buying 1 BD in Clinton Hill or Ft Greene (sales, real estate)

[helpingmylilsis]

Hi. My little sis (single, 30yo) has been living & working in Manhattan for about a year. She's renting a one-bedroom on the UES but is now looking to take advantage of her employer assisted house-buying benefit before it expires.

Some questions about buying a one-bedroom in Brooklyn:

(1) Her broker has identified units in "Clinton Hill Co-op" at 345 Clinton. Know anything about this place? (Good rep?, turnover?, neighborhood?)

(2) What's the "bottom end" of a one-bedroom place in Clinton Hill or Fort Greene?...am just wondering if these $350K places are indeed the lowest available. (She doesn't need new appliances & windows--but does need to be safe, somewhat near subway, and not too far away from restaurants, cafes, grocery, etc.--she works long hours).

(3) Co-op organized: this is a new concept to us. What can she expect from this during purchase?

Thanks in advance, for any advice,
Far away big sister

[Henna]

She should look up the building on PropertyShark - Real Estate Maps, Foreclosures, Property Reports and Comparables to see what the other recent sales were (shows back to 2004). Also if you use the map function on that site it is possible to identify other coop buildings in the area (as opposed to rental bldgs and stores or churches) and check the coop sales prices in nearby bldgs as well.

I am not sure what coop organized means. It may simply mean it's a coop and not a condo. Does your sister understand what a coop really is? All the fine details about underlying mortgages and coop boards and subletting rules? If not, she should buy and read the NYC Coop Bible.

A good real estate lawyer is a necessity. The lawyer can read the financials of the building (a coop is a corporation and if the financials are not in good shape then you don't want to buy into the bldg). She doesn't need a lawyer if she's only just looking now, but she should get recommendations for lawyers and have one lined up in case she decides to put in an offer and the offer is accepted.