« 445 E. 19th Street Dodges Foreclosure Bullet, Lists Large Foreclosure of the Week: 707 Quincy Street »

August 19, 2008

Co-op Condo of the Day: 338 Prospect Place, #5E

338-Prospect-Place-0808.jpg
A top-floor walk-up in Prospect Heights for almost $750 a foot? Not bloody likely. Granted Apartment 5E at 338 Prospect Place in Prospect Heights has a 600-square-foot private roof deck in addition to its 823 square feet of interior space, but we still can't see someone shelling out $600,000 for the privilege. The current owner paid $475,000 back in 2005. There's some reference to a renovated bathroom, but it's hard to see this current asking price flying. And if you wanted to sell the place and it was really worth $600,000, you'd think you could post a few photos.
338 Prospect Place, #5E [Moss] GMAP P*Shark
Photo by Gregg Snodgrass for PropertyShark




Posted by Brownstoner at 12:40 PM | Comments (28)
Categories: Co-ops, Prospect Heights

Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/5930

Comments

Dunno. The common charge is a little high, and there are no photos to back up the claims of a renovated bathroom. What does the rest of the place look like? Why no photos?

Definitely the roofdeck will be a draw (but why no photos?), but the top floor WALK UP will not be.

And isn't this right near that playground on Underhill?

Some assumed plusses, but also lots of minuses.

Posted by: BrooklynButler at August 19, 2008 12:52 PM

The photo in the Times makes a much different impression of the building- the entryway is quite lovely. This photo makes the building look dreary and dirty. Sorry there are no interior shots- i wonder why brokers do that, especially if this is the kind of listing you need to drum up excitement over considering the price.

Posted by: east river at August 19, 2008 12:59 PM

That can't seriously be a walk-up for $600k right? (yes, I'm consistently incredulous.)

Posted by: tybur6 at August 19, 2008 1:06 PM

top floor walk up is rough. but then again, a private roof deck could be pretty sweet. but like prior posters said without any photos who knows what the deal with this place is.

Posted by: bktycoon at August 19, 2008 1:08 PM

Clearly, the marketing of this apartment is geared towards someone who wants to own now and has heard about Brooklyn. That person hasn't done their homework. No matter how lovely the kitchen, it cannot make up for the fact that it is a fifth floor walk up in a one day soon will be fine part of Prospect Heights. Sure the roof deck is lovely, but can its existence outweigh its location.

A better value can be had on streets closer to the park or Eastern Parkway.

Posted by: BrooklynIsHome at August 19, 2008 1:10 PM

I own and live in this building. It's a condo, not a co-op.

Posted by: dannyo at August 19, 2008 1:15 PM

Without seeing any pictures I say $550 if they are lucky considering its a top floor walk up.

Posted by: PLGGirl at August 19, 2008 1:18 PM

A walk-up like this is not a good investment at this price.
The market for it (fit, young people with no babies or pets) limits the universe of potential buyers.

Posted by: sam at August 19, 2008 1:28 PM

sam is totally on point. looking down the road, it certainly limits potential buyers including anyone who travels often. carrying a suitcase up and down 5 flights of stairs every time i go somewhere is not enticing at 600k, ok maybe at 500k - but still lets get some interior photos up!!!

Posted by: bktycoon at August 19, 2008 1:40 PM

It's all coming up around here but this may be the best building on the block with, unfortunately, some very crummy buildings adjacent.

Posted by: back parlor at August 19, 2008 1:58 PM

If I'm reading that floorplan correctly, there are no windows in the "living/dining" area. You'd be pretty happy to have that roof deck 6 months of the year. The other six months you'll be cooped up in the one windowless room trying to recover from humping groceries etc. up those stairs.

This place is sort of typical of what's on the market right now: flawed properties with indifferent (or desparate) sellers. This one doesn't appear to be desperate.

Posted by: Bolder at August 19, 2008 2:08 PM

It looks like another 2br in this building with almost exactly the same square footage (#1C) was briefly on the market and then taken off. The CCs on that one were $429.

This unit has CCs of $712, so basically you are dropping $283/month for that roof deck. The deck sounds fab, but is it worth it, especially for the sevaral months a year when you won't be using it?

Posted by: SnarkSlope at August 19, 2008 2:21 PM

5th floor walk up is something you should deal with as a young 20 something graduating from college...not the young couple/family with a kid or planning for a kid who are presumably the market for this place...if it was a 1br or studio you could move it, but I dont see the logic of a two bedroom 5 floors up.

Posted by: clintonhillbuyer at August 19, 2008 3:08 PM

I'm with Bolder -- who in the world is going to spend $600K for an apartment that basically has no windows in the Living Room? They appear to be behind the staircase?

Posted by: pmmtenement at August 19, 2008 3:22 PM

I think its fairly priced, the walk up situation its not that serious. I'm more concerned about the square footage, its kind of small. And a posting with no interior photos raise a red flag. But overall for the area and building it should sale close to.

Posted by: Brooklyns_da_Boro at August 19, 2008 4:51 PM

Sorry, that is most definitely NOT a $750/sf area.

Posted by: SnarkSlope at August 19, 2008 5:49 PM

I thought there was an elevator in that building. Could it be that the elevator goes to 4 and the you have to only walk up one additional floor?

I've been in the lobby of the building a few times, and I think it has a doorman, and seems a little old-fashioned.

There is a kiddie park directly next door- you can see a bit of it in the picture. While the block does have some of the sketchiest characters in Prospect Heights, there is new construction there, and a lot of people are pretty bullish about Washington. And Underhill is a really nice nowadays, but this block is outside of the new landmark district.

All that said, I'm usually a big believer in the value of properties in Prospect Heights, but this seems high even to me. And that's saying a lot.

Posted by: harriet at August 19, 2008 6:00 PM

buying an apartment on the fifth floor in a building with no elevator is like buying a condo with no hot water. I mean old-timey can be quaint, but no hot water or no elevator is just retarded. To veteran New Yorkers, a fifth floor walkup = slumville.
harsh but true.

Posted by: Gary Cooper at August 19, 2008 7:16 PM

As a veteran New Yorker I find that statement completely ridiculous, especially given the thousands of beautiful townhouses and rowhouses in many of the City's best neighborhoods. Many of these wonderful old buildings don't have elevators because they can't be reconfigured without a gut reno. It may not be your style but calling it retarded is a bit much.

Posted by: east river at August 19, 2008 7:25 PM

Are you kidding me?
Who are you the seller?
A fifth floor walkup is not universally known in
New York as the loser's penthouse?

Listen you can own a five story house and never go up to the upper floors but if you live in a goddam fifth floor walkup you're dog meat. you're stuck.

Posted by: Gary Cooper at August 19, 2008 7:47 PM

Not that I ever heard and I was born and raised here.
May not be for you or your age group but to each his own.

Posted by: east river at August 19, 2008 8:16 PM

The saying I heard had a much worse word than "loser".
Look, this apartment could be great for skinny young people with little or no stuff. There are all kinds of people.
And in the future I think doctors will be able to change old knees and hips in a jiffy. but for now, for us poor mortals, we need to think of getting old and weak in the legs at some point. elevators make a whole lot of sense.

Posted by: sam at August 19, 2008 9:12 PM

I daresay you're right, Sam. Still and all it's a sad commentary when people are so shallow they condemn others out of hand as losers based solely on how many stairs they walk up.

Posted by: east river at August 19, 2008 9:50 PM

Not referring to you, sam. Obviously.

Posted by: east river at August 19, 2008 9:52 PM

On the plus side, only one bathroom!

On the negative: why not just get a rent stabilized 5th floor walk-up and use the communal roof deck? This area is chock-full of prewar buildings, it's not hard to do.

Posted by: Heather at August 20, 2008 2:00 AM

I live on the top floor of a 4th floor walkup & have no problems: we're fairly fit & moved-in prepared to carry suitcases, children, etc up & down. Yes, it's not for everyone, but since we make use of FreshDirect for groceries & are generous tippers for any deliveries that we receive, we've had zero problems.
And we do have a private roof deck as a result [not to mention a skylight, better daylight than lower units & no overhead neighbors] - and we use the roof deck pretty much year-round, at the very least bbq'ing up there in the winter.
That said, this place is small, has a terrible layout [no window in LR = no deal no matter what], narrow bedrooms, is not on the best block in-town, and has a high maint.
Most importantly, it's on the 5th floor. My mortgage broker said that it can be very difficult to get a loan on any walk-up apartment beyond the 4th floor. Any truth to that?
My 2-cents: $500K is a more realistic price, assuming they can get it to appraise that high.

Posted by: parkedslope at August 20, 2008 11:56 AM

I live in this building. On the 5th floor. I moved in just over a year ago. Sure, walk-ups are not for everyone, but I’m used to the climb. And, the ample roof space makes it worth the trek. The roof is spacious, padded and recently completely renovated so it is very comfortable. The views are amazing. I’m up there every night. The building is very well maintained. The halls and stairs are vacuumed every day. The front desk security guards are friendly and accommodating. I’ve never been inside 5E, but I can say that I love the building.

Posted by: Prospect Heights at August 21, 2008 2:30 PM

Here are the pictures:
http://www.mossrealestategroup.com/Brokerwebsite3/mossrealty/listingdetail.aspx?lid=570103

Posted by: melliptak at September 3, 2008 12:32 AM

Post a comment

Please be patient while your comment is published. It may take a moment.

Latest Restaurant Additions