« Inside Third & Bond: Week 55 House of the Day: 186 Washington Avenue »

September 25, 2008

Co-op of the Day: 86 Prospect Park West 3 BR

86-Prospect-Park-West-0908.jpg
At first glance, the layout of this three-bedroom co-op at 86 Prospect Park West is a little unorthodox—railroad style with living and dining rooms at opposite ends—but actually we think it looks like it might work just fine. The apartment's biggest draw has to be the extensive original woodwork; it's also got a recently renovated kitchen. The monthly maintenance is $846, a relative bargain for a 1,600-square-foot pad (though it certainly reflects the fact that there's no doorman). We'll see whether the $1,349,000 asking price flies. On the one hand, it's Prospect Park West for well under $1,000 a foot; on the other, it's a walk-up, non-full-service building. Guesses?
86 Prospect Park West [Brooklyn Properties] GMAP P*Shark




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Comments

Nice looking place but the price seems awfully high to me for the building.

Posted by: Atlantic Frantic at September 25, 2008 12:52 PM

little unorthodox??

Bizarre, unusable and idiotic are the words I'd use for a 1.4mil apt. Tiny kitchen..."office" next to the toilet, a mile schlep to the living room...

Posted by: cmu at September 25, 2008 12:57 PM

Ah-hah. So this is where they shot the last Crate & Barrel catalog!

Posted by: SnarkSlope at September 25, 2008 1:15 PM

I agree with cmu. I don't even much mind that the LR and DR are on opposite ends but the location of the second bathroom is awful. Your kids or a guest will have to go through the kitchen to take a shower? That's bizarre. Apart from the layout, it's beautiful.

Posted by: elm08 at September 25, 2008 1:16 PM

$1.1 million

Posted by: Fast Freddy at September 25, 2008 1:22 PM

Concur. $1.1 million is fair value. Less and the buyer is getting a bad deal. More and the seller is getting shafted.

Posted by: lechacal at September 25, 2008 1:33 PM

I actually thought it was a pretty creative way to add a second bathroom to the space.

Posted by: TownhouseLady at September 25, 2008 1:42 PM

This should be a pretty good gauge of the market. I think (hope) it'll fetch $1.2M.

Posted by: FatLenny at September 25, 2008 1:47 PM

No way. Mark my words, this will not sell for a penny about $950,000. I have been looking at 3 beds in PS for almost a year and have seen may better apartments than this go for under $1mm.

Posted by: ks8000 at September 25, 2008 2:03 PM

Beautiful apartment, ho-hum kitchen, and seems like a whole lot a money.

Posted by: Left Hook at September 25, 2008 2:20 PM

They should have priced under 1mil and hoped for a bidding war. Layout odd and seems dark, but 3BRs are in demand esp in 321. That said, 321 getting crowded and with market cooling, pricing on the lower side and getting more interest is a better strategy than coming out too high out of the gate.

Posted by: Miss Muffett at September 25, 2008 2:41 PM

great unit and details - quirky but homey. i checked out a unit on the other side facing the inner courtyard. $1.3 is pretty reasonable.

Posted by: jk2000 at September 25, 2008 3:10 PM

ka8000, I have to call bullshit on your post. Please tell us which 3-bedroom apartments that are better than this have gone for under $1 million in the past year. I have been in the market for the same thing in the same period. This is an anonymous board, so go ahead and give us addresses.

Posted by: lechacal at September 25, 2008 3:11 PM

ok lechacal, here you go, http://www.cbhkg.com/listing.asp?propid=73640

now its a bit smaller but has a way better layout, better location and its in PS 321. Tell me it isn't a close comp?

Posted by: ks8000 at September 25, 2008 3:49 PM

clarification - they are both in 321 I think, but still a good comp above lechacal...no?

Posted by: ks8000 at September 25, 2008 3:51 PM

ks8000, not bad, but that's in a small building which is unlikely to have a staff. Not everyone likes that.

Posted by: denton at September 25, 2008 4:32 PM

i don't think there is a staff at this building either.

Posted by: ks8000 at September 25, 2008 5:01 PM

ks8000, I don't consider a 1,300 sf place vs. a 1,600 sf place a comp. Not in NYC, where 300 sf can mean a $300,000 difference in price. Secondly, you said, you've seen many better apartments than this go for under $1mm. Show me these "many" available 1,600+ sf three bedrooms in Park Slope. I've been watching out for family size apartments and brownstones there and there are very few at this price point still.

Posted by: Biff Champion at September 25, 2008 5:07 PM

I just did a Streeteasy search of Park Slope 3+ beds, 2+ baths. There were a grand total of four apartments available that were under $1MM and over 1,300 sf. Yes, I said 1,300 sf! Two were at 153 Lincoln Place, and two were at 255 1st Street. Hardly a great selection and none comparable to this one here.

Posted by: Biff Champion at September 25, 2008 5:14 PM

Have to agree somewhat with ks8000. COTD has about 300 sqft of hallway/foyer, mostly a waste, and his seems not to.

townhouslady, if they had only put the bath aganst one wall the kitchen would've been a lot more usable. A 7x10 kitchen is not. This is not creative, it shows a lack of creativity (or spatial sense.)

Posted by: cmu at September 25, 2008 5:24 PM

No floor plan, no details. Can't tell enough about the property. Too small to be comp.

Posted by: lechacal at September 25, 2008 5:27 PM

I also don't see the number of bathrooms listed in the "comp", which makes me think there's a good chance there is only one.

Posted by: Biff Champion at September 25, 2008 5:34 PM

(Check on the floorplan Biff)

You don't need an eat-in kitchen as there is a well sized dining room flanking it.

I think it makes for a pretty well laid out galley size kitchen, extra storage and counter seating, a niche for the family computer/homework area, full bath and a laundry center. Maybe it's not ideal but it's a heck of a lot of uses in one space.

Posted by: TownhouseLady at September 25, 2008 5:39 PM

Oh sorry Biff, my bad..you meant ks8000's comp.

Posted by: TownhouseLady at September 25, 2008 5:40 PM

Yes, THL, I meant on ks8000's comp. And I know we argue this here all the time, but many think 1 vs. 2 bathrooms is usually a signficant difference, especially when combined with a 300 sf diff. in size.

Posted by: Biff Champion at September 25, 2008 5:43 PM

I have probably seen every single 3-bed in the Slope that has been on the market in the past 6 months, and I say tell you there is no way there isn't something wrong with this comp. As everyone knows I think prices are headed down (possibly sharply), but for a current asking price to be at this level suggests some real weakness with the property. Even all of the cookie-cutter 3-beds on 2nd street between 4th and 5th (take your pick - there are lots on the market) are all asking over $1 million (not that they'll get it, but they are all asking).

Posted by: lechacal at September 25, 2008 6:13 PM

The layout of the apartment on PPW is really not conducive to a family with two kids - who is the market for this apartment. It simply will not sell for over a million with all the loss of conficence in the market. For those without kids they wouldn't pay the 321 premium. Those places on 2nd street are a totally different story and some have been on the market forever. As usual the apartment is only worth what people are willing to pay and I personally wouldn't pay 1.3 for this place. Would you? I have a few other comps that have dead links now. I hear everyone on the extra square footage - but a lot of it is truly useless square footage. But point taken on the extra bathroom. I'll raise my estimate to 999k.

Posted by: ks8000 at September 25, 2008 6:38 PM

TownhouseLaddy,
You mention you find it a clever way to add a second bathroom. I don't think the bath was added. I would assume the bathroom is just a redo of one that was already in there...though I'm just assuming it's redone since I do not remember a photo of that room.

Not sure if this building would have been the type, but often there is a second small bathroom reached through a maid's room. Maybe there was a configuration of the walls either long ago or possibly by the current owners who apparently renovated. Would not surprise me there once was a smaller kitchen with a small servant's bedroom with a bathroom all his/her own. Often the bathroom can be tiny with just a WC and a small, deep square tub (about the footprint of a shower pan). That would have made the bedroom just large enough to be doable and the sink, if there was one, would have been in the bedroom.

I would be shocked if anyone would have *added* a bathroom since 1930 since it would involve massive work and having a nearby stack for the toilet. I'm sure there're bathrooms in the building in the apartments above and below this bathroom unless someone has ripped them out to create a bigger kitchen.

Posted by: BrooklynGreene at September 25, 2008 7:15 PM

Brownstoner:

Whoever wrote that this apartment isn't conducive to a family with a couple of kids is wrong!

My family lived in a place just like it in Crown Heights during the 50's -- with three kids and one bathroom!

And it was great!

The long hallway was actually our favorite part of the apartment. On rainy days we used it as our playroom, setting it up as a whiffle-ball bowling alley, toy train yard, or wood-block construction zone. It was also a great place to race our pet turtles!

For a family who can afford it, enjoy!

Nostalgic on Park Avenue

Posted by: NOP at September 25, 2008 7:30 PM

No, I definitely would not pay asking for this place. I might offer a million, but that's projecting the price I think this place will go for in a couple of years.

I have basically decided it's not productive for me to try to fight the market. I'll just rent and wait as prices go down, which they are doing. I have plenty of cash and can pounce on the right property very quickly when the time comes.

Posted by: lechacal at September 25, 2008 8:28 PM

BrooklynGreene: I'm no architectural historian, but I think you are very, very wrong. I think there is no way this apartment would have had "maid's quarters". No way, no how. Instead, like many older apartments (and homes and all residences), one bathroom would have been considered more than sufficient. A kitchen would have been much more prized than a second bathroom and no apartment in the running to have a "maid's quarter's" would ever have had such a miniscule kitchen. You say maybe there was a "smaller" kitchen--how much smaller could it be for such an apartment? The sellers obviously stuck in a second bathroom because one bathroom is roundly seen as insufficient these days.

Posted by: elm08 at September 25, 2008 11:06 PM

ks8000, thanks for the additional thoughts. It's nice having a civilized debate!

NOP, I always love your posts.

Posted by: Biff Champion at September 26, 2008 8:41 AM

Thanks, Biff.

Know what my parents paid for it?

Eighty-six bucks a month! French doors, parquet de Versailles floors, and wood paneling included!

True, the fire place was only decorative. But I don't think this apartment has a wbf, does it?

NOP

Posted by: NOP at September 26, 2008 9:10 AM

NOP, no fireplace from what I can see. The future generations will be amazed to hear we used to be able to heat our homes for $86 a month.

Posted by: Biff Champion at September 26, 2008 9:33 AM

I agree with you elm08. When we were in the market to buy the only condo we saw with a true maids quarters located behind the kitchen was a pre-war 4 bed 3 bath that had two entrances into the apartment from the hallway. One through the grand foyer, the other was a service entrance that went directly into the kitchen. The kitchen as you noted was quite large. While I think this apartment is quite lovely, it doesn't seem to been built with that level of grandeur.

Posted by: TownhouseLady at September 26, 2008 10:54 AM

WestElm08,
There is no likely way they got a toilet added unless there was already a waste stack for toilets right about in that spot. Granted, there may have been just a toilet and sink or maybe just a toilet, not a full bathroom.

As I wrote above, that stack *may* have been added a good number of years after the building was built, but unlikely added in the last bunch of years.

Knowing something about these things, indeed, I confirm that it is quite possible this apartment had a maid's bedroom and a *small* kitchen. This was quite common in houses and apartments with some pretension in cities all over the country. Indeed, even in the late 1930's into the early 1940's, progressive architects like Walter Gropius of the Bauhaus built his Lincoln, MA house, one of the first “modernist” houses in the US, with a small galley kitchen with the small maid's room off it.

Yes, today it may seem that most of the apartments that still have maid's rooms are relatively large Manhattan apartments...interestingly during the Big D Depression of these large apartments were actually reconfigured from much larger apartments. So, the Park Avenue apartment one commenter on this thread lived in had two maid's rooms with a bathroom between them (which seems lavish-ish I guess) BUT that apartment which was maybe a little over half of the floor of a building was actually the result of a 1930’s redo during that huge housing bust. Just 20 yrs before, when that building went up, it had full floor apts and some apts sprawling over two floors with their own interior staircases.

I'm pointing this out to illustrate that even when things were being downsized, maid's rooms with their own (often small) bathrooms were still common in new construction and reconfigurations of existing dwellings.

Have a look at many plans for small, even tiny houses in the 1920's into the 30's and you'll see lots of small kitchens with a service porch (deliveries, iceman, etc.) with small maid's rooms and a little bathroom as in the Gropius House and the other modernist houses nearby (and all the many, houses –not so modernist--built all over the country). Much of this may be obliterated today if a later owner (during the post-WWII period, esp in renos of the last bunch of years) expanded a kitchen by removing the partitions.

You can see lots of houses that may still have a maid's room used as a home office or turned into a breakfast nook in many houses in residential sections of lots of cities in the US with a powder room off the kitchen or back door.

Posted by: BrooklynGreene at September 26, 2008 12:51 PM

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