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Co-op of the Day: Turner Towers Three Bedroom

135-Eastern-Parkway-0110.jpg
Based on the photos in this listing from last year and the latest one at the vaunted prewar building at 135 Eastern Parkway, this broker would do well to invest in a new photographer. No reason not to put your best foot forward. (For the record, this exterior photo is one we took!) Now, enough with the ranting...This place is massive—over 2,000 square feet—and has got all the standard prewar trappings one would expect. And, at $1,800, the maintenance comes out to less than a buck a foot per month. Given all this, the asking price of $1,100,000 seems perfectly reasonable to us. Agree?
135 Eastern Parkway [Susan Breen] GMAP P*Shark


55 Comments

By more4less on January 27, 2010 12:46 PM

from previous listings in the bldg, posters were saying one has to upgrade the electric, plumbing, and sometimes windows - how much of those infrastructure upgrades are needed on this baby?

if one has decided to live in a big aptmt unit vs a house, the financials are pretty competitive vs comparable big apts out there in mkt right now.

vs a house, for financials, is really not a fair or relevant comparison cause folks might choose these units over houses for lifestyle differences (ie too lazy to take out garbage, shovel snow, walk up the flights of stairs, wait for external handyman to make repairs,.....)

By DeadCatBounce on January 27, 2010 12:47 PM

I have looked at this apt. Great apt for sure. Needs a new kitchen, painting, floor repair and sanding. Would be a great buy at $850,000. Too high at current ask. Also, the building has a flip tax on capital gains when you sell.

By grand army on January 27, 2010 12:50 PM

I love Turner Towers -- it's a superb building in a great location and many of the apts have amazing views. But does anyone have a recent update on its overall condition? I've heard that, back in the day, maintenance was often deferred so that now there are a number of major upgrades/repairs needed on expensive systems like wiring and plumbing. If a new owner was planning a major renovation, that could be important information to have.

By gidgetgoesbrooklyn on January 27, 2010 12:52 PM

Should go for under a million due to things DeadCatBounce mentions, but I love it. Look at the floors! And the views and the light, and the wonderful old-fashioned, but spacious layout. I know the trend for years now is toward an "open plan" but I like the quiet and privacy you get from rooms with four walls and a door. I also like a closed-off kitchen where the noise and smells of cooking are not spread all over the house. This is beautiful for a family.

Flip taxes can be a pain but they do tend to mean a lower maintenance overall.

By newsouthsloper on January 27, 2010 12:54 PM

This will go for exactly $999,999, not a penny more or less.

By Nokilissa on January 27, 2010 12:55 PM

I don't know. 1.1 seems pretty steep to me for an apartment in this location needing this kind of work.

In looking at the (nearly indecipherable) floor plan, it seems that a good bit of that 2,000 sq. ft. is not put to great use. The kitchen is tiny and outdated and the living room feels like its in an odd location. There is no good flow to the place. I would probably break through a few walls and turn it into a really beautiful two bedroom with the maid's room as a 3rd or a spare or an office/guest br.

Maybe somewhere in the 920 to 950k range?

By Nokilissa on January 27, 2010 12:57 PM

I'm going to catch hell for that, aren't I?

By tinarina on January 27, 2010 12:59 PM

I love these prewar layouts, and I think it works. If the kitchen has to be re-done anyway, I'd get rid of the tiny maid's room and create a larger kitchen with an informal dining area.

By BrooklynIsHome on January 27, 2010 1:00 PM

This apartment is in a great location! The subway is at your door, you're across the street from the Brooklyn Museum, the botanical gardens, the central library and the green market on Saturdays. The restaurant scene is always improving with great, new and traditional choices on Washington Avenue and Vanderbilt.

By gemini10 on January 27, 2010 1:04 PM

ummm -why is this place worth more than a million
can someone tell me why this is such a great bargain other than the location and views.Is it the amount of space?

the place looks like "Dustable" city and ACK the kitchens and bathrooms need to be completely renovated

By DeadCatBounce on January 27, 2010 1:05 PM

Tinarina: You cannot get rid of the maid's room due to mechanicals in the wall. Otherwise a good idea.

By etson on January 27, 2010 1:11 PM

These are the comps in the building. Can't tell for sure because don't know what condition each apartment was in & which way they face.
But guesstimating based on this suggests that $1.1mm is more of a peak asking price for this size and $900-$950,000 is a more reasonable.

http://tiny.cc/X3CjQ

By grand army on January 27, 2010 1:18 PM

There was an interesting article in the NY Times recently about 3 apts in this building -- all in the same line -- and the different styles of renos each had undergone.

By CGar on January 27, 2010 1:22 PM

I think it has great potential, and I love the location, but it needs work, and that $1,800/month maintenance is not something I want to live with for the rest of my life.

By gemini10 on January 27, 2010 1:25 PM

Thank you cGar
I just don't get the appeal of this place for over a million
sure 500-600K I might understand
but this place is super expensive to buy, keep and renovate


By Butterfly on January 27, 2010 1:27 PM

quote:
Tinarina: You cannot get rid of the maid's room due to mechanicals in the wall. Otherwise a good idea.


is it one of those tiny closets with a toilet in it? in the maids room in the apartment when i lived in harlem it had a toilet in it. the room was already TINY!!!! but it had a toilet in it. (we called it the barf toilet). some crazy chick with a chilean dengoo (sp?)actually rented out that maids room

*rob*

By Boerumresident on January 27, 2010 1:33 PM

The real question is not whether the $1,800 is too high but rather is it likely to increase if the building does in fact have a lot of deferred maintenance issues.

By more4less on January 27, 2010 1:34 PM

g10, where are the low price, low maintenance big aptmts in brownstone BK? that's what these babies cost. cheap? no. house better cashflows - heck yeah.

think the only ones in the "general area" that are large units and maintenance looks "non-large" is further down on E. Parkway in crown heights.

By DeadCatBounce on January 27, 2010 1:39 PM

Maintenance sure to rise as plumbing repairs and other upgrades need to get done. Plumbing is the big one, though.

Maids room is small, but not THAT small Rob.

By Boerumresident on January 27, 2010 1:41 PM

Also, what about opening the kitchen into the dining room and keep the maid's room in it's current location?

By lesbiman on January 27, 2010 1:41 PM

Right CGar,
1800 sure goes a long way on a bar tab. Much more enjoyable than a CC.
I'd rather have a house with a tenant paying 1800/mo

By oldrte10 on January 27, 2010 1:58 PM

The plumbing issues are a major deal in this building. Many, many leaks. They are talking about full replacement of risers. Location is nice for places like museum, garden and park but terrible, terrible for schools.

By NOP on January 27, 2010 1:59 PM

Brownstoner:

Posters can debate the merits of this building and apartment all day. But check the listing's second page. There's a drawing of the lobby back in the day.

Leaded casement windows. Sconces. Deep-back sofas. Obviously designed on the pretense that Turner Tower residents slipped through the doors, into their Pierce Arrows and on to the Queen Mary or, better yet, Normandie.

During the 50's, when I grew up in Crown Heights, there were elements of the building's Art Deco charm still left. On a recent visit, the lobby appeared strip of its furniture and rugs, giving it a cold and scaleless appearance.

Still nice, though. And for those of us who prefer pre-War apartments to brownstones, a great alternative to the private house.

Nostalgic on Park Avenue

By CGar on January 27, 2010 2:02 PM

"where are the low price, low maintenance big aptmts in brownstone BK?"

m4l, I'm looking at a 3 bedroom/2-1/2 bath condo in Cobble Hill tonight in this price range, almost as large, with a 500 square foot patio and a huge laundry room, with low common charges. There aren't a lot that I've seen, but they're out there. I agree with Boerumresident that the maintenance is only likely to rise and DCB that plumbing is the big maintenance issue in this building - apparently all the pipes in every apartment have to be replaced.

By BSD on January 27, 2010 2:05 PM

Only question is what's a "Dakota-like” coop community" ? That could be a deal-breaker if it's true since I'd assume its full of stuck-up nosy busy-bodies.

By infirm on January 27, 2010 2:06 PM

Will all due respect to Turner Towers and its glamorous history, there's a comparable apartment on Lincoln Place in Park Slope asking $989,000:

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1943799

Now, this co-op might not be as lovely, but am I old-fashioned or blinded by the bright lights of Park Slope to think that there's something wrong when Lincoln Place is cheaper than Eastern Parkway?

By more4less on January 27, 2010 2:19 PM

yeah, that park slope unit looks more attractive overall buy.

By PlazaMan on January 27, 2010 2:31 PM

I’m surprised so many people think this is a great location. I agree it has amazing access to a lot of cultural institutions, but really not many other amenities. Feels very isolated over there to me.
Also, it is actually a bit of a schlep to the Park Slope restaurants, shops, etc…

By CGar on January 27, 2010 2:33 PM

infirm, totally agree on the Lincoln Place apartment.

By bupe on January 27, 2010 2:40 PM

OMG, no way - friends looked at a penthouse at TT for same price - amazing views, huge deck, needed gut reno - but you had to deal with the entire building and coop board to get anything done. Needless to say, they passed.

By bupe on January 27, 2010 2:42 PM

Lincoln place all the way (ps LOVE the maid room. wish could afford a maid)

By Crownlfc on January 27, 2010 2:42 PM

Those pictures are piss poor for a $900 studio rental much less a propery asking a million+

By CGar on January 27, 2010 2:56 PM

bupe, I saw that Penthouse. Fantastic apartment. Unbelievable terrace. But total gut renovation. The entire space needed to be reconfigured. And it looked like it hadn't been touched since the 1920s - I think it had the original kitchen. At least it was (eventually) priced to sell, after suffering death by a thousand cuts.

By Heather on January 27, 2010 3:01 PM

My friend's apt in TT has the same original layout (I think), and the maid's room is combined into the kitchen. It was like that before they bought it, so no idea about the wiring. They also may be putting it on the market soon, since they just bought a house. For their renovated version, a million seems fair. It is a TON of space. Yes, a million dollars is a lot for an apartment, but so is half a million for 800 square feet, and few complain about that? I think this is one of those cases where sheer square footage determines the price. It'll probably sell to a Manhattan family looking for space, who will then be horrified by PS 9, and eh, well -- what can you do...

By more4less on January 27, 2010 3:04 PM

CGar, think that Penthouse unit sold for 700k or so. In my opinion, if you're going to do some infrastructure upgrades, a gut renov is better than paying a few hundred grand more to deal with a place requiring less renov. diff is finished product on a gut renov is something done exactly to your preference and you KNOW everything in there's checked, repaired, replaced,...

By CGar on January 27, 2010 3:10 PM

m4l, I believe you're right. I recall it was in the $650 - $700k range, and the original ask was something like $1.5 million. I also agree with you about the renovation. But after renovating my house over 10 years, I'm not sure I want to take on another huge project right now, certainly not by myself. So, Wingman 2, you and Kens better find me a partner or no renovations in my future!!

By more4less on January 27, 2010 3:16 PM

"It'll probably sell to a Manhattan family looking for space, who will then be horrified by PS 9, and eh, well -- what can you do... "

heather,

hehehehehe!!!!!!!!!!!!!

By Butterfly on January 27, 2010 3:20 PM

quote:
Only question is what's a "Dakota-like” coop community" ?

See the movie Rosemary's Baby

*rob*

By sashae on January 27, 2010 3:20 PM

I looked at a similar-sized-and-priced apartment @ 36th/3rd av in manhattan... I question why you'd pay the same to live in that location, with that level of renovation required.

By antidope on January 27, 2010 3:29 PM

330p and not one mention of the 25% flip tax and its possible effect on sales price?

we're slipping people.

By NOP on January 27, 2010 3:31 PM

Posters:

Yes, the Lincoln Place apartment is nice, too.

As are so many pre-War apartments.

For those of you who enjoy the type, go to Columbia's New York real estate brochure collection at http://nyre.cul.columbia.edu, which is loaded with Brooklyn buildings, their plans and renderings. (Manhattan buildings are coming soon.)

Park Slope, Grand Army Plaza, Eastern Parkway, Crown Heights, Brooklyn Heights, Flatbush (especially) are well represented. And you may find the building where you live -- or want to live.

The site's indexed by location, architect, management firm, etc., so it's easy to compare and contrast the buildings.

Very interesting is how their managers' "pitch" apartment living to the middle- and upper-middle-class markets of the time. The words are a little different from but the intent the same as Corcoran's and Brown Harris Stevens' website copy.

But be warned: You may lose hours enjoying this site.

And about Eastern Parkway prices: Historically there was competition between the Slope and the Parkway, the latter's apartments built for people excluded from the Slope and, according to Jewish friends of my parents, to be better than the Slope. After decades of decline, the Parkway's simply coming back to its old status but, from what I hear, with a more varied social profile.

Finally, about P.S. 9: I was there when the building was just about new. The halls gleamed. The teachers were terrific. And I had a better, more creative academic experience than at my Ivy college. (Back then, P.S. 9 was known for its "progressive," interactive approach to learning, which the kids in my class loved.)

One of my favorite teachers lived on Prospect Park West. And I enjoyed whistling down the Parkway on my way to the parties she had for kids at her home on the "other side" of the park.

NOP

By dittoburg on January 27, 2010 3:52 PM

"I'd assume its full of stuck-up nosy busy-bodies"
i.e. its a co-op.

I'm sure its lovely inside, but I'm not living in a building that looks like mini-storage units for humans.

By STARGAZER on January 27, 2010 3:55 PM

`Get rid of the maids room, **insert laugh here** and make it one big kitchen. This layout is good, yay!! kitchen and bathroom window....so folks we have a winner here !!!

By Boerumresident on January 27, 2010 4:04 PM

NOP -- thank you for that link!

By Montrose Morris on January 27, 2010 5:17 PM

NOP, damn you!!!! I'll be engrossed for days! Thanks!!!! :)

By NOP on January 27, 2010 5:38 PM

Montrose and Boerumresident:

Mmmmmm. Good! No?

For Montrose there are Park Place, St. Marks Avenue and New York Avenue apartment houses, all in Crown Heights. (Read the copy: the "most exclusive section" of Brooklyn with the "best" shopping street, Nostrand Avenue!)

And my personal favorite, 919 Park Place. Its floor plans are wonderful jigsaw puzzles, providing gracious places to live while squeezing every profitable square foot for the developers.

Today's condos don't even come close!

And if Crown Heights' old apartment stock were to go condo, the neighborhood would streak right passed the Slope!

NOP

By grand army on January 27, 2010 5:59 PM

PS 9 is improving!

By Park Sloper on January 27, 2010 6:30 PM

NOP, you've just ruined my evening! (Not! What a treasure trove. Thanks!!!)

By whynot on January 27, 2010 7:43 PM

Turner towers resident here....
Yup, the penthouse finally sold for 640k and is getting a slow, tedious, board intensive rehab b/c the infamous plumbing for several apt lines runs thru it's floors. They'll need lots of patience b/c the 15 member board is taking forever to begin the plumbing project while it debates the merits of assessments vs maintenance increases.
Re the local hood, one can go to the fully gentified vandy ave, no need to walk to the slope

By whynot on January 27, 2010 7:55 PM

P.S. If the apt is above the 8th fl, I think $999,999 would be fair.

By drbrooklyn on January 27, 2010 8:48 PM

My child goes to PS 9 and loves it. I really wish those who comment about the school situation actually knew what they were talking about rather than go on "what they heard".

By oneasternparkway on January 27, 2010 10:15 PM

NOP--

you're killing me.

I'm trying to watch the state of the union, but instead you've got me dreaming over these old crown heights layouts....

By Heather on January 28, 2010 5:11 PM

drbrooklyn, I have nothing against PS 9. I've just met Prospect Heights residents who do. I was mocking them. Sorry.

By bklynoma on April 17, 2010 5:23 PM

whynot, would you be willing to talk about living in TT? We're considering 10F and would love to know more about the building. If so, pls email me at omalleybones@yahoo.com. Thanks!

Karen

By bklynoma on April 17, 2010 5:23 PM

whynot, would you be willing to talk about living in TT? We're considering 10F and would love to know more about the building. If so, pls email me at omalleybones@yahoo.com. Thanks!

Karen

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