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June 22, 2009

Co-op of the Day: 170 Prospect Park West, #4L

We're loving this three-bedroom prewar co-op at 170 Prospect West in Park Slope. Beautiful old details, lots of windows and natural light and, except for the fact that there's only one bathroom, a nice layout; the rounded corner and the giant pier mirror in the living room are nice bonuses as well. According to our back-of-the-envelope calculations the apartment is well over 1,000 square feet, making its monthly maintenance of $888 quite reasonable. The asking price of $849,000 feels about right too. Agree?
170 Prospect Park West, #4L [Brown Harris Stevens] GMAP P*Shark

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Agree.

Has anyone been making hay of the GS bonus news on other threads?

Posted by: lechacal at June 22, 2009 12:44 PM

Nice place (and there is another 1/2 bath).

A 4th floor walkup would not be for me, but I know others take pride in tromping the stairs and keeping elderly family members away.

Posted by: northsloperenter at June 22, 2009 12:52 PM

oh, i wish this building had an elevator and this apt had a 2nd bath! then again, they'd probably be asking $1.2 million if that were the case.

Posted by: funkymonkey at June 22, 2009 12:56 PM

Nice place.

There's also a 12 by 7 "maid's room" which would make a nice den or media room.

And yes, this is 1 and a half baths.

Posted by: 11217 at June 22, 2009 12:57 PM

Actually, it's a one and a "quarter bath" - one bath is just a toilet. The new owner will need to add the other quarter or three-quarters.

Posted by: chebubble at June 22, 2009 1:04 PM

11217...want to join me when I look at the house at Adelphi & lafayette...tonight...6:30

Posted by: daveinbedstuy at June 22, 2009 1:12 PM

11217...want to join me when I look at the house at Adelphi & lafayette...tonight...6:30

lechacal...GS denies the meeting that is being quoted, took place

Posted by: daveinbedstuy at June 22, 2009 1:15 PM

there are two toilets, so putting in another full bath and closet in the "maid's room" is easy.
The low maintenance is reflective of the fact that there are few services and no elevator.
I wish listings like this stated whether there is a live-in super. That is such an important factor in living in a building like this. Much more important than a pier mirror.

Posted by: sam at June 22, 2009 1:27 PM

It's beautiful.

Posted by: Nomi at June 22, 2009 1:34 PM

Dave,

I wish I could but I don't leave work till around that time.

Let us know what you think you about the house though...I think it looks like a really worthwhile project...for the right price, of course.

Posted by: 11217 at June 22, 2009 1:36 PM

quote:

There's also a 12 by 7 "maid's room" which would make a nice den or media room.

or you could the unthinkable *gasp* and actually get a maid and have the room function in the original way it was supposed to? it's like the person who buys this apartment clearly has enough money for a maid, but probably feels they are too good to have a maid.

*rob*

Posted by: PitbullNYC at June 22, 2009 1:37 PM

Lovely. and easy to reconfigure any number of ways.

I wonder if it's on the top floor -- that would feel like a 5th floor walk-up and really be VERY tough to do with kids. Impossible really. The 4th floor would be hard enough. Eh, that would be impossible too. If I coughed up 50K to the reserve fund, would the put in a 100k elevator?

Posted by: Ringo at June 22, 2009 1:37 PM

Saw this on StreetEasy. It does have a lot of potential...move around some rooms, knock down some walls (though I don't know how easy that is in a coop) and you can have a pretty perfect layout. Price def. reflects walk-up. Most people interested in a 3 BR in PS will have kiddies, which makes loads of steps a bitch. Will def. be keeping an eye on this one...bet it goes quickly.
It looks like there is one 1/4 bath with just a sink, and another with just a toilet. Looks like maybe they took the toilet out of 1/4 bath with sink to add closet.

Posted by: bkbornandbred at June 22, 2009 1:44 PM

rob -- that post should make Quote of the Day for the massive WTF?! value.

Posted by: northsloperenter at June 22, 2009 1:54 PM

Too good to have a maid. What does that mean?

Posted by: Nomi at June 22, 2009 2:24 PM

it means that people try so hard these days to cover up their bougeouisness (sp?). oh a maid? no me never! puh-lease.

*rob*

Posted by: PitbullNYC at June 22, 2009 2:31 PM

it means that people try so hard these days to cover up their bougeouisness (sp?). oh a maid? no me never! puh-lease.

wait nevermind. they are called nannies who dont do housework now and cant live with the family :-(
*rob*

Posted by: PitbullNYC at June 22, 2009 2:31 PM

Wow, what a beautiful apartment. Wonder if they'd take $300,000. Of course, I couldn't possibly bid without a fireplace. Well, maybe.

Posted by: mopar at June 22, 2009 2:38 PM

"it means that people try so hard these days to cover up their bougeouisness (sp?). oh a maid? no me never! puh-lease."

Ah, yes.

Posted by: Nomi at June 22, 2009 2:42 PM

I saw this place. Great potential but needs tons of work. Also, while I loved the layout, it's pretty modest in size (though I'm very into smaller, more efficient spaces). While price seems attractive on surface, I know of a significantly bigger coop, fully renovated, in Center Slope that recently went into contract for very low 900s. So, I'd say this place is still much too expensive given renovation costs to bring it up to snuff. One big pity is that it has one of those wonderful old stairwells that leads directly to roof (so no crazy ladder) and yet roof rights are apparently off limits. Really too bad - that would add some serious value and make the 4th floor walk-up more attractive.

Posted by: Miss Muffett at June 22, 2009 2:43 PM

rob -- I would love to have a maid. Just can't afford one.

I doubt people buying <$1M homes really can either.

What's a good live in maid cost? $40/$50k per year in salary + another $10k or so living expenses + some insurance in case they steal all your stuff. Figure ~$65k per year, that's another $5500 per month.

Pretty pricey if you ask me. I don't think people live without maids because they are posers. I think they live without maids because they are not rich enough.

Posted by: northsloperenter at June 22, 2009 2:52 PM

Trust me, even if you can afford to buy a house for over $1million, that does NOT mean you can afford a maid! Nor private school!

Posted by: Miss Muffett at June 22, 2009 2:58 PM

"Great potential but needs tons of work."

What work does it need?

About the maid -- yes, I agree, you need pretty big money for a real live-in maid. Upper-middle people who can consider this apt. would have a service come in once a week, or whatever.

Posted by: Nomi at June 22, 2009 3:05 PM

It needs a kitchen and bathroom overhaul. Also floors need work. And the addition of an elevator.

Posted by: chebubble at June 22, 2009 3:08 PM

maids make 65K a year plus free housing? wtf are you serious? 11217 give me that long blonde wig i think i found myself a new career!

*rob*

Posted by: PitbullNYC at June 22, 2009 3:15 PM

These buildings should at least have winches up on the roof to help tenants move in and out and to help with renovations. Ancient houses in Amsterdam have them.
I guess every new purchase, from refrigerators to mattresses have to take into account the turning radius and clearance of the public stairwell. It is a nice unit though.

Posted by: sam at June 22, 2009 3:20 PM

40-50k per year + room and board. Break that down on an hourly basis. It isn't great.

I'm not really sure what it would cost. It might be more.

I would not want to pay anyone less than $40k for that job. I mean, that would be someone living in your home, taking care of a lot of important day-to-day stuff for the family. You'd want that person to be at least reasonably comfortable and happy.

Otherwise you'd have to deal with a lot of turnover as your best case scenario. Worst case scenario involves police and insurance agents.

Posted by: northsloperenter at June 22, 2009 3:22 PM

over 850 per square foot? fourth floor walkup and that kitchen? oh my, that's funny.

Posted by: raphael9 at June 22, 2009 3:36 PM

northslopeparents, that's why you get an illegal maid from mexico or russia. they will work for MUCH less and be happy and probably do a better job. that probably sounds terrible, but it's true. now if youre looking for a Mr. Belvedere or a Ms. Garrett, that's another story, sure youll have to poney up.

tho seriously, id do it for 40K and not complain at all and make sure everything is spotless from top to bottom. as long as once im done and in my seperate maid's chamber i shan't be distured. unless the apartment is on fire, and even then it better really be a big fire.

*rob*

Posted by: PitbullNYC at June 22, 2009 3:37 PM

Sweet place.

Boston, where I lived for years, has many apartments like this, especially in Brookline.

Originally, they were two bedrooms with a parlor, library (labeled dining room here), and dining room (labeled bedroom here).

Functionally, that makes a lot more sense than this apartment's current arrangement. Dining room right next to the kitchen; maid's room off it (for the Irish or Swedish "girl"); and a couple of small bedrooms for the family back-to-back.

As for walking up the stairs: Great cardio.

Still wouldn't buy at this price. The World Bank just announced the world-wide recession's going to last another couple of years, with a much worse NEGATIVE growth than originally thought. (Twice as bad, actually.)

Hold onto your hats. It's going to be a bumpy ride.

Nostalgic on Park Avenue

Posted by: NOP at June 22, 2009 3:42 PM

The stairs will keep you looking as good as the apartment.

Posted by: mopar at June 22, 2009 3:57 PM

Miss Muffet, is anything in the baths or kitchen original? Or is it hideous 1960s etc.?

Posted by: mopar at June 22, 2009 3:58 PM

"The World Bank just announced the world-wide recession's going to last another couple of years, with a much worse NEGATIVE growth than originally thought."

Just to play devil's advocate here, why would I believe an organization who was so off base in the first place? This applies to every economist, the world bank and everyone else who have made predictions over the last few years and have been dead wrong.

Remember when the housing market was in for a "soft landing" 2 years ago?

I don't believe a word these people say. We'll see what happens when it happens since they clearly don't know how to predict much of anything, except of course that they will revise their predictions in 3-6 months.

Posted by: 11217 at June 22, 2009 4:42 PM

I also agree that a million dollar apartment is in absolutely no way commensurate with the type of money necessary to afford a maid. Not even close.

Posted by: amt230 at June 22, 2009 4:44 PM

Kitchen and baths need total gut (pretty yucky now, not much to save, if anything). Floors and walls need love. My guess is that electricity and plumbing are very old, judging by "preserved in aspic" feel of the place.

Posted by: Miss Muffett at June 22, 2009 4:55 PM

I like the idea of someone with the tag Pitbull requesting that he "shant be disturbed." We all boojee now!

Posted by: Joe from Brooklyn at June 22, 2009 4:58 PM

11217:

That's why I wrote "it's going to be a bumpy ride." The market's going to swing erratically, up and down. The current uptick may extend itself. It may also collapse, as it did three years after '29.

NOP

Posted by: NOP at June 22, 2009 5:06 PM

I'm thinking that's well over 1300 sf. Also thinking that I'd knock down the wall between the d/r and l/r. Walkup will drive off some, but it's on PPW and maint. is low. I'd love to follow this one and see what it goes for. Two years ago this would have been 950k-plus, if not over 1 mil., so the ask is not unreasonable.

Posted by: Bolder at June 22, 2009 7:02 PM

just in terms of price/sqft in this area (assuming this place is between 1000-1300sqft) this place is definitely priced a bit high. 800-850/sqft is definitely on the high end of prime park slope apts these days, particularly given the necessary reno. i'd say you'd get a deal done in very low 800's or high 700's right now. and their shooting themselves in the foot pricing it higher, because a year from now they might be looking at mid 700's or lower and wishing they'd sold realistically. the layout is great though.

Posted by: perhaps at June 22, 2009 7:47 PM

Total gut on the kitchen? I think I could make those cabinets work -- paint them, change the hardware. But, yes, new floor and countertops/backsplash. Appliances? Eh, is it so horrible to have white appliances? I do now favor stainless steel, but with white cabinets, I could do with the white appliances for a while. Either way, I was glad that they put the kitchen photo in. I wish they'd do that more often; when it's not there you imagine the worst. Here at least you know it's not a literal disaster: You could live with it for a while if you had to.

Posted by: Nomi at June 22, 2009 8:30 PM

To those who have not been there: the photos make this place look like it's in much better condition than it is. Not that it's a wreck - there's a lot that's nice. But it really does need a lot of work. And the layout is lovely and very efficient, but it really is not that big at all.

Posted by: Miss Muffett at June 22, 2009 9:10 PM

"And the layout is lovely and very efficient, but it really is not that big at all."

Not meaning to harp on this, but how is it place less than 1200 sf? It's 40-plus feet on the X axis, by 30-plus feet on the Y. I'm being extremely conservative, and I know it's not a square.

I feel pretty confident in this because our apt has rooms that are just about identically sized (actually a little smaller all around), and it was appraised at 1276 sf.

But, if the walls and molding are as neglected as some people say, it won't go for ask

Posted by: Bolder at June 22, 2009 11:44 PM

"maids make 65K a year plus free housing? wtf are you serious? 11217 give me that long blonde wig i think i found myself a new career!

*rob*

Posted by: PitbullNYC at June 22, 2009 3:15 PM"

Rob, there's definitely a market for "Mannies"!

Posted by: the chicken at June 23, 2009 3:38 AM

Bolder - what I mean is that it's listed as a 3BR, 1.5 BA and the broker was promoting the idea of putting in a second bath where the quarter bath is. So great, then you have a 3BR, 2BA but you are squeezing that amount of private space into not that much square footage. The thing about square footage in NYC is that there does not be a standard in terms of whether to use exterior walls or usable interior space so maybe it would be technically 1200 sf, but I think the usable feet is probably less. I'm not denigrating the size, just pointing out that it's "efficient", by which I mean there are a lot of rooms but each one if rather modest in size. I really do think this could be a lovely apartment for someone who invests the money to renovate it (and doesn't mind a 4th floor walk-up), but that's a significant investment and I don't believe the current asking price reflect that realistically.

Posted by: Miss Muffett at June 23, 2009 7:17 AM

I love the layout. I wish I could rent something like this. Hrm, and there's reality for us all again... how much would an unrenovated apartment like this rent for? I can't see it getting more than $3K/month and that even seems high.

Posted by: Heather at June 23, 2009 9:02 AM

« What's Going on at St. Thomas Aquinas? House of the Day: 329 Adelphi Street »

June 22, 2009

Co-op of the Day: 170 Prospect Park West, #4L

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