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January 13, 2006
Park Place Condos? Not For You, Old Chap
Blogger Englishman in New York berates himself for even considering the idea of buying into Park Slope's newest development, the 8-story Park Place Condominium at 145 Park Place:
You’ll probably think us naive for even entertaining the notion that we could have afforded the tiniest corner of this building. But I think that we did. That was until we saw that prices start at $715,500 for a 1,000 sq ft, one bed apartment. We left very soon afterwards.
Of particular interest is the price list EMIY swiped from the sales office this weekend and scanned onto his blog. Looks to us like prices range from about $700 to $900 per square foot.
A Hasty Exit [Englishman In New York]
New Dimension In Living [Park Place Brooklyn] GMAP
Comments
Are these selling at all?
Posted by: Anonymous at January 13, 2006 10:04 AM
Isn't this building right on Flatbush?
Posted by: clinton hillbilly at January 13, 2006 10:07 AM
I looked at this development several months ago, and I've been watching the listings on Corcoran. As far as I can tell none of the listing have gone into contract. I don't even think they've released all the units for sale. The sales agent told me at the time that more would be released as these sold. Here's the listings on Corcoran:
http://www.corcoran.com/property/nd/index.asp?p=2&BDD=Y
While we're (or at least I'm) on the subject what's up with Court Street Lofts. It looks like those aren't selling either. Same listings have been up for months and nothing has sold (again at least as far as I can tell...)
http://www.corcoran.com/property/nd/index.asp?p=2&BDD=Y
Posted by: Anonymous at January 13, 2006 10:18 AM
Plan still not effective at 505 Court St. Current residents holding out for insider pricing (as well they should!). Otherwise a great location and fabulous spaces.
Posted by: babs at January 13, 2006 10:21 AM
This is on Flatbush and I can't imagine paying that much money to live above one of the most endlessly traffic-snarled roads in Brooklyn. But that's just me.
Posted by: combustibelgirl at January 13, 2006 10:41 AM
And speaking of not selling, it looks the really expensive seventh street place between 4th and 4rd Ave has only sold one place, and after two (?) price drops
Posted by: Anonymous at January 13, 2006 10:46 AM
Here's what I don't get: for $715k you can get a 2 bedroom, 1000 sq ft apt in any neighborhood in Brooklyn. Maybe not 100% "done", but a nice place. Wouldn't you rather be in Brooklyn Heights or a nice block in Ft Greene or Carroll Gardens then at 145 Park Place?
Posted by: Anonymous at January 13, 2006 10:53 AM
considering the 98 st marks ave condos on aguayo/corcoran are going for $645-710k, i think this park place is well-priced comparatively. it is a large condo building with much more amenities. and there are lots of apts off of flatbush. should not be a problem esp if you have no car and are high enough the din of the traffic noise.
also, they're $715k now after what has probably been a few price increases. what if you got in a few months earlier?
Posted by: ltjbukem at January 13, 2006 10:57 AM
I good friend of mine has a cheap rent stabilized one bedroom apartment a block away, also on Flatbush, and he's can't wait to move off that noisy street.
That section of Flatbush has come a long way in the last five years in terms of safety and restaurants, but it's still noisy as hell.
My humble opinion is that those apartment prices will have to be cut by at least a third before anything remotely sells.
Posted by: Anonymous at January 13, 2006 11:00 AM
Soundproof windows.
What do you think buildings in Manhattan do to reduce traffic noise. I worked in times square the noisest place on earth and I could hear anything.
Posted by: Anonymous at January 13, 2006 11:05 AM
Re: Anonymous at 10:46 AM
That place on 7th Street and Fourth Ave (featured on Brownstoner in late July) is my favorite market indicator. $1.7 million for a 3 bedroom (ha!) in July. Reduced to around $1.4m, if I remember correctly, around November. Just checked their site and it's at $1.25 million now. So far, it's dropped 26.5 percent. And it still had a way to go, in my opinion.
They've also updated the photos on the Corcoran site, to show more of the interior. And it's ugly!
Posted by: Sloper at January 13, 2006 12:30 PM
I actually went there and saw the place a while ago. Prices haven't gone up or dropped -- they have stayed the same for some time.
The reason they are not selling in my opinion is simple -- crappy cheap construction evident throughout.
First hint -- they say the appliances are GE profile. If you go there, take a look at the range in the model suite. Does it say "Profile" on it? No. It is in fact the cheapest $600 model available at home depot.
Second hint -- Take a look inside the kitchen cabinetry. Do these look like the sort of shelves that will last a lifetime? No.
Then you get to the bathroom, where, in order to give the illusion of a quality tiled bathroom, they simply put a border of tiles (but no actual tiles) on the walls -- really looks quite cheap.
If they did that with the finishings, what kind of choices do you think they made in the construction?
That is the reason they are not selling.
Otherwise, I would be in there in a hearbeat. I think the location is fantastic -- trains downstairs, park a block away, 7th avenue right there. It's not the location guys -- it's that if you want to sell luxury, you need to have luxury to sell.
Posted by: Anon at January 13, 2006 2:25 PM
By "park a block away" I hope the poster means parking a car cuz prospect park is probably 1/2mile away. $715G for a 1br in that place? I know you can't see me but I'm rolling on the floor laughing.
Posted by: DH13 at January 13, 2006 3:38 PM
BTW, sound proof windows are great in the cold weather but what about when you want to open your windows for some fresh air. Oh wait, fresh air off Flatbush Ave? Nevermind.
Posted by: combustibelgirl at January 13, 2006 5:36 PM
Prospect Park 1/2 mile away from this condo development? You obviously spend more time in a care than on the street. From this development, PP is a five-minute walk.
Posted by: Anonymous at January 13, 2006 5:37 PM
The thing I want to know is what type of abacus is Corcran using to figure out sq ft. Their floorplans dont match the totals they are citing - shockingly (not) the totals are way higher than you'll get with a standard calculator - maybe the building has 4ft thick walls
Posted by: David at January 13, 2006 5:46 PM
How come no one offers preconstruction pricing like they do in Florida? Seems like a lot of these condo buildings would be half sold by the time they were finished.Just a thought. That place on park place is ugly inside..Does this mean my brwnstone on park is worth $900 a square foot?? If it does I am leaving town for my Wexler in palm springs..
Posted by: Anonymous at January 13, 2006 7:34 PM
the last time Corcoran had the prices online for the Park Place condos, the cheapest had gone from 715000 to 645000
Posted by: Annonymous at January 16, 2007 1:10 PM
other than the least expensive units, these are still not selling...and i have heard of buyers backing out due to delays and problems. and why no open-houses here in months?
Posted by: Anonymous at January 25, 2007 3:55 PM
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