« Last Week's Biggest Sales House of the Day: 113 Boerum Place »

July 7, 2009

Co-op of the Day: 27 Prospect Park West

This co-op at 27 Prospect Park West in Park Slope is quite a pad: 2,000 square feet of beamed ceilings, wood floors and park views. But they're definitely not giving it away: The price tag of $1,300,000 is hardly a lay-up in this market, especially given the onerous monthly maintenance of $2,799. Sure is nice though.
27 Prospect Park West [Douglas Elliman] GMAP P*Shark

Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/10468

Comments

I can't get past the maintenance.

If it goes up 3% a year, it'll be $4200/mo in 15 years.
If it goes up 5% a year, it'll be $5500/mo in 15 years.

Posted by: northsloperenter at July 7, 2009 12:52 PM

how is $650/sq.ft. for a huge light-filled unit in arguably one of the best locations in one of the best bklyn neighborhoods a tough sell? it shouldn't be a 'lay up' and they shouldnt be 'giving it away'.

Posted by: goldie at July 7, 2009 12:54 PM

Kitchen pix? Probably because of the kitchen lay out.

Maintenance - ouch. that is about $800-$1000 more than I would pay for at that size.

Posted by: crimsonson at July 7, 2009 12:59 PM

after staring at the supposed bargains in manhattan, this looks sweet - especially the 2.8k maintenance. was seeing 2-3k maintenance on many of the 900-1100 sq ft coops in manhattan - f'ing ridiculous. for the manhattanite who is desensitized to huge maintenance, this is an attractive alternative.

for us regular folks comparison shopping in BK, 2.8k maintenance on top of massive mortgage is something we can understand or accept

Posted by: more4less at July 7, 2009 1:01 PM

So I'm supposed to pay $1.3 million for the privilege of renting this place for $2,800 a month? Think I'll pass.

Posted by: Sparafucile at July 7, 2009 1:02 PM

"unlimited potential" = fixer upper

Posted by: Expert Textpert at July 7, 2009 1:11 PM

The real estate taxes on this place are probably $15K/year. That's why the maintenance is so high.

Posted by: BH76 at July 7, 2009 1:13 PM

Holy Cow.

Maintenance high. But doesn't seem like asking price is too much. Actually seems like high maintenance was taken into account in the asking. And that the kitchen obviously could use work.

Too bad the southern exposure is largely wasted; would be nice to have it in the living areas. But, still all those exposures is pretty great. Like layout too.

Posted by: Nomi at July 7, 2009 2:02 PM

And, yes, "unlimited potential" means more than kitchen needs work. Wonder what floors are like under that carpeting .. .

Still, tho, I don't think the price is crazy.

Posted by: Nomi at July 7, 2009 2:04 PM

I agree the higher-than-typical maintenance seems to be factored into the price already.

This building has a doorman, right? The salaries for the doormen, super, and other staff are surely a part of the reason for the high maintenance. The maintenance also pays: property taxes, heat & hot water, water & sewer, insurance, electricity for common areas, underlying mortgage (if there is one), and (of course) general maintenance. Those things ain't cheap. Maintenance typically doesn't rise every year, either, but I guess you never know.

Posted by: Kris at July 7, 2009 2:09 PM

A nicer apartment could not be imagined. Truly. But the price and the maintenance just point up how much more expensive it is to live in an apartment than a brownstone in Brooklyn.

Also, it's worth noting that the building has not only doormen but also elevator men.

Posted by: mopar at July 7, 2009 2:46 PM

So, 2 total interior photos are all they can do for a 2,000 SF apartment? Es muy insulting, no?

If by "high" with $3,000 in maintenance, you mean "a sinkhole-esque waste of your capital that should reduce square footage to 30% below an overall 20% below current market price comps", then yes, I agree.

That's unless you get to set up your den in the luxurious lobby and the doormen double as personal shopping assistants and the maintenance crew double as nannies.

Posted by: MoneyForNothing at July 7, 2009 2:47 PM

Oh, and the salmon colored wall-to-wall carpeting in the bedroom is super sweet.

Posted by: MoneyForNothing at July 7, 2009 2:49 PM

Why do these high end places piss some people off so much?

Posted by: Nomi at July 7, 2009 2:54 PM

nomi...jealousy...every person that is priced out of this hood and rationalizes living in bed stuy - hoping everyday it becomes park slope...keep dreaming...

Posted by: 7182713 at July 7, 2009 3:18 PM

High place prices piss people off? Hardly.

it's a value proposition.

if you're happy paying 3K a month for "fluff" and white glove service, more power to you. Not my style personally. I think it's a colossal waste of money.

A 1.3 million dollar place is fine by me, but I'm not paying nearly 700 bucks a square foot PLUS 35K a year in maintenance/taxes for it. I'd rather put that capital to work by purchasing less service and more apartment in the same neighborhood.

Posted by: MoneyForNothing at July 7, 2009 3:28 PM

The price for this magnificent apartment is comparable to what they are asking for the little, crammed units in the chopped-up house at 90 First Place.

Posted by: sam at July 7, 2009 3:28 PM

Sam,

The maintenance is not comparable in the slightest. It's comparing apples to oranges. The buyer of a brownstone condo is not going to be the same as someone interested in a full service building with all the bells and whistles on Prospect Park West.

I'd choose the "crammed units" any day over this, even though I can see the merits of this place. Perhaps for a couple of empty nesters moving back from Long Island.

Posted by: 11217 at July 7, 2009 3:32 PM

> The maintenance is not comparable in the slightest.

Thanks 11217, you beat me to it.

Posted by: DitmasSnark at July 7, 2009 3:35 PM

"nomi...jealousy...every person that is priced out of this hood and rationalizes living in bed stuy - hoping everyday it becomes park slope...keep dreaming..."

Yep, I'm seething jealous that I'm not living in a hi-rise.

Posted by: dittoburg at July 7, 2009 3:47 PM

According to the calculator, the monthly carrying costs are about $9k/month with a 6.5% mortgage. Add to that a return on your downpayment -- say 8%, which would get you corporate bonds that are significantly less likely to drop in value than this downpayment -- that's another 2k/mo.

So you are paying about $11k/mo to live here -- and far more if prices drop between when you buy and you want to sell and you lose much of your downpayment.

Even after the tax subsidies to leveraged homeowners, that's significantly more than comparable rentals. Also, it's more than it would cost a developer to build a modern building that some people would view as comparable or to convert an older rental or industrial/commercial building to coops or condos.

This price is too high. So it is likely to go down. Which means that the above calculations are too optimistic; it is going to cost more.

Posted by: FinanceGuy at July 7, 2009 3:59 PM

Me too!

Posted by: mopar at July 7, 2009 3:59 PM

When a $1.3M house anywhere in NYC starts paying the same amount in real estate taxes as this aprtment, then we can talk about whether the maintenance is too high. You should just be grateful that they are subsidizing your homes.

Posted by: BH76 at July 7, 2009 4:27 PM

BH76 -- what the heck does that mean?

If the maintenance is "too high" then it is "too high". You don't get an exemption just because it is taxes that cause it to be too high.

Money is money.

And for $9k/mo, most people can do better than this.

Posted by: northsloperenter at July 7, 2009 4:35 PM

northsloperenter: Many people on this Board act as if there is something stupid, greedy or nefarious going on when they see high maintenance for apartments in prime area when coops like these struggle to keep maintenance in line. The inequality of real estate tax assessment for 1-3 family houses v. coops and condos is something that I hope someone will have the political balls to address one day. Maybe when thsoe new condos start coming off their abatements in 10 years there will be a chance for reform. And with houses paying their fair share, BHO may get his brownstone!

Posted by: BH76 at July 7, 2009 5:00 PM

At $1.3, they've definitely factored in maintenance. Its a little on the high side, but not by much. I'm guessing that the kitchen/bathrooms are not in good shape, however, and it could easily run you 80k to renovate them all.

I'd say this is 25% off peak 2007 pricing. What will it sell for? $1.15 is my guess.

Posted by: Bolder at July 7, 2009 6:06 PM

I'd choose the "crammed units" any day

11217: that is because you are a little crammed yourself, rectally.
Where exactly on the autism spectrum have your doctors placed your disorder?

Posted by: sam at July 7, 2009 7:06 PM

Funny, Sam. I was just last night describing you as opinionated but not nasty. Wrong I guess.

Now don't go telling me you have some long history with 11217 that I don't know anything about or some such crap!

Posted by: Nomi at July 7, 2009 8:58 PM

« Last Week's Biggest Sales House of the Day: 113 Boerum Place »

July 7, 2009

Co-op of the Day: 27 Prospect Park West

Trackback Pings

Comments

Post a comment

Latest Restaurant Additions