Co-op of the Day: 90 Prospect Park West
This wood-paneled three-bedroom at 90 Prospect Park West is a looker, for sure, but its initial asking price of $1,400,000 was more than the market could bear. The eight-unit limestone building, overlooking the park between 4th and 5th streets, hasn’t had any turnover in the last couple of years; Apartment 4L, the most recent unit…
This wood-paneled three-bedroom at 90 Prospect Park West is a looker, for sure, but its initial asking price of $1,400,000 was more than the market could bear. The eight-unit limestone building, overlooking the park between 4th and 5th streets, hasn’t had any turnover in the last couple of years; Apartment 4L, the most recent unit to change hands, sold for $1,187,500 back at the end of 2005. The monthly maintenance is also quite low at $725, attributable to the fact that the building has no underlying mortgage. So was the initial price too high or are there other negatives? Does anyone know what floor this particular pad is on?
90 Prospect Park West [Brown Harris Stevens] GMAP P*Shark
My family moved into this building in 1966/67. We lived in Apt 1R. It was rent controlled at that point. When the owners chose to put it up for sale at $40,000.00, my father organized the other tenants into buying it together. This was such a new concept that even the lawyers didn’t quite know how to deal with the idea. In the end it all worked out and all 8 resident families paid 5k apiece for the units that are going for 1.whatever million now. There were monthly meetings and a pool of money set up for repairs. If I recall correctly the roof was replaced in ’71, the furnace in ’72 and the outside metal entryway with the doorbells in ’72/’73. All the tenants got together with paint stripper, chisels and hammers to take off the old paint on the fencing outside in preparation for a new coat of black paint. To earn my allowance I had to wash the 3 big windows using a brush on the end of a broom handle. I vividly remember the dumbwaiter we had in the kitchen into which we deposited the trash. A guy named Mike came 3 times a week and emptied it and set the cans out for the garbage men. It was a great place to live back then and I give credit to my dad for having the brilliant idea of creating what I believe was the first co-op in Brooklyn.
already has an accepted offer folks. wish it weren’t so as we were going to view it later this week. thanks for playing.
Wow, that link to the 86 PPW that went into contract was interesting — I thought the floorplan on that apartment was less than ideal and I’m very surprised that it would go before this one. The kitchen and dining room are at the opposite side of the apt. from the living room. Maybe it was a higher floor, because based just on the photos, this one is far nicer. Not that I’d pay 1.4 million for this, however. We looked at a few similar apartments on PPW in 2001 — same 3 bedroom layout. They were running about $450,000 then (perhaps not as finely renovated). I do like the layout if you have kids, but would rather buy a 4 -story brownstone for same price. You have live on 2 floors (have outdoor space), and rent out 2 floors. Very conservatively speaking, 2 floor through apartments would net you about $3,600/month — enough to pay off $600,000 of mortgage. So you can buy a 2 million dollar property for this amount. And I do believe it is still possible to get a brownstone in a nice area (perhaps not “prime” park slope), for 2 million.
I live on the first floor on PPW. Good windows will keep out most street noise, unless it was near a bus stop or near the corner with a stoplight where cars (with loud radios) and buses idle. (This one does not appear to be near either.)
I think this is lovely. Kitchen should have been designed to keep with the old, wood detail but it works. I don’t think the price is correct. There was a recent 2bdrm plus madis room sale at 35 PPW and that is a white glove building for 1.25. There are trade offs but it will probably go closer to 1.2 or 1.3
I live right around the corner from here and work in Times Square. Including the walk up to Grand Army, it takes me 35 minutes, door to door. Clocked it many times. When I get REALLY lucky, it takes 30.
Taking the extra couple minute walk to the 7th Avenue Q stop, and I can be at Union Square in 20 minutes or 42nd in about 30.
Fridays I have meetings at Wall Street and that is 20 minutes, door to door. A cab from Soho is $18.00
So yeah, it’s a few minutes longer than Cobble Hill or Brooklyn Heights, but being able to walk out your door and be in one of the most beautiful parks in 30 seconds is priceless to me.
Then in the other direction are 200 restaurants, bars and shops within 15 minutes in either direction on 7th and 5th.
A walk up to the Greenmarket takes 3 minutes and it’s a real pleasure to live so close on Saturdays for some fresh baked goods and some great plants for the garden.
I wouldn’t want to live anywhere else.
I’d rather be in BH or CH with beautiful architecture, plenty of wonderful shops, plenty of parks and playgrounds, the ability to visit the zoo, carousel, or the BBG or PP on the weekend, and save 30 minutes each way each day, door-to-door.
Five hours a week.
“I don’t grasp the PS love affair.”
You don’t grasp the ginormous park, the numerous restaurants and shops, and the beautiful architecture?
I don’t grasp the PS love affair. What’s the door-to-door commute from this “pad” to, say, Lower Manhattan or Midtown? Including the walk to Grand Army Plaza there and back? Or, is it just assumed you’re car servicing it to Bear Stearns or Lehman or Merrill or…?
Oh, wait a minute.