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July 28, 2008

Condo of the Day: 255 Eastern Parkway, #C16

255-Eastern-Parkway-0708.jpg
We're so bullish about Eastern Parkway in the long-term that we won't make too much of the fact that this 1,438-square-foot apartment at 255 Eastern Parkway, which sold for $216,313 in 2003, is now on the market for $825,000. To be fair, that's not a straight-up four-bagger; the three-bedroom place has gotten what appears to be a top-notch renovation in the meantime. The only thing we can find to complain about is the choice of kitchen counter top surface. The combined monthly charges are a very reasonable $836. There was an open house yesterday. Anyone go?
255 Eastern Parkway [Corcoran] GMAP P*Shark




Posted by Brownstoner at 12:42 PM | Comments (67)
Categories: Condos, Crown Heights

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Comments

really nice space - but hate the kitchen reno and the paint colors. All easily fixed of course.

Posted by: gkw at July 28, 2008 1:00 PM

Looks really nice and bright. I like it, and don't mind the kitchen.

Some new paint choices, and I think it would be fantastic.

Posted by: 11217 at July 28, 2008 1:03 PM

The place looks okay but the price, like all Corcoran properties, is excessive. This is Crown Heights, after all, on a six lane major road, and the property faces the street. The cc is VERY high for a condo, and the common areas are not well maintained.

Posted by: househunt at July 28, 2008 1:11 PM

love how corcoran lists the property as PH, conveniently falling within their eastern bedford boundary.

Posted by: bktycoon at July 28, 2008 1:13 PM

I think Corcoran should just start listing everything anywhere in Brooklyn as being "steps from the Brooklyn Heights Promenade, a few short blocks to Prospect Park, and 10 mins into the city."

Posted by: Brooklynnative at July 28, 2008 1:29 PM

Sheesh, the thing is 1.5 blocks from the Brooklyn Museum. It's a good location.

The problem with Eastern Parkway is the fact so many buildings are rent stabilized.

It has the charm, the architecture, and the transportation. It just needs new residents, and RS will make that a very time consuming process. The same thing is true for larger apartment buildings in Prospect Heights.

In 20 years, much of Bed-Stuy will be fully gentrified as there are so many single family homes and smaller apartment buildings that aren't subject to rent stabilization. Eastern Parkway will still be moderately dangerous because the vast majority of residents in RS buildings. Too many of such tenants have serious antisocial tendencies that bring the hood down.

Posted by: Polemicist at July 28, 2008 1:49 PM

I strongly agree with Mr. B that Eastern Parkway long term is terrific. Esp. around the Museum and the major Franklin Avenue station. That # 4 and # 5 train jump to Atlantic is one of the longer express runs in the City. Plus you have BK Children's Museum in CH, Jewish Children's Museum, and of course the lovely Parkway itself.

Posted by: BK realestate veteran at July 28, 2008 1:53 PM

Interesting observation Polemicist. If what you say about Eastern Parkway having so many RS apartments, I'm sure you're right.

Posted by: Brooklynnative at July 28, 2008 1:57 PM

and you can watch the labor day parade from your living room

Posted by: ontheparkway at July 28, 2008 1:58 PM

216k sounds more reasonable.

Posted by: Santa at July 28, 2008 2:04 PM

"prestigious eastern parkway". does corcoran have ANY credibility with anyone these days? i like the place, but c'mon.

Posted by: goldie at July 28, 2008 2:05 PM

That place photographs well. Wish they would have shown the bathrooms.

All I can say about the price is if the seller's get it, mad props!

Posted by: LilBitOfLuck at July 28, 2008 2:15 PM

No floorplan- link on Cocoran does no work.

Anyway, if it was a co-op, it'd be a very good deal. I think potential buyers will be hesitant unless they're assured that more than 90-95% of the units are owner-occupied.

Posted by: Fjorder at July 28, 2008 2:17 PM

What's most impressive to me is that someone snagged this place for 216k just 5 years ago. (and I don't think asking 825 is out of line; my guess is it will go for 5% less) Sheesh, where was I when that deal went down?

I do like the area, especially when it's sunny and warm, with the museum, park and gardens all looking their best. In February, not so much. But it's only about a 20 minute stroll to Park Slope.

Posted by: Bolder at July 28, 2008 2:19 PM

"Eastern Parkway will still be moderately dangerous because the vast majority of residents in RS buildings. Too many of such tenants have serious antisocial tendencies that bring the hood down."

God save us from those antisocial working-class folks who can’t afford 825k. Come on, how does RS = dangerous and antisocial?

Posted by: CHood at July 28, 2008 2:26 PM

Ah, yes, Polemecist, RS tenants are obviously sub-human and should be eliminated so that "new residents (read: upper-class whites)" can avail themselves of the "charm, architecture and transportation (which are wasted on the current population)."

Gorgeous apartment, though.

What's wrong with the countertop, brwns? Radon offgassing?

Posted by: cmu at July 28, 2008 2:31 PM

thank you cmu, i was sitting here in shock, sputtering at my screen and couldn't get the words out fast enough.

polemicists comments are revolting. take your thinly veiled bigotry elsewhere.

Posted by: cobblehiller at July 28, 2008 2:39 PM

too bad there's no door into the bedrooms!!!!

Posted by: daveinbedstuy at July 28, 2008 2:42 PM

Mr B what is your problem with granite countertops???? You can't even tell what color they are here. My guess..Uba Tuba Green!!!

What kind of countertops do you have??? Don't tell me you like Corian

Posted by: daveinbedstuy at July 28, 2008 3:00 PM

How much would it rent for? $3K? $3500 at the most? I was offered a Turner Towers sublet last year for about $2700... arguably worth more because of the better location.

So, yeah, nice apartment, completely overpriced.

Posted by: Heather at July 28, 2008 3:08 PM

dave, there's a rotating secret wall door to the bedrooms immediately past the entry. for extra privacy, of course.

Posted by: z at July 28, 2008 3:12 PM

nothing beats interconnected bedrooms too z

Posted by: daveinbedstuy at July 28, 2008 3:15 PM

the countertops are fugly, IMHO...

Posted by: Fjorder at July 28, 2008 3:15 PM

It's a green thing...counter, hanging lamps, wall tiles in the kitchen, green wall in the dining room, trees out the window. i see it. looks nice to me.

Posted by: cobblehiller at July 28, 2008 3:19 PM

Fjorder and Mr B what exactly is the specific granite that these countertops are made of? You can't really tell from the pics that I've seen

Posted by: daveinbedstuy at July 28, 2008 3:25 PM

"so that "new residents (read: upper-class whites)"

cmu, you're coming off as racist (anti-white) yourself. To always equate those with the means to buy a $750,000 place with "whites" is as bad as equating all welfare recipients as being of color A.

Why not treat us to one of your crazy hyperbolic millionaires-pay-less-tax-than-you-and-I tax rants instead.

Posted by: dittoburg at July 28, 2008 3:34 PM

Heather,

I know a couple (with one child) who rent a similar size apt. in this building. I think they pay just shy of $4000 a month.

You did notice it's 3 bedrooms, 2 baths and over 1400 square feet, right? That's LARGE!

Posted by: 11217 at July 28, 2008 3:43 PM

Wow, I know the owners. The renovation here is excellent, and from the amount of time and work they have put into the place they deserve every penny they get.

The original low purchasing price I believe was an insider's offer from back when the building went condo. They owners rented there for many years before the conversion.

Also, the countertops are indeed green.

Posted by: ennuiater at July 28, 2008 3:50 PM

Hrm, okay then. Maybe it is worth it. Better value than Williamsburg, definitely.

What I don't think Polemicist is smart enough to realize, is that large prewar buildings are pretty good value rent-stabilized or not. Historically, Eastern Parkway has always been fairly blue-chip. That won't change.

Posted by: Heather at July 28, 2008 3:54 PM

Nice green or fugly green ennuiater? Mine are blackish green...uba tuba...like i mention above and they look great with mahogany cabinets...maybe too much green in the apt though.

But to condemn granite for granit's sake is ridiculous. Yes, people get some fugly colored granite. frankly I've used granite, soapstone, mexican tile and cherry and love them all in their respective applications

Posted by: daveinbedstuy at July 28, 2008 3:54 PM

Ennuiater, do you know how many folks are still renting in this building?
I would think twice about paying this kind of money for a place with low owner-occupancy, especially in this market.
To rent, $4K would be high for this place, even with the 3 bedrooms.
If you're considering renting in CH, other places have 3 bedrooms too. Maybe $3,500.

Posted by: ontheparkway at July 28, 2008 4:01 PM

hey daveinbedstuy:

I certainly don't condemn granite at all—I have it in my place and like it. I simply don't like the striations/colors in some granite.

Lately I've been really digging Caesarstone. Next kitchen i have gets it.

Posted by: Fjorder at July 28, 2008 4:03 PM

I agree tih daveinbedstuy, I've seen some nice dark green granite countertops. Needs to be dark though, otherwise it can look odd.

Posted by: dittoburg at July 28, 2008 4:05 PM

Mr B...from now on please don't post a HOTD or COTD without first verifying the exact name of the granite used. This also should be extended for any marble in the bathrooms as well. God knows what you get mixed with those gold faucets!!

Full disclosure is now also recommended for any recessed lighting.

Posted by: daveinbedstuy at July 28, 2008 4:10 PM

And the upper west side has no RS residents? (I know plenty of people on both the UES and UWS who live in rent stabilized apartments). Think of all the anti-social tendencies those folks have.

Polemicist is right to some extent: if the average RS rent is $900 (a total guess--I know of RS rents in Bed Stuy and Crown Heights that range from 900-1200) it does mean that the rate of increase will be slower until a majority of them approach $1700-1800, when the dollar amounts of the percentage increases will be fairly high, and push them into non-stabilized land. Is this a bad thing? I don't think so.

Posted by: Minmin at July 28, 2008 4:17 PM

Yeah...Charlie Rangel

Posted by: daveinbedstuy at July 28, 2008 4:20 PM

This isn't about counter tops or paint jobs, but location and cost. There are comparably sized apartments in Carroll Gardens and Cobble Hill that cost the same per sq ft. Besides, nearly $900 monthly for a condo? Why own? If you can rent for 3,500, why pay 5000 (your mortgage plus cc and tax)?

Posted by: househunt at July 28, 2008 4:37 PM

Polemicist could probably choose his/her language a little better, but the message that Eastern Parkway is not prime holds true. I lived in 277, was mugged in front of 255 in January, saw another guy get mugged fifty yards towards Franklin several weeks later, and moved out not long after. Buyers should be aware that it's a hot neighborhood for reasons other than real estate prices.

Posted by: pclem at July 28, 2008 4:42 PM

Househunt,

Because I just told you that the rent is more like 4k a month and with the mortgage deduction, you probably will pay more to rent this place than own it when all is said and done.

Especially if you put in a lower offer and try to snag the place for 799 or so.

Posted by: 11217 at July 28, 2008 4:43 PM

Can anybody comment on why the common costs are higher here than most other condos?

Posted by: ontheparkway at July 28, 2008 4:44 PM

$836 a month for a 1400 sf apartment in a doorman building in brooklyn is not high.

Posted by: 11217 at July 28, 2008 4:46 PM

Mr. B has salvaged marble countertops if I remember correctly.

Posted by: verysleepy at July 28, 2008 4:49 PM

Pclem, but the farmer's market is just down the way, the brooklyn museum is right there, and the great botanical gardens (free on weds?) are a stone's throw. If you are diurnal you should be ok.

Posted by: dittoburg at July 28, 2008 4:51 PM

dittoburg, guess things have to be spelled more clearly:

"read: upper-class whites" was a comment on Polemicist's rant, indicating MY opinion that THAT was where HIS sensibilities lay.

No way can one read anything about my anti- (or pro-) white feelings into that.

Posted by: cmu at July 28, 2008 4:51 PM

No, it doesn't have to need spelled out any more than you already did. He's talking about those with a certain amount of money, not their race.I'm not oblivious to Polemicist's previous controversial comments. But I've read your comments before plenty of times too, and I maintain your comment says something about you, not him. You are the one inserting race.

Posted by: dittoburg at July 28, 2008 5:05 PM

househunt,
I'm not sure why you think the common areas are not well-maintained. I know this building well and it is gorgeous and very clean inside. The gardens are immaculate.

pclem: I wonder if you witnessed my husband's mugging in early April? It was near the S overpass on EP.

Posted by: elisbrown at July 28, 2008 5:41 PM

Ontheparkway- I honestly don't know the owner/occupant ratio for the building although I believe that many original renters bought when it was coverted and still live there; this is only from what I've gleaned in passing conversation w/ the owner.



Posted by: ennuiater at July 28, 2008 5:53 PM

Househunt said: "There are comparably sized apartments in Carroll Gardens and Cobble Hill that cost the same per sq ft."

That's crazy talk.

Find me a listing, please. If there were any 1,450 sf 3 br/2ba apts. in those neighborhoods for 825k in the last 4 years, I must have missed them. And I was looking pretty closely.

Posted by: Bolder at July 28, 2008 7:02 PM

11217, are you sure that is not high for a condo, as opposed to a co-op? I think it is, especially in CH.
And your claim that you will pay more to rent a similar place than to own this is dubious at best.
You are assuming that it will cost you less than about $3K (rent minus the common costs) to finance this place, plus put 20% down in cash that could be earning money for you.
Not going to happen, even with the tax break for the mortgage.

Posted by: ontheparkway at July 28, 2008 7:21 PM

listen here polemicist,u yuppie POS.bed stuy will not gentrify.do some research first.right now there is degentrification hiting bed stuy.all ur organic food stores r closing because of slow business.yuppie scum r moving out of the new condos,getting robbed to much.remember when yall tried to gentrify red hook.ha ha.how did that one turn out?

Posted by: buckfast at July 28, 2008 7:49 PM

I lived in this neighborhood from 1999 - 2007, saw many changes, and when I visit I still see major forces taking place here. Fast forward five years, Eastern Parkway around the museum/botanic gardens is going to be prime. The price doesn't surprise me at all.

It looks like the owners put a lot of work into a quality, tasteful renovation of the apartment and a lot of apartments in the neighborhood of this size are priced similarly. I really don't see what the hoo-hawing is about...

Posted by: walkertexasranger at July 28, 2008 9:55 PM

buckfast=what's nephew

Posted by: wasder at July 28, 2008 10:49 PM

The hoo-hawing is that this place is asking 2006 prices in this 2008 market. Up and coming in the down and out economy is Bush-like wishful thinking, to say nothing of the comments of muggings in this area.

850 is a big chunk of cash monthly, especially given that the doorman is part time. Condos should cost less than coops and 850 is high even for coops in CH. Besides, coops have good reason to be more expensive and do some vetting of the owners.

Perhaps the owners put major money into the place (it's strange that there are insiders attesting to efforts of the owners, could it be the owners themselves?) but even if it was 250,000 they're still expecting to double their investment.

Posted by: househunt at July 28, 2008 11:07 PM

I don't know this neighborhood very well so I am not one to comment on the value of this apartment but I think that Househunt is wrong in saying that condos should be cheaper than coops. This is the opposite of my experience with the market. Also, it does seem in the long run that with the museum there and the express train that this neighborhood is in fact "up and coming" and should be a good investment opportunity.

Posted by: wasder at July 29, 2008 12:04 AM

wasder @ 10:49 = hilarious!

Posted by: Biff Champion at July 29, 2008 8:38 AM

Buckfast...one poorly capitalized, small, poorly merchandized gourmet store closed. Within 2-3 blocks of that location a new restaurant has opened and another one is under construction. And, a florist and wine bar have begun renovations to their spaces. Additionally a gourmet market/cafe is in the works.

As for "yuppie scum" you'll be sorry to hear that they continue to move in...both black and white "yuppie scum"

Posted by: daveinbedstuy at July 29, 2008 9:01 AM

Brownstoner:

A fine apartment and building. But the lobby's "cold."

Back in the 50's, when I lived in Crown Heights as a boy, lobbies like the one in the Woodrow Wilson looked like museums. (One on St. Marks Avenue actually had knights' full-body armor!)

Usually filling up these spaces were baronial tables and stiff back chairs in very dark wood. (Unless the building was neo-Georgian and had spindly Adams-esque lacquered and upholstered chairs and settees.) Sometimes there were commercially-done oil paintings on the walls, usually of an English or Italian country scene. And leading to the entrances were canopies, a few of them with a jazzy stripe.

These were aspirational stage sets for striving middle-class tenants (no co-ops or condos back then), who took the subway every morning to run Manhattan garment factories, small businesses, or professional offices and came home to pretend, at least as they crossed their lobbies, that they were lords of the manor.

Alfred Kazin, the New York literary critic from East New York, wrote that Eastern Parkway was full of "all-rightniks" -- in other words, Eastern-European Jewish Brooklynites who'd made good. And boy, did they love to show it off!

Of course, "prestigious address" is in the eye of the beholder. The parkway meant a great deal to first- and second-generation Brooklynites at the time, but nothing to New Yorkers living on Manhattan's "name" avenues. (Even the very middle-class West End Avenue was considered far above it. As for Fifth and Park Avenues -- forget it!)

It'll be interesting to see what the parkways's future will be.

A suggestion to owners at the Woodrow: Hunt around the basement. You might find some nice relics from the old days to put back in the lobby. (My co-op did that a couple of years ago and found some really great pieces. The place has never looked better. It's not drafty-feeling anymore, the way the Wilson's lobby appears to be.)

Nostalgic on Park Avenue

Posted by: NOP at July 29, 2008 11:00 AM

"polemicists comments are revolting."

It's like Captain Obvious made a cocktail out of LOL and awesome...

Make it a double!

Posted by: deadnancy at July 29, 2008 12:13 PM

Thanks Biff, though I was being serious. His real name is Buckfast Whatstein and he lives in Lodi with his Uncle.

Posted by: wasder at July 29, 2008 12:18 PM

"Buckfast Whatstein"? wasder, not since the Merchant of Venice has a character with such anti-semetic overtones been invented!

Posted by: Biff Champion at July 29, 2008 12:39 PM

deadnancy:

If I wasn't so busy, I'd much rather dump a nice cocktail of kerosene or at least some 151 into the fire to really turn the heat up!

Posted by: Polemicist at July 29, 2008 1:06 PM

Speaking as a member of the "tribe" I hope that my "naming" of this unfortunate creature can be understood as the satire it was meant to be. Obviously Buckfast is the name this person picked for themselves. Whatstein was inspired by the notion that the What might actually be a cranky old Jewish guy, a notion I find comical and more welcome than some of the alternates.

Posted by: wasder at July 29, 2008 1:07 PM

wasder, I knew you meant it all completely in good fun and were simply using the name the poster gave himself / herself. I just had to laugh when I saw both names together when imagining the stereotypical caricature some mischievous writer (or early Bugs Bunny cartoonist) could concoct from it. Only a good-humored member of the tribe could fully appreciate the image of the What as a cranky old Jew.

Posted by: Biff Champion at July 29, 2008 1:19 PM

what the hell r u talking about wasder.im italian-irish.r u like in third grade?go back to ur lil village where u came from.u yuppie POS.dont ever let me catch u in my hood.

Posted by: buckfast at July 29, 2008 1:32 PM

Buckfast McWhatstein---you have totally outed yourself as the what's nephew, if not the what himself. your writing style is just too similar---childish, reductionist, and ignorant. To be on the safe side though I should ask what neighborhood should I avoid if I don't want to be caught by you?

Biff---thanks for understanding.

Posted by: wasder at July 29, 2008 1:53 PM

wasder, you're right. And his threats are about as scary as his uncle's. As Bugs Bunny would say, "What a maroon!"

Posted by: Biff Champion at July 29, 2008 2:04 PM

PLease read the WSJ today and the case-shiller index which shows deteriorating conditions for NYC. The boom is over. These areas are not going to suddenly become a wonderful glamorous place to live because new residents are going to come in and make you feel special. You either like these areas for the beauty you see in them or you don't, with the rent stabilized residents. Don't expect the place to transform itself. It is not going to happen, especially not under current and near term economic conditions. If you want to live in a bubble move to Greenwich or something. Otherwise welcome to reality.

Posted by: Dora Chica at July 29, 2008 2:08 PM

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