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March 10, 2009

Co-op of the Day: 39 Plaza Street West

We're liking the looks of this prewar apartment at 39 Plaza Street West in Park Slope. The 1,500-square-footer has three bedrooms (including a small maids room) along with a large foyer and a dining-living-room set-up that's 40 feet long. The dark-stained floors give the prewar pad a slightly modern edge, but it's relatively understated and works with existing original details. The price of $895,000 seems pretty reasonable to us as well given the building, location, etc. Do you think it'll get the ask?
39 Plaza Street West [Corcoran] GMAP P*Shark

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that floorplan as a shitload of doors.

also crazy maint.

Posted by: Santa at March 10, 2009 12:46 PM

Definitely diggin' this place a lot. The dark floors really do it for me.

Looks great, priced right. The *only* hitch might be the above average maintenance, but I'm jaded when it comes to that because mine is so damn low.

Posted by: 11217 at March 10, 2009 12:47 PM

the maintenance is outrageous - am sorry another $1800 on top of your mortgage - ouch!
cute place though
I think it will get close to ask all things considered

Posted by: gemini10 at March 10, 2009 12:52 PM

The maintenance would actually be considered reasonable in Manhattan. But alas, this isn't Manhattan.

Otherwise, very nice pad and priced as if it's March 2009 and not March 2007.

Posted by: Biff Champion at March 10, 2009 12:56 PM

People on here seem to say that 1$ psf was normal (years ago?) for maintenance. This place seems to be full services, with doorman etc. so at 1500 sf, I guess the $1.15 psf isn't as obscene as it seems.

The place is large, keep in mind.

Posted by: 11217 at March 10, 2009 12:56 PM

They'd have been better served by choosing the "closed door" option when doing this floor plan. This one is too distracting.

That said, fantastic place. I like this a lot. I don't like that maintenance (I never do, do I?) but, given the square footage it doesn't seem too out of whack.

Very nice.

Posted by: TownhouseLady at March 10, 2009 12:58 PM

Just adding my shock at the cc. The place is nice and you can figure price it per sq.ft., but it still is a lot added to a 3/4 of a million loan.

Posted by: househunt at March 10, 2009 1:03 PM

So... almost a million bucks for a well-kept, but fairy mediocre apartment in a big ol' building with CRAZY maintenance fees.

I guess that's "reasonable" in someone's squishy head.

Don't get me wrong, it's a good location, but man o' man.

Curious to know what the price tag was and when it was last sold. (i.e., owner going for a 20% profit or 250%)

Posted by: tybur6 at March 10, 2009 1:06 PM

Am I not reading the floorplan right, or is there no way to get to the bathroom except through one of the bedrooms?

That plus the high maintenance would be deal breakers to me.

Posted by: evnyc at March 10, 2009 1:07 PM

That maintenance is awfully high. If the price were $795K, perhaps.

Posted by: witchdoctor at March 10, 2009 1:08 PM

for some reason i thought it said this was 1000 sqf.

so maint isnt too crazy.

Posted by: Santa at March 10, 2009 1:08 PM

I was crushing on it, but there is no mention of a view and it looks to be on a lower floor. If it were up high with a view (in any direction) I'd say it was price was in the park. But without the view it is 900K for a very nice 2 bedroom plus den in a great building with a really high monthly. That doesn't strike me as very "March 2009" at all. Take off a hundred K and you're talking.

Posted by: shillstoner at March 10, 2009 1:09 PM

Put it into perspective, people....from out the window you can see On Prospect Park where a similar size apartment would sell (and did sell) for a million dollars more.

Posted by: 11217 at March 10, 2009 1:10 PM

Also, the terlet situation seems strange. There is absolutely no shortage of places to shower and such, but if you are entertaining...

There is nowhere to piss that doesn't require walking completely through the full length of a room (or two). This is normal for a place with 1 pooper, but for an apartment with more full bathrooms than full bedrooms, it seems odd.

Posted by: tybur6 at March 10, 2009 1:12 PM

"Am I not reading the floorplan right, or is there no way to get to the bathroom except through one of the bedrooms?"

I didn't notice that. All the bathrooms are ensuite. Assuming the maids room is used as a a den, the only "public" bathroom is throuhg the kitchen and den. Take 50K off the price.

Posted by: shillstoner at March 10, 2009 1:12 PM

"Put it into perspective, people....from out the window you can see On Prospect Park where a similar size apartment would sell (and did sell) for a million dollars more."

'No, I'm not in the Meir, but if I squint I can see it through the tree branches.'

And can you from this apartment?

Posted by: shillstoner at March 10, 2009 1:14 PM

Well I don't know actually. I was just speaking that it's just across the plaza from this building. I don't know what the actual view is like from this particular apartment though...

Posted by: 11217 at March 10, 2009 1:19 PM

First, this apratment actually looks like 1500 sq ft compared with what is seen so oftern -- 2 beds/bath and a kitchen in the living room.

Second, the maint. is actually reasonable -- full service is at least $1.50+ these days (real estate and energy are killing everyone).

Posted by: BH76 at March 10, 2009 1:27 PM

oh my. you mean you have to walk thru TWO WHOLE ROOMS to get to the bathroom!?!? stock up on those depends. people get so fussy about their bathrooms hahaha.

*r*

Posted by: PitbullNYC at March 10, 2009 1:29 PM

Turn the maid's room into a dining room, take down the partition between dining room and living room and if you ever need a third bedroom, carve it out from the right end of the living room and you've got a solution to the guest bathroom issue. I'd also knock out the divider between the foyer and dining room and maybe a closet or two to open the space up a little.

Otherwise it's a great space at a very reasonable price for a prime PS location. A year ago there's no way it would have been priced at under a milllion and if you intend to stay for awhile, when the market goes back up eventually you will definitely be able to sell at a higher price.

Posted by: columbiatch at March 10, 2009 1:32 PM

It looks like the foyer has 3 closets plus a pass-through to one of the bedrooms.

Put a toilet and sink in one of those closets and it could be nice.

Posted by: christopher at March 10, 2009 1:43 PM

Wow, I didn't realize there was a Rosario Candela building in Brooklyn. I think the layout's pretty swell, assuming you could figure out a way to use the maid's bath as a powder room/guest bath.

And the maintenance isn't that high for a full-service building and 1500 sf...

Posted by: tinarina at March 10, 2009 2:00 PM

Maintenance is much too high, full-service bldg or not. I'd take a long, detailed look at the coop's financials over the past 5-7 years to see how many times the maintenance was increased and if it were concurrent with bldg projects. If it were, I'd be very concerned. What if the roof goes? Does my maintenance go up $300? These are important questions.

Posted by: Fjorder at March 10, 2009 2:11 PM

Yes, Tinarina,

47 Plaza Street West is also a Candela.

I believe these are the only two in Brooklyn...

Posted by: 11217 at March 10, 2009 2:12 PM

This is a beautiful building in a fantastic location. The maintenance is totally in line with similar apartments in similar buildings. The only downside is that it isn't in the famous PS 321 zone. But they will have no problem getting that price.

Posted by: Lesloaf at March 10, 2009 2:28 PM

Now this is what I call a floorplan. I'd get through of that stupid passthrough to the kitchen, of course, and replace it with more doors, as many as possible. A kitchen needs doors so the rest of the apartment doesn't smell like rack of lamb. Only downside here is that the main rooms might be a little too big. I don't like to rattle around.

Posted by: mopar at March 10, 2009 2:39 PM

columbiatch recommends destroying the apartment to solve the bathroom situation. Brilliant idea. Are you a contractor?

Or you could just use the maid's room as a den/smoking room/place to store guest coats and access the bathroom through there, as many in classic apartments such as this do on the Upper East Side.

Posted by: mopar at March 10, 2009 2:44 PM

I love the idea of having the maid's room be the office, and having the guests walk through there to get to the bathroom.

That way the guests have a little privacy when they're off playin' the lottery.

Posted by: 11217 at March 10, 2009 2:49 PM

You want to see a truly CRAZY maintenance on an apartment in this building?

- http://www.streeteasy.com/nyc/sale/372985-coop-39-plaza-street-park-slope-brooklyn

1 bed, 1 bath
700 ft²
Maintenance: $1,258

It's been on the market for two years, and the seller is offering "FREE! TWO YEARS MAINTENANCE!!"

A price drop from $495,000 to $349,000 still hasn't moved it.

Posted by: SnarkSlope at March 10, 2009 2:49 PM

Yup, that one's a tough sell, Snark.

It's on the first floor with the bars on the windows and all.

Not really ideal.

Posted by: 11217 at March 10, 2009 2:51 PM

I love big rambling floor plans.

Not sure maintenance in any full-service building gets that much lower.

If you absolutely HAVE to live in Park Slope, you might as well do it in an apartment like this.

Now, (echoing Rob yesterday), is that a big-screen tv or artwork behind those two chairs in the living room?

Posted by: Heather at March 10, 2009 2:52 PM

not a lot of places to place a stroller

Posted by: Xander Crews at March 10, 2009 2:52 PM

Fjorder -- When the roof must be replaced, most well-managed coops institute an assessment if there are insufficient reserve funds. Maintenance is for operating costs -- not capital costs. The same as most homeowners.

Posted by: BH76 at March 10, 2009 2:54 PM

"When the roof must be replaced, most well-managed coops institute an assessment if there are insufficient reserve funds."

Completely wrong. Most well-run coops do not NEED to institute an assessment if the roof must be replaced because there will be sufficient funds already in reserve. Any coop that has to charge an assessment is either run very poorly or is very small and running on a strict cost basis.

Posted by: mopar at March 10, 2009 3:03 PM

Thanks for the Candela info, 11217. Regarding maintenance, the listing doesn't say what the deductible portion is--did they forget or is it really low?

Posted by: tinarina at March 10, 2009 3:07 PM

Sure thing. I'm a huge Candela fan. When I was looking to buy my place, I looked at quite a few studio apartments in Candela buildings on West End Avenue...

I'm so glad I ended up in Brooklyn and in a brownstone instead, but it wouldn't have been terrible.

Posted by: 11217 at March 10, 2009 3:22 PM

Nice. No idea about price.

I get the feeling that the kitchen is renovated but not to my liking (but clearly I'm guessing based on the picture of a possible pass-thru?). The only thing is this is a pretty busy corner and I'm not sure being on the 3rd floor would be high enough to escape the noise. Maybe it would be with the trees blocking you, etc.

Posted by: Ringo at March 10, 2009 3:33 PM

Mopar, thank you; my point exactly.
BTW, BH76, I am on the board of my co-op. Not that this makes me an expert by any means, but we strive to have a fat reserve fund if any issues arise; that way, we're not cash strapped and have to raise maintenance in order to rebuild our reserves.

Posted by: Fjorder at March 10, 2009 3:50 PM

Closet space galore! My God!

***Bid half off peak comps***

Posted by: Brownstones Half Off at March 10, 2009 4:04 PM

I've never understood the appeal of full-service buildings. You have to pay 1,200 bucks a month for someone to sign for your packages and dry cleaning? No thanks.

Posted by: dirty_hipster at March 10, 2009 4:34 PM

This apartment will sell to someone moving from Manhattan who is accustomed to Manhattan-style buildings and everything they entail (full service, high fees, noisy location, etc.). The listing is even pitched as being located on the "Central Park West of Brooklyn" (although its more like the Columbus Circle of Brooklyn--ever heard of Prospect Park West?). Not my cup of tea, but I definitely think it will move at that price.

Posted by: betterside at March 10, 2009 4:44 PM

I have seen this apartment -- it really feels very large inside, and the layout actually works very well once you figure it out. I was put off at first by the idea that all of the bathrooms were off of a bedroom, but the one off the maid's room is really ideal for guests as long as you don't use that room as a bedroom (it's not such a huge trip to walk through the kitchen to get there). The buiding is beautiful and that crazy maintenance is due to all those salaries (fulltime doorman/elevator operator, multiple porters, super, etc.), as well as, I believe, a big capital expense budget due to ongoing renovations/restorations required due to the buiding's landmark status (the entire facade was redone recently -- process took years and scaffolding finally came down only a few months ago). Not a lot of that number is debt service -- only 38% tax deductible.

And, yes, you can see the Richard Meier building from there.

Posted by: babs at March 10, 2009 4:46 PM

Dirty hipster: it isn't just about having someone to sign for packages (although, if you've ever had to go to the 9th Street post office and stand on line for an entire afternoon to pick up a package, you wouldn't scarf at that). It's also about security. Having a doorman means no one is going to try to pick the lock on your front door, or follow you into the building and attack you in the hallway. It's also about having a live-in super, who starts shoveling and putting down salt at the first snowflake and deals with all the garbage and changing light bulbs and things like that. Sure, these are luxuries - but that's what people are paying for.

Posted by: Lesloaf at March 10, 2009 4:55 PM

Totally agree, Lesloaf. As much as I love my house, I still miss the niceties of my prior full service coop building in Manhattan--a great super, 24-hour security, easy deliveries, and well-maintained public spaces. Being single at the time and working like a maniac, these didn't seem luxurious services at all. Worth every penny, IMO.

Posted by: tinarina at March 10, 2009 5:17 PM

"Having a doorman means no one is going to try to pick the lock on your front door, or follow you into the building and attack you in the hallway. It's also about having a live-in super, who starts shoveling and putting down salt at the first snowflake and deals with all the garbage and changing light bulbs and things like that. Sure, these are luxuries - but that's what people are paying for. "

Really? Is that what it means? I have alot of friends who live in doorman condos/coops and I think it makes it a whole lot easier to break into ones apts. Not once have I entered a doorman buildling and been stopped by a doorman. If you're being harassed and followed home by a psycho, ok maybe. But I'll just continue being street smart and keeping 1,200 dollars a month in my pockoet.

Posted by: dirty_hipster at March 10, 2009 5:57 PM

Oh and I lived in a doorman buildling before too.

Posted by: dirty_hipster at March 10, 2009 6:00 PM

you can see the Richard Mire bldg? That's not a great view, in my mind. I'd rather look at trees. (and yes, the misspelling is deliberate)

Posted by: Ppark at March 10, 2009 6:58 PM

Why no picture of the kitchen?

Posted by: Nomi at March 10, 2009 7:00 PM

dirty hipster, what are you talking about? Every time you enter a doorman building you have to give your name and the doorman has to call up to the apartment to verify you are expected.

Also, many large buildings have full-time, live-in supers but not doormen. They're not the same thing.

This place seems pretty reasonably priced for what it is, but I suppose everything must come down.

Posted by: mopar at March 10, 2009 7:14 PM

"I've never understood the appeal of full-service buildings"

I'm a fairly young person but I have to admit I am surprised often by the childishness of some of the comments on brownstoner. I mean, how old do you have to be to completely understand the appeal of full service? Is this blog like the romper room of real estate? Are you guys all really seventeen year olds? or just aging hippies?

Posted by: mcKenzie at March 10, 2009 7:46 PM

McKenzie,

i hear u. the lucky buyer gets to drop 180K and spend $5,600/mo for 30 yrs...assuming maintenance never goes up and nothing unexpected ever happens. The owner gets an intermedary to announce friends and tell u when the pizza arrives. i always thought people who got off on "full service buildings" were the same people who enjoy dormitories, student gov't and co op board meetings ....but that's just me

Posted by: bklyn14 at March 10, 2009 9:19 PM

bk14,
that is just you,
you obviously have time on your hands and do not appreciate the deliciousness of having people at home taking care of things for you while you're at work making money. Taking care of things like clogged drains, broken phones, sticky windows, slow toilets, appliance delivery and installation, furniture delivery, cable problems, etc etc etc. if you think it is primarily about pizza you are an idiot in a dorm.
Sorry, get real pal.

Posted by: mcKenzie at March 10, 2009 9:31 PM

McKenzie,

i'm neither 17 nor an aging hippie...most people who desire full service amenities tend to live in manhattan not bklyn though some people like feel differently. no problem.. why don't u just buy the place, make a sh!t load of $ and enjoy your clogged drains, broken phones, sticky windows, slow toilets, appliance, furniture and cable guys....no one's stopping u.....sounds pretty delicious....

Posted by: bklyn14 at March 10, 2009 9:55 PM

Great space in a great location in a great building. Clearly, the updates (kitchen/bath) and views are lacking, but the price isnt too off. Maintenance is high, but not higher than manhattan. This is an apartment you buy because you want manhattan living, but in brooklyn.

McKenzie, Ive lived in doorman buildings and frankly they did little for me but call up deliveries and accept packages. Furniture delivery/cable guy happens a couple times a year - not something the doorman cost makes so worthwhile. My doorman-living friends agree. I dont have a doorman anymore and I dont miss it - supers do all the important stuff (repairs, etc), not doormen (and many supers, such as mine, accept packages etc).

Posted by: saminthehood at March 10, 2009 9:56 PM

We moved from a Candela building on the UWS (yes, full service, maint. higher psf than this, which is very reasonable.) I liked living in a full service building -- besides the doormen, you had porters, a live-in super with 2 handymen who could fix just about everything and took care of those little jobs like plumbing a toiled, patching plaster/wiring ceiling fans. I figure we saved a grand or two each year on stuff like that, plus avoided the anxiety about being ripped off by a tradesman you don't know.

What distinguishes his middle-class buildings is the sense of flow and the lack of wasted space, and the interior proportions are just right. I've never been in one of his grand UES buildings but I suspect there's a reason they're coveted.

The ONLY drawback I can see to this place is the fact that it's really a 2 br, and the 2nd br is on the smallish side, so if you have 2 kids, they better be young or of the same sex. Maid's room is for office or pantry/storage. If it were a true 3 br, it would indeed still command over a mil, I think. Still, i think it will move fast at this price.

Posted by: Bolder at March 10, 2009 11:32 PM

11217:

You are right: 39 & 47 Plaza are the only two pre-war bldgs by Candela in Brooklyn, both for the same developer, Jacob Mark. 39 was built first, in 1926. 47 Plaza was completed in Nov 1928.

Candela's practice was devastated by the depression and he later built a variety of other bldgs in Brooklyn after WW II, including the complex at Concord Village near the Brooklyn Bridge. He was also one of the architects who designed the Fort Greene Houses projects.

Posted by: 47 Plaza at March 22, 2009 12:20 AM

« Last Week's Biggest Sales House of the Day: 1234 Dean Street »

March 10, 2009

Co-op of the Day: 39 Plaza Street West

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