps away from The Pratt Institute’s Brooklyn Campus and St Josephs College.
12. Fort Greene Park, Myrtle and Dekalb Avenues are also steps away.  Both streets are lined with marvelous shops and restaurants. 

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Apartments in this co-op do not become available often, so when one does, its an event not to be missed. If you’re interested in finding out about apartments for sale at Willoughby Walk Co-ops, give me a call at 917-544-2662 or Click Here.

One thing that’s important to understand when you’re buying a Co-op apartment is that you are not purchasing Real Estate, you are purchasing shares in the Co-op Corporation.   The allotted shares represent the unit you are going to move into.

In a typical home purchase, the house itself is put up as collateral for the mortgage loan, but in a loan to acquire a co-op apartment, the shares are put up as collateral.  One of the things your lender will do to insure that their interests are protected (in other words, that they’ll get their money back) is require that they receive a Recognition Agreement from the Co-op.

The Recognition Agreement states that the Co-op Corporation must inform the lender in the event the shareholder seeks additional financing or fails to make monthly maintenance payments.  The Recognition Agreement is signed by the borrower, a representative of the co-op corporation and a representative of the lender.  

It depends.  When you purchase a co-op apartment, you are not actually purchasing the physical space, you are purchasing the shares of the corporate that are associated with the unit.   Because you don’t own the apartment outright, your ability to rent, or sublet, your apartment depends on the rules set out by the corporation. 

Many co-ops require that you live in the unit for a certain amount of time before you are eligible to sublet it, typically one year. There is usually a sublet fee imposed on the shareholder for subletting. Many co-ops also limited the amount of time that you can sublet your apartment before you are required to either move back in or sell the unit.

There are many nuances associated with owning a co-op, some good, some bad. That’s why its so important that you, or your attorney, thoroughly reads the Proprietary Lease, the House Rules and the Board Meeting minutes, before you sign on the dotted line.

A Flip Tax, which is better described as a “transfer tax”, is monies paid to the cooperative by the seller once a coop apartment is sold (or the transfer of ownership occurs).   A coop’s flip tax, if it has one, will be spelled out in the cooperatives offering plan, and can be a flat fee, a per share amount or a percentage of sales.  For example, a coop that has imposed a 5% percentage of sale flip tax, would collect $15,000 at closing from the seller on a $300,000 sale.

Why do coops charge flip taxes?  Well, its a great way to collect money to fund the coop ’s reserve funds so that the corporation has monies available for any necessary capital projects that arise without having to access the shareholders, or increasing the coop’s debt service by taking out a loan.

Flip taxes are a necesary evil that you have to take into consideration when you purchase a coop.

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