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August 4, 2009

Condo of the Day: 584 Pacific Street

The owners of this townhouse triplex have had to scale back their expectations as the market has fallen away from them over the last couple of years. The 1,800-square-foot apartment first hit the market in November of 2007 with Sotheby's asking $1,895,000; it was reduced to $1,595,000 before being pulled off the market last fall. Now Brown Harris Stevens has been picked for the relaunch with a spiffy new price tag of $1,200,000. That's gotta be pretty close to reality, no?
584 Pacific Street [Corcoran] GMAP P*Shark

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What does a "keyed garden" mean?

Posted by: DeLepp at August 4, 2009 12:43 PM

Maintenance is $250 and taxes are $647 a month.

That's LOW for such a large space!

Posted by: 11217 at August 4, 2009 12:49 PM

Know that the BB widget has been bearish, but the new price tag still seems far too high. The set up seems nice, but over 1M to be on Pacific around the corner from Flatbush? I think not.

Posted by: househunt at August 4, 2009 12:49 PM

Well I guess this is what happens when you try to sell your apartment at PACIFIC and FLATBUSH (triple UGH!!) for over 1,000 bucks a square foot.

Deserve what you get when you overreach like that.

Nice place in the 900K -1M range, puts it at $500+ a SF, which makes up for being on just a god awful intersection. Calling that

While maintenance is pretty nice, taxes of over $7K a year hardly seem cheap to me--unless you are comparing it to full-service buildings.

This is a brownstone conversion. Taxes on an entire building of this kind should be in the $4-6K range on average.

Posted by: MoneyForNothing at August 4, 2009 1:07 PM

Does this mean it's the entire brownstone except the garden level? In the pic it looks like there are 3 floors above ground and the floor plan says this unit is a triplex. So you own the brownstone except for the basement? Or except the basement and the yard? Or you share the yard/keyed garden?

Posted by: CG_ups at August 4, 2009 1:08 PM

not saying I agree with current prices of ppties listed but this seems competitive alternative for someone who doesn't want to be a landlord (ie via a 2 family unit). Plus this unit is renovated, bigger than normal duplex, 3.5 baths,... location aint great but it aint bad either. I guess someone would pay around 1.1M to take it.

Posted by: more4less at August 4, 2009 1:10 PM

Must be the second, third and forth floor, cause that's not the parlor level on the "lower level."

I do think asking price is close even considering it near (not on) an unpleasant intersection.

Posted by: Nomi at August 4, 2009 1:15 PM

Agree w/ CG_ups, spot on that for those who don;t want to landlord, or are just finding the economics on owning an entire building not working out when rents are factored in, this is a nice alternative.

Has the appeal a house person wants, lower cost of entry. SO on that alone, I think it drifts higher on price. Still think even 1.1M ultimately will prove to be overpriced when we look back

Posted by: MoneyForNothing at August 4, 2009 1:18 PM

Money, you & I wouldn't pay $1.1M ($950k or lower would be attractive for me) but you know someone might. We're value-buyers

Posted by: more4less at August 4, 2009 1:22 PM

"That's gotta be pretty close to reality, no?"

Close to what? The price of a full brownstone in that area? Yeah, I'd say so.

I'm impressed though. They're not trying to peddle the cellar as one of the levels. But of course not, they originally wanted damn near two big ones!

***Bid half off peak comps***

Posted by: Brownstones Half Off at August 4, 2009 1:26 PM

I like how the phrase "lower cost of entry" is somehow still applicable to a $1.2 million property.

Posted by: tybur6 at August 4, 2009 1:28 PM

That's an incredibly grim block -- right across from the PC Richards and Modells, and SUPER EXTRA BONUS the Atlantic Yards traffic mitigation plan includes rerouting *all* northbound 4th Ave traffic east on this block of Pacific to Flatbush. Can you imagine?!

Posted by: zinka at August 4, 2009 1:28 PM

check the floor plan. the triplex is the second floor and the third floor of the original house, plus an extension built on top of the original house and set back from the front (producing that sizable front-facing terrace on the top floor). this also explains the slanted ceilings and skylights on the top floor. my guess is that there is a lower duplex in this condo consisting of the garden level and the parlor level of the original house.

Posted by: panamac at August 4, 2009 1:30 PM

Tybur6, "lower" is a relative term - as in lower entry than yesterday's lovely $2M+ example where buyer has to play landlord to 2 tenants

Posted by: more4less at August 4, 2009 1:34 PM

It seems like good space, but no original detail or character. I also don't get "access" to the "keyed" garden - presumably both condos have garden access. Based on what I've been looking at, for that amount of space, with those monthly charges, I think it will go for close to the new asking price, even at that location. (BTW, it's BHS, not Corcoran.)

Posted by: CarrollGardened at August 4, 2009 1:34 PM

As zinka noted above, this block is craptacular. I wouldn't rent on it, never mind drop a million clams to live there.

Posted by: DitmasSnark at August 4, 2009 1:38 PM

But this place is in a different school district... kidding.

(I don't even know where the P.S. boundaries are for schools.)

Posted by: tybur6 at August 4, 2009 1:44 PM

Too bad the U-haul depot down the block closed down. Not the best location, unless you "Gotta Go to Mo's" for a new baseball glove. Though it is across a major intersection from Pathmark, Target and a zillion train lines.

Posted by: saminthehood at August 4, 2009 1:58 PM

I miss the old days when someone would have chimed in 'Atlantic Yard effect'.

Posted by: Petebklyn at August 4, 2009 2:05 PM

It seems like a lot of these comments focus on location... this block is actually pretty nice, but maybe I'm a bit biased ;)

Pros:
Across the street (as someone mentioned) across from a gazillion train lines + LIRR, which is nice for a day trip our East.
The block itself is beautifully maintained. Flowers in every single tree bed, sidewalk and house properties are kept very clean.
The "keyed garden" across the street feels like a proper botanic garden when you're inside. Plus BBQs and gatherings.
Very close to the excellent strip of restaurants on 5th Ave in North Slope.
Quick walk over to Fort Greene.
Parking is good (for Park Slope). Fewer homes on the block means more spaces per resident. (Though it's much harder to get a spot during 'business hours.')

Cons:
Noisy, but not as bad as you would expect -mainly because Pacific & 4th has no light (fewer horns)
Atlantic Yards(?)

That's about it. You don't even notice PC Richard & Modell's after a while. Really, who cares that they are there? Though these two cons are pretty big in my book. I've been thinking about moving a couple of blocks in to get a quieter space. The disaster that is Atlantic meets Flatbush meets 4th makes a lot of noise that resonates this way.

Posted by: dwarbi at August 4, 2009 2:14 PM

"Though it is across a major intersection from Pathmark, Target and a zillion train lines."

Exactly why I look to purchase a brownstone in brooklyn for 1.5 million. It's like the suburbs, but you get to use mass transit!

Posted by: MoneyForNothing at August 4, 2009 2:15 PM

"The disaster that is Atlantic meets Flatbush meets 4th makes a lot of noise that resonates this way"

And asking 1.2 Million smackeroos....Need we say more?

Posted by: MoneyForNothing at August 4, 2009 2:17 PM

So does that mean this is building is a 2-unit condo? That's kind of an unusual set-up, isn't it? I guess their mechanicals, etc. must all be separate, but negotiating other common items/expenses could get sticky when there's no "tie-breaker"...

Might the "keyed garden" comment might be referring to a community garden that only allows access to residents in a certain vicinity?

Posted by: Brownstonerlogin at August 4, 2009 2:19 PM

> So does that mean this is building is a 2-unit condo?

If so, then two nails is enough for this coffin.

Posted by: DitmasSnark at August 4, 2009 2:31 PM

Given the size of the building, this unit would seem to have more square footage (triplex)and therefore about 3/4 of the "vote count" in any condo decision.

I think "keyed garden" means that everyone with a key has acces. Presumably that's just the two units in this building.

Posted by: daveinbedstuy at August 4, 2009 2:31 PM

37% under the original ask? I guess this cancels out the Willow Street coop a few posts down.

Posted by: Smudge at August 4, 2009 2:40 PM

Yes, it is immediately apparent that the renovation incorporated the upper two floors of the house and a rooftop extension was added.

The "coveted" (in the ad verbiage) garden is, yes, the Pacific Street Community Garden. Now, the garden group gives keys to everyone on the block but just about anyone, from what I understand, can join the garden, get a key, and if he/she wants to have a plot, get on the waiting list. So, basically, if you leave 10 blocks away, you can join the garden and get a key as well. It's not Gramercy Park in that sense.

It IS a lovely garden.

I like the layout of the apartment, and even though I'm for convenient access to the major transportation hub we have in our neighborhood, I don't think I would love living this close to it! It really is very noisy and busy around there. And Ratner's uglification of PC Richards and Modell's is completely and utterly anti-Jane Jacobs. The wall of cinderblock that faces this street of townhouses and brick apartments is a spiritual dead zone. It's really a travesty.

Other than that, the community garden (which successfully battled Ratner over the years) is a spectacular oasis.

Did I add anything of worth to the discussion? Not sure...

Posted by: BrooklynGreene at August 4, 2009 3:02 PM

"Pacific & 4th has no light (fewer horns)"

Huh? Sure it does.

Posted by: zinka at August 4, 2009 3:05 PM

> Did I add anything of worth to the discussion?

My dear BrooklynGreene
In this I may be alone
I miss the haiku

Posted by: DitmasSnark at August 4, 2009 3:09 PM

Ditmas!!

Yesterday I got BrooklynGreen to admit haiku is lame, and to agree not to do it anymore. Don't mess it up now!

It's been said that "Ideas have no business in poetry."

Posted by: East New York at August 4, 2009 3:22 PM

Um, I'm not sure I actually agreed to anything in particular, but yes, I did admit that I was getting a little disgusted with the haiku-ification...it was nice, though, to try to search for the essence and leave out a lot of the blither...

But "Blither R Me" so why fight nature?

Posted by: BrooklynGreene at August 4, 2009 3:27 PM

Far be it from me
To foster poetastry
Leopard's spots change not

Posted by: DitmasSnark at August 4, 2009 3:39 PM

> It's been said that "Ideas have no business in poetry."

Sorry, ENY, what can I say?

Shall I say, I have gone at dusk through narrow streets
And watched the smoke that rises from the pipes
Of lonely men in shirt-sleeves, leaning out of windows?…

I should have been a pair of ragged claws
Scuttling across the floors of silent seas...

Posted by: DitmasSnark at August 4, 2009 3:44 PM

zinka...
> "Pacific & 4th has no light (fewer horns)"
>
> Huh? Sure it does.

Yep, my bad, I meant to say Pacific & Flatbush, as this seems to be the contentious intersection. The building is closer to Flatbush (and 4th Ave intersections are generally much better than Flatbush intersections.)

Posted by: dwarbi at August 4, 2009 3:47 PM

"I should have been a pair of ragged claws
Scuttling across the floors of silent seas..."

Ugh. Actually, I appreciate poetry - it is truly the essence of great writing. I just don't understand it.

Posted by: East New York at August 4, 2009 3:51 PM

You do not need to live near the garden to get keyed access. I am a member and have a veggie plot and I live in Flatbush near Church Ave. The Pacific Bears Garden NEEDS members and we are not exclusive in any way, shape nor form. You must just enjoy, respect and volunteer in the garden and you get key access. I'd live on this block in a heart beat. It isn't very loud, the grounds are maintained well by neighbors and sometimes the Pacific Bears garden plants flowers in some tree wells. The subways are great. Living on a quiet street is a bit overrated. I didn't move to NYC to live in a quiet area, I moved here to be in the hustle and bustle. I think there are many buyers who would find this property attractive, esp. will all the outdoor space. And I like the lay out quite a bit.

Posted by: cmar7785 at August 4, 2009 3:54 PM

I make no claims to understanding, but I'm rather fond of "The Love Song of J. Alfred Prufrock."

LET us go then, you and I,
When the evening is spread out against the sky
Like a patient etherised upon a table;
Let us go, through certain half-deserted streets,
The muttering retreats
Of restless nights in one-night cheap hotels
And sawdust restaurants with oyster-shells:
Streets that follow like a tedious argument
Of insidious intent
To lead you to an overwhelming question.
Oh, do not ask, “What is it?”
Let us go and make our visit...

Posted by: DitmasSnark at August 4, 2009 3:58 PM

That's not bad, Ditmas. Really.

Posted by: East New York at August 4, 2009 4:09 PM

What is interesting is that both units last sold in the beginning of '05 for 1.1 and 1.2 mill respectively. The lesser is the one on the market now. At this point we're not talking about "half off peak" but we're definitely talking about people who aren't making a penny on the sale when you factor in the broker and the initial closing costs. Whether they would have been better off renting for the last four years is another question. I think the answer is probably no, though we'll see how low this goes.

Posted by: serpentor at August 4, 2009 4:19 PM

And ... I'm with cmar7785. I don't have $1.2 million to burn on a home, but if I had that kind of money I'd be psyched to live there.

Posted by: serpentor at August 4, 2009 4:26 PM

Though I guess if I had that kind of money I'd have a whole world of options that I don't have now.

Posted by: serpentor at August 4, 2009 4:27 PM

I have been looking for houses around Downtown Brooklyn, so the price for this size apartment doesn't shock me. However, this is a 2-unit condo, and my prospective neighbor bought their $1.2m duplex with 5% down. I would have 50% of the vote. I can't imagine putting $500,000 down for the privilege of a $5,000 mortgage and $900 tax monthly.
What if the neighbor loses his job? He is probably under water as it is. This isn't a $2.5M house.

Posted by: Maly at August 4, 2009 4:31 PM

Should I, after tea and cakes and ices,
Have the strength to force the moment to its crisis?

Posted by: BrooklynGreene at August 4, 2009 5:33 PM

I like BrooklynGreene's haiku very much.

Posted by: mopar at August 5, 2009 10:30 AM

« Fire on the BQE House of the Day: 638 Saint Marks Avenue »

August 4, 2009

Condo of the Day: 584 Pacific Street

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