Park Slope Face-Off: You Be the Judge

The Warren-Lewis has the parlor/kitchen/dining upstairs and bedroom down (on garden level)- that would be my preference....
and the 2nd rental makes it better financially too. Do we know what block its on?

Posted by: Anonymous at May 19, 2005 10:38 AM

definitely the North Slope Gem [Warren Lewis]

Posted by: Anonymous at May 19, 2005 10:41 AM

I like the way Corcoran gives more info - as in floorplan and address. So can easily indentify the + and -. From pics certainly looks very nice...and great about schools. Minus is long walk to subway, need to walk thru potential 2nd bedroom to get to bathroom upstairs.
I don't know what less 'leverage' you have with tenants on 3 (or 4 family) - but true bldg codes are stricter. Specious to say rental income taxed at 40% - only profit is taxed at whatever bracket you are in - and there would be greater deduction to show less profit(or greater loss)
with the 3 family (depreciation of asset is major
consideration when 'running' your numbers).
Without address or floorplan of North-slope difficult to compare. Also looks great - generally much better transportation options.

Posted by: Anonymous at May 19, 2005 11:13 AM

If you go to the Park Slope listings for 4/1/05 there are several comments about the North Slope house.
They were not very kind about the house which is on Prospect Place,or Warren Lewis.Sadly I have to agree with them on all counts.Read and decide for your self.

Posted by: Anonymous at May 19, 2005 12:27 PM

Saw the north slope house a couple times. it's on prospect place between flatbush and 6th. it's in great condition on the outside but it's never really been renovated on the inside. it has been very well maintained, but never very expensively. stairs slant quite a bit etc. Very nice deck and garden as well. It's a nice place overall Don't know aobu thte other one.

Posted by: Anonymous at May 19, 2005 12:42 PM

There is snow on the stoop - so must not be the
greatest product on the market. Must be some drawback
beside of course the hefty $1.85m pricetag.
If its truly 90 Prospect - shows up on propshark
as a '2 family' - 20'x45' so 10% less per sq. ft. than 2nd Street.

Posted by: Anonymous at May 19, 2005 2:25 PM

I've seen both these houses and have to say, it's a really tough call. For pure square footage and the trains, I'd go with 90 Prospect Place. But you can hear the subway. Both of these houses have been renovated and not in a way that you could by any stretch call historical restoration but both with dark stained new wood floors and details are new, not original, for the most part. 2nd between 5th & 6th isn't all that, but neither is Prospect between 5th & 6th. Both yards are lovely, Prospect is South but dark with high trees, 2nd has a koi pond.

Posted by: Anonymous at May 19, 2005 3:11 PM

test

Posted by: Anonymous at May 19, 2005 3:46 PM

um, guys. if you have 2 kids in public school (ps321) that saves you 40K a year or payments on another 500K in mortgage. one of the reasons we haven't bought in bed stuy etc is for that reason. not that we could afford a 1.8 million dollar house either. . ..

Posted by: Anonymous at May 20, 2005 1:24 PM

The reason people pay up to live in the p.s.321 zone,is they do not want to have to pay 31,000 plus per child on top of a 1.7 mil house.Thats the reason i moved into P.S.321 area 8 years ago and it is still the reason people buy in today.All of my neighbors send their childern to 321 unless the child needs special services.I also have a friend who is about to spend 3.5 mil. on a house so he doesn't have to come up the extra 93,000+ for his 3 kids each year for the next 10 years.He refused to look at any other part of Brooklyn because of the cost of private schools in Brooklyn.And Brooklyn private schools ars still much cheaper than Manhattan.

Posted by: Anonymous at May 20, 2005 1:48 PM

is p.s. 321 the ONLY public school in brooklyn that is even remotely acceptable? if that is the case and I assume it is because it is the only school i ever hear about then something is terribly wrong with brooklyn... how can there only be one school zone that is acceptable and why don't property tax values at the very least secure some sort of quality school district as they do in other cities... certainly not that that is even fair but i am looking for a starting point to understand why public schools in brooklyn are all places you wouldn't want to send your children- where does property tax money go anyway? this is probably a discussion for another blog but I have always wondered why public education works this way here- basically that it doesn't work at all.

Posted by: Anonymous at May 20, 2005 3:39 PM

Property taxes in Brooklyn are insanely low, that is why they don't pay for good public schools. Look at some of the $3 million houses on the market - their taxes are only $4K/year. That is a joke. Most places with really good public schools (West Village, Tribeca, the nicer suburbs in Westchester and New Jersey, etc...) have taxes of $20K and above for $1 million dollar homes. The taxes in Brooklyn have not yet caught up to the market values of the homes, that is the issue.

Posted by: Anonymous at May 20, 2005 6:20 PM

NYC levies income tax and does not rely as heavily on property taxes as ohter municipalities.
Also property taxes in NYC are not earmarked for
schools as a major portion of R.E. taxes in ohter area.
To suggest that schools are better in other NYC neighborhoods such as Tribeca or W. Village because of higher r.e. taxes is misinformed. All those taxes go to city not to neighborhood public schools.
Also PS321 is not the only good public elementary
school in Brooklyn - but many of the others are in other very expensive neighborhoods or in areas
that Brownstoner readers would not consider fashionable enough.

Posted by: Anonymous at May 22, 2005 4:15 AM