« Residential Sales in Brooklyn House of the Day: 241 Sackett Street »
June 12, 2007
Co-op of the Year? 35 Prospect Park West
Whoa! Several readers emailed this new listing at 35 Prospect Park West to us yesterday, and with good reason. If the nine-room co-op ends up fetching anywhere near its asking price of $6,500,000, it'll roughly double the highest price we're aware of a co-op in Brooklyn ever going for. This could do it, too. We're talking about 3,500 square feet of interior space over two floor in one of the (if not the) best prewar apartment buildings in Park Slope; throw in another 2,300 square feet of wrap-around terrace space and you're looking at a pretty killer pad. As for the price, this is one of those unique places that defies comps and simply hinges on the question of whether the right super-rich person will walk in the door and fall in love. Note: This is a co-exclusive between Corcoran and Brown Harris Stevens.
35 Prospect Park West Penthouse. [Corcoran] GMAP P*Shark
35 Prospect Park West Penthouse. [Brown Harris Stevens]
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Comments
Holy Crap! 25% down????
Posted by: Anonymous at June 12, 2007 12:49 PM
Is it really too much to ask that the broker put up in-focus pictures when you're selling a $6.5MM apartment. Perhaps a few more than 4?
Sheesh. I would think you could get Annie Leibowitz to photograph it for a small piece of the $390,000 commission.
Posted by: SeamusMacD at June 12, 2007 12:52 PM
That building is OUT OF CONTEXT!! It is a an aberration! A scar on the neighborhood! IT BLOCKS OUT THE SUN!
It should be torn down. What were those developers thinking? How will the community ever recover?
Posted by: Eryximachus at June 12, 2007 1:08 PM
Nice place - leave it to Corcoran to cheap out on the promotion. They obviously started drooling over the commission that they couldn't take the time to take a decent photo of the place
Posted by: Anonymous at June 12, 2007 1:10 PM
does there little mortgage calculator go that high?
Posted by: local at June 12, 2007 1:21 PM
Is it possible that they're not getting a 6% rip? Wah! It blocks out the sun! The building has been there for quite awhile... would have thought you'd get over it by now seeing as you probably never lived there without it.
Posted by: Anonymous at June 12, 2007 1:25 PM
I'm sure if you are prequalified and in the market for something in this price range Corcoran will gladly send a messenger over with 6 x 10's of each room for your viewing pleasure.
For us poor peeping tom's..the pic on website will ahve to do.
Posted by: Anonymous at June 12, 2007 1:30 PM
Wow this looks great! I'm going to check into it. thanks for the tip as always Brownstoner!!
Posted by: Anonymous at June 12, 2007 1:31 PM
1. Can't Corcoran afford better photo's. My handy dandy Canon power shot takes great photo's cost about $275 to buy...
2. I highly doubt at such a high price they are paying 6% commission.
In fact I don't think commissions are at 6% any more..
Even 3% that's $195,000..
A place like this, you need CASH a lot of it....
I wonder how it will sell with Mortgages Rates now getting very close to 7% and talk of them going up on Wednesday..
Posted by: AL at June 12, 2007 1:34 PM
I think that the people who can afford this are probably swimming in cash, and a 7% interest rate would probably not tip them over the edge...
Posted by: Johnny Cakes at June 12, 2007 1:41 PM
I think that the people who can afford this are probably swimming in cash, and a 7% interest rate would probably not tip them over the edge...
Posted by: Johnny Cakes at June 12, 2007 1:41 PM
i hope the feature on brownstoner drums up some interest for this place. it will be interesting to see the outcome for sure...
Posted by: anon at June 12, 2007 1:51 PM
You don't really need a person with a lot of money, you need a person with a huge ego who likes to spend a lot of money.
My grandma taught me that just because somebody spends a lot of money doesn't mean they have a lot of money.
Often the opposite is true.
Posted by: Anonymous at June 12, 2007 1:57 PM
7% is still pretty low when you consider that it was well in to the double digits 20+ years ago.
Posted by: Anonymous at June 12, 2007 2:07 PM
i have a feeling to qualify for a 6 million dollar apartment with a $4000 a month maintenance, you do indeed need to have a lot of money. they don't approve just anyone for a 4,875,000 dollar mortgage, you realize...
Posted by: anon at June 12, 2007 2:08 PM
I think you need a lot of CASH...
Banks don't give out Mortgages like that.
You need to put down a min of 50%...
That still leaves you with a $25,000 mth payment..
Posted by: AL at June 12, 2007 2:29 PM
Its simple how they came up with this price - the 3500sq ft apartment at 1Prospect Park is listed at 6M, so you tack on a little premium b/c its actually in Park Slope and you list.(even with bad photos - since 1PP doesnt even have photos yet)
No way they are going to get that price (BTW haven't gotten it at 1PP either) its about 1400sqft (assuming 50% discount for outdoor space - which is way generous). Sorry but Brooklyn just isnt at this price range yet (and may never be), you can get an equal apartment in Manhattan for LESS.
As for the effect of interest rates - of course it will effect apartments in this price range - it will effect the prices in ALL price ranges.
1st rate increases hurt many, many asset classes - so if your worth 40M b/c you hold Real Estate or Muni Bonds and interest rates rise alot - you might only be worth 25M - and therefore less likely to buy a 6M apartment
Next, if the prices in the "lower tier" apartments fall as a result of interest rate increases, then eventually the higher end will fall (i.e. if the $1.5M apartment falls in price, to represent $600 a sq ft, then the higher end buyer will be less likely to be willing to pay double that for his 'premium' apartment - even if he could afford it).
Real Estate, like all markets, isnt just supply/demand it is also psychological. Interest rates, overall economy and perception will impact prices.
Posted by: David at June 12, 2007 3:05 PM
sucks to be bitter, don't it david.
Posted by: anon at June 12, 2007 3:08 PM
mortgage rates are nowhere near 7%, i just locked rate 3 weeks ago at 6%. and all indications are that the fed will lower the prime lending rate, not increase it.
Posted by: anon at June 12, 2007 3:23 PM
Bitter about what? a 30yr mortgage has jumped about 1/2 a point in the last 3-4 weeks - on a 750,000 mortgage thats about $315 a month - that has an effect on the housing market (and a much bigger one on commercial RE and equity/FI markets) - I'm not making any predictions about the future, or hoping for a decline; but if you view every economic assessment that isn't blindly positive, as bitter - you are going to get burned one day.
Posted by: David at June 12, 2007 3:32 PM
interest rates are still sitting at around the lowest they've been in more than two generations.
meanwhile, this place will sell for 3.45 mm. I said it here first. check it.
Posted by: Anonymous at June 12, 2007 3:55 PM
"I'm not making any predictions about the future, or hoping for a decline"
"No way they are going to get that price"
"Sorry but Brooklyn just isnt at this price range yet (and may never be), you can get an equal apartment in Manhattan for LESS."
seem like predictions to me. and strange ones at that, if you're a brooklynite.
Posted by: Anonymous at June 12, 2007 4:16 PM
My latest empire mortgage rate update flash pegs 30 year new york mortgages at exactly 7%
holy sticker shock.
People may have locked in prior to this for 60 days but you better buy now if you have that lock in. We're in the 7s now, folks.. and CD rates are well into the 5s.
Posted by: Anonymous at June 12, 2007 4:44 PM
4:16 - Both of the statements you cited are referring to current market conditions - saying that a current listing is overpriced in today's market is hardly playing Nostradamus.
As for being a Brookynite - who cares - I live in Brooklyn b/c it has what I want at a price I can afford - I don't view my home as an investment that has to appreciate or that I have to "cheerlead" for. I have lived in NY my whole life and expect I will die here - if the prices go up so what - any place I will move will be that much more expensive too and if they go down then my next place will be that much cheaper. As for Manhattan vs. Brooklyn - comparable neighborhoods (albeit they do change) in Manhattan have been more expensive then Brooklyn since the white man bought Manhattan with beads.
Try analyzing things with a little objectivity rather then solely based on emotion - you'll be alot more successful in the end.
Posted by: David at June 12, 2007 4:59 PM
Hello Folks?!?
Don't need a lot of money to buy this?!?! It is a CO-OP!!!
Yes, you DO need a lot of money. This is not an easy board at all. Do we think this board doesn't review financial documents? It's cute to relay Grandma's wisdom, but PLEASE, think about what you're saying.
Also, regarding the photos, I believe this has been on the market before and perhaps the photos are not Corcoran's?
Posted by: fact check at June 12, 2007 5:00 PM
This place is overpriced by at least $2-3 million. The finishes on this place would have to be amazing to get over $5 million. Based on the pictures (through the window air conditioners and a not particularly fancy kitchen), it does not seem as though this is the case here.
Is the penthouse the entire top structure of the building? It's hard to tell if that structure has two or three floors.
Posted by: Anonymous at June 12, 2007 5:01 PM
I actually think Eryximachus makes an interesting point. This building IS out of context in height and density, and would have been much more so when it was built. (Wonder if it was controversial at the time?) But here's the rub: this building is gorgeous. Also it is non-contextual structures both popular and not that define a skyline (the Empire State Building, for example, the late World Trade Center for another) . Most of the non-contextual buildings people bitch about here are hideous and cheap, and that's half the reason they're so hated. On the $6.5 million price: sounds like somebody be smokin' some good shit up in there.....
Posted by: anon at June 12, 2007 5:20 PM
To 3:55,
You prediction sounds like a reasonable price, but I doubt that they Sellers will be willing to take a cut of half of the asking price. They probably wouldn't even consider selling less than 5 million. If you have an asking price in mind it is mighty tough to eat a 10 reduction in purchase price, much less than 50%.
Posted by: ANON at June 12, 2007 5:51 PM
To 3:55,
You prediction sounds like a reasonable price, but I doubt that they Sellers will be willing to take a cut of half of the asking price. They probably wouldn't even consider selling less than 5 million. If you have an asking price in mind it is mighty tough to eat a 10 reduction in purchase price, much less than 50%.
Posted by: ANON at June 12, 2007 5:51 PM
the other place on ppw just highlighted here a couple weeks ago sold north of 3 million. maybe 3.2 or something.
this place is a whole different ballgame and about twice the size. not to mention that this is a penthouse with views like you wouldn't believe, i'm guessing...
Posted by: anon at June 12, 2007 5:54 PM
When is the open house??
Posted by: Curious at June 12, 2007 6:05 PM
Saw the apartment the other day and the listing price is a joke. There's tons of work to be done---it hasn't been touched in probably 30 years---and the layout is junky, as are the floors, walls and windows. Even the views aren't that great, as it isn't facing the park. I have no idea what it will get, but it isn't worth more than 3.5 or so.
Posted by: anon at June 12, 2007 6:45 PM
The interiors are straight out of "Moonstruck"! Brooklyn, I love it!
Posted by: Urban Designer at June 12, 2007 7:05 PM
David,
Everyone I know is moving from Manhattan to Brooklyn. In part, because it is cheaper, but also because that is where all their friends are and because it has a charm that Manhattan lacks. Brooklyn is already comparable in price to some Manhattan neighborhoods. It may never be as expensive as the best Manhattan neighborhoods, but there is still a lot of room for this market to go up.
Posted by: Anonymous at June 12, 2007 7:35 PM
7:35 PM, if all your friends are moving to Brooklyn, you're moving in the wrong circles.
Posted by: Anonymous at June 12, 2007 7:44 PM
all of my friends but one have also moved to brooklyn in the last 2 years.
i made the move myself about 6 months ago and don't think i'll ever move back to manhattan.
brooklyn is terrific on so many levels.
Posted by: anon at June 12, 2007 7:50 PM
I know of no neighborhood in Manhattan, 96th street or below that per sq ft (on comparable apartments) is cheaper then Brownstone Brooklyn. I am sure you can find an apartment or 2 but overall Manhattan is, was and likely will remain more expensive. And if I was buying single apartments as a hedge against a falling NYC housing market, I'd personally sooner invest in Manhattan - But as I also said I bought a home, not an investment.
That is not a knock on Brooklyn, its just the reality of NYC. And while you are correct Brooklyn could go alot higher, it could also go alot lower - who knows (which is what I said earlier). My only point is that in today's market this apartment is overpriced and no amount of (unnecessary and pointless) Brooklyn cheerleading is going to change that. BTW - I believe I said the 3br (walk-up_) apartment in Park Slope that was featured the other day on Brownstoner (@1M) was under-priced, so its not a knock on Brooklyn or PS at all.
Posted by: David at June 12, 2007 8:13 PM
Since I'm not a real estate I'm not sure how to compare apartments but there are certainly a whole lot of apartments in the upper east side that are in the 600-700/sqft range and there are plenty of apartments in Brooklyn that are in the 1000/sqft range. Granted, the 1000/sqft apartment in brooklyn is high-end and the $600/sqft apartment in Manhattan is low-end, but i think there is enough room between these numbers to make a case that Brooklyn is on par with some Manhattan neighborhoods.
Posted by: Anonymous at June 12, 2007 8:37 PM
Your correct - you don't know how to compare apartments.
Posted by: Anonymous at June 13, 2007 8:34 AM
YOU'RE incorrect - you don't know how to spell.
Posted by: Anonymous at June 13, 2007 8:56 AM
Supposedly Marty Markowitz lives in a building on PPW with a major bedbug infestation. Is this that building?
Posted by: Henry at June 13, 2007 1:50 PM
here is corcoran listing for nice large coop on east side - for $1M more and 30% less space with also large terrace.
So I really don't think you are going to find this quality, size, in this type building for less - but for substantially more.
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=975459
Posted by: Anonymous at June 13, 2007 4:22 PM
RE: "Supposedly Marty Markowitz lives in a building on PPW with a major bedbug infestation. Is this that building?
Posted by: Henry at June 13, 2007 1:50 PM"
No, Marty lives further down PPW - closer to 9th Street.
Posted by: Marty Watcher at June 13, 2007 6:34 PM
Here's what I do know: seems to be a well run building. clean, good workers coverage (hence the mntc $). Pain in the butt super and doormen who think they own the neighborhood. old school environment. views ok. priced too high
Posted by: just me at June 14, 2007 8:10 AM
can't stand the broker who reps corcoran. she's a shark. nasty and rude.
Posted by: u2 at June 14, 2007 8:11 AM
Has anyone ever seen the penthouses facing Prospect Park in this building? I wonder what they're like.
Posted by: D at June 14, 2007 3:06 PM
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