Condo of the Day: Newswalk Two-Bedroom

How big a discount is Newswalk getting these days for the Atlantic Yards effect? Based on this two-bedroom apartment t certainly looks cheap. The 1,350-square-foot pad is priced at $699,000 and has common charges of just $598 (though we'd want to know when the J-51 tax abatements run out). The major drawback appears to be the fact that it's on a low floor. If you're feeling a little more flush and want some better views, there's also this top-floor unit with outdoor space for $799,000. Interesting?
535 Dean Street [Corcoran] GMAP P*Shark

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According to the floorplan it is a one bedrroom with a study. The second "bedroom" has no window. So, 699K does not seem cheap to me.

Posted by: shillstoner at October 21, 2008 12:40 PM

I will second you on that, shillstoner.

Looks nice enough but it isn't a 2 bedroom.

Posted by: bkheightscoop at October 21, 2008 12:43 PM

pretty sick place for under 700k (not sure if i like the building exterior aesthetically though), with obvious uncertainty with the area. Should AY not go through as planned, somebody might came out on top. Im sure someone will take the risk

Posted by: bktycoon at October 21, 2008 12:44 PM

The interiors are large and nice-looking, but the location's not thrilling. Not much over there except a couple of decent places on Vanderbilt. Agreed, also, that it's not really a 2 BR.

Atlantic Yards is going to be a train wreck (no pun intended) for years no matter who eventually develops it. I wouldn't count on it adding any value to an investment anytime soon.

Posted by: cwbuecheler at October 21, 2008 12:59 PM

not knowing the exact details of AY, can someone explain the impact on this building (other than construction)...will it loose all views, etc?

Posted by: blackstoner at October 21, 2008 1:04 PM

Naughty naughty. This isn't a 2 bedroom. And how about an island in the kitchen. I don't like these kitchens just up against the wall, makes it feel like the kitchen at the office.

Posted by: Adam Dahill at October 21, 2008 1:12 PM

I went to see these apartments a little over a year ago when they were having numerous open houses. I recall seeing similar size and layouts on the lower floors that were in the $545 - $600K range.

Slick layout definately and very clean looking with high ceilings. However, Shillstoner is right...The 2nd BR is really just a study with no window. The living room is very large as is the bedroom, but limited closet space and 15%+ price appreciation over last year make this a 1 BR I would rather not pay that kind of $$$ for.

Posted by: newsouthsloper at October 21, 2008 1:12 PM

same curiosities as blackstoner. top floor seems tempting, but depending on which way it faces, wonder what the impact of ay will be. i.e. view of 6th level of the parking structure 20 feet from your window? unbearable noise from visitors parading in front?

Posted by: goldie at October 21, 2008 1:15 PM

I saw this apartment about a year ago as well. I think it was priced at 799. It is a fantastic apartment. And while the second bedroom doesn't have a window, its still functional for a kid, etc. This apartment is on the first floor so there is limited light, which will continue to diminish if AY structures go up across the street. And talk about noise! The uncertainty of that is why this place is still on the market. But again, very cool place, huge open space and a great place for parties. But for me, my husband and baby, just not quite right.

Posted by: Delilah at October 21, 2008 2:32 PM

Forget the apartment, I'll take the furniture.

Posted by: SnarkSlope at October 21, 2008 2:45 PM

Just want to echo those who take issue with Corcoran's claim that this is a two bdrm. Decent sq footage, but 2 bdrm it ain't. Location also a major drawback. This is why the place has been on the market at 699 for at least FIVE months. When are we going to see prices that reflect the economic meltdown?

Posted by: househunt at October 21, 2008 10:12 PM

The pictured condo is facing Pacific Street. That side of the building will be facing whatever goes up. Other listing for this building show the tax abatement good till 2017.

Posted by: dondraper at October 22, 2008 12:48 AM

I live in the building.

I guess good/bad location is subjective! I live less than 3-5 blocks from ALL of the following:

Some of the best eats/drinks in Brooklyn; Franny's, Farm, James, Amorina, the Chocolate Room, and Weather Up (or a bit more of a walk to Blue Marble for ice cream or Cake Man Raven for Red Velvet).

Some of the best transportation in Brooklyn; Bergen St. (2/3) or Atlantic/Pacifc (B, D, M, N, Q, R, 4, 5) to everywhere, Fulton/Lafayette (C) to Dumbo or (G) to WillyB,

Further, if I ever get bored in Prospect Heights it's also less than 5-7 minutes to both Center Slope, AND the important parts of Fort Greene.

When I get REALLY bored I grab a cab on Flatbush (1 1/2 blocks away) to the City. I have literally never, even in the dead of Winter, waited more than 1 minute for a cab going to the City (O.K. I can only vouch for 12:00AM or later on a Saturday night, but when else would you be going?!?!)

We have several zip cars within the building's indoor garage and a 14,000 square foot roof deck with children's playground. Of course the requisite gym and laundry room for the folks without their own washers/dryers.

Last but DEFINATELY not least, Prospect Heights recently won MYMags second best NYC neighborhood for bars in their Best Of (for Vanderbilt Ave., 1 1/2 blocks away).

Agreed Atlantic Yards sucks, but that has not stopped people from buying (slowed maybe). No less than 14 apartments facing PACIFIC STREET (project side) of the building have sold since the announcement of AY, including 5 above $1 million. With the economy the way it is and a building assessment a 6th $1 million + apartment facing the project is in contract and should close soon. Many of the apartments I mention are on the first floor, and my count does not include apartments on the other side of the building.

The apartment in question has been on the market forever, but I'm surprised at some the reasons people are giving here. I think it's just overpriced.

P.S No, it's not my apartment and I am not the agent.

Posted by: NewswalkRules at October 22, 2008 7:18 PM

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October 21, 2008

Condo of the Day: Newswalk Two-Bedroom

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