Co-op of the Year? 35 Prospect Park West
Whoa! Several readers emailed this new listing at 35 Prospect Park West to us yesterday, and with good reason. If the nine-room co-op ends up fetching anywhere near its asking price of $6,500,000, it’ll roughly double the highest price we’re aware of a co-op in Brooklyn ever going for. This could do it, too. We’re…
Whoa! Several readers emailed this new listing at 35 Prospect Park West to us yesterday, and with good reason. If the nine-room co-op ends up fetching anywhere near its asking price of $6,500,000, it’ll roughly double the highest price we’re aware of a co-op in Brooklyn ever going for. This could do it, too. We’re talking about 3,500 square feet of interior space over two floor in one of the (if not the) best prewar apartment buildings in Park Slope; throw in another 2,300 square feet of wrap-around terrace space and you’re looking at a pretty killer pad. As for the price, this is one of those unique places that defies comps and simply hinges on the question of whether the right super-rich person will walk in the door and fall in love. Note: This is a co-exclusive between Corcoran and Brown Harris Stevens.
35 Prospect Park West Penthouse. [Corcoran] GMAP P*Shark
35 Prospect Park West Penthouse. [Brown Harris Stevens]
mortgage rates are nowhere near 7%, i just locked rate 3 weeks ago at 6%. and all indications are that the fed will lower the prime lending rate, not increase it.
sucks to be bitter, don’t it david.
Its simple how they came up with this price – the 3500sq ft apartment at 1Prospect Park is listed at 6M, so you tack on a little premium b/c its actually in Park Slope and you list.(even with bad photos – since 1PP doesnt even have photos yet)
No way they are going to get that price (BTW haven’t gotten it at 1PP either) its about 1400sqft (assuming 50% discount for outdoor space – which is way generous). Sorry but Brooklyn just isnt at this price range yet (and may never be), you can get an equal apartment in Manhattan for LESS.
As for the effect of interest rates – of course it will effect apartments in this price range – it will effect the prices in ALL price ranges.
1st rate increases hurt many, many asset classes – so if your worth 40M b/c you hold Real Estate or Muni Bonds and interest rates rise alot – you might only be worth 25M – and therefore less likely to buy a 6M apartment
Next, if the prices in the “lower tier” apartments fall as a result of interest rate increases, then eventually the higher end will fall (i.e. if the $1.5M apartment falls in price, to represent $600 a sq ft, then the higher end buyer will be less likely to be willing to pay double that for his ‘premium’ apartment – even if he could afford it).
Real Estate, like all markets, isnt just supply/demand it is also psychological. Interest rates, overall economy and perception will impact prices.
I think you need a lot of CASH…
Banks don’t give out Mortgages like that.
You need to put down a min of 50%…
That still leaves you with a $25,000 mth payment..
i have a feeling to qualify for a 6 million dollar apartment with a $4000 a month maintenance, you do indeed need to have a lot of money. they don’t approve just anyone for a 4,875,000 dollar mortgage, you realize…
7% is still pretty low when you consider that it was well in to the double digits 20+ years ago.
You don’t really need a person with a lot of money, you need a person with a huge ego who likes to spend a lot of money.
My grandma taught me that just because somebody spends a lot of money doesn’t mean they have a lot of money.
Often the opposite is true.
i hope the feature on brownstoner drums up some interest for this place. it will be interesting to see the outcome for sure…
I think that the people who can afford this are probably swimming in cash, and a 7% interest rate would probably not tip them over the edge…