So buying a Brownstone is like buying a Coop, right?
^ Oh God, we have so much to catch up on…
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Sex in the City really did a huge disservice to women/NYC in general.
Some heavy hitters:
1. Big – For a few moments in the series, he heroically picked Carrie off the ground after she self-sabotaged herself. But for the other 99%, he was a cheating, lying, egocentric man-child. Second thought: this was actually a forewarning of the realistic NYC dating climate.
2. Salary – Please anyone tell me any column writer who can afford to live in a Brownstone on Park Avenue with a closet full of Manalo Blahnicks and Jimmy Choos. I’m just hoping my side hustle blog will get me free sprinkles at some bougie ice cream spot hidden behind a dumpster next to an abandoned warehouse.
3. Other Boroughs – Guilty as charged, Queens and Jersey City are a commitment but of the maybe three times anyone in the series went to Brooklyn, you’d think they were being forced to figure out a way to get to Syria via Citi Bike.
4. Carrie’s body ≠ Carrie’s lifestyle – The woman solely ingests cigarettes, McDonald’s, pastries, and cosmopolitans and the only time she is filmed working out, she’s simultaneously smoking cigarettes. I have two drinks and a grilled cheese and I’ve swelled twice my size into to Violet Beauregarde.
5. That apartment – Come on producers, that’s the best you could do at making a realistic NYC apartment? For these women downing 6+ $15 cocktails five nights a week, they should be in a van at the base of the Gowanus Canal. Either pull a Rihanna and bring a flask to save for that ConEd bill or down a Trader Joes’ Two Buck Chuck to get yourself well on your way; someone explain to me how they afford this and where the hell their hangovers are because post-25, I’m horizontal on cushions for 48 hours after a night. Also, where are the inevitable cockroaches? Also x 2, LOL a walk-in closet.
But that hauntingly unrealistic brownstone. Mildly related, I was recently speaking with someone who had been thinking about a brownstone uptown in the near future and she asked, “So is a townhouse brownstone run the same way as a coop?”
One of these forms of home ownership is very, very different than the others…
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Brownstones, one of the most iconic New York building styles, emerged in the 1830’s, as the urban middle class desired homes with an aesthetic more polished than brick and a structure more durable than wood. Brownstone, a type of sandstone that gets it’s color from high concentrations of iron, was flush in New Jersey and Connecticut quarries, which made this type of construction so much more convenient.
Besides the hefty $1 million and much more you’ll hand over for the purchase price of these beauties, brownstone townhouses come with their own set of quirks and unexpected expenses:
- The basics:
- Since this is technically a house, all the utilities – electricity, heat, water, snow and garbage removal, all running maintenance – fall upon you.
- With condos/co-ops, your monthly costs are very clear; with townhouses, operating costs are not predetermined so it’s recommended to keep a reserve of $10,000+ for anything that may pop up. Maintenance will vary with the energy efficiency of the brownstone and if you have tenants occupying other floors.
- When purchasing a brownstone, unlike condo and coops, you have to hire an inspector and make sure to make your offer contingent on an inspection report, to assure the building is in good shape structurally (e.g. termites, lead paint).
- The façade:
- While its face is lovely, brownstone itself is a slightly terrible building material. It’s extremely porous and, in turn, weathers quite easily. If the stone starts deteriorating, it’s better to act swiftly than wait for the entire façade to be replaced, as a full-on replacement for a three to four-story townhouse can cost anywhere from $70,000 to six figures. This will also include a brownstone expert to choose the proper color and replicate any intricate details. Any maintenance to the stoop of the home can cost about $15,000, not including custom cast-iron work.
- Interior renovations:
- All changes to the interior will require an inspection by the Department of Buildings, who will investigate every detail that is not up to code and spell out every aspect of the home you have to update. The significant cost of the DOB inspection is that of the expediter; this varies depending how much work needs to be done with the DOB, but can go up to $9,000, especially if the building needs a Certificate of Occupancy change. One way to avoid many of these issues with the DOB is to dig up all the information you can about the property, keeping an eye out for fines, violations and open permits.
- It’s important to stay on top of repairs to the roof, boiler and plumbing every few years so that you aren’t blind sided by a malfunction, which can set you back an exponentially larger cost than just addressing the maintenance on a routine basis.
- Landmark consideration:
- If your home happens to fall in a historic district, the Landmarks Preservation Commission will regulate any changes you make to the exterior, which will need to be approved. This doesn’t just apply to the façade; any window and front door replacement must comply with landmark standards. Any violation of the LPC’s rules will incur a violation fine between $500 and $5,000, depending on the severity.
- Insurance:
- With brownstones, you’re solely responsible for upkeep. In a condo or coop, you know your monthly payments, however with a brownstone, it’s strongly encouraged to create a reserve fund in case something pops up. It’s quite important to investigate different types of home insurance, such as water main and sewage main coverage, as you are held liable by the city for any chance, unfortunate maintenance malfunctions. While painstaking, thorough research into your coverage is important in order to make sure any valuable and unique interior details are covered by your plan. Insurance polices that cover extensive repairs are considerably more expensive, realistically up to 40% more expensive than a standard insurance policy.
- Financing:
- Mortgage rates are usually lower for single-family brownstones than those with one or more rental units. Also, while Federal Housing Administration (FHA) financing is not common in New York, it is more readily available for brownstone purchases. If there’s a chance you can put as little as 3.5% down with the FHA loan, it’s definitely something worth looking into.
- Existing tenants:
- If you’re purchasing a brownstone and intend on being the sole occupant, make it a point that the building must be delivered vacant. On the flip side, if you’re looking to rent out units and collect income, make sure to review the leases and note any rent controlled or rent stabilized tenants.
- Property Taxes:
- With property taxes, brownstone buyers actually save on property taxes. One-to-three family homes fall into a different tax class than coops and condos, as brownstones actually will offer lower tax costs.