Co-op of the Day: 358 Eastern Parkway, #8
This two-bedroom, two-bath co-op on the top floor of 358 Eastern Parkway in Prospect Heights has nice vibe to it–prewar deets plus updated kitchen along with nice light. The railroad-y layout may not float everyone’s boat, but for the buyer who will still have some cash lying around after ponying up for the $555,000 asking…
This two-bedroom, two-bath co-op on the top floor of 358 Eastern Parkway in Prospect Heights has nice vibe to it–prewar deets plus updated kitchen along with nice light. The railroad-y layout may not float everyone’s boat, but for the buyer who will still have some cash lying around after ponying up for the $555,000 asking price the roof rights certainly sweeten the deal. The maintenance is an eminently reasonable $560 per month. You like-y?
358 Eastern Parkway, #8 [Corcoran] GMAP P*Shark
This needs to come down to the low 400s, max. I think $375 sounds reasonable.
More4, you are probably right that the rent is too high. You are probably also right that the market isn’t yet at rent equivalent…..but it will probably end up back there before too long.
Remember those days when one bought in part because it was cheaper than renting? I just can’t imagine paying more to own than rent right now with all the uncertainty on the price side.
This apartment looks nice, but agree with previous poster that the bedroom size is going to eliminate a lot of prospective buyers and make the apartment more subject to the vagaries of the current market than others.
I took a look at this place yesterday. It’s a walkup, but not a killer. The apartment was nice but some of the details were sloppy, like the moldings and the painting job. The roof rights are exclusive to the two apartments on the top floor, with each apartment getting a section of their own. The location is nice and two bed/two bath with private roof rights is not bad. Having seen it i would say $500,000 is fair.
Brokedeveloper, 2400 rent for something comparable to this unit sounds high to me. when I recently did a quick scan for mkt value on rents (ie own an aptmt on Dean St & Brooklyn), I concluded a realistic range (depending on level of renov I would put into the place) was 1700 – 2000. my place would be 30%+ bigger, comparable or even better prewar details, top flr, roof access,…. So unless rents on that Eastern Parkway block is that much higher than where my place is, 2400 sounds too high hence you 375k # needs to come down if we’re basing valuations off rents.
that said thought, mkt is not pricing (buying or selling) based on rent so your 375k is probably a little low. I’m guessing someone might pick it up in the 400k’s. 550k prices sounds like what they charge in PH and this is not PH.
good looking place and location though. just the price is ugly
This is Crown Heights – the border is the east side of Washington, I can see why a broker may want to stretch that to Franklin, saying PH pass that is laughable. Not a bad location – Probably the best subway options in Bk outside of Downtown. Still have to deal with the “nuisance” factor on Franklin Ave.
This kind of pricing is why I think that Montgomery Street building looks like a good deal — it’s basically the same location, if not a bit better for less than half the money.
Also, that renovation had no business putting in 2 bathrooms at the expense of one of the bedroom’s size… other than that, I like the layout.
Seriously – I know that some neighborhood borders are up for dispute, but Washington Ave is pretty commonly agreed upon as the PH/CH border. I’ve seen some brokers try to stretch past Gradn even sometimes all the way to Classon. Which is clearly just a marketing ploy. But this is a full block and a half even past that. This place is probably closer to whatever the neighborhood on the other side of CH is ( I have no idea) than to PH.
This is in Crown Heights.
This is so far from the actual borders of Prospect Heights as to invite derision. Nice looking pad though.