Property Description

Welcome to 5G, a spacious one bedroom in the heart of Brooklyn Heights, in an elegant mid-century co-op. This is a unique opportunity to buy a perfect primary residence or pied-a-terre at a very low cost due to the co-op's land lease which expires in 2043. Enjoy the flexibility to sublet at any time for as long as you want, and ALL utilities are covered in maintenance.The large, light-filled living room faces southwest with street and skyline views, and room for a dining area by the corner window. The floors are the original parquet, and there is a window a/c. The separate, windowed kitchen and appliances need renovation. The bedroom has a lovely southern exposure, a window a/c and can easily accommodate a queen-sized bed. There are four closets in the unit- a walk-in coat closet, a linen closet and two closets in the bedroom. Electric, heat, hot water and cooking gas are included in the maintenanceWait-listed storage, and bike storage, can be found in the basement is available for an additional fee.The co-op employs a live-in super, a porter, and a doorman whose hours are Monday through Friday 9am- 5pmPet-friendly to cats and dogsSubletting is allowed with board approval as soon as you become shareholder, and for as many years as you want.Bright and newly renovated laundry roomVerizon FIOS is availableTwo elevatorsWheelchair accessiblePermits trust purchases, co-purchases, gifts, and pied-a-terres. No LLCs.The flip tax (7.5% of the profit between purchase and sale) is paid by sellerThere is a capital assessment of $196.40 per month which ends on June 1st, 2031*The co-op's land lease expires in December 2043 and is reason the apartment is priced so far under-market for a typical one bedroom. There is no right to live there beyond 2043 once the land lease expires. Banks do not lend in this building due to the relatively short term of ownership offered, so we are looking for an all-cash buyer. Priced accordingly!The Brooklyn Heights Promenade is two blocks away and the stunning Brooklyn Bridge Park is also very close. Enjoy outdoor dining opportunities on Montague Street and bustling Atlantic Avenue, and the convenience of local gourmet food stores and supermarkets. Your local trains are the 2/3, A/C, R, F, 4/5 and you can use the East River Ferry at Atlantic Ave or Dumbo.Lets do this!

Property Features