Co-op of the Day: 1 Plaza Street
This may be the one time we can remember a listing saying that a bathroom needs to be renovated when, in our opinion, it looks perfect! (We will readily concede that the kitchen could in fact benefit from a makeover.) Other than that, this two-bedroom, one-bathroom apartment at 1 Plaza Street in Park Slope looks…
This may be the one time we can remember a listing saying that a bathroom needs to be renovated when, in our opinion, it looks perfect! (We will readily concede that the kitchen could in fact benefit from a makeover.) Other than that, this two-bedroom, one-bathroom apartment at 1 Plaza Street in Park Slope looks like a decent pre-war blank slate, albeit one with a fairly high monthly maintenance of $1,265. The building itself and the location are obviously sweet, though, and the apartment is on a high enough floor that views clear the surrounding townhouses. All this for $769,000. Good deal?
1 Plaza Street [Brooklyn Properties] GMAP P*Shark
That seems a bit high–especially with that maintenance, and with the obvious work that needs to happen (you might like the bathroom, ‘stoner, but lots of people won’t). Not sure which way I would go myself. I’ve seen worse….
Isn’t this the building that had the ground-floor 1-bed as a Co-op of the Day recently?
We lived in a nearly identical building (judging by the interior layout) on the UWS a number of years ago. There’s actually a fair amount of character; the moldings are poplar, the beamed ceiling breaks up the rooms well. These prewars also had picture rail molding originally, which is easy enough to install.
The condition, though, is puzzling. Usually when a realtor says a place needs TLC it’s usually falling down. I suspect here the moldings are hidden under 20 layers of paint and the walls are pretty bad. Bath tiles could be cracked etc. The kitchen looks easy enough to redo but it won’t be cheap.
Price doesn’t seem outrageous, but to me that maint. is a bit high. I’d try to find out when the last increase was and what capital expenses might be coming up. If there’s been a recent increase and work has been done on hallways etc., then you’re probably ok.
When I looked at that GoogleMap location, I really got excited. $769,000 at 1st & 1st in Manhattan? Sold!
[Not]
“…without any mention of sq footage…”
Nope. No a bad deal, but not a good deal neither. And who would give you one for this building and location?
I agree, it looks comfortable, I don’t think it is “very small” I wonder why prior poster thought that? Two bedroom units in cut-up brownstones tend to be “very small” but in solid elevator pre-war buildings like this they tend to be well proportioned.
Still, the maintenance is very high and the area has just appreciated too much too quickly.
I don’t like being right on Flatbush either.
If the building has a garage that would be a big plus.
About eight years ago I looked at a very similar two-bedroom in this building (perhaps the same one) for a little over $200,000.
It was a comfortable size and quite livable, although the elevator creaked very badly and the building’s intersection with Flatbush isn’t very attractive.
No doubt Meier’s On Prospect Park’s prices are rippling around Grand Army Plaza.
Frankly, I’d much rather live here than OPP. It’s pre-war and more convenient to Seventh and Fifth Avenues. And doesn’t seem overpriced for what Park Slope’s become.
Looks like a nice apartment. convenient to the subway and high enough to set you away from the traffic on Flatbush Avenue. The single bathroom and the very high maintenance are the two negatives. Because of those two things I would say that this is priced high. I think it will sell more in the neighborhood of 720-730. That’s assuming that the market does not weaken further, that the building’s financials are A-One, and that at least half the maint. is tax deductible.
When I read “needs kitchen & Bath Up-Grade + Cosmetic TLC Thru-Out” I hesitate. Then looking at those pics I see an apartment with absolutely no character (although it may look better if it were staged, I again am discouraged. The icing on the buyers beware cake—for me and many others—is then the $1,265 monthly maintenance nut and if MacD is correct, a 25% down payment.
However, many will like the location and the school zone; but no one is going to pay $769K for a place that needs a minimum of 75K of cosmetic work.