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February 14, 2007

Co-op of the Day: 125 Eastern Parkway 3 Bedroom

co-op
Real family-size prewar apartments are hard to find to come by in Brownstone Brooklyn, so we were interested to come across this FSBO listing (yet another one using free blogging software) for a three bedroom at 125 Eastern Parkway. The 1,800-square-foot place combines two apartments, the D and E lines. Given that 5D sold for $725,000 last June and 3E sold for $271,371 in 2004, the asking price of $900,000 (or $500 a foot) seems quite reasonable. We also like the layout: If it were our place, we'd blow open the whole center of the apartment, combining the current kitchen, dining room, living room and den into one gigantic space. But that's just us. Looks like the apartment has been on the market since February 1. We bet it'll be snapped up by someone at one of the two open houses this weekend.
125 Eastern Parkway FSBO [Blogspot] GMAP P*Shark




Posted by Brownstoner at 11:31 AM | Comments (49)
Categories: Co-ops

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Comments

I saw it this weekend and it really is a very nice, almost rambling apartment.

Posted by: anonymous at February 14, 2007 11:51 AM

Mr. B: You seem to really be a champion of the FSBO. Why not do a fair assessment of the success rate of this strategy? Two FSBOs in my building just crashed and burned. One got way below his ask...the other ended up listing with an agent. Maybe there's no way to quantify this stuff, but at least elucidate the pros and cons...

I know, I know...We'll hear from all the successful ones...Just like gamblers, you only hear about the winning bets, not the losing ones...

Posted by: Anonymous at February 14, 2007 11:53 AM

i smell a bidding war up to 1MM...who needs a broker with a listing like this?

Posted by: Brownstone Dreamin at February 14, 2007 11:54 AM

Issue here is that the apt is on the 2nd floor and has no views whatsoever. It is in the back of the building and one set of windows looks out to buildings on Lincoln Place and the other set to the internal court yard.

Otherwise the place was nice and had great potential.

Posted by: Anonymous at February 14, 2007 11:54 AM

Yeah, yeah...brokers really suck...How banal and facile the comments on this topic always are...

Posted by: Anonymous at February 14, 2007 11:56 AM

>$1300 maintenance is also a bit of a turn-off even if that isn't so high on a per-square-foot basis

Posted by: anonymous at February 14, 2007 11:58 AM

I saw this listing last weekend too (its first showing) and thought it was a great apartment. Even though it is in the back of the building the apartment felt light and it was quiet. It was by far the biggest listing we have been able to find at this price point---but we are still in the “looking” phase….I wish the couple luck!

Posted by: Anonymous at February 14, 2007 12:13 PM

I saw a similar one a bit nearer Grand Army with Brown Harris as the broker. That one had if anything even more space, but the kitchen and bathrooms were a mite ratty. This one doesn't seem to have the same problem.

Posted by: Gari N. Corp at February 14, 2007 12:13 PM

Yes, it's an okay deal.

But it's still on Eastern Parkway, which sucks.

Posted by: Merychawick at February 14, 2007 12:36 PM

Merychawick: Maybe you want to say what you don't like about Eastern parkway? To me it is grand and reminds me of Central park West - but I don't like Central park West! Too institutional feeling. But if you want the whole pre-war apartment thing, it is really quite amazing how cheap this is compared to the Manhattan equivalent. Did I just say that 900k was cheap? Time to start bringing the currency to the grocery store in wheelbarrels.

Posted by: putnam-denizen at February 14, 2007 12:47 PM

I agree Eastern Parkway is fantastic…..Transportation, Culture, and liveliness are what make this street (particularly between Washington and Underhill) so special…

Posted by: Anonymous at February 14, 2007 12:52 PM

This apt. looks ugly to me. What's with the subway tiles mixed with the mosaic and the cheap and cheesy kitchen?

Posted by: Anonymous at February 14, 2007 1:13 PM

Eastern Parkway is a wonderful boulevard. Having the local traffic and parking on the service streets, while keeping the wide boulevard for cars is brilliant city planning. The apartment buildings are grand and spacious, you have museums and other cultural institutions and homes, as well. One could certainly live on a far less pleasant thorofare.

Merychawick, you've been voted curmudgeon de jour. You want to bulldoze Admiral's Row and you hate Eastern Parkway. What do you like?

Posted by: Crown Heights Proud at February 14, 2007 1:16 PM

If we were going to buy an apartment, Eastern Parkway is probably the first place we'd look.

Posted by: brownstoner at February 14, 2007 1:23 PM

Anon 1:13: what's so cheap and cheesy about the kitchen? the storage looks great, the countertops are silestone, and the stainless backsplash probably makes the small space seem larger...

Posted by: anon at February 14, 2007 1:25 PM

Electric stove...ick. A deal-breaker for most I would say. This will never sell.

Posted by: Anonymous at February 14, 2007 1:29 PM

Anon 1:29- Are you serious? An apartment won’t sell because of an electric stove…that is funny. Sure the space is great, the building is wonderful, but oh no…not an electric stove! Electric ovens are preferred by bakers and electric cook tops clean very nicely….

Posted by: Anonymous at February 14, 2007 1:40 PM

surely that was a joke

Posted by: Anonymous at February 14, 2007 1:45 PM

The purchase cost analysis is a total joke.

Almost by definition, if you are in the 38% tax bracket, the govt claws back the mortgage interest deduction.

Also, doesn't this building have some evil flip tax?

Posted by: Anonymous at February 14, 2007 2:10 PM

Ahem, having spent a lot of my life cooking - and in PH actually - you may not be aware of how despised an electric stove is by any serious cooks. Someplaces you can't get gas lines and you have to use electric, but it is rarely a choice where both are available, if you care about cooking.

Posted by: Anonymous at February 14, 2007 2:11 PM

per the sellers the flip tax is 2% of the gross sale price

Posted by: Anonymous at February 14, 2007 2:29 PM

looks like a nice apartment. but b/c they made it from 2 you are stuck with a large carrying cost which is always the drawback with coops/condos. Eastern Pkwy is terrific. There is no other street with these public amenities outside of Manhattan. Museum, Garden, Library, Farmer's Market, Park. I used to live in Turner Towers and I miss that block. 2nd floor may not be so hot but higher up you can't beat it. May sell for closer to 800,000 in my opinion.

Posted by: Anonymous at February 14, 2007 2:33 PM

The EVIL flip tax is next door - 135 EP, Turner towers - where they take 25% of the PROFIT!!

Posted by: anon at February 14, 2007 2:38 PM

We sold our coop on Plaza street last summer for around $800, very nice apartment but a bit smaller, on 3rd floor, with an outdated kitchen. I think $900 for this size is very reasonable!

Posted by: anon in S Slope at February 14, 2007 2:39 PM

actually ours was quite a bit smaller (1500 sq?), tho spacious living areas. 2 bath (not 3) and our 3rd BR was quite small, with no den. We did get good light in LR and master BR.

Posted by: anon in S Slope at February 14, 2007 2:42 PM

with the prices that are being asked for richard miers' on prospect park (love it or hate it) this area right around grand army plaza....down eastern parkway, up into nearby streets of prospect heights and the surrounding north slope area is going to do nothing but be a good place to buy. simple additions like the addition of year-round lighting at the arch at grand army is a signal that this is a very upscale area that is becoming only more and more upscale. i think in 10 years, you will find that an eastern parkway address will be quite similar to that of a central park west address....

Posted by: anonymous at February 14, 2007 3:01 PM

Does anyone know how the 25% flip tax at Turner Towers affects tax liability from the sale (assuming the sale is at or above the exemption of $250K/500K)? In other words, if a seller makes $300,000 on the sale of co-op, do they owe the IRS taxes on 50,000 above the exemption, or no taxes because after flip tax the profit is only $225K?

Just curious.

Posted by: Anonymous at February 14, 2007 4:04 PM

Re: flip taxes:

you only pay taxes on what you put in your pocket.

Posted by: Anonymous at February 14, 2007 4:31 PM

Brownstoner should get out more in his own neighborhood. There are wonderful pre-war coops in Clinton Hill along Clinton and Washington Ave. Dollar for dollar those Clinton Hill buildings will get you much better space and of course an already fabulous neighborhood with better schools...there I said it. The schools that EP are zoned for aren't very good are they?

Posted by: Anonymous at February 14, 2007 4:44 PM

be that as it may 4:44, EP has much better subway access, which is a deciding factor for a lot of people

Posted by: Anonymous at February 14, 2007 4:49 PM

4:44 no one said the co-ops along clinton and washington were not nice. someone (brownstoner) was simply expressing his own opinion that he would look to eastern parkway first.

i think this last post highlights the problem with a lot of posters on here. you all take other people's opinions to be the gospel. brownstoner can prefer eastern parkway and you 4:44 can prefer clinton hill. personally i'd choose eastern parkway.

it's great that we all prefer different areas, if you think about it sensibly. and i'm sure mr. b gets out in the neighborhood plenty.

Posted by: anon at February 14, 2007 4:53 PM

I think the problem with this forum is that people who have a vested interest in the promotion or the slamming of a particular listing get to post here anonymously. So in my mind somebody who cares deeply about this listing (the owner? the friend or relative of the owner?) has posted multiple times in answer to anything negative that anybody else says. So it just makes this a particularly slanted conversation because why can't one person say they like Clinton Hill and that they have nice apts on here? Because clearly it offends somebody who lives on EP's sensibilities. And btw, I am the OP about Clinton Hill and I don't even live in the area of Clinton Hill or EP. I think that it's fair to say brownstoner should get to know his own neighborhood's apts. And if he wants to speak up for himself I'm sure he will. It's his blog after all. Does he need an EP bully to standup for him on here? And I'd like to see where people who are raving about EP all happen to live? Could it be that they are all living on EP and thinking about their own real estate's values??

Posted by: Anonymous at February 14, 2007 5:33 PM

i am poster 4:53 and i happen to agree that clinton hill is an amazing neighborhood. i never said it wasn't. nor do i live on eastern parkway and have zero affiliation whatsoever to this listing.

you are not reading something correctly here. your tone in post 4:44 was a snotty one. mine was simply saying that people have different opinions. i value yours, and agree that clinton hill is a great neighborhood so why do you need to attack brownstoner for saying he happens to like eastern parkway better???
not only did you say you didn't prefer it, but then made a snide remark about the schools...an area which you don't seem to actually have any real information about.

Posted by: anonymous at February 14, 2007 5:44 PM

I live near eastern parkway and the one thing it is, is a beautiful boulevard, much like the grand concourse. People who have been to Paris have told me it is so like boulevards there. No matter how beautiful a neighborhood is, places like Eastern Parkway and the grand Concourse have a grandeur about them that just can't be matched. It's a plus for everyone- and the City too.

Posted by: Bx2Bklyn at February 14, 2007 6:03 PM

"Almost by definition, if you are in the 38% tax bracket, the govt claws back the mortgage interest deduction."

what do you mean by that? all broker hand outs seem to do purchase cost analysis assuming full tax deduct of mortgage interest.

Posted by: Anonymous at February 14, 2007 7:01 PM

I thought the mortgage interest deduction was not factored into the AMT calculations but the deductibility of the maintenance is so you probably won't be able to take advantage of that. No?

Posted by: Anonymous at February 14, 2007 7:48 PM

Anon 5:44 - You are mistaken. I know a lot about the schools in district 13 and I know that the schools in Prospect Heights are not at all highly regarded. Do you know otherwise? Why are you so obsessed with defending the merits of this listing if you are not affiliated with the owners as you claim above? And why do you assume I don't like the neighborhood? I never said I don't. I just think the prices are high for what you get. If money is no object that why would I object to this area. Subway location is not so great. I think the 2/3 take forever to wind their way through Brooklyn before they get to lower Manhattan. A and C line is much quicker.

Posted by: Anonymous at February 14, 2007 9:34 PM

You're comparing Eastern Parkway--EASTERN PARKWAY--to Paris? Have you never been to Paris? What are you thinking? Eastern Parkway is a thoroughly unremarkable thoroughfare in Brooklyn, NY. There are some truly awesome streets and avenues in Brooklyn, but Eastern Parkway should not even come up in a conversation about them.

Posted by: Anonymous at February 15, 2007 8:11 AM

When built, both the Grand Concourse, in the Bronx, and Eastern Parkway were favorably compared to the boulevards of Paris. These comparisons can be found in many writings of the time. And I have been to Paris.

Eastern Parkway was the first parkway in the nation, intended to bring open spaces into the city at a time when much of Brooklyn was still unplanned. You may not think it much, but it was designed and built in 1870-1874 by a couple of guys who have more than a few major parks, like Central Park and Prospect Park under their belt: Frederick Law Olmstead and Calvert Vaux. Even if the designers were unknown, I do not understand how anyone could think this thoroughfare is unremarkable. The service roads, if nothing else, make it unique.

Posted by: Crown Heights Proud at February 15, 2007 11:05 AM

Ocean Parkway has a service road

Posted by: Anonymous at February 15, 2007 11:12 AM

You receive the mortgage interest deduction even if you pay AMT -- including that portion of your maintenance that is attributable to mortgage interest. What you don't get is the deduction for the part of your maintenance that is attributable to real estate taxes.

Posted by: AMT obsessive at February 15, 2007 11:55 AM

Anon 11:35:
Good- Paris can breathe a sigh of relief. (Wish NYC had the same option)

Thanks CHP for the history- I think Eastern Pkway and the Grand Concourse are magnificent, assets not only to Brooklyn and the Bronx, but to the entire city as well..

Posted by: Bx2Bklyn at February 15, 2007 12:17 PM

It\'s not just you Rhana. It\'s really depressing.

Posted by: Jeff at February 15, 2007 12:53 PM

It's amazing how much anger and venom people carry around with them all day. And it's as true of me as of anyone else. It is depressing. Where does it all come from? Do we just not have enough constructive ways to vent our aggression and consequently end up snarking and insulting each other? Maybe we all need more gym memberships or something.

Posted by: Anonymous at February 15, 2007 1:01 PM

Bx2Bklyn has a history of bad behavior on this site. And she's actually relatively well-behaved today. At least she's not bombarding us with pornography, which is what she resorts to when she gets pissed off.

Posted by: Anonymous at February 15, 2007 1:55 PM

troll, party of one?

Posted by: doh at February 15, 2007 2:00 PM

This apt has been on the market for awhile. I saw it sometime late last year. It's a nice apt but as said above, on the second floor with little light/ views. The high maintainence and flip tax at Turner Towers were the main turn-off for us and we didn't pursue it after the first viewing. Incidentally, it is FSBO b/c the owner is a broker herself. FYI- I have nothing against Eastern Parkway or PH- I live in the area myself ;)

Posted by: anonymous at February 15, 2007 6:57 PM

6:57 - this apt is not in Turner Towers

Posted by: Anonymous at February 15, 2007 7:51 PM

Sorry, but no. I never post links to other sites and would caution everyone not to click on links that are not specifically real estate sites relating to the content on brownstoner. I also never post without signing into passport.

Rhana- yep. You leaving?

Posted by: Bx2Bklyn at February 16, 2007 12:27 AM

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