New York's Cooperative and Condominium Community

Habitat Magazine Business of Management 2021

HABITAT

BROOKLYN HEIGHTS

It's not something you see every day: co-op owners in a building deciding to put the property up for sale. But that's what's happening at a seven-story building in Brooklyn Heights, developed by Francis Greenburger's Time Equities. According to The Real Deal, the co-op's board has put the 20-unit, 20,000-square-foot property at 159-161 Remsen Street, between Clinton and Court streets, on the market for $30 million. "The property has not changed hands since it was converted in 1982. The project [also] marked the first time that Time Equities had converted a vacant commercial building into a residential co-op." That's a long time. Matthew Rosenzweig, who TRD reports handles Brooklyn investment sales at Marcus & Millichap, "is marketing the building as a possible development site for [what else?] condominiums." And for a developer to get the most bang for his or her buck? It means demolishing the existing structure and replacing it with something that takes "full advantage of the 45,000 buildable square feet and 185-foot height limit." Go big or go home, eh? 

Photo by Nicholas Strini for Property Shark 

Buyers pay a premium for a co-op or condo apartment with outdoor space. But what happens when a terrace needs repairs that prevent the shareholder or unit-owner from using it?

That was the question in Goldhirsch v. St. George Tower & Grill Owners Corp.

Recent news affecting co-op / condo buyers, sellers, boards and residents — but especially boards this week. A new condo in Brooklyn enhances its appeal and market value by supporting an adjacent park. A notorious Airbnb hotelier takes a fall. Learn what amenities add a lot to the cost of maintaining a co-op or condo building, and which don't. And find who NYSERDA calls New York City's top four engineering firms in helping buildings achieve energy-efficiency. Plus: Condo fire on Staten Island, tips for acing your co-op board admission interview, and the seller of a co-op in the "Ghostbusters building" (above) doesn't get slimed on the price.

Those bright blue bikes are everywhere these days, blocking crosswalks and creating noisy obstacles for pedestrians trying to cross the street. New York City co-ops and condos are protesting bike rack installations that they claim are dangerous and lower their property values. But is there an end to the Citi Bike saga in sight?

When the 25-unit co-op at 105 Montague Street in Brooklyn Heights was built, its residents didn't have to worry about an elevator — because there wasn't one. It was a hotel for businessmen — and they must have been fairly fit business types, since the top floor was eight flights up.

Although 105 eventually got an elevator, its current residents are going to get a chance to relive past glories — or simply move out — when the system goes out of commission for six weeks this summer.

The job was a long time coming, says board member Melissa Kelly, who has lived in the building since 2001. "The elevator needs a lot of modernization; it has been breaking down on a regular basis. It's not been modernized at all since we converted in 1980."

... a new condo-hotel might go up in Brooklyn Bridge Park. And are you living next to the guy who wrote Ocean's Twelve and The Bourne Ultimatum?

... building blogs, renovation, landmarking and more — including, for board, the latest news on managing-agent payola and virtual meetings.

...crazy co-op neighbors, real estate license violations are now available online and condos are cool in Queens. And for co-op boards and condo associations, we've news of new tax-reform bills in Albany and more.

Read all the latest co-op / condo news for buyers, sellers and board members in Habitat's weekly Monday News Roundup. Also included: Permanent archival links. If a link ever goes dead, you'll still be able to read the backup at WebCitation.org.

1 2 3

Ask the Experts

learn more

Learn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments

Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise

Source Guide

see the guide

Looking for a vendor?