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July 1, 2009

Co-op of the Day: 135 Ocean Parkway

135-Ocean-Parkway-0709.jpg
While not eye-popping, this L-shaped studio (which is really more like a one-bedroom) at 135 Ocean Parkway in Kensington has a nice layout and good natural light that make it seem like a good option for a single person or couple. At 660 square feet, the asking price of $239,000 comes out to about $360 per foot. How does that stack up against recent comps?
135 Ocean Parkway 2-3BR [Susan Breen] GMAP P*Shark





Posted by Brownstoner at 12:42 PM | Comments (21)
Categories: Co-ops, Kensington

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Comments

I hate the building (big, bland) but the space is nice, the location isn't bad and the price is quite reasonable.

I bet this gets snatched up quickly for not much below ask.

Posted by: alsawo at July 1, 2009 12:53 PM

It's very nice for a studio, bland but the alcove and full kitchen are nice to have. I'm not in the mood for overpriced nonsense today though, so I vote half off.

Posted by: bridges at July 1, 2009 12:58 PM

looks like a nice location for me for a single person who wants to live near the park.

Posted by: cmar7785 at July 1, 2009 12:59 PM

Like the apartment & the location. Huge for a studio as you point out, and good light. Don't know enough about comps to comment on price.

Posted by: etson at July 1, 2009 1:13 PM

Finally can comment on this.

Building right across the street is in contract on a junior one bedroom (meaning living room with kitchen and separate bedroom) for 150K. Maintenance around 300-350. This apt. is overpriced for the neighborhood. I say if they are lucky, 180K.

Posted by: Kensingtonian at July 1, 2009 1:13 PM

How long does it take to walk from the kitchen to the bathroom?

Posted by: salvo007 at July 1, 2009 1:37 PM

Kens, the comparison is apples to oranges.

Yes, the apartment that's in contract is larger with a lower maintenance. But it's a total wreck inside,needs new bathroom, kitchen and everything; the building is not as fancy and, most important, because of where that particular apartment is located, I don't think they will ever open the windows. People may not care about renovations or a doormen, but very few can overlook that other issue.

Posted by: kensingtonka at July 1, 2009 1:44 PM

only orphans and introverts buy studio.....who wants to live in in 1 room for 30 years until mortgage is paid off?

Posted by: aj at July 1, 2009 1:54 PM

Here's another studio in the same building, recently chopped to $199k:

- http://www.corleyre.com/address.php?property_ID=251

Posted by: DitmasSnark at July 1, 2009 2:04 PM

Or you might prefer this actual one bef=droom listed for only $13k more:

- http://www.kensingtoninfo.com/homepage.htm?in_listing=5527958&ref=Trulia

Posted by: DitmasSnark at July 1, 2009 2:08 PM

"only orphans and introverts buy studio.....who wants to live in in 1 room for 30 years until mortgage is paid off?"

In rural America, true.

In New York, where you can only come home to sleep face down, not true.

Posted by: infinitejester at July 1, 2009 2:16 PM

Agreed on all points Kensingtonka, still doesn't justify the price. That was my point. Like I said, 180K at most.

Posted by: Kensingtonian at July 1, 2009 2:58 PM

Hey AJ ever hear of building equity? I am a proud owner of an L shaped studio in Brooklyn Heights and I will not live there 30 years nor 5 years for that matter. There are many positive reasons to buy a studio in NYC, you should look into them.

Posted by: Raisincat at July 1, 2009 4:03 PM

Doorman or no doorman.
3 elevators or 1 elevator.
clean, bright & in great condition.

These are very important parts of an apartment and have to be considered. Sometimes comps aren't comps...

What do you guys think of the building's other available spaces? There's a 2 bedroom there and they are asking 399,000 with all new floors and kitchen... I think it's fair but not a slam dunk no brainer... any thoughts?

Posted by: popnyc at July 1, 2009 4:19 PM

I'm with kensingtonka on this. We've been looking at one bedrooms in the area for a while now and $250 is the general price for one, so I would put this at 210 to 225.

Posted by: Deda at July 1, 2009 4:25 PM

> I would put this at 210 to 225.

The comps disagree. Here's another studio in the same building, recently chopped to $199k:

- http://www.corleyre.com/address.php?property_ID=251

Posted by: DitmasSnark at July 1, 2009 4:31 PM

Your 199K studio looks smaller then this one.
(And the lower maintenance on the 199K would also indicate that the square footage is less )

Posted by: Deda at July 1, 2009 4:36 PM

Deda,

Ah yes, you are correct. According to the listings, the $199k units is 550sf and this one is 660sf. The 550sf studio has been reduced at least once from $209k and has been on the market since January, if not longer.

Posted by: DitmasSnark at July 1, 2009 4:54 PM

The 199K studio and this one are listed as being 550 vs 660 square feet, so 110 extra SF are worth 10 to 25K actually.

Posted by: Deda at July 1, 2009 5:20 PM

Sorry snark, I didn't see your post before mine went up. I wasn't trying to rub it in. I do think 209 for that 550 is optimistic these days, maybe they'll do better with 199.

popnyc, 399k for a good looking 2 bedroom is just what you call it - fair, but no slam dunk. I think I'd rather wait for something cheaper unless the renovations were completely to my taste.

Posted by: Deda at July 1, 2009 5:34 PM

> Sorry snark, I didn't see your post before mine went up.

No worries. I should have studied the listings more carefully before declaring "The comps disagree."

I looked at a couple of units in this building earlier this year. The views from the higher floors are mighty nice.

Posted by: DitmasSnark at July 1, 2009 9:32 PM

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