Brady Court Co-Op in The Bronx - Anyone got through the closing? (Pelham: apartments)
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I'm considering placing an offer on a unit in the Brady Court cooperative in the Pelham Pkwy/Morris Park area of the Bronx. I love the co-op, the unit, and the neighborhood. My only reservation is that I've noticed that a lot of their deals have fallen through over the last year or so. Anyone able to give some insight on what's happening in that building that buyers seem to not be able to get to closing? Is it a tough board, bad financials...?
I saw this article which was concerning but know that since then they have changed management companies. I haven't been able to find any recent updates... good or bad.
I'm considering placing an offer on a unit in the Brady Court cooperative in the Pelham Pkwy/Morris Park area of the Bronx. I love the co-op, the unit, and the neighborhood. My only reservation is that I've noticed that a lot of their deals have fallen through over the last year or so. Anyone able to give some insight on what's happening in that building that buyers seem to not be able to get to closing? Is it a tough board, bad financials...?
I made an offer for this apartment, https://www.redfin.com/NY/The-Bronx/.../home/44806020 and was told I was out bid by an ALL CASH offer. I could not compete with that. Then it turned out that the deal fell through. Later, when I looked at the history, I saw that this person had put it on and off the market many times over the past few years.
Honestly, the situation in the apartment was pathetic. The couple had all of their belongings in boxes piled into the middle of the main bedroom, just ready to move. The rest of the apartment was sparsely furnished. I felt sorry for them. This was a couple that really needed to move, and is possibly facing overhead they can no longer afford. But this situation has been going on now for years.
Now the apartment itself was in relatively decent shape, but does need some minor work.
My only conclusion is that perhaps the coop board would not allow the seller to sell at a reduced price because they were worried about how that would affect the comps of the other apartments. My other observation about comps is that with coops and condos, they don't seem to be effected by the relative condition of an apartment. What I mean by that is a brand new renovated kitchen is selling at the same price point as ones that need to be renovated.
I liked Brady Court a lot. I was totally willing to live there. The garden like entry is gorgeous. On the other hand there is no place to sit and enjoy this garden. It seems an awful waste. They have storage and a bike room which is a plus. I love the concept they had with the laundry room, where they have a living breathing library. They seem very communal. I did not like that I had to physically leave the building to do laundry. (Sucks in winter.)
I made an offer for this apartment, https://www.redfin.com/NY/The-Bronx/.../home/44806020 and was told I was out bid by an ALL CASH offer. I could not compete with that. Then it turned out that the deal fell through. Later, when I looked at the history, I saw that this person had put it on and off the market many times over the past few years.
Honestly, the situation in the apartment was pathetic. The couple had all of their belongings in boxes piled into the middle of the main bedroom, just ready to move. The rest of the apartment was sparsely furnished. I felt sorry for them. This was a couple that really needed to move, and is possibly facing overhead they can no longer afford. But this situation has been going on now for years.
Now the apartment itself was in relatively decent shape, but does need some minor work.
My only conclusion is that perhaps the coop board would not allow the seller to sell at a reduced price because they were worried about how that would affect the comps of the other apartments. My other observation about comps is that with coops and condos, they don't seem to be effected by the relative condition of an apartment. What I mean by that is a brand new renovated kitchen is selling at the same price point as ones that need to be renovated.
I liked Brady Court a lot. I was totally willing to live there. The garden like entry is gorgeous. On the other hand there is no place to sit and enjoy this garden. It seems an awful waste. They have storage and a bike room which is a plus. I love the concept they had with the laundry room, where they have a living breathing library. They seem very communal. I did not like that I had to physically leave the building to do laundry. (Sucks in winter.)
Anyway, that's my take.
Overall, sounds like an outdated set-up. Prolly was the shsh when the 2 train was called the IRT.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Don't buy here. They've had issues for over a decade. The coop board is not trustworthy or reliable. Although they'll tell you that's in the past (they have a new mgt., new board, etc.)-it's not. It is a poorly run coop, high expenses, low reserves. Nothing about their quarterly statements adds up. I know. I've been trying to sell my apartment for a while and once the buyer presents all the financials to their lawyer, they back out of deal. It's so frustrating. Oh, and on top of that maintenance is atrocious, except for courtyard. (They try to keep up with appearances. Oh, and they have a community room now...woohoo!) Oh, no hot water this morning and this happens several times a month. So, please reconsider if you are planning on buying here. May I also add, there is one or two board members who have spouses working on Brady Court as handymen or contractors (whatever they do...they don't speak English so it's hard to communicate with them). I thought coop board members weren't suppose to profit off their role as members. Unfortunately, it's hard to fight them that so I'm stuck here for now...smh!
Last edited by Dannylee2; 11-07-2019 at 10:22 AM..
I have lived in Brady Court for many years. Overall, it’s a good place to live. The situation that was reported in the Daily News was the personal vendetta of one former board member against the former management company. No wrong doing was found, no charges, etc. It was a bunch of nonsense that is now forever associated with our community. There is one board member who is married to a contractor who does licensed work for shareholders, if they hire him. I had no problem getting my remodeling, by different contractor, approved by the board. There are no board members married to maintenance staff. There is one staff person who doesn’t speak English, out of 5. I don’t speak Spanish so I find an English-speaking staff person if I need someone. The main issue I have is that rumors and false information get spread around. I have never felt that the co-op’s finances have been mismanaged. I wish people would stop spreading false and misinformation
I doubt there is a co-op in the City where the board and the management company aren't skimming funds.
missy,
What are they asking for apartments?
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Brady Court Coops
