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February 17, 2009

Co-op of the Day: 125 Eastern Parkway, #6F

Apartment 6F at 125 Eastern Parkway in Prospect Heights was listed last month for $675,000. Last week, the 1,000-square-foot preqar apartment's asking price was trimmed to $650,000. The two-bedroom apartment is nicely laid out but lacks a second bathroom. Monthly maintenance is a reasonable $767. Do you think this price is reasonable in this market?
125 Eastern Parkway, #6F [Corcoran] GMAP P*Shark

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The price has been reduced again. It's now $600k but maintenance has increased. This is a bargain

Posted by: PropJoe at February 17, 2009 12:56 PM

Nice looking place, but in my opinion it's not worth more than $500,000 at the moment.

Posted by: Heights Hustla at February 17, 2009 12:57 PM

Nice looking place, but in my opinion it's not worth more than $500,000 at the moment.

Posted by: Heights Hustla at February 17, 2009 12:57 PM

Er, a thousand square feet? I always love how real estate sites say "approximate square footage," but there are measurements on the floorplan. Are buyers that dumb? This is about 700. Sheesh.

Posted by: lucille at February 17, 2009 12:58 PM

600k for 1000 sq ft right on the park near subway. This is a pretty good deal.

Posted by: bktycoon at February 17, 2009 1:00 PM

it's all moot. no one is buying anything now anyway, especially in secondary locations like this.

Posted by: sam at February 17, 2009 1:03 PM

I'm not sure I'd want to buy into a co-op that allows only 10% down.

Posted by: SnarkSlope at February 17, 2009 1:08 PM

"Do you think this price is reasonable in this market?"

Absolutely. There's no way you can lose on this one.

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 17, 2009 1:08 PM

Wow, that's a bad wide-angle lens job. It took me several minutes to convince myself that pictures 6 and 7 were of the same room (I had been counting three bedrooms in the pictures). Nice building, but lucille is right--no way its 1000 sq ft.

Posted by: betterside at February 17, 2009 1:14 PM

The apartment is closer to 850 SF. The bedrooms are nice-sized, but living room is small. Kitchen needs some updating. As discussed, 2-bedrooms usually cater to those with/planning kids, and Easten Pkway and Washington may be a bit too far for many and in a not so great school district. In this market, who knows. I'm guessing itll go for $570-580K. Another similar 2-bedroom on that block is asking $579K and has been on market a while.. As they say, if it were in the slope it would be gone for ask, but East Pkway is another ballgame..

Posted by: saminthehood at February 17, 2009 1:15 PM

You're right. It's only 700 sq ft. Liars! She increased the sq ft by "approximately" 43%.

Posted by: PropJoe at February 17, 2009 1:18 PM

Sorry, that is one small two bedroom--half of it is hallway!
This apartment has been on the market forever-first with Warren Lewis, now with Corcoran.....the price point is to high for this market and that kitchen.

Posted by: PHfamily at February 17, 2009 1:59 PM

Blech. MrsCWB and I visited a condo right behind this one last week, then walked down this stretch. I hate the area and so does she. Way too Manhattan-y ... lots of gigantic pre-war boxes, no character, barely any sky except on Eastern Parkway, and that road is super loud, and there's nothing on it. There's one cafe nearby, and one supermarket. That's it.

It's very reminiscent of Fifth Avenue by Central Park, and that's not a good thing, to me (obviously it's a very good thing to many).

I wouldn't pay $600k for it even at 1000 sf, let alone 750.

Posted by: cwbuecheler at February 17, 2009 2:00 PM

A friend of mine wants to trade up from a 1br in Windsor Terrace and is looking at this 250 Park Place apt http://realestate.nytimes.com/sales/detail/253-NS90106966/250-Park-Place-Brooklyn-NY-11238. What do you guys think in terms of the comparison. This apt. is in a better part of PH and seems to have more space from the floor plan although the square footage on the EPW apt. is supposedly larger... The EPW looks nice and on a high floor, but with an old kitchen. The Park Place one had this great renovated kitchen and a killer roof?

Posted by: markG at February 17, 2009 2:29 PM

Have any of you square foot prognosticators taken the time to get out a scale and measure the drawing? I did. Assuming it's drawn to scale, and using the 11' 2" width of the bedroom as a basis for establishing what that scale is, the apartment measures 982 SF (measured to the outside face of exterior walls and center line of surrounding demising walls - as is the normal convention).

Posted by: johnife at February 17, 2009 2:34 PM

Wow Johnife. I think, I just looked at the pictures and the furniture's scale to the pictures and made an educated guess. I think much of the space is taken up by the hall which makes the real livable space less. Although this is a great apt., I would prefer to have more living room/dining space.

Posted by: markG at February 17, 2009 2:47 PM

I've gotta admit - I agree with newcomer HH, I don't see why these places command more than $500K.

Posted by: dittoburg at February 17, 2009 2:49 PM

I know people who couldn't get this much for a ~900 sq ft 2 bdrm, 1 bath in the north slope this fall. That one had laundry in the apartment, a new kitchen, and a roof deck. I'd say that makes this overpriced.

Posted by: ownhs at February 17, 2009 2:51 PM

I live in an 800 square foot two bedroom, and I swear it's larger than this. Great location, tiny apartment.

Posted by: Heather at February 17, 2009 2:54 PM

No way its 982SF. I maintain, still, around 850. Mark, the Park Place apt. is on second floor (with bars) and a bit more cramped than the pictures suggest. The roof deck is nice, but I think its still priced too high for wht it is - which is why its still on market. Much better location though.

Posted by: saminthehood at February 17, 2009 2:54 PM

I am 99% sure this was on the market sometime last summer. My wife and I took a look and you guys are right, it is pretty small. The kitchen is really tiny and everything else is tight. If I remember correctly the floors are also really slanted.

Posted by: AndYouWillKnowUsbyTheTrailofRenters at February 17, 2009 3:11 PM

Funny you should say so, Sam because they actually thought it was really spacious. This place has only been on the market for just over 1 month. I love how perceptions can be so different (I guess the time on market thing is just a fact though). I hear ya though.

Posted by: markG at February 17, 2009 3:56 PM

Don't forget -- skyline views can add a lot to the price. But the kitchen needs a re-do (it's a classic 1980's sponsor cheapie renovation), and as sam points out, it's not in a good school zone.

Posted by: Lesloaf at February 17, 2009 3:56 PM

mark - that cant be. It was posted for sale way more than a month ago. Perhaps they relisted. But yes, everything is relative. People see my place, and half think its tiny and half think its huge.

Posted by: saminthehood at February 17, 2009 4:53 PM

Sam-- its not personal... I actually meant that comment genuinely. It is nice to be on a blog and see different perspectives. As for the time period, they listed it at the beginning of the year, so this is just about two months. Not too bad for this market yet. Maybe they will drop the price to sell faster. Whatever it is good luck to you and them!

Posted by: markG at February 17, 2009 6:29 PM

Streeteasy has it listed since October...and it was also listed at the begining of 2008 as well.

Posted by: PHfamily at February 17, 2009 7:35 PM

Yep, looks like they took a break for the holidays andchanged brokers:

- http://www.streeteasy.com/nyc/sale/359333-coop-125-eastern-parkway-prospect-heights-brooklyn

10/22/2008 - Listed in StreetEasy by Warren Lewis at $699,000
12/18/2008 - Warren Lewis listing no longer available

- http://www.streeteasy.com/nyc/sale/372861-coop-125-eastern-parkway-prospect-heights-brooklyn

01/06/2009 - Listed in StreetEasy by Corcoran at $675,000
02/11/2009 - Price decreased to $650,000

Posted by: SnarkSlope at February 17, 2009 8:20 PM

Price are going to continue to fall... Just wait.

Posted by: Ali Baba at February 17, 2009 10:35 PM

« Last Week's Biggest Sales House of the Day: 615 3rd Street »

February 17, 2009

Co-op of the Day: 125 Eastern Parkway, #6F

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