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June 1, 2009

Co-op of the Day: 279 Sterling Place Studio

If we were a bachelor, this is one pad we'd have to consider. While only a studio, the gigantic windows and ceilings in this 3rd floor apartment at 279 Sterling Place in Prospect Heights make for an incredible space; the ivied exterior of the former public school building doesn't hurt the listing's charm factor either. The sleeping loft set-up won't tickle everyone's fancy though. The maintenance is a pleasing $389 per month. The asking price is $389,000, slightly more than $600 a foot. Reasonable?
279 Sterling Place [Corcoran] GMAP P*Shark

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Comments

Glorious building and location.

I think it's a tad pricey for a studio these days, but it's in a special building and rather large, so who knows...someone may very well fall in love with it.

If you haven't walked up Vanderbilt in a while, I highly recommend it.

Posted by: 11217 at June 1, 2009 12:45 PM

As the ivy takes over and destroys the facade the common charges will rise.

Posted by: daveinbedstuy at June 1, 2009 12:46 PM

Only if it's Engligh Ivy, Dave.

Most of the other ivies are not so destructive.

Posted by: 11217 at June 1, 2009 12:48 PM

If I could get a loan with 10% down I'd be all over this. Beautiful.

Posted by: dirty_hipster at June 1, 2009 1:09 PM

I agree w/ Dibs having had to deal w/ it several times.

Posted by: Arkady at June 1, 2009 1:12 PM

d_h - have you actually looked into it recently? i know were were told often last summer that it wasn't possible to get financing with 10%, but we did pretty easily. May be a different ballgame now though.

Posted by: squaredrive at June 1, 2009 1:12 PM

DH....You seem like you're really into good food too, and I heard a rumor last week that the guy who owns Saul in Carroll Gardens is opening up a really huge new restaurant on the corner of Vanderbilt and St. Marks, I think it is...

Not sure if it's true or not, but the place is being renovated right now...

Posted by: 11217 at June 1, 2009 1:13 PM

No photos of bath or kitchen -- never a good sign...

Posted by: BH76 at June 1, 2009 1:14 PM

Almost 400 grand for a 20' x 20' (living area) studio beyond Vanderbilt. More pics of surrounding building and area than the interior. Telling.

Follow the herd into the slaughter house. Baaaaggghhhh!

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 1, 2009 1:15 PM

Beautiful building in a great location. Wish a one or two bedroom would come on the market here. Completely agree with you 11217 - for my money, the best commercial strip in the borough or at least one of them.

Posted by: bkhabitant at June 1, 2009 1:16 PM

A building on the corner of Vanderbilt and Sterling is hardly "beyond Vanderbilt". Not that it even seems like a relevant fact, considering that plenty of nicest areas of PH are "beyond Vanderbilt".

Posted by: arches at June 1, 2009 1:21 PM

I think it's the best commercial strip in Brooklyn also...or certainly one of the best...

It's also just the feeling of the street...it's wide and has a really open feel. Now that they've planted the median, it just feels so spacious and green. The bars are really fun too...I especially like Soda.

Posted by: 11217 at June 1, 2009 1:23 PM

Beautiful facade, but really, 389k for that studio?

As charming and up-and-coming as Prospect Heights may be, you can get a studio in prime neighborhoods for that... and maybe even a two-bedroom elsewhere in Prospect Heights.

No thanks.

Posted by: alsawo at June 1, 2009 1:28 PM

Vanderbilt is indeed turning into a nice strip. There is even a little used bookstore set to open soon. I've seen major improvements in the short (3 years) that I've lived in the neighborhood.

That said I think 389 for a studio is pushing it in this market, even though its a pretty cool looking building.

Posted by: clintonhillbuyer at June 1, 2009 1:32 PM

To be fair, it's large for a studio. At almost 600 sf, it's not that much smaller than some of the new construction 1 bedrooms in the neighborhood which are selling for a quite a bit more in far less interesting buildings.

You also can jack up the price a bit when the maintenance costs are so low like this.

Posted by: 11217 at June 1, 2009 1:37 PM

"d_h - have you actually looked into it recently? i know were were told often last summer that it wasn't possible to get financing with 10%, but we did pretty easily. May be a different ballgame now though."

No - I actually haven't. After the fall I got pretty discouraged hearing how hard it was to get a mortgage, and pretty much resigned myself to the fact I'd either have to wait, or double my downpayment magically. Thanks for the intel though, perhaps I should look into it again.

"DH....You seem like you're really into good food too, and I heard a rumor last week that the guy who owns Saul in Carroll Gardens is opening up a really huge new restaurant on the corner of Vanderbilt and St. Marks, I think it is..."

That would be awesome 11217 - Saul is top notch and would be a welcome addition to Pro Heights, which seems to be getting alot more cool places

Posted by: dirty_hipster at June 1, 2009 1:40 PM

11217, i heard the same thing too, a new place perhaps in the style of dressler. (it's the corner of vanderbilt and bergen, though.) that would be so sweet, especially if they are kid tolerant in the early evening and brunch hours...anyway, they're clearly doing a major renovation of the space, but i haven't seen any solid confirmation of what's going in. there are permits posted, but when i last walked by, i didn't read them closely.

Posted by: i disagree at June 1, 2009 1:40 PM

Yes, Vanderbilt and Bergen! Thanks I disagree. We seem to have similar curiosities about new things opening up around the area.

I hope the rumor turns out to be true.

Posted by: 11217 at June 1, 2009 1:45 PM

where's Rob with his poo-mist comments?

This would be my bachelor pad...

Posted by: the chicken at June 1, 2009 1:52 PM

"11217, i heard the same thing too, a new place perhaps in the style of dressler."

Hopefully just the ambiance of Dressler, with better food (Dressler has fallen off - doubt they will keep their Mich Star)

Posted by: dirty_hipster at June 1, 2009 1:59 PM

Oh, and if one is going to mention good food and Vanderbilt, need to state the obvious and cite a fine dining institution - Garden Cafe. Not the cheapest place in the world but I think the food there rivals any place in Manhattan or Brooklyn. I love Soda as well 11217. Have you been buy the new place on Washington with the outdoor space? (Washington Commons I believe). Wanted to stop by but haven't had the chance yet.

Posted by: bkhabitant at June 1, 2009 2:04 PM

I have been to Washington Commons...it's a really nice place and the outdoor area is great! I also like Tracey Westmoreland's new place, The Manhattans.

I keep meaning to try Garden Cafe...will have to move it closer to the top of the list...

Honestly, Prospect Heights rocks...it has all of the "cool" stuff without feeling like it's trying to be anything. It just is.

Posted by: 11217 at June 1, 2009 2:14 PM

i've walked by washington commons - looks really nice and a great selection of craft beers. but with toddler in tow we usually can't stop in at bar-no-grill establishments. we do Soda 'cuz it's our local and the kid will sit thru some french fries, but even there we have to make it brief before the mean hipsters who start drinking for serious at 3pm start giving us the evil eye. ;)

Posted by: i disagree at June 1, 2009 2:15 PM

This is one of the best buildings I've seen in Brooklyn. I used to live on the same block and gazed at it with contemptuous envy every time I passed by. If it were a condo, it would be a good investment as a vacation rental.

Is it true that this building was used to relocate tenants when Ratner built Metrotech?

Posted by: FatLenny at June 1, 2009 2:21 PM

Lenny, yes, it is true. A couple of other facts: "east facing" means "parking lot facing." And speaking of which, there is off-street parking, although I don't know if there is a charge or a waiting list.

Posted by: altervoce at June 1, 2009 2:27 PM

I love that building, but nearly $400k for a studio with sleeping loft that is too low to stand in?

To quote Pop Will Eat Itself, "Wise up, suckers!"

Posted by: SnarkSlope at June 1, 2009 2:29 PM

With mortgage and maintenance it's $2,000 a month to own at the current asking price. That's not factoring in the mortgage interest deduction.

Not sure how much studios rent for in PH (especially large ones like this) but it's getting close. I think they'd be lucky to get 350K.

Posted by: 11217 at June 1, 2009 2:34 PM

Don't forget to factor in the cost of the chiropractor appointments you'll need from stooping over in your "bedroom."

Posted by: SnarkSlope at June 1, 2009 2:39 PM

bkhabitant and 11217,
Didn't the Garden Cafe close a number of months ago?
This would be a good apartment for a grad student. I would imagine, if properly set up, it might win the Apartment Therapy Small Apartment competition.

Posted by: BrooklynGreene at June 1, 2009 2:41 PM

"With mortgage and maintenance it's $2,000 a month to own at the current asking price. That's not factoring in the mortgage interest deduction."

Jeez - very tempting. Am I crazy to think this is only worth 300k though?

Posted by: dirty_hipster at June 1, 2009 2:41 PM

It's a studio. No one buying a studio expects to have a "bedroom."

If the loft thing doesn't work for you, then do what the rest of us with studios do, and put the bed in the main living area. This one is more than large enough at 20 by 20. Gotta get creative when you live in a small space.

I know folks who pay 2000 a month for their portion to share a 2 bedroom in Manhattan. They have one room to live and sleep in, and share a small common area with a friend or perhaps a near stranger. Some people may like to leave that and live alone.

Posted by: 11217 at June 1, 2009 2:44 PM

BrooklynGreene, got nervous when I saw your post. Just tried the phone and found its been disconnected. Not a good sign...

Posted by: bkhabitant at June 1, 2009 2:47 PM

"Jeez - very tempting. Am I crazy to think this is only worth 300k though?"

Honestly, I think it's worth closer to 300K than it is 389K.

You might want to see if there's any chance they might accept less. You'll be paying less than $2000 a month, but keep in mind that come tax time you are going to get back like 5K, EASY depending on your own personal situation.

Posted by: 11217 at June 1, 2009 2:47 PM

brooklyngreene: garden cafe is still open, at least as of two weeks ago when i last passed by around dinner time. they were trying to sell their business, but i don't think they did.

Posted by: i disagree at June 1, 2009 2:49 PM

> "Didn't the Garden Cafe close a number of months ago?"

Yes, I believe it has been closed for a while now.

Posted by: SnarkSlope at June 1, 2009 2:51 PM

> "If the loft thing doesn't work for you"

Maybe if I were younger. Maybe if I were renting.

A this stage in my life, usable space has become more important than proximity to a few bars and restaurants.

But that's me. Obviously people will pay a lot of money to live close to these things.

Posted by: SnarkSlope at June 1, 2009 2:54 PM

A college friend of mine's parents bought in that building in the early nineties. They have (or had) a droolworthy 2-bedroom. The ceilings are enormous.

Posted by: Heather at June 1, 2009 2:54 PM

12.5 ft wide. People seriously entyertaining 900+K in Fort Green.

i don;t know whether to sh*t or go blind.

Posted by: MoneyForNothing at June 1, 2009 3:20 PM

"$2000 a month"

Only idiots fall for this math. Subtract ask from half off peak comps and divide by quantity of months between purchase and resale. More like $3000 - $4000 a month to live in what, a studio in Prospect Heights? Ha ha ha ha ha...

Like always in down markets, studio prices are gonna get annhilated!

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 1, 2009 3:32 PM

Nope.

It's $2000 a month.

Posted by: 11217 at June 1, 2009 3:39 PM

Or $2350 at ask with 20% down...

Posted by: tybur6 at June 1, 2009 4:51 PM

Not sure what rate you are using, tyburg, but rates for 30 year fixed are about 5.5 right now.

Not the 6.5 that Corcoran's Mortgage calculator puts in automatically.

Posted by: 11217 at June 1, 2009 4:57 PM

I hate sleeping lofts. I DO like the three giant windows; can you actually imagine going up that ladder. No thanks. Why can't people just keep the rooms intact and get a pull out couch? Jeez.

Posted by: donatella at June 1, 2009 11:23 PM

bkhabitant, I think they are always closed on Mondays. Rumors of their closing seem to circulate every once in a while (apparently, there was a CL post from around last summer that purported to sell the restaurant, or the space at least), but they were still going strong at least a week or two ago. Definitely one of the gems of the neighborhood, if not the whole borough.

Posted by: kimcheater at June 2, 2009 11:38 AM

« 114 India Hits The Market House of the Day: 130 South Oxford Street »

June 1, 2009

Co-op of the Day: 279 Sterling Place Studio

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