195 Willoughby Avenue (Willoughby Walk)

Building II is sixteen stories of brick over a reinforced-concrete frame, with a reported eighteen-line layout and 989 rooms in the cooperative's count; reconcile the actual apartments on each floor with the reported 287-unit total. Windows are aluminum casements operated by rotary closers; the 1973 engineering survey flagged their tendency to stay partly open at the top because the sash lacks stiffness, and window replacement has been a recurring project category in buildings of this construction ever since. Terraces are concrete slabs projecting from lines 3, 4, 6, 8, 12, 13, 15 and 16 above the first floor. The same survey documented cracking, corner spalling and drainage pitch across a majority of them and noted that this tower's two compactor bulkheads and chimneys — converted from the original incinerators — are brick and integral extensions of the bulkhead masonry, unlike Building I's. Terrace slabs, railings and the roof are the three items a buyer should ask about by name.

The apartment mix is published by line. Studios sit in lines 2, 9 and 17 at two rooms, with a walk-in kitchenette and a dining area. One-bedrooms come in two shapes — a three-room version with a walk-in kitchenette in lines 5, 7, 8, 10, 11 and 14, and a 3½-room version with a kitchen-dining area in lines 1, 3, 16 and 18. Two-bedrooms run 4½ rooms with a bath and a half in lines 4, 12 and 15, with the 12 line carrying two full baths, and five rooms with a full kitchen, breakfast nook and dining area in the 15 line. The 13 line is the three-bedroom, 5½ rooms with a bath and a half. Every apartment was wired with a 208-volt air-conditioning outlet in the living room and a 120-volt outlet in each bedroom, and cooling runs through wall sleeves rather than units projecting past the façade.

The 1973 engineering survey describes direct-current elevator motors fed by roof machine-room motor-generator sets, a master television antenna and a lobby-switchboard intercom. Confirm current equipment and subsequent upgrades; the historical survey does not establish present condition.

Willoughby Walk is run by its shareholders through an on-campus management office at 185 Hall Street. Security officers staff the lobbies, and a superintendent and maintenance crew handle the plant. Moves and deliveries require a property pass and a $200 refundable deposit, run weekdays between 9:00 a.m. and 5:00 p.m. with no start after 4:00, and use the basement entrance. The cooperative provides free Saturday pest-control service to apartments that sign up.

The repair split is defined and belongs in every underwriting conversation. The corporation maintains heating, plumbing, electrical, gas and intercom systems, window frames, elevators, public areas and grounds. Shareholders are responsible for stoves, refrigerators, floor tile, window glass, terrace doors, plumbing fixtures, cabinets, counters and entrance doors, and for all decoration — with board approval and a management inspection required for replacements. Since November 10, 2008, shareholders have been required to carry comprehensive liability and property damage insurance naming the corporation as an additional insured, with annual proof.

The house rules run a graduated violation-fee schedule of $100, $200 and $300 with an internal affairs committee of board members hearing disputes. Audited financial statements for the corporation covering recent fiscal years are maintained in The Roebling Research Library and support trend-level diligence on carrying-charge growth, reserves and capital practice; current debt, reserve position and any live assessment should be confirmed with management at contract.

One document deserves attention from lenders and attorneys. Because this is a Section 213 cooperative, shareholders hold an occupancy agreement rather than a proprietary lease. In January 2014 the board resolved to insert a uniform end date of January 1, 2063 into every existing and future occupancy agreement, renewable in successive three-year terms, expressly because lenders had been reluctant to finance against what appeared to be a three-year term. Confirm the version in the seller's file matches.

Purchaser review: Application through the management office with a $500 non-refundable fee ($85 more for a home visit outside New York City), full income and tax documentation, credit and tenant-screening reports, a home visit, a screening-committee and board-member interview, then a full board vote.

Income minimums: Board-set by apartment size — recorded as $40,000, $50,000, $60,000 and $70,000 for studios through three-bedrooms. Confirm the current schedule.

Owner occupancy: Required. Additions to a stock certificate are limited to immediate family members who will live in the apartment, and they go through the same application process.

Subletting: Hardship only, board-approved, two-year maximum, subtenant screened as a purchaser, rent capped at the shareholder's carrying charges, $4.00 per share per month sublet fee. An apartment unsold at the end of two years is subject to sale to the corporation at transfer value under the sublease rider.

Pets: Two per apartment, annual registration and re-registration with documentation, fee and insurance; five-foot leash; curbed off cooperative property; barred from the playground and laundry room.

Washer/dryer: Prohibited.

Terraces: No enclosures without board approval; no storage, grilling, clotheslines or attachments to railings or ceilings; brick, railings and terrace ceilings may not be painted.

Closing costs: Seller-paid waiver fee of $145 per share; $800 stock transfer administrative fee; New York State stock transfer tax; off-site closing fees; a $300 delay fee if a closing runs beyond four hours through one side's fault.

Recent sales

Recent transfers at this building, from The Roebling Research Library. Prices are the transfer amounts recorded with the NYC Department of Finance; apartment-level detail is checked against the building’s own file in The Roebling Research Library before publishing.

Market read. Most recent trades (2026 to date) cleared a median $860/sf (recorded) across 6 sales. Median listing discount 0.0% from the last ask.

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-01905-0080). Apartment-level facts (line, condition, asking-price context) curated and cross-verified in The Roebling Research Library. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price; square footage on co-ops is not officially recorded, figures shown are approximate.

The board process is thorough. Financial documentation, credit and tenant-screening reports, a home visit, a screening-committee interview, then a board vote. Build the package once, properly.

This is an owner-occupant building. No pied-à-terre, no investor purchase, and sublets only on documented hardship for a maximum of two years at a capped rent.

Buy the terrace deliberately. Lines 3, 4, 6, 8, 12, 13, 15 and 16 above the first floor carry terraces and trade differently. Match comparables on that variable first.

Ask about terraces, windows, roof and elevators. The historical survey describes concrete terrace slabs, rotary-closing aluminum casements, roof flashing and DC elevator machinery. Confirm which remain, what has been replaced and the current capital plan.

Have your lender read the occupancy agreement. A Section 213 occupancy agreement with a January 1, 2063 uniform end date and three-year renewals is not the proprietary lease your lender's checklist expects. Surface it early.

Put the waiver fee in the net sheet on day one. The purchaser package lists $145 per share; confirm the current rate and share count, then compare it with brokerage, transfer taxes and other seller costs.

Screen the buyer for the board. Review owner-occupancy requirements, income criteria and the home-visit process before application; incomplete or ineligible applications may delay review, with timing dependent on the board and transaction.

Sell the Pratt frontage and the grounds. Facing the campus, with landscaped grounds, a gated playground and on-site parking, is the case against smaller new-construction inventory nearby.

Photograph the terrace as a room. Eight of eighteen lines are reported to have terraces; show the specific outdoor space and compare matched sales without assuming it outweighs floor, condition or layout.

Bring the financial record. A long, documented run of audited statements is an asset with buyers, boards and lenders alike; put it to work in the deal room.

If you're considering 195 Willoughby Avenue, also evaluate:

• 185 Hall Street (Willoughby Walk) — the complex's other tower, same corporation and rulebook, Hall Street frontage and the management office
• 185 Clinton Avenue (Clinton Hill Co-ops, North Campus) — the wartime cooperative campus north of Willoughby Avenue at far greater scale
• 345 Clinton Avenue (Clinton Hill Co-ops, South Campus) — the same complex inside the Clinton Hill Historic District
• 135 Eastern Parkway (Turner Towers) — prewar Prospect Heights cooperative peer priced per room