Co-op of the Day: 279 Sterling Place, #1B

Love that building, love that apartment. Hasn't it been on the market since last summer?

Posted by: guest at April 1, 2008 12:53 PM

Thx for highlighting this. Swear to God, this is my ultimate real estate fantasy, living in this building. So beautiful.

Posted by: guest at April 1, 2008 1:00 PM

I give Ratner props for this one. Cant wait till I buy John Jay in PS and do the same thing.

Posted by: guest at April 1, 2008 1:02 PM

This building looks like a mini version of Boys High school built in 1891. Maybe it was the prototype.

Posted by: guest at April 1, 2008 1:03 PM

I went to the open house this weekend. The realtor told me that the owners "could have priced it higher, but they want to sell"...no mention of it having been on the market.

I've never seen anything this big in this price range, but it does come with a few problems that mitigate both building and location. The downstairs is gigantic, but all 3 rooms have windows at ground level (high up in the rooms though) that face the asphalt parking lot. The whole place could use a fresh coat of paint. The master bedroom upstairs does not have a single closet. The bathrooms are small and a little depressing.

But that said, oh, the space to roam. My husband said it was the first place we've seen where he could imagine being in one room and having no idea if anyone else was home.

Posted by: guest at April 1, 2008 1:29 PM

The basement bedrooms are my only beef. If I'm dropping that kind of scratch I don't want to be peering up at a parking lot.

Posted by: guest at April 1, 2008 2:14 PM

Corcoran had it last summer for 1.75M, which was overpriced (you could get a very nice brownstone in PH for that). But it's easily one of the most beautiful buildings in brooklyn, and a block from Grand Army Plaza. The sub-grade bedrooms were actually not bad, with high ceilings and big windows. And it comes with a parking spot.

But looking at that floor plan, no way is it 2200sf. I can't see it as more than 1800, even counting the mezzanine.

But still, an amazing place. I'd live there in a heartbeat.

Posted by: guest at April 1, 2008 2:15 PM

would go for this price if there was a higher end renovation in place, another $100,000 cut and it sells

Posted by: guest at April 1, 2008 2:20 PM

If it sells at or below the current asking, it will reflect a bit of a softening for apartments in the building. The last large apartment to sell in the building went for $1.25 in summer 2006, and was somewhat smaller (although entirely on the 2nd floor and with updated kitchen and baths) and did not have a parking space. Being on the parking lot also means it will be quite quiet (and the lot it not so much of an eyesore-type lot).

This is a lot of space (I would say considerably more than 1800 sq. ft.) in a great building in a great location. It does have the original paint job and kitchen, which were not high quality to begin with, so $ does need to be put into it (and part of the reason the original prices were unrealistic).

Posted by: guest at April 1, 2008 2:38 PM

This is a beautiful building but not a beuatiful apartment. Small-ish basement bedrooms, ordinary kitchen and $1550/mo maintenance. you could do better than this for $1.3 mm!

Posted by: guest at April 1, 2008 2:49 PM

Saw this listing when Corcoran had it. The basement bedrooms were kind of a downer and they do look out onto a parking lot. Seems like the apartments on the higher floors would be the ones to buy and live up to the building's granduer--I bet this place sells at this price though. It was a necessary price drop.

Posted by: guest at April 1, 2008 3:21 PM

I'd rather be above ground. Adding planters will just make those tombs even darker.

Posted by: guest at April 1, 2008 4:40 PM

Yeah, street above ground beats parking lot below ground any day.

Posted by: guest at April 1, 2008 6:01 PM

ah - we were going to look at this but I can't stomach paying $1.3 mill for a place where all the bedroom windows look right at a parking lot. Come on, people.

Posted by: guest at April 1, 2008 8:17 PM

My husband and I went to the open house this past weekend. We have also been intrigued by this building but this apartment was certainly not worth the asking price whatever it might be. There is no "master bedroom". The current owners use room as their bedroom on the ground floor. It is tiny and a small bathroom is down the hall. The other bedrooms are below ground with windows high up, with bars that overlook the parking lot...how depressing. I do not want my children to grow up with bars on their windows looking out at cars.

Yes, space is a premium but this apartment is tired looking and needs a complete renovation of the kitchen and bathrooms and for $1.3 it seems a bit much, no matter what the real estate market is like.

Posted by: guest at April 1, 2008 9:58 PM

Methinks those "bedrooms" below ground would be more useful for one with a business or hobby needing that space, or as office space - where you might not mind as much. But the price would have to reflect that reality.

Posted by: guest at April 1, 2008 11:12 PM

Oh, lord, I love this building.

I'm told by a reliable source that the politics of the co-op board are Park Slope Food Coop level nightmarish to deal with. Still, when I win the lottery, I'm moving in.

Posted by: guest at April 2, 2008 1:34 AM

1:34 - most of them are that bad (or worse), if the owners you know are honest and not smiling over their pain in their effort to maintain their ability to sell one day...

Posted by: guest at April 2, 2008 1:47 PM

Well, I just came from the open house, and after being lied to by the realtors (who told me it was just back on the market after a long hiatus (a year ago with a higher asking price), I have to say I know why they lied. I've been in love with this building- from the outside- forever. But, the depressing common hallways with scissor cut industrial carpeting are just the beginning. While the main living room is huge, the views just plain stink- cars in the parking lot. The kitchen is way below par (though it's spacious) and all of the bedrooms have trajic flaws- either no closet space, small windows, little room, etc. The layout doesn't make much sense, with portable closets nailed in every available nook and cranny. Oh, and by built-ins, they mean cheap brackets and shelves. This is a total gutter in my opinion- and at this asking price, who'd have money left over for that!

Posted by: guest at April 6, 2008 2:32 PM

Saw this apartment with the broker sometime in mid-winter, when it was still asking 1.5, and couldn't agree more that it's very over-priced, considering the layout, the bedroom windows opening directly onto the parking lot, and the amount of work needed on bathrooms and kitchen. The living room and building exterior are lovely, but the limitations of the apartment are such that the price looks like incredible overreaching. As for the suggestion by 4/1 11:12, the bedrooms downstairs are the ONLY bedrooms, aside from one small closet-less bedroom off the kitchen upstairs, so using them for hobby/office space might crimp one's living style a bit. Two other issues I haven't see mentioned are the loft over the living room which isn't tall enough to stand in--and is thus just open/visible storage space, unless you want your small children playing on a loft 25 feet up a spiral staircase--and the "playroom" downstairs, which is an interior room and has no windows. All in all, a very quirky spot that is trying to capitalize on the unique building.

Posted by: guest at April 7, 2008 10:57 AM

Anyone see the new listing at 174 Pacific Street for similar co-op in a renovated school house? I think it's smaller, but listed at $1.35 mill. Is it worth the look?

Posted by: guest at April 10, 2008 1:39 PM

The property is pretty great. I like the vast size. The realtors had made no mention to me that there were other realtors selling it before. When I attended the open house they kind of did the batman and robin thing. Does anyone think it will sell fast? I would love to see in the 900's. There is so much space it makes you want to have children, I told the real estate people we a couple with no kids, she this place gives you a reason to have some.

Does anyone know about the board?

Posted by: guest at April 18, 2008 9:58 AM