The Longacre Gardens coop is located slightly north of the downtown area of White Plains. It is a garden-style complex built in 1953. The second floor units are walk-ups. The units have excellent layouts and several listings show extensive renovations for a fully updated look. The layouts lend themselves to updating. Unlike many complexes of this era, parquet floors (not carpet) are standard.
A short half-mile walk places and you are at the City Center with its shopping, theaters and restaurants. It is within easy walking distance of the North White Plains train station - where an express train takes you to Grand Central Station in 35 minutes. Pace Law school is also a short walk away. This complex is ideal for those who like to be near the center of things but also enjoy peace and quiet. Other perks include plenty of parking for $50/month. Parking is at a premium in downtown White Plains, so this is an added bonus! Private laundry is generally located in the unit. If not, it can be installed - which is an unusual perk for a cooperative. There are no restrictions with respect to pets.
The average 1 BR unit is 900 square feet - which is extremely generous for a 1 BR. The 2 BR units are generally 1000-1100 sq.ft. but their layouts make them seem far larger. Both 1 BR and 2 BR units have 1 bath per unit.
The Cost of Living:
Over the past six months, three units have sold and one is under contract.
1. 15% down-payment is required with the coop board.
2. Monthly maintenance fees run generally $614/month for a 1 BR and $764/month for a 2 BR 62% of which is property tax and completely deductible.
3. 1 BR units sold from $135,000 -180,000 with an average selling price of $163,000.
4. The only 2 BR unit sold for $285,000.
5. With a $20,250 down-payment a low-end unit will cost ~$1400/month in mortgage payments, maintenance fees and 1 parking space (30-year fixed @ 6.5%.) This is BEFORE any of the tax advantages are factored in. With many rents for 700 square feet being over $2000 a month - owning still pays. Somehthing to think about.