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January 3, 2007

Co-op of the Day: Eastern Parkway Two Bedroom

house
We're not sure which building it is exactly, but this two-bedroom co-op is in one of the nice old prewar ones across from the Brooklyn Museum on Eastern Parkway. We're digging the old floors, beamed ceiling and large windows and have to think this is pretty reasonably priced at $595,000. The eat-in kitchen and doormen are added bonuses as well. Do you think this will move quickly? Anyone know the exact address?
Eastern Parkway Co-op [Brown Harris Stevens]

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Why is a high rise necessarily a "downer"? If you want 24 hour full service, you ain't getting that in a low-rise.

Posted by: dcardoni at January 3, 2007 11:49 AM

That's apartment 2J in Turner Towers (135 Eastern Parkway, between Underhill and Washington). It's been on the market since June, originally asking $749K. This latest price reduction took place in October. The photos look really nice, the location is definitely a big plus, it's a full-service building with a new gym and laundry. The only down I can see is that the building imposes a flip tax of 25% of the profit from every sale -- maybe bank financing is harder to obtain because of that? Has anyone seen the place in real life?

Posted by: babs at January 3, 2007 11:49 AM

Looks nice - I'd guess it's about 1,000 square...

Why the flip taxes? Is it done to curb speculation and subletting?

Posted by: Anonymous at January 3, 2007 11:58 AM

interestingly, apt. 9J in turner towers is in contract for $695K (according to Susan Breen's website).

that apartment was originally listed for $720K i believe.

the views from 9J are far superior to 2J, which are, well, pretty much nothing. goes to show what views are worth.

Posted by: anonymous at January 3, 2007 12:03 PM

if it wasn't for the flip tax at turner towers, major pieces of the restoration of the building would never have been possible. while it is clearly excessive (in my opinion), it is very much in the spirit of a "cooperative apartment building." plus, it serves to make one to think twice before buying in, and, as well, to think twice before cashing out. which leads to a more stable building in the long term.

Posted by: anonymous at January 3, 2007 12:09 PM

And see below for a sale in Turner Towers -- 1 BR for $425K (also Susan Breen). And in addition to that high flip tax, the fact that maintenance is only 23% tax-deductible is a downer, too! Still, this place doesn't look bad and I don't disagree with the idea of making a co-op not especially attractive to investors/speculators (nor do many people), and full-service buildings always have high maintenance; it seems strange that other units have sold in the building while this one hasn't.

Posted by: babs at January 3, 2007 12:35 PM

Howard Cosell used to reside in the Turner Towers. That alone makes this property worth more than gold.

Posted by: Anonymous at January 3, 2007 12:43 PM

lol. as did ben kingsley. so not only does it make the property worth more than gold, but it's got good karma as well.

Posted by: anonymous at January 3, 2007 12:48 PM

The "flip tax" is a hurdle that the mind has to get over. At Turner Towers it is based on the profit of sale minus any improvement costs and brokers commissions. You only pay if you make a profit unlike some other places where it is based on a cost per share. TT made lots of money in recent years and it went towards its exterior renovation. It is great to collect the money while you live there but it does hurt when you move out. At least you will not be an original purchaser from the 80's and have to pay 25% on the profit of the unit you bouth for $5,000! That hurts.
The building has a gym, bike storage, storage units and a playroom. GReat building great staff and people. Unit 2J should sell closer to 500,000. I believe 12D is also on the market with a similar layout.

Posted by: Anonymous at January 3, 2007 1:04 PM

Didn't F. Murray Abraham live there once, too -- or was that another building on Eastern Pkwy?

Posted by: babs at January 3, 2007 1:05 PM

oops. i think i meant f. murray abraham ...

Posted by: anonymous at January 3, 2007 1:06 PM

874, phew

Posted by: loser at January 3, 2007 1:10 PM

Eastern Parkway is still very undervalued. It is an amazing place to live--unlike any other in the city. The buildings sit right across the street from the 2/3 train, The Brooklyn Museum, The Botanic Garden, Mount Prospect Playground, The Library and Prospect Park.
I am not the broker, just a lucky resident of the Parkway. $595K would buy a lot less in the Slope and would offer much less.

Posted by: Anonymous at January 3, 2007 1:15 PM

1:15--595K would buy less in the slope and would offer much more. Most of what you mentioned is just as close to the north slope. You don't use the museum or gardens on a daily basis, but you shop and eat out regularly and the slope can't be beat for that. In terms of stores etc, P Heights is still got a long long way to go.

Posted by: Anonymous at January 3, 2007 1:46 PM

Assuming this place is less than 1500 square feet, it is thoroughly unremarkable. The location is fairly nice, but it wouldn't be hard to find a comparable property in an equally nice location for less. In fact, I suspect that a casual perusal of any major broker's website would turn up three or four. Not sure why we're talking about this place.

Posted by: Anonymous at January 3, 2007 2:01 PM

2:01 PM Not sure why we're talking about this place.

I think because it was listed as "co-op of the day."

Posted by: anonymous at January 3, 2007 2:06 PM

if they impose a 25% flip tax (which I'm assuming helped fill the kitty in recent years) and such a small portion of the maintenance is tax-deductible (implying a low underlying mortgage), why is the building's maintenance so high?

Posted by: Anonymous at January 3, 2007 2:14 PM

I don't think maint. is high... prewar, elevator, doorman bldg. less than $1 per sq ft.
Show me others comp bldgs maint. fee if you this is high?

Posted by: Anonymous at January 3, 2007 2:27 PM

Indeed, why IS the maintenance so high?

And Anonymous @ 1:04 PM-- are YOU the broker on this place?

Posted by: A non-mouse at January 3, 2007 2:34 PM

Before moving to Sunset Park, I lived on Eastern Parkway until 1981. In my pre-k days, in the mid-seventies, I was in a playgroup with mostly kids from Turner Towers. F. Murray Abraham (who we knew only as Murray) was the parent in charge of us most of the time. He was the grapes in the fruit of the loom commercials at the time. Never saw him again after Amadeus, but in '96, I did watch the Yankees win the World Series at Mooneys with, among others, his daughter (who I hadn't seen since playgroup).

PS Turner Towers is a great building. Had many friends living there growing up and spent many many nights there. I'd always grown up believing it to be Brooklyn's nicest apartment building. (Oddly, the awning out front burned three times within a few years of each other in the '70's and early '80's)

Posted by: Sunset Parker at January 3, 2007 2:41 PM

The maintenance may be higher than you would like but with 200+ units, 6 elevators, laundry room, gym, +/- 12 staff members what do you expect. This is the best building on the block. Owner Occupied with stable residents. Prices are always higher in this building partly b/c the residents think it is worth more than they are because they like the building so much. Many apartments for sale tend to be very over priced.

Posted by: Anonymous at January 3, 2007 2:52 PM

Anonymous 1:04 PM here.
I am not the broker, as I stated; I am a very happy Eastern Parkway resident. I wouldn't give up the transportation or cultural conveniences for a smaller place in Park slope. I do not eat at restaurants on a daily basis, nor do I shop on a daily basis. I do use the dog run in Mount Prospect everyday and take the 2/3 to work. Prospect heights still seems undervalued to me. $595K seems like a good value for a two bedroom.
To each their own.

Posted by: Anonymous at January 3, 2007 3:11 PM

Posted by: Anonymous at January 3, 2007 5:58 PM

How are you all finding Susan Breen's website, anyhow? I can't find anything by googling or any other way. I'd like to know if anyone has 1-bedrooms in this building.

Posted by: Anonymous at January 3, 2007 9:12 PM

susanbreenrealestate.com

Posted by: anonymous at January 3, 2007 9:30 PM

i saw this listed in the ny times several months ago-i'm sure it's the same place-that hallway i remember vividly. wonder why it didn't move...

Posted by: anonymous at January 3, 2007 9:45 PM

My wife and I went to the open house in November 2006. Great location and the size of the apt. was nice. However, the apt. does not get a lot of light since it sits on a low floor and the windows face the inner courtyard. In fact, we went to see the apt on a bright, sunny morning and were dismayed that the broker needed to turn all of the lights in order for us to view the apt.

Posted by: Clinton Hill at January 4, 2007 12:19 PM

Have always dreamed of living in Turner Towers. The apts are large but many need updating - electric and such, don't know how that works in a coop. Also, as mentioned above some don't have great - or any views. That being said the 3 bedrooms are to die for, they are as big as some houses, with foyers, 2 entrances, etc. And it is truly a prestigious building, when you live there you are living somewhere special, similar to 9 PPW or 47 Plaza.

Posted by: Anonymous at January 4, 2007 12:37 PM

Posted by: Anonymous at January 4, 2007 12:38 PM

My dream has always been to buy a hotdog somewhere.

Posted by: Anonymous at January 4, 2007 2:20 PM

But where can you park?

Posted by: David in NY at January 4, 2007 3:00 PM

I don't know. If possible I'd want to park right in front of the hotdog stand.

Posted by: Anonymous at January 4, 2007 4:26 PM

Around the block on Lincoln Place, I guess.

Posted by: Anonymous at January 4, 2007 11:10 PM

$595k
@ say 6.5% int rate,
90% financing = $3385/month
+ maintenance = $4260/month!!!
+ 25% flip tax at sale = NO THANKS!!!

Posted by: Anonymous at January 5, 2007 8:40 AM

you can't get in with 90% financing. 80% at MINIUMUM.

Posted by: anonymouse at January 5, 2007 7:18 PM

I'm Jan 4, '07 12:38 PM and this site is about unhealthy obsessions with real estate so I feel I should be able to say I dream of living in TT without being mocked! So there!

Posted by: Anonymous at January 7, 2007 2:32 AM

They can make fun all they want-I too, always hoped to live in TT someday-especially when I was a kid living @ 201 EP, on the "other side" of WA. I always loved the stretch of EP from GAP to WA-so much so, in fact, that I used to beg my mother to get off at the IRT GAP stop instead of EP/BM when coming home from A&S, so that we could walk that stretch of EP enabling me to take it all in! This was also where I first saw buildings "with trees on the roof" & was hooked ever since. It just cracks me up how even then I (apparently) had a keen sense of architectual aesthetics. Back to that walk: It was such a downer crossing WA & leaving that beautiful route behind. Entering our north facing, 2nd floor apt only made it worse. . .The only memorable thing I saw from those rear windows was a cat with a wildingly flapping pigeon in it's mouth, going around in circles with it while shrieking loudly. My mother, unable to take it anymore, actually stopped the attack by throwing a bucket of water on the pair. The cat finally let go, & the poor bird was able to limp away. Whether or not it headed for TT I really couldn't say. . .

Posted by: . at January 7, 2007 8:10 AM

After culling through this helpful info, I just spoke to the broker and there is an executed contract on the place, flip-tax, hot-dog stand and all.

Posted by: Anonymous at January 7, 2007 10:20 AM

Sale closed for $560,000

Posted by: guest at January 3, 2008 6:39 PM

TT is pretty cool looked at it several times over the years. in 96 saw a 15th? fl. apt with total manhattan views for 150K needed everything.

not a fan of the area for my lifestyle which involves running out/going out to much. also, had a brief rental in Prospect Hts proper in 89/90 and hated the hood period, but anyway.. think this was a good deal.

Posted by: guest at January 3, 2008 10:01 PM

« Development Watch: 170 North 11th Street Cursed Brooklyn Heights Space Zaps 7 Restaurants »

January 3, 2007

Co-op of the Day: Eastern Parkway Two Bedroom

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