Condo of the Day: 409 3rd Street
Third Street in Park Slope, with its width and grand houses, is certainly an impressive stretch. That doesn’t mean, however, that an attractive, but far from spectacular, floor-through apartment will be able to fetch $1,000 a foot. The second-floor apartment at 409 3rd Street, which is asking $1,199,000, has some nice prewar charm, to be…
Third Street in Park Slope, with its width and grand houses, is certainly an impressive stretch. That doesn’t mean, however, that an attractive, but far from spectacular, floor-through apartment will be able to fetch $1,000 a foot. The second-floor apartment at 409 3rd Street, which is asking $1,199,000, has some nice prewar charm, to be sure, but the bathroom and kitchen are definitely a little tired and the layout feels like a cluttered maze of little rooms to us. The broker’s use of gross square footage to hype the place rubs us the wrong way as well. (He states a gross square footage of 1,337; PropertyShark uses the figure of 1,098. After all, you can’t sleep in the common hallway!) We think they’ll be lucky to get $1,050,000.
409 3rd Street [Corcoran] GMAP P*Shark
seems to me that at $1000 psf this place would still be in the high 900s
850k is a long way from 1.2
2:12 – 2:00 here. Your point on taxes is taken, but I don’t think it will be nearly as high as you think.
My experience is with brownstone coops, which are taxed on a building-wide basis generally similarly to single-family homes (so if you own 1/4 of the shares in the building, your share of the tax is 1/4). I don’t have experience with how much higher brownstone condos are taxed over brownstone coops.
I referring to the $160 month – which already sounds to me to be 1.5 to 2 times higher than a similar brownstone apartment’s share of taxes. Not sure how much higher it would go…
2:13 – again, congratulations. Glad you found a sucker to buy at that price. Streeteasy currently has 50 2+ bedroom co-op listings in Park Slope. The average price per square foot on these is just over $734. Now, that is obviously an imperfect, back of the envelope-type guidepost, but it at least begs the question of whether this particular apartment is worth a $300 sq/ft mark up over the average 2 bed+ Park Slope co-op. Having seen tons of similar apartments in 2006-2007 (I ended up buying a renovated 2 bedroom co-op in Brooklyn Heights last Spring at approx. $800 sq/ft), the answer is clearly, resoundingly, NO.
i just sold a 275sf studio on the 6th floor of a walk-up on this same block for $1.2M.
Anyone who likes this apartment is a broker or seller.
America is one of the only places outside of third world countries, where people prefer “new” over “old”
You want quantity over quality.
You are not well suited for Park Slope above 4th Avenue.
You are well suited to Sugarland, Texas.
Was yours a co-op? YES
Was it a long hike away from the local F train? YES…much farther than this one…by about 5 blocks.
Was the kitchen obviously sub standard? It was one step up from a firepit.
Did you sell in 2008? Nope…November 2007
Was your third bedroom the size of a walk-in closet? Only had 2 bedrooms. And an armoire, no closet in the second bedroom.
Yes, many of us prefer the old-fashioned feeling of brownstones to new construction, and are willing to put up with (gasp!) one bathroom and some narrower rooms (with higher ceilings and larger windows in them than new construction has) to get it.
I always thought it was basically a different buying market for those looking for new v. brownstone apartments. I looked at new and old, but never seriously considered making an offer on a new one – they just didn’t feel right to me. To each his or her own….