Co-op of the Day: 50 Sterling Place
50 Sterling Place in Park Slope is a classic four-story brownstone that has been divided into three co-op apartments. The owner of Apartment #2 paid $599,000 for her second-floor two-bedroom floor-thru in 2006 and is now putting it back on the market for $669,000. We don’t mind the fact that the living room is located…
50 Sterling Place in Park Slope is a classic four-story brownstone that has been divided into three co-op apartments. The owner of Apartment #2 paid $599,000 for her second-floor two-bedroom floor-thru in 2006 and is now putting it back on the market for $669,000. We don’t mind the fact that the living room is located in the middle of the apartment where there are no direct windows; it means that the kitchen space is more than a small alcove. (The kitchen finishes themselves, however, look a little below par.) Even if the psychology in the market improves, though, these townhouse apartments are going to continue to feel pressure from the coming glut of new-construction condos that are similarly sized. What do you think this will ultimately sell for?
50 Sterling Place [Brown Harris Stevens] GMAP P*Shark
It can be nice to have a hallway between common rooms and bedrooms, both as a buffer and because it creates some extra space for storage, even if it means sacrificing a little space in the bedrooms. Or it can make it feel like a rabbit warren, it just really depends on the space. I agree that a bigger second bedroom would be ideal. But come on, this place packs a lot in, in a cute space in a nice location, for not a crazy amount of money. They’ll do okay.
I think it looks nice. I like the little anteroom btw bedrooms and living room. So much better than opening directly off living room. I have no idea what it will sell for but 2006 level sounds about right.
“What do you think this will ultimately sell for?”
No more than $500K if bought soon (1/4 of a full brownstone comp of $2M which includes a co-op risk factor). $350K if it lingers (what a bath that would be).
Nice location but not a true 2-BR. 7’2 x 12’8 aint slicin’ it. More like 1.5-BR.
Agree on the comment re: wasted space in front of bedrooms – strange layout. Seems to me that these sellers are just hoping to cut their losses now before they get even steeper. Other sellers might be wise to do the same.
Good call mopar. If they get 10% below ask, after brokers fess (etc), they lose money.
I don’t know. I’m not sure at all about the lack of windows in the living room. Kitchen needs an update. Should I ask about the bath? Sterling can be a busy street. Maybe $600K.
I’m going to offer $210k and see what happens.
offer 425K
Note by pricing that the seller is probably not expecting any profit. $669,000 asking means $600,000 actual in my book.