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January 27, 2009

Co-op of the Day: 420 12th Street 2BR

We're liking the looks of this two-bedroom, two-bath loft at the Ansonia in the South Slope. In this case, the exposed brick works well in relation to the wood-beamed ceilings of the 1,200-square-foot apartment and the interior courtyard is killer. The new listing—the first open house is this weekend—comes with a price tag of $899,000 and a monthly maintenance of $921. While that's still $750 a foot, there are several apartments in the building that have sold for more money in the past couple of years.
420 12th Street 2BR [Corcoran] GMAP P*Shark

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Comments

I love the Ansonia and think that this particular apartment is a BEAUTY!!! Not loving the paint colors, but otherwise, I could do WONDERS with this space!!

To do a price comparison with another city, I've looked at some similar looking lofts in the Pearl District of Portland, Oregon and a place of this size and quality would not be all that much more inexpensive, if at all.

Posted by: 11217 at January 27, 2009 12:44 PM

No floorplan, no photos of kitchen/baths -- not an auspicious start.

Posted by: BH76 at January 27, 2009 12:44 PM

I love that apartment too. Can't really comment on price because I don't know comps around there but I dig the exposed brick and the beams. I could be happy there.

Posted by: wasder at January 27, 2009 12:53 PM

I personally like the Newswalk buidling more and theres a place listed for 799k thats around the same square footage.

theres a 1000 sqf place listed for 600k in the building as well.

Posted by: Santa at January 27, 2009 1:08 PM

Ansonia is a much better location than Newswalk imo.

That said, the units in the Ansonia Court building (like this one) have fairly odd layouts that lead to surprisingly small rooms. Will be interesting to see the floorplan. Also, this building is a walk-up. The taller Ansonia building next to this one have elevators. The courtyard at this building is spectacular.

Posted by: slope11215 at January 27, 2009 1:12 PM

Newswalk is a dreadful location, in my opinion.

Posted by: 11217 at January 27, 2009 1:15 PM

FLOORPLAN ... huh ... good GOD y'all!
What is it good for?
Sellin' me this condo
(say it again!)
FLOORPLAN!

Posted by: cwbuecheler at January 27, 2009 1:16 PM

What floor is it on? The listing says roof rights so you can bet it's 3rd/4th floor (this building is a walkup). Oh- and you can forget about actually building anything on that roof, only one unit has ever made it through the process.

No floorplan, but it's a new listing so I expect all will be revealed soon.

No pics of bathrooms or kitchen is concerning. The units I've seen in this building typically need work.

At $899 this is $100K less than a comparable 1200sf unit that came on the market last spring.

The courtyard is nice, but how much in monthly maintenance is that worth to you?

The location of these buildings is pretty good - but if you have the $$ it makes more sense to go for one of the condo / elevator buildings rather than this walk-up co-op.

Posted by: jasong at January 27, 2009 1:30 PM

I was listening to the news and it seems that those areas of the country that did see a drop in pricing and where the market is picking up again have seen prices stabilize at 2004 levels.

Streeteasy had a sale in Nov 2005 at just over $650/sf. Also I go by my staple which is a 3br/2ba in the yorkville section of the UES in a full service building currently on the market at under $700/sf. ($950K / 1350sf). granted the UES place still needs one of the baths updated. Kitchen and 1 bath already updated.

Gotta believe that this is overpriced by $100 sf or more. At $650/sf, this would sell for $780K. You think there is any chance that the seller would settle for that?

Posted by: Ozymandius at January 27, 2009 1:47 PM

i guess i would rather live on dean in prospect heights than 12th street in park slope.

Posted by: Santa at January 27, 2009 1:50 PM

The problem isn't Dean Street, the problem is that it's facing a huge construction site for the next 10-20 years.

And lord knows what's going to end up there eventually. Not to mention the actual construction noise right outside your window. You are basically facing Atlantic Terminal...one of the ugliest buildings in all of Brooklyn.

I can see the attractiveness to transportation though...and I can also see some viewing 12th Street as tucked away and remote, but the hole in the ground in front of Newswalk would be a deal killer for me.

Posted by: 11217 at January 27, 2009 1:54 PM

Key factor that you haven't mentioned that drives pricing difference between Dean St and 12th St is the public schools.

Posted by: jasong at January 27, 2009 1:58 PM

i agree with the construction factor. I just like the newswalk building more. I have friends that live on 12th and 8th ave and I spend alot of time in the area and love it.

dealing with only the F does suck tho.

Posted by: Santa at January 27, 2009 2:12 PM

Not by any means touting this place but it's bigger & closer to the city. I came across this on the Halstead website. It's close to my hood of Fort Greene rather than sticks of 12th st.

Thoughts?

http://www.halstead.com/detail.aspx?id=1597314&ab=TAB

Posted by: PropJoe at January 27, 2009 2:13 PM

Prop Joe, great layout but I'm pretty sure that is right on the Atlantic Ave/Flatbush Corner across from One Hanson Place.

Posted by: DeLepp at January 27, 2009 2:22 PM

that place looks incredible. I just cant think where that building would be around 3rd ave and flatbush.

Posted by: Santa at January 27, 2009 2:22 PM

Looks nice, but judging by the map on Streeteasy, the location is horrendous. Right there smack in the middle of the most nightmarish traffic corner in Brooklyn.

Posted by: 11217 at January 27, 2009 2:28 PM

Wouldn't being on the border of 5 hoods & across the street from every train be more appealing than being 45 minutes out from midtown. It takes me 20 minutes door to door from Fort Greene to 14th st via Atlantic. Given what we all see here, price seems in line. Just saying

$899k $791k
1200 sqft 1350 sq ft
courtyard courtyard
$921 cc $451 cc plus taxes
45 min 20 min commute to 14th st
commute
to 14th st

Seems obvious.

Posted by: PropJoe at January 27, 2009 2:28 PM

Doesn't seem "obvious" to me.

The most important factor in real estate is Location, and while the neighborhood is good, the actual location of the apartment sucks.

It's also been on the market forever, I'm pretty sure.

And the schools in PS are far better.

It might be better for some (maybe a couple without kids or a bachelor), but I really don't think it's "obviously" a better apartment.

As I said, the traffic around there is a total nightmare.

Posted by: 11217 at January 27, 2009 2:34 PM

Propjoe,
That building is on state street, and off the main artery, so not so bad. As to the apartment - if you like open loft space with kitchen appliances just thrown in against a wall, it may be up your alley.

Posted by: saminthehood at January 27, 2009 2:36 PM

Remember that the Ansonia is a fairly short walk to the subway stop at 9th Street and 4th Ave, which provides quick access to the Q, N, B and D express trains.

Posted by: slope11215 at January 27, 2009 2:39 PM

Here is the info from Streeteasy on your apartment, Propjoe.

First of all it's been on the market for 255 days.

Secondly the price on it was INCREASED 3 months ago. Shows just what kind of idiots there are over at Halstead.

05/17/2008
Listed in StreetEasy by Halstead Property at $719,000

10/17/2008
Price increased to $791,700

Posted by: 11217 at January 27, 2009 2:41 PM

I've owned my apt for 12 years now so, no, I'm not in the market but you all be trippin' if you think the Ansonia is better. It's not a better location. PS is so boring on 12th st. 200 more sq ft for $108k less is certainly more appealing not to mention you can be in any brownstone hood in minutes & in Union Sq in 20 minutes flat. The upside is much greater over there

Posted by: PropJoe at January 27, 2009 2:41 PM

$899,000 for The Ansonia just seems plain stupid

Posted by: PropJoe at January 27, 2009 2:42 PM

I'm pretty sure this is also the same property that someone used to "spam" brownstoner with on practically every thread months ago.

Not really giving much hope that you aren't a broker, PropJoe.

Posted by: 11217 at January 27, 2009 2:43 PM

Let's see how long it takes the Ansonia to sell.

I bet your State Street place will still be on the market when it does...

Perhaps with another price increase too.

Posted by: 11217 at January 27, 2009 2:44 PM

I have a memory of hearing that the Ansonia complex has some massive underlying balloon mortgage situation that will hit in a few years - thus causing all the maintenance fees to increase dramatically. Does anyone know if that's true? It's possible I'm confusing it with something else.

Posted by: Park_loper at January 27, 2009 2:46 PM

I'm not a broker 11217. I'm in Print Design in Union Square but thanks for trying.

Posted by: PropJoe at January 27, 2009 2:47 PM

It ain't my property, yo!

Posted by: PropJoe at January 27, 2009 2:47 PM

If the place was so great, don't you think it would have already sold after 255 days on the market?

If it's simply great, but overpriced, can you tell us why the price was increased right as the entire U.S. economy was on the verge of collapse.

I wouldn't want to buy it out of sheer spite that the broker representing the property is so out of their minds that they don't deserve the commission.

Moral of the story. The property has not sold because it is overpriced.

Posted by: 11217 at January 27, 2009 2:52 PM

Educate me: how much should this place sell for?

Posted by: PropJoe at January 27, 2009 2:55 PM

Well...since according to Streeteasy, NONE of the units have sold for more than 700K and many of those were a year or more ago, I'd say 650K.

It didn't sell for 719K when it was listed as such from May - October 2008, and since are now in a major economic crisis, it CERTAINLY needs to go for less than that.

Maybe even 599K.

Posted by: 11217 at January 27, 2009 2:59 PM

So, at 599k you're talking $445 a sq ft. wow, you are stupid

Posted by: PropJoe at January 27, 2009 3:05 PM

No more stupid than the owners/broker who raised the price by over $70,000 the day after Lehman Bros collapsed after it had already been sitting on the market for over 5 months.

Posted by: 11217 at January 27, 2009 3:08 PM

Parkloper, a ballon payment is quite common and shouldn't make things difficult in this current environment to roll-over to a new mortgage at that time. That said I don't know their financials but I would assume that they would re-finance the mortgage, and with rates where they are now get a cheaper rate.

Posted by: DeLepp at January 27, 2009 3:11 PM

First off, don't assume that the Ansonia will simply rollover it's mortgage and get a lower rate-- the Ansonia is a coop and as such has very limited access to finance. We rolled our underlying mortgage over a year and a half ago and it was an expensive pain in the balls. Secondly, how is it that PS takes it on the chin all the time for being so overcrowded with yuppies and now in the thread the big complaint about 12th street is that it's hidden in the sticks and boring? I'm no great fan of the Ansonia and I agree that the F train is no treat, but c'mon Newswalk is smack in the middle of an asphalt jungle and is a front row seat to a construction debacle. Just how long will it take to get someplace green from Newswalk? The Ansonia is a block and a half from the Park and zoned in a terrific school district.

Posted by: lifeofreilly at January 27, 2009 4:54 PM

i have looked at apartments in the ansonia each time i bought (3x total), and every time i thought they were overpriced. no central air, i think no washer dryer, not convenient, and too small.

i have never understood why these are priced this way.

Posted by: wine lover at January 27, 2009 4:59 PM

I doubt NCB would demand payment on the ballon when they could make a fortune in interest for the next ten years. It's a captive audience and a steady cash flow. I'm making an assumption that it went coop in the 80s based on the look of the kitchens/baths so their underlying mtg can't be sky high. A maintenance of $921 on 1200 square feet is pretty reasonable, if there were isues the fee would be higher.

Posted by: DeLepp at January 27, 2009 5:48 PM

We considered buying one of the three bedroom units in this building when we first moved to Park Slope about five years ago. I think it was priced just under a million then. I don't regret not buying it. I know a handful of people who own units in this building who complain that it is very loud -- the stairwells are echo-y, noise travels within and kids are screaming in the courtyard all day all Spring and Summer. It also has this very Melrose Place-y vibe where everyone knows each other and knows each other's business. Not for me, but I can see why that might be attractive to some. It's a community within a community. From what I've heard, these places often sell to friends of people who already live there, which perpetuates the whole thing. I'm sure this place will sell close to ask to someone who knows someone who already lives there.

Posted by: Nobrokersplease at January 27, 2009 6:43 PM

« Last Week's Biggest Sales House of the Day: 177 St. James Place »

January 27, 2009

Co-op of the Day: 420 12th Street 2BR

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