392 3rd Street Goes Condo
Though it’s still a rental building for now (here’s an old Streeteasy listing for a $6,950 three-bed, three-bath), 392 3rd Street, between 5th and 6th Avenues, is going condo. The NY Times has the listing, with six 1,500-square-foot three-bed, two-bath units going for $1.299 million (that’s $866 per square foot), with $247 of common charges…
Though it’s still a rental building for now (here’s an old Streeteasy listing for a $6,950 three-bed, three-bath), 392 3rd Street, between 5th and 6th Avenues, is going condo. The NY Times has the listing, with six 1,500-square-foot three-bed, two-bath units going for $1.299 million (that’s $866 per square foot), with $247 of common charges monthly. The other two units are 2,700-square-foot duplexes: three-beds, three-baths with private patios. Common charges are $416 a month. More factors in the luxury makeover: Jacuzzis, marble steam showers, private laundry, Viking and Bosch appliances and — the biggie — PS321 school district. Think they’ll get their asking price? GMAP
392 3rd Street [NY Times]
When you did out the basement isn’t there a tendency for it to be damp and cold like the cellar of a house? Also what about water leaking in – I am thinking of what happens in my cellar at home. Is this space you would use as a bedroom or den?
I walk pass this every morning and evening too. The apartments look beautiful and the landscaping is great. Also, glad a low fence will be going in to keep the block consistent.
Is there a floor plan for the 1500 sf units? I could not see it on the NYT ad (which is a bit confusing). Like that they tried to preserve detail, not so sure about the finishes on kitchen/bath (I’m not big on faux fancy). $833/psf does not seem to reflect a “new-market-reality” discount – lots of nice places sold for that amount during the frenzy (yes, I know there were some 1000 psf but those were pretty rare, and this is not a FSB, no elevator, etc.)
Looks like it last changed hands in 2004 for $2.3m for the whole building, not a bad trade at all.
gary, thanks for clarifying. given that they’re both 3-beds and 2+ baths, i agree with lechacal that this will be an interesting test of the market.
Likewise – thanks for the info Gary. I’ve been watching your project for years and in my eagerness to speculate on the business aspects I failed to say that everything I’ve seen from outside and my peeks in, make it look like this job was done right and with a lot of attention to detail.
As for the fence, you might consider electrifying it – those middle schoolers around the corner on 5th Ave are little hormone-soaked hellions.
Good luck with the sales.
Thanks for the information Gary. I am in the market for a 3-bed and certainly plan to look at these. Whether these units sell at or near asking will be one of the first real tests of whether prices for prime Park Slope properties are going to hold up. I am not going to make a prediction on this one.
I work with the building’s owner (sponsor), and thought I’d respond to some comments here, as well as add my own:
1) Thanks for the various complements. Great care was taken during planning and renovations to retain as much original detail and woodwork as possible.
2) The garden level floor is, in fact, partially underground, but this space is unlike any partially underground space you’ve seen: 10-foot ceilings, big side windows with plenty of light, exposed brick and wainscotting (see the photo of the family room on nytimes.com). The low psf ($648) does reflect this. It also reflects current economic conditions, and are priced to sell (a year ago these duplex prices would’ve started with a “2”).
3) The patios are 200 sf (10 x 20) of bluestone surfacing and brick perimeter planters with installed sprinkler system.
4) Five units are indeed rent-stabilized. Because negotiations are ongoing regarding insider rights to buy and buyouts, I won’t say much more, but the rents aren’t terribly below-market. These tenants simply are nice old-timers adverse to change.
5) The front landscaping is not yet complete, and fence/gate will be installed.
6) A floorplan has been added to nytimes.com, and the 2nd floor apartment price has been reduced to $1.249m.
7) I’ve seen hundreds of Park Slope properties in the past few years, and I’ve never seen a kitchen that compares with these. And if there’s a better value being offered for family-sized apartment condos in The Slope, I’d sure like to know about it.
8) There is a window of opportunity to deal directly with the owner and eliminate the middle-man before these get handed off to the brokerage community (gasp!).
Gary
i have no problem with concrete and facty.