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February 23, 2009

Condos of the Day: 417 Park Place

417-Park-Place-Brooklyn-0209.jpgThe brownstone at 417 Park Place in Prospect Heights has been converted recently into condos; the three units hit the market earlier this month. Other than preserving the original shutters, it's hard to see much to recommend this place. Then again, there could be some nice aspects to it, but the website and listing are both so poorly done that you'd never know it. Price are $599,000 for the ground-floor apartment, $899,000 for the middle duplex and $779,000 for the top duplex. We shall see.
417 Park Place [Century 21] GMAP P*Shark




Posted by Brownstoner at 12:40 PM | Comments (21)
Categories: Condos, Prospect Heights

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Comments

Im usually the 1st to cry "overpriced".
But these seem well priced to me.
Yeah the website and listing are poor but if the details are accurate, seems like a good buy.

Posted by: Prodigal_Son at February 23, 2009 12:57 PM

"it's hard to see much to recommend this place. Then again, there could be some nice aspects to it, but the website and listing are both so poorly done that you'd never know it"

not to nit-pick, but why put this up as a COTD? is there nothing out there more worthy of someone buying - i.e. good deal, impressive space, tolerable website, etc?

Posted by: goldie at February 23, 2009 1:03 PM

This should set a bar for purchasing investment property. 5 story brownstone with almost 4000sf will sell for $2.3 MM if it gets full asking price. If you back out the renovation costs,carrying costs, and desired profit you should get a good idea for what an unrenovated property should sell for.

Anyone have a good idea of how much the renovation costs are?

Posted by: Hot For Brooklyn at February 23, 2009 1:05 PM

I actually don't find these too bad. The low taxes and common charges are nice. It looks like some of the interior touches were kept (like the wood around the windows), and the floorplans look fairly generous. Subway access is a bit of a hike in the winter, but for under $500/sf, that's not so bad. The block's nice, and tho Washington Ave's not as nice as Vanderbilt, it at least has necessities on it like grocery stores.

I think everything in Brooklyn could use a 25% haircut, but these seem less horribly overpriced than most.

Posted by: cwbuecheler at February 23, 2009 1:16 PM

COTD picks aren't necessarily great deals or even nice places--if an entire brownstone in a neighborhood that a lot of readers live in or are considering living in, then we want to have some historical record of it on the site.

Posted by: brownstoner at February 23, 2009 1:29 PM

You people are on crack. You can get a house for $899k in Brooklyn now. Why pay that for a duplex?

Posted by: LC Arnett at February 23, 2009 1:35 PM

i've got to call out cwbuecheler.
"Subway access is a bit of a hike in the winter." Actually, subway access from park/washington is plentiful.
1. 2,3 train at Eastern Parkway/Brooklyn Museum about 5 minutes away.
2. B,Q is less than 8 minutes, even for a slow walker.
3. C at Fulton/Washington is max. 10 minutes.

Posted by: Fjorder at February 23, 2009 1:40 PM

Fjorder - Yep, you're correct. I've walked that street several times and am aware of the subways in the area. They're all further than I personally like to live from a subway stop. Not longer than I *have* lived, but longer than I like.

Ten minutes in 18 degrees is a long walk. :)

Posted by: cwbuecheler at February 23, 2009 1:50 PM

LC Arnett - location, location, location.

Posted by: cwbuecheler at February 23, 2009 1:51 PM

I've seen these, and the interiors and finishes are rather awful. I wouldn't want to live in one of these, even if I could afford to!

Posted by: zuleika at February 23, 2009 1:52 PM

cwbuecheler- exactly! This isn't in PS, BH or prime Ft. Greene. This is off Washington Avenue. Closeset amenity is the Brooklyn North SVU. If you are going to live there for that price move another two blocks east and buy a house.

Posted by: LC Arnett at February 23, 2009 2:01 PM

The apartments look awful.
It looks like Brighton Beach threw up all over an old house--those horrible kitchens, bathrooms (tacky round sink cabinets) and over glossed floors….yuck.

Posted by: PHfamily at February 23, 2009 2:13 PM

I checked these out on Super Bowl Sunday. What seems promising at first completely falls apart if you spend more than 15 minutes in them. As is the case with other new-development/new-conversion some of the choices just leave you scratching your head.

One of the apartments has 3 full-size bathrooms in it ... and no tub. Indeed only one of the apartments has a tub, the rest have full-size showers. (Did they get a deal on shower doors?) The detail work is for crap. And, in one laundry closet, the hot-water unit (I'm assuming that's what that was) is set so low on the wall you wouldn't be able to get a washer or dryer in the damn thing.

Sure, the spaces are big and the apartments aren't awful ... but at those prices? Not going to happen.

Posted by: RaginCajun at February 23, 2009 2:20 PM

Cwbuecheler- "They're all further than I personally like to live from a subway stop. Not longer than I *have* lived, but longer than I like."

it's "farther" not further... :)

Posted by: Fjorder at February 23, 2009 2:31 PM

LC Arnett - if you can find me a brownstone two blocks east on Park Place for $899k, please do. Last I checked they were all still well above a million.

$899k will get you a full townhouse in Bed Stuy, East Flatbush, or PLG, but not in PH or PS North.

I hear you tho -- it's insane that $899k doesn't buy you a full home. The 400% increase that Brooklyn enjoyed during the 2000's has priced out all but the richest people from buying in any of the nicer areas. Nine years ago, that whole building would probably have gone for $400k or less.

Fjorder - thanks. :)

Posted by: cwbuecheler at February 23, 2009 2:46 PM

Here, for example, is a brownstone currently for sale on Park Place, not even one block east, listing for $1.55m: http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1243858&ohDat=


Posted by: cwbuecheler at February 23, 2009 2:50 PM

I was thinking more about something like

http://www.brownstoner.com/brownstoner/archives/2008/04/foreclosure_of_7.php

or even something like this (although it is further north and $100k more)

http://www.brownstoner.com/brownstoner/archives/2008/12/house_of_the_da_607.php

Posted by: LC Arnett at February 23, 2009 3:38 PM

yes the price seems decent but they did an ATROCIOUS job renovating. everything about this place is whack. we were looking around and my husband leaned on a wall and IT MOVED. it broke my heart what they did to the place to tell you the truth. tackarama.

Posted by: tinatownusa at February 23, 2009 3:55 PM

Ok, I see what you mean ... but that building probably isn't going to go for $600k. It's going to start there at auction, but likely end up getting driven up by various developers.

Also Crown Heights is a pretty different neighborhood from the area west of Washington. It has some lovely architecture but a lot of rougher sections too.

Posted by: cwbuecheler at February 23, 2009 3:56 PM

Although landmarking Prospect Heights (coming soon!) won't stop these ghastly interior renovations -- and when will developers learn that it's so penny-wise and pound-foolish to do shoddy work -- at least this kind of exterior mess will be prevented. There isn't a photo showing it (surprise) but the vertical extension on this house sticks out like a sore thumb.

Posted by: 1929 at February 23, 2009 6:48 PM

I live 2 doors down from this place. While I am not fan of the renovation, it is certainly better than the abandoned near crack house that it was when I moved in 4 years ago. The place was in really rough shape. That said, the extension is awful and very poorly done (watched the construction out my bedroom window). The person who bought it had intended to fix it up for himself and his mother but from what I understand, she fell on bad health and he no longer had the money or will to finish the place for himself. In conclusion, way too much money based on other prices in the hood.

Posted by: acataca at March 3, 2009 4:50 PM

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