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January 26, 2009

Co-op of the Day: Turner Towers Whopper

turner-towers-012609.jpg
Our Turner Towers love-fest last week prompted one reader to bring our attention to another, larger listing in the grand old co-op. This seventh-floor three-bedroom weighs in at a whopping 1,800 square feet and has a large dining and three bedrooms to boot. Downsides? The kitchen and bath "need work." The price tag for this pre-warry goodness? $1,100,000. Any recent comps in the building for this? We couldn't find anything relevant on Property Shark.
135 Eastern Parkway 3BR [Douglas Elliman] GMAP P*Shark




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Comments

I think they are nuts if they think 1.1 is a good price for an apartment with kitchen and bath that need work. Even in peak bubble pricing this would be a stretch at that location.

Posted by: wasder at January 26, 2009 12:43 PM

this is a Classic 6, not a Classic 7, right?

Posted by: Ringo at January 26, 2009 12:47 PM

That maid's room is not what one would think of as a third bedroom.

Posted by: BH76 at January 26, 2009 12:48 PM

When looking at the arrangements for the help of the past, it always amazes me how stingy architects, who were only reflecting societal norms, were with space. These were the people you trusted to live in your home, and clean up after you 24/7. Yet their rooms are now not even considered large enough to put a child in now, and in this case, are used for the washer/dryer.

I guess behind the kitchen is better than in a drafty attic, as in many larger brownstones and mansions.

None of that has anything to do with the worthiness of this apartment, which seems to have a great deal of space, and I'm jealous of the multitude of closets. Worth 1.1? Who knows!

Posted by: Montrose Morris at January 26, 2009 1:01 PM

Perfect.
Arguably better than a brownstone.
The floorplan is wonderful.

Posted by: sam at January 26, 2009 1:02 PM

Pros: gigantic, nice view, good shape, nice details, doorman (if that's a pro for you).

Cons: concrete shoebox. Neighborhood lacks stores, restaurants, etc. Maid's room is NOT a third bedroom. Not a condo, so you probably can't knock down some of the unnecessary walls without lengthy board deliberation. Paying over the mansion tax for fixer-upper co-op kinda sucks. Maintenance adds another $1500 to your monthly payment.

Yeesh. For the monthly payment on this co-op, including maintenance, you could likely buy a nice row-house in any number of desirable neighborhoods. Doesn't seem worth it to me.

Posted by: cwbuecheler at January 26, 2009 1:02 PM

CW- your cons re: nabe lacking stores, restaurants is way off. It's got all of PH's Vanderbilt and Flatbush businesses, is right across the street from Farmer's Market and park (your "etc") and is less than 10 minutes from 7th Ave. in Park Slope.

Posted by: Fjorder at January 26, 2009 1:06 PM

sam--you right that that is a super cool floor plan. But still paying as much for this apt as you can get a whole house for in many brownstone neighborhoods (and still having 1500 monthly maintenance) just doesn't add up.

Posted by: wasder at January 26, 2009 1:08 PM

It seems grossly overpriced for what is actually a 2 bedroom plus a den.

I agree with CW on your pros and cons.

Posted by: 11217 at January 26, 2009 1:08 PM

fjorder--it is true that plenty of stores and restaurants are fairly close to this location but cwb is right that it is hard to just walk out your door to something here.

Posted by: wasder at January 26, 2009 1:09 PM

This is a two-bedroom, with a weird other room, and the entrance seems awkward and cramped. Isn't $1,500 kind of a high maintenance?

Posted by: Brooklyn Chicken at January 26, 2009 1:11 PM

ok wasder. there's nothing within one block. I would think that people would consider walking more than two blocks; I forgot to consider that many people are lazy.

Posted by: Fjorder at January 26, 2009 1:13 PM

This is a fancy-pants modern apartment, but not one that I like. The space would be much better spent massing the dining/living/hall/kitchen in one area with windows all around. Instead there are overly large bedrooms. It's typical of the era though.

Posted by: mopar at January 26, 2009 1:13 PM

I always like Turner Towers on paper but less so in person. I think it's because the rooms all feel too long and narrow (what a difference it would be if the ceilings were a bit higher) and because even these front apartments have too many dark rooms with interior-facing windows.

Posted by: Ringo at January 26, 2009 1:18 PM

what would 1.1 get you on PPW?

Posted by: dirty_hipster at January 26, 2009 1:19 PM

fjorder - I live in North Slope. There's nothing on that stretch of eastern parkway that's not far enough away to be a pain in the ass, during the winter (and on very hot summer days, for that matter). It's not impossible to get to various commercial stretches, no, but I wouldn't call them nearby. Not by New York standards anyway.

Posted by: cwbuecheler at January 26, 2009 1:22 PM

For the same price and square footage, I'd rather take this place.

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1434744&ohDat=


Looks like it needs some updating and one of the bedrooms is tiny (it has 4 though), but for a price comparison, this looks better to me. I guess the no doorman might be a deal breaker for some though...

Posted by: 11217 at January 26, 2009 1:22 PM

This is a classic 6, not 7 (I HATE brokers that lie). And having been in many on the UWS, I can say that it is a great layout for what it is - a 2br, with maids room, and sep DR. Its not loft living, but an old school layout (which I like). Still, with some updating, would be gorgeous. But, I agree, not sure that someone wants to pay over a million to live in an apt on East. Pkwy that needs updating. I dont. It is a pain in the ass to walk to vanderbilt or to 7th avenue to shop, particularly with many grocery bags and possibly a kid in tow. And its a bit of a walk to the 2/3 on a cold day like today. And the schools dont compare to the slope (figure a family would be buying this).

Posted by: saminthehood at January 26, 2009 1:23 PM

"I would think that people would consider walking more than two blocks; I forgot to consider that many people are lazy."

I hear you to a point fjorder, but there is something to be said for immediate convenience and I don't think it makes one lazy to hope for that at this price range.

Posted by: wasder at January 26, 2009 1:23 PM

I think this is a better apartment also for the same price...

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1372456&ohDat=

Posted by: 11217 at January 26, 2009 1:24 PM

Brownstoner:

Now here's an example of my old neighborhood, Crown Heights, at its best.

(Yes, before the moniker "Prospect Heights" -- a real-estate marketing ploy -- Eastern Parkway all the way to Grand Army Plaza was Crown Heights, at least during the 1950s, when I lived in the neighborhood as a boy.)

Turner Towers then, as it does know, loomed large in the area, and in people's consciousness. One example of its prominence: It had its own number in the telephone book. (Once when looking up a pal I came across it. Few other Brooklyn apartment houses listed, or even had, their own numbers, which to a little kid indicated the place's worthiness.)

Sadly the parkway back then, if elegant, was in decline and my mother, concerned about her kids' safety on the dark thoroughfare with building entrances set far back from the street, refused to move the family there. Besides, "No one lives on the parkway any more," one of our parents' friends said while driving us by in his big, black Lincoln on our way to the museum.

To this day my brother, now in his fifties, rues our parents' decision. "Think of it," he says, "The park, museum, and Botanical Gardens all there. Were they crazy?"

And this from a man with his own sprawling "Classic Six" on the East Side!

I once heard from family acquaintances in the building that there was a special pent house built up top during the 1939 World's Fair as a "model" apartment for the future. Never saw it. Was never able to confirm it.

But I'd like to think it's true. To this day the thought of it gives me a smile when I pass the building on the way to the museum.

What must an apartment for the future have looked like in 1939? And what better place to experiment than at the top of Turner Towers, with its 360-degree views of all of New York?

Nostalgic on Park Avenue

Posted by: NOP at January 26, 2009 1:31 PM

I'm not inherently lazy - I walk all over the place in Brooklyn. But when the weather dips into the twenties or below, it makes me happy that basic amenities are less than a street-block away from where I live. Walking two avenue blocks in arctic winds with a bunch of grocery bags sucks.

I am admittedly not an Eastern Parkway fan. I don't like gigantic condo/co-op buildings, and I don't like relying on the 2/3 for transportation.

Posted by: cwbuecheler at January 26, 2009 1:32 PM

Yes, people are lazy and dont like to walk. But having to trek 10 minutes to the grocery store just to pick up a few items, or to the dry cleaners, really wears on you - especially in the winter. Location truly matters. Unless you work at the museum, the location aint worth the money.

The Corcoran Lincoln place apartment is awesome, but only better due to location.

Posted by: saminthehood at January 26, 2009 1:39 PM

It would take a lot of work, but this could be turned into a 3BR. there is a lot of wasted square footage between the huge foyer, "gallery", and the unusable Maid's room. you'd sacrifice some closet space but you gotta rip out a bunch of those walls.

Posted by: TD at January 26, 2009 1:45 PM

Well that was my point Saminthehood.

Location is of utmost importance and with the prices being equal, Lincoln Place seems like a great comparison since that location seems far superior.

If for no other reason than the additional access to the Q train.

Nevermind shopping, restaurtants, etc.

Posted by: 11217 at January 26, 2009 1:46 PM

washington has all kinds of stuff. Some great curried goat and rice at that Islands place.

Posted by: Santa at January 26, 2009 2:17 PM

Nice 2 bedroom with laundry room. Way over priced, though.

Does Turner Tower still have a 25% flip tax for sellers, or has that been cut back?

Posted by: shillstoner at January 26, 2009 2:22 PM

Actually, the neighborhood of Prospect Heights has been called Prospect Heights since at least the 1920’s when the Prospect Heights High School located on Classon Ave and Eastern Parkway was built (the name is carved in the lintel above the entry). Going back further Prospect Heights was the original name for the entire North Slope/ Prospect Heights areas! So the realtors aren’t to blame this time.
Eastern Parkway is a wonderful street to live on—but this classic 6 looks pretty ordinary and isn’t worth the $1.1M price tag. Turner Towers also has a 25% flip tax( 25% of the sellers profit!)….

Posted by: PHfamily at January 26, 2009 2:26 PM

Re: Lincoln Place. In my opinion, Turner Towers is a better location, since I go to the park and library a lot more often than I go to restaurants and shops. I'm just not a very good consumer.

Posted by: Sparafucile at January 26, 2009 2:32 PM

Posters who are cringing at the monthly maintenance have obviously no idea what carrying costs are on a house.
The maintenane includes your real estate taxes, and the salary for the doorman, who is the fellow who will accept your deliveries from Fresh Direct, the Dry Cleaners, Omaha Steaks, and your internet purchases, for those who do not wish to walk in the cold to buy things. He will have them all ready for you to pick up at whatever hour you get home from work. It's nice. I don't get all the negativity at this beautiful pre-war building.

Posted by: sam at January 26, 2009 2:34 PM

To each his/her own, Sparafucile. I don't think it's so much about shops and restaurants as it is transportation and grocery stores. Both relatively basic needs in the big city.

In any case, the price is too high for where it's located when there are similar apartments in far superior locations for the same price. That's really the point, I think.

The location might not be superior to you, but I do think most people would say Lincoln Place between 7th and 8th is a better locale than Eastern Parkway.

Posted by: 11217 at January 26, 2009 2:38 PM

Sam,

I don't think anyone's being particularly negative. It's just that the asking price is too high.

Way too high for what/where it is.

That's all.

As we've discussed here many times before, not everyone is interested in a doorman and the expense that goes along with paying over $18,000 a year to pick up some packages.

Posted by: 11217 at January 26, 2009 2:40 PM

How do you arrive at a $18,000/year expense for the doorman?

Posted by: SnarkSlope at January 26, 2009 2:49 PM

I was just saying the maintenance costs are 18K a year or so.

I realize only a fraction of that actually goes to the doorman, but still...it's a hunk of change to go to services some people don't want or need.

I'll keep my 250 a month maintenance and have my packages delivered to the office and do my own grocery shopping.

I think a price of 799K on this would get the job done.

Posted by: 11217 at January 26, 2009 2:52 PM

Actually, President and 8th is better location for the Park and almost as close to the library. The locations do not begin to compare.

Posted by: saminthehood at January 26, 2009 2:52 PM

I have a friend who lives in turner towers and redid her whole kitchen, moved it over into the diningroom and created a real third bedroom with 1/2 bathroom. It looks gorgeous. That said, they bought the place in the 80's for a lot less than 100,000. The maintenance is so high due to years of deferred maintenance. I like turner towers, but it is inconvenient.

Posted by: kaylas at January 26, 2009 2:52 PM

here's another apartment in the same building:

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1340492

seems like a better deal, actually. although it would require a renovation, it has the terrace.

Posted by: pennoyer at January 26, 2009 2:54 PM

11217, I agree with you. If you work from home for instance, you are there to accept deliveries and Fedex envelopes, and there whenever minor repairs need to be done, etc, etc. You would not need a doorman and live-in super. But if you work in Manhattan and keep late hours, the convenience of a full-serv building is really worth every penny. This is a Manhattan-style luxury apartment building. That is probably why there seems to be a reaction agaisnt it. Many don't like living in large multi-family buildings. No matter how nice.
1.1 million seems like a very reasonable price to me for this huge apartment in this gorgeous building.

Posted by: sam at January 26, 2009 2:57 PM

> "http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1340492"

One, please.

Posted by: SnarkSlope at January 26, 2009 2:58 PM

> "I think a price of 799K on this would get the job done. "

Agreed.

Posted by: SnarkSlope at January 26, 2009 2:59 PM

Did someone say it's a hike to the 2/3? The subway entrance is right outside the door!

Posted by: rf at January 26, 2009 3:05 PM

They've got a gym and playroom in the basement. And storage. It's kind of like a self-contained oasis, that building. I sort of love it, even though it is well out of our range. It would be fun and Harriet-the-Spy-esque to grow up there, I think.

I love the penthouse, but that layout is nuts.

Posted by: Heather at January 26, 2009 3:18 PM

A hike to the subways?
some of the comments today are really wacky.
On another thread a beautifully maintained co-op in
Cobble Hill was described as a "project".
Well, it's Monday.

Posted by: sam at January 26, 2009 3:19 PM

Brownstoners:

Eastern Parkway -- and Park Avenue, Fifth Avenue (along the park), Riverside Drive, West End Avenue, etc. were deliberately built without retail (except the occasional corner) originally by private agreement and then by zoning as "first class" residential thoroughfares.

For Eastern Parkway, especially, the separation of domestic and commercial life was important for people whose memory of living in Lower East Side and East New York tenements was fresh. In these "lower class" districts, Eastern European immigrants and their off-spring lived above shops. To become middle-class (and assimilated) meant living on a prestigious street without them (and in buildings called Martha Washington, Abraham Lincoln and Woodrow Wilson linking aspiring first- and second-generation Americans with their country's history). That makes it less convenient for people today, but no less interesting for Brooklynophiles like me.

And PHFamily, I'll split the difference with you.

Yes, there's Prospect Heights High School, a former women's vocational school that had a summer day camp for neighborhood kids that I attended once for a couple of weeks. And there's "Prospect Heights" in the history books. But in my decade of living in the area I never heard the name used by anybody living on the parkway, Grand Army Plaza, Vanderbilt Avenue or the sidestreets. It's popular use is a relatively recent phenomenon, paralleling the spread of brownstoners from Park Slope to establish a rival "brand" against the more expensive neighborhood on the other side of Flatbush Avenue. In my day, there were a few, big, fat Brooklyn neighborhoods (Flatbush, Crown Heights, Williamsburg, etc.) and none of this fine shading block-to-block -- so advantageous when selling brownstones and condos.

(Another historical tidbit: Any part of "Park Slope" below Fifth Avenue was dismissed as "South Brooklyn" during my grandparents' generation.)

As for this apartment's price: It's about half what one would pay for a one bedroom in a condominium neighboring my Manhattan co-op. And given the state of the market, I imagine quite negotiable. (Although I'd hold off for six months or more before even considering buying anything!)

NOP

Posted by: NOP at January 26, 2009 3:30 PM

Sam,

It's very easy to see how those buildings on Congress could be considered projects. I've walked by there with many friends from Manhattan...ALL of whom thought they were projects.

Not everyone has such a discerning eye as you.

As for the subways, the 2/3 is close by, but the other apartments I linked in the North Slope (for the same price) are also around the corner from the Q train, which is far superior, in my opinion. 4 stops to Union Square and 6 stops to Times Square.

Posted by: 11217 at January 26, 2009 3:30 PM

11217 if you thought those Congress Street buildings are projects, you are not a New Yorker.
I could see how one may think that from that fish-eye cam on Google street view, but not in person.
That's just crazy talk.

Posted by: sam at January 26, 2009 3:42 PM

Sam,

1. No, I'm not a New Yorker. I've lived here for 9 years though and plan to stay.

2. I did not think those buildings were projects...I said my friends did. But I'm just trying to illustrate to you that the first response to many people seeing those buildings upon first glance is...project. It makes the thought of a house being sold for Malibu prices across the street, worthy of discussion, I think.

Posted by: 11217 at January 26, 2009 3:49 PM

"(Another historical tidbit: Any part of "Park Slope" below Fifth Avenue was dismissed as "South Brooklyn" during my grandparents' generation.)"

You must have very young grandparents. I'd say it was well into the 1980s that Park Slope ended above 5th Avenue, particularly as you go farther south, into the numbered streets.

Posted by: Sparafucile at January 26, 2009 4:01 PM

I am a staunch, unrelenting admirer of pre-war apartments, and plan to own one of my own in Brooklyn one of these days, but I have to say that this pricing is completely insane. It just goes to show how drastically the real estate dialogue has changed in the bubble. Over a million dollars? To live 15 subway stops from midtown? With a whopper maintenance reflecting years of deferred charges? In a neighborhood that's been "up and coming" for the better part of ten years, and making little real progress?

Yeah, the park and museum, etc. is a huge bonus, and I'll never live in Manhattan -- never have -- so that comparison doesn't hold up for me, but a million-plus is going to look very comical a year from now. You should be able to buy this for half that.

Christ, I'm starting to sound like The What.

Posted by: lucille at January 26, 2009 4:15 PM

Lucille,

You can see by my above comments that I totally agree with you about the price being insane. Although I think 800K makes a little more sense. 500K would be obscene.

But I do have to disagree about the neighborhood. Vanderbilt in the last 10 years has made a major resurgence, now lined with fashionable stores, restaurants and bars.

The other major addition to this neighborhood is the new Richard Meier building, which has elevated this area of Prospect Heights into the limelight with apartments in that building commanding some of the highest ever recorded in the history of Brooklyn.

Underhill and Washington have also made progress, but I believe more is in order to come in line with these prices. Either that, or prices must come down a bit.

The rest, I totally agree with you.

Posted by: 11217 at January 26, 2009 4:25 PM

Sparafucile:

Your note indicates that the demarcation line between Park Slope and South Brooklyn lasted 100 years or more!

I imagine the designation "Park Slope" will eventually extend to Bay Ridge and "Prospect Heights" to Albany Avenue, if left to the realtors and speculators.

NOP

Posted by: NOP at January 26, 2009 4:29 PM

from the 1939 WPA Guide to New York City:

"The PARK SLOPE DISTRICT, centering about the Grand Army Plaza entrance to Prospect Park at the intersection of Flatbush Avenue and Eastern Parkway, has been since the mid-nineteenth century Brooklyn's "Gold Coast." In the quiet streets off the plaza are rows of residences that rival the mansions on Manhattan's Fifth Avenue. Around the plaza itself, and towering above the huge Soldiers' and Sailors' Memorial Arch, are tall apartment buildings, a solid bank of which extends down Eastern Parkway opposite the new Central Building of the Brooklyn Public Library and the Brooklyn Museum. Behind the latter are the grounds of the Botanic Garden, separated from Prospect Park to Flatbush Avenue. The broad, tree lined parkway, leading straight to the arch, recalls the Cmaps Elsees.

Prospect Park West is an equally fine neighborhood, which west of Sixth Avenue changes into an area of seedy houses, industrial plants, and warehouses. In the latter section dwells a small colony of Newfoundlanders, known to the neighborhood as "blue noses" or "fish," who gain a livelihood on the fishing smacks that go down to the sea from Sheepshead Bay."

Posted by: Sparafucile at January 26, 2009 5:04 PM

M.M. wrote [of the maid's room in this apartment];

"I guess behind the kitchen is better than in a drafty attic, as in many larger brownstones and mansions".

That's where it is in my house which, at three stories [or, technically, two stories and basement] is neither a larger brownstone nor a mansion]. The closet is about a foot deep--enough for a couple of changes of uniforms. There's an alcove that's just as large enough for a single bed. However, that alcove fits our washer and dryer nicely and there's enough space for the former maid's room/now laundry room to double as my darkroom.

On another matter, it was interesting to read about the 1939 WPA guide's distinction between Park Slope, centered on GAP, and Prospect Park West, extending west from PP. When I first met my wife in the late '60s my future brother-in-law had an apartment on 8th Ave. near Carrol street and my (future) wife referred to his neighborhood as "Prospect Park West". I didn't hear the term "Park Slope" until 1969 or so.

Posted by: Bob Marvin at January 26, 2009 7:46 PM

in 1996, i looked at a 15th floor apt - bigger even - with manhattan views. it needed an overhaul, but was $150K. i also looked at a penthouse, forget that price. that place was a bargain, and i knew it, but couldn't handle the area then or the work required.

Posted by: wine lover at January 26, 2009 8:07 PM

Bob Marvin:
Neighborhood boundaries are in the eyes of the beholder! And they always shift, one side of a street to another.

Wine Lover:
1996 wasn't that long ago. $150K for a "bigger" place at Turner Towers means its prices have multiplied at roughly the rate they have in Manhattan -- even if this million-dollar pad drops in value. (Still, I wouldn't buy in this market, unless I planned to live in the property for a good long time.)

NOP

Posted by: NOP at January 26, 2009 9:00 PM

11217,

I'm glad the neighborhood is coming around. I admittedly haven't been there (other than riding my bike down Eastern Parkway) in almost two years.

Who knows, maybe 800K is more appropriate today, at this moment, but I genuinely believe we've only seen the tip of the iceberg on the bubble bursting. In 2010-2011, I'd bet this'll be at 400K or less. Not because I think the entire market will lose that much, but because this is a particularly far-flung property. Right now, there's a 3BR prewar (two combined apartments) for sale on Pierrepont near the promenade for 100K more.

I posted a couple of months ago that I've long been a fantasy shopper of 3BR prewars, and that for the past couple of years, there would only be 2 or 3 for sale in BH at a time. As of October, there were just shy of ten. Now there are 20. A third of them are priced close enough to this to make them comparable. I'm not hoping for anyone to get battered and bloodied by the real estate market by any means, but for the love of God people, do not buy right now. Man.

Posted by: lucille at January 27, 2009 8:43 AM

having lived in the A line of turner towers at one point in my life...i found the comment about the presumed darkness of the apartment rather puzzling. the A line has very few interior windows, and is so flooded with light at times you feel like you're in a greenhouse. also, the view is spectacular...and the access to the subway is unrivaled. the negatives are the lack of restaurant options...coffee shops, etc...the area can be a bit isolating, but if you have children the large space may trump those issues...

Posted by: belladaisy at January 27, 2009 9:38 AM

For comparison,#6E, which is about 1,760 SF, closed in early Jan. for $785,000.

Posted by: rsh at January 27, 2009 4:07 PM

Dear Commenters-
Just a quick note... this apt was originally a classic 7 (the living room and master bedroom were expanded where the third bedroom used to be) and can be easily returned to its original floorplan. That's why we listed it that way. Kitchen and baths are usable as is, but most purchasers would want to renovate.
- Christine Blackburn (exclusive broker)

Posted by: christineblackburn at January 28, 2009 12:48 PM

Christine Blackburn:

I guessed as much. Checking the apartment's columns and beams shows the walls don't quite align with the structural system.

That third bedroom actually makes the apartment more elegant, if the buyer is willing to give up some space in the reconfigured living room and bedroom.

But two bedrooms facing the museum and Gardens?

What could be nicer!

NOP

Posted by: NOP at January 28, 2009 1:24 PM

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