A Brooklyn Heights mid-century co-op with competitive asking prices and a quirk
Prospective buyers might think they’ve found the deal of the century when they see a spacious and light-filled one-bedroom in prime Brooklyn Heights listed for the well-below market price of $449,000. In the eight-story 1950 co-op at 100 Remsen St., apartments like this do exist, but there is, of course, a catch.
The 80-unit co-op is what is known as a “land lease” building, meaning the land on which it sits is not owned by the co-op's shareholders. Land lease buildings introduce an element of uncertainty to a property, as those leases do expire. The land lease for 100 Remsen St. expires in 2043, which means, as one listing explained quite plainly, “There is no right to live there beyond 2043.”
Land leases can be — and are — extended, but land lease buildings inherently hold an increased level of risk for buyers. For starters, it can be increasingly complicated to secure financing for a property as the end of a lease’s term approaches. This is partly why, with less than 20 years left on 100 Remsen’s land lease, many listings seek all-cash buyers, i.e., those for whom financing is not an issue. Rachel, a former resident who chose not to give her last name, was able to get a mortgage when she bought in the building in 2008. “You needed to find someone local because it was confusing. I had a mortgage broker who specifically worked with the building,” she says. The added uncertainty and, often, higher maintenance fees typically result in lower asking prices for units in land lease buildings. “I wasn’t really concerned,” she says. “It made it more affordable.”
She describes her experience living in the building as positive. “It was quiet. People were friendly, but I felt like I could come and go. Nobody was nosy,” she says. “There were a lot of co-op rules, but I didn’t mind.” (At one point, a board member who lived below her requested that her “heavy-footed” boyfriend wear slippers or flip-flops when he visited.) Still, she describes the co-op as having a “friendly, chill kind of vibe.”
However, when Rachel sold her apartment, it was to an all-cash buyer.
Studios to two-bedrooms, many with parquet floors and casement windows
Units in the building include studios to two-bedroom apartments. Studios measure at least 425 square feet and ask $250,000 or more. One-bedrooms are 650 square feet and larger and ask $280,000 and higher, and two-bedroom homes measuring a minimum of 1,100 square feet sell for $775,000 or more.
Many apartments feature the original parquet wood floors. Large casement windows provide a generous amount of natural light, and the units on the Henry Street side of the building have corner windows. “I had a beautiful view at the back of the building. I overlooked some other yards and heard kids playing and birds chirping.”
Part-time door attendant, live-in super and immediate, unlimited subletting
Amenities include a part-time door attendant who works weekdays and a live-in super. There is a newly renovated, shared laundry room and a bike room, plus storage space that is available for rent, although there may be a waitlist. The building is pet friendly. Maintenance includes all utilities; an additional assessment around $175 is in place until June 2031. Subletting is permitted upon becoming a shareholder, and there are no term limits. Gifting and pied-a-terres are allowed. The seller pays a flip tax of 7.5%.
Tree-lined street convenient to shopping, dining and prime public spaces
The co-op’s location offers a unique mix of Brooklyn Heights’ picturesque residential blocks, public green space and incredible convenience. “It was very pretty. I felt very safe,” Rachel says. “Everything was great. It was super central.” The commercial strip of Brooklyn Heights, Montague Street, is one block north. Businesses along the corridor include specialty food stores, coffee shops, restaurants, salons, the independent bookstore Books Are Magic, a Housing Works Thrift Shop and the Brooklyn Cat Cafe (where cats and coffee lovers share space). The closest grocery store, a Key Food Supermarket, is around the corner. Brooklyn Bridge Park is a few blocks to the west, and Borough Hall is three blocks east. Several notable schools are within walking distance, including the PS 8 and private schools The Packer Collegiate Institute and St. Ann’s School.
Easy commute and connections via numerous trains, bridges and roads
Public transit options are plentiful, with 10 subway lines, including the N, R, W, 2, 3, 4, 5, A, C and F trains, all within a 10-minute walk from the building. The Long Island Rail Road at Atlantic Terminal can be reached in about five minutes by train. Commuters to Wall Street can make the trip in about 15 minutes, and travel time to Midtown Manhattan is around 30 minutes. The Brooklyn Bridge, Manhattan Bridge and Interstate 278 are nearby and easily accessible by car. Drive time to LaGuardia Airport is about 30 minutes.
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Quantarium
Current List Price
Sold Price
Area Factors
Low Crime
Crime Score®
3/ 10
Biker's Paradise
Bike Score®
90/ 100
Walker's Paradise
Walk Score®
99/ 100
Rider's Paradise
Transit Score®
100/ 100
Sources: WhatIsMyCrimeRisk.com, Walk Score
Sources: WhatIsMyCrimeRisk.com, Walk Score
WhatIsMyCrimeRisk.com, Powered by CAP Index provides objective, accurate, and consistent data to help measure, compare, and mitigate crime risks. Walk Score® measures the walkability of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.
Sound Score® measures the noise level of any address. Environmental risk data is provided by First Street Foundation® and is designed to approximate risk and not intended to include all possible scenarios.
Parks in this Area
Pierrepont Playground
5 min walk
Playground
Columbus Park
5 min walk
Picnic Area
Trails
Events
Brooklyn Heights Promenade
5 min walk
Trails
Playground
Adam Yauch Park
6 min walk
Dog Park
Picnic Area
Trails
Walt Whitman Park
7 min walk
Picnic Area
Trails
Korean War Veterans Plaza
7 min walk
Picnic Area
Trails
Fort Stirling Park
8 min walk
Trails
Cobble Hill Park
8 min walk
Picnic Area
Trails
Playground
Cadman Plaza Park
9 min walk
Picnic Area
Trails
Events
Schools
Source:
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