Sterling Place Co-Op, To Buy or Not?

anonymous

My wife are seriously considering a Co-Op (our first step in home ownership) in a pre-war Crown Heights building. Right now its 21% owner occupied with the remaining units filled with renters. Our realtor has promised us that the sponsor will have building fully owner occupied within the next 2 years.

The asking price is incredibly low for the sqft-age. Should we risk it? Would you risk it?

king without a crown

Where is it? Location....Location....Location

anonymous

NY Ave and Sterling

ben

I think it could be a good move if you like the building, neighborhood, etc.

What you may want to look into is the financing aspect. I know many banks want to see a higher percentage of owner occupancy for co-ops. This may just mean you have to put more down or pay a bit of a higher rate since there may not be as many banks who will do the deal.

jack krohn

How many units are in the building? Are the other units rent-stabilized? If so, then they will most likely still be occupied by renters in two years. I've heard of some owners paying tenants to leave, but that seems like an awfully optimistic outlook such a short period of time. Plus, the broker just wants the sale and will not be around if the sponsor's claims never come to fruition.

Ben makes a good point about financing. 21% is very low, and if you wish to re-sell in a few years you might run into some resistance from banks. Also, there's the issue of who will serve on the board with such a low proportion of owners.

All in all, a few red flags to consider.

carnivore

Not to mention basics, like how much does it cost? In what condition is the apartment, and the building as a whole? How new are the boilers? How new is the roof? What is the cash reserve of the co-op and what is the underlying mortgage? You need to know these things, or you could be hit with an unexpected big increase in maintenance.

homeowner

If its the building I'm thinking about, its a great building and a good block. But you need to do a bit of talking to the other owners in the building. Are the renters good tenants that respect the property? Will they treat it like owners while they're living there? Is it a pretty stable tenant base (long-term residents) or is there a lot of turnover.

Start with those questions in addition to all the others that have been raised here.

alafairnadia

it should be pretty easy to get financing even if it's only 21% owner occupied - my building is less than 50% owner occupied and less than 50% owned by ppl other than the sponsor and I still managed to get in with 5% down.

king without a crown

That block is pretty quiet, but if you go 1 one block in either direction it gets pretty eventful. You have Nostrand-Sterling Pl for 24 hr drugs and on the corner of Brooklyn ave-Sterling Pl you have the infamous LaGrande family to provide you with never ending entertainment.

anonymous

I disagree with poster above. Sterling b/w nostrand and New York is a nice block. and Sterling b/w brooklyn avenue is also fine... Then as you go toward prospect heights, it's all getting gentrified. There is some drug dealing on Nostrand but the dealers do not bother you unless you are buying because they don't want to attract attention to themselves. We've been here just over a year and haven't had any trouble. (we live on sterling right off nostrand) and we walk down to the park all the time.

bobbybrummel

King without a crown wrote: and on the corner of Brooklyn ave-Sterling Pl you have the infamous LaGrande family to provide you with never ending entertainment.

okay, i played the mindful noob and searched first, but this message was the only mention of "lagrande" i could find. can you explain the reference?

king without a crown

222 Brooklyn ave, the source of numerous arrests and complaints from Homicides to Rape and one of the family members even torched the place 2 years ago. The residence is easily identified by street basketball games and all sorts of seedy characters entering and exiting that location.

homeowner

King, the LeGrandes are a part of what makes CH a real neighborhood. Ever neighborhood needs a family where the mothers can say "I don't want you hanging out with those LeGrande kids..."

ETA: Here's the link to a story about the father. Ask anyone in the neighborhood who's lived here for more than 15 years. They'll be able to recal the "nuns" in the subway. http://select.nytimes.com/search/restricted/article?res=F30611FA3B5B0C728CDDA00894DA404482

anonymous

Sounds like the next step is get in contact with some of the owners. If there any owners of 960 Sterling, please contact me.[/url]

bojolais

So did you buy? Or are you still considering it?

capt. planet

Anonymous wrote: Sounds like the next step is get in contact with some of the owners. If there any owners of 960 Sterling, please contact me.[/url]

You should also note that this building, 960 Sterling Place, is directly opposite the old Methodist rest home, which takes up the entire west end of the block between Sterling and Park Place.

If you're interested, there is a hearing slated to have this site declared a historic landmark, on Tuesday Feb. 13, at 9 PM, at the Landmark Preservation Commission offices, in the Municipal Building at Chambers near Foley Sq. in lower Manhattan.

This beautiful building, with it's chapel on the west end loaded with stain glass and graceful bell tower and large porch on Park Place has gone through a long period of neglect but appears now on the path to recover. The current owners, the Seventh Day Adventists, who operate a school there, have just completed repairing the roof. It all makes for a scenic view from 960 Sterling Place.

capt. planet

Subject: Re: Sterling Place Co-Op, To Buy or Not?

bknysrfr wrote: My wife are seriously considering a Co-Op (our first step in home ownership) in a pre-war Crown Heights building. Right now its 21% owner occupied with the remaining units filled with renters. Our realtor has promised us that the sponsor will have building fully owner occupied within the next 2 years.

The asking price is incredibly low for the sqft-age. Should we risk it? Would you risk it?

Can I inquire as to the name of the broker and the price? I may know some other people who are interested.

hal

Hello bknysrfr,

If you do choose to buy there (which I think is smart thing to do), myself and three or four others who replied to your post are people who live within a block of that building. They are my neighbors, and I know them. We are all clean and articulate.

anonymous

Subject: 960 Sterling Place

I have been checking out 960 Sterling Place as well and was wondering if anyone could offer any insights into the building.

tudor

I looked at 960 Sterling too. I liked the neighborhood--there seemed to be a fair amount of rehabs going on in the 3-story houses nearby, and the retail on Nostrand is pretty decent. I wasn't crazy about the building though. The common areas and halls need some work. Did you see the financials at all? I didn't get that far.

sje

Someone was shot there this morning at around 8:30. There were cops all over the place when I walked my dogs at 9. ANyone have any more details?

king without a crown

Shooting | 960 Sterling Pl Brooklyn, NY | 3/28/2007 8:52 a.m.

king without a crown

I'm gonna say not to buy!

anonymous

Subject: True?

Can anyone confirm this report? I walked around the neighborhood and it seemed like a fairly quiet block, but I wouldn't be completely surprised. Even in Clinton Hill, where I currently live, there have been at least two shootings that I know of within about a six block radius of me (Washington Ave near Gates) since I moved in last May. And about six month ago I walked in on robbery in a local bodega in the Prospect Height's side of Washington Ave. Scary stuff!!

These types of reports always give me pause -- I just hope it was not fatal.

In terms of the 960 Sterling Place itself, I agree that the hallways needed a major facelift, but the lobby was very nice and the units seemed well kept and large. Generally I really liked the building. Not sure about the maintenance though. Seemed a bit high, but I can't tell. I spoke to a number of residents in the building and everyone seemed very pleasant. A lot of older women.

sweet tea

i can't confirm per se, but those are two reliable sources who reported it above.

carnivore

If someone were ghoulishly inclined, they might try to buy this now. They could probably get a good deal after what happened.

anonymous

There was a cop shot in Park Slope this week as well... and that is supposed to be a 'safe' neighborhood. keep in perspective folks.. also I have checked every local paper and found NOTHING about this. Has anyone called the precinct?

sje

I SAW IT. I saw the cops, the yellow crime tape, and asked one of them what was happening, and he told me someone was shot right there if front of the building. It's not a rumor, it definitely happened, sorry!

This neighborhood is a bit of a parallel universe, many hardworking, decent people completely mixed in with a drug dealing, violent crowd. I have not seen the two mix yet, we kind of totally avoid each other. You just don't want to get caught in the crossfire.

Other than that, I love it here. When the shooting starts, you move away from the window.

I also looked at 960, and thought the maintainance was very high. That's not good. Mismanagement? Major repairs needed?

I actually had more problems with street crime when I lived in Park Slope 6 years ago, got followed at night, accosted, etc.

anonymous

From the Post's NYPD Daily Blotter on March 29, 2007

A man coming home with his breakfast was shot in the head and stomach and critically wounded yesterday morning in his Crown Heights apartment building.

It was unclear why the gunman attacked James Black, 20, inside the vestibule of 960 Sterling Place. Cops said they knew of no motive or suspects, and it didn't appear that Black had been robbed.

"Somebody asked him if he knew who did it and he said, 'No,' " said neighbor Heather Padia, 49.

toaster

http://www.nypost.com/seven/03292007/news/nypdblotter/nypdblotter.htm

anonymous

Thanks for the information. And I agree with the poster who says that these types of incidents can happen anywhere -- still a disturbing thought nonetheless. It, however, does not deter me.

In terms of the maintenance, do you have any idea of what might be more reasonable? For instance, with the two beds they are asking about $750, which just seems crazy. But I figure that part of it might be the part time door man and the live in super, but I've seen a number of places with those types of amenities for less in monthly maintenance. Could it be due to the low owner occupancy?

If anyone has any info, it would be most appreciated. I really like the building and the units, but don't want to make a bad investment. For those who decided against the place, what was the deciding factor for you?