Co-op of the Day: 47 Plaza Street West, #11B
This new listing at 47 Plaza Street West isn’t quite as huge or swanky as its 11th-floor neighbor (which appears to have sold very recently) but the two-bedroom, two-bath co-op is impressive nonetheless. The apartment has all the prewar touches that you’d expect from a Candela building. Probably the only nit we can come up…
This new listing at 47 Plaza Street West isn’t quite as huge or swanky as its 11th-floor neighbor (which appears to have sold very recently) but the two-bedroom, two-bath co-op is impressive nonetheless. The apartment has all the prewar touches that you’d expect from a Candela building. Probably the only nit we can come up with is that the second bedroom is on the small side (though you could close off the dining room and solve that problem). At $1,768, the maintenance isn’t low, but then again it’s a full-service building. The asking price is an even $1,000,000. Think it’ll fly? (Note: We’re removing the Pricing Widget until we can get a more sophisticated version built with predictive measures other than the average price, which 99 out of a 100 times dramatically understates the ultimate sales price.)
47 Plaza Street West [Corcoran] GMAP P*Shark
It might not be special TO YOU, Tyburg, but it will probably be special to someone. Only takes one buyer.
And Rosario Candela is one of the most famous American architects. Maybe you missed that part??
Rosario Candela (March 7, 1890 – October 3, 1953) was an American architect who achieved renown through his apartment building designs in New York City, primarily during the boom years of the 1920s. He is credited with defining the city’s characteristic terraced setbacks and signature penthouses.[1] Over time, Candela’s buildings have become some of New York’s most coveted addresses. As architectural historian Cristopher Gray has written: “Rosario Candela has replaced Stanford White as the real estate brokers’ name-drop of choice. Nowadays, to own a 10- to 20-room apartment in a Candela-designed building is to accede to architectural as well as social cynosure.”
You make it sounds like this is a 4th Avenue special and actually it is a very “special” building. It’s just not special to you, apparently.
Mopar — The “outlier” argument only goes so far. The metaphorical $8 banana is spreading FAST. Like wasder said, I don’t want to keep being pushed further and further afield… living in east bumfuck Queens would make my commute (to a location *in Brooklyn*) about 1-1/2 hrs each way and would lower my life expectancy by sapping away my life force. It’s not like I make peanuts — even for NYC. The Outliers in real estate are not outliers… they are engines to which all other real estate is compared. It’s not surprising that most of my colleagues at work live in far flung places. Funny, we’re supposedly in the business of providing a “Public Good” to Brooklyn, but most of us can’t afford to live in the Borough!
* * * * *
You may also notice… as a side note… i don’t tend to comment on the prices of the House of the Day. I might comment on the architecture or the furnishings or whatever, but not the price. You see, I also differentiate between something truly *special* and run-of-the-mill.
For example, this Co-Op of the Day?! This is a perfectly fine 1 bedroom apartment with a little den. Perfectly fine. Totally comfortable living space. IT’S NOT SPECIAL! It’s just a place to live. It’s definitely not a MILLION DOLLARS special… and that million dollars doesn’t even include the monthly maintenance which is more than my rent (for a similarly sized place in a not undesirable neighborhood). This is what i’m talking about when I say a marketplace that’s unhinged.
OK. Done.
BTW, that is definitely a maid’s room and the bathroom should not open into the dining room — yuck!
“i dont want ALL my neighbors to be hedge fund managers just as i dont want ALL my neighbors to be crackheads on welfare. do you understand the point some people are trying to make with this?”
It’s funny how neighborhoods tend to go one way or the other.
Try Jackson Heights. It’s a model of diversity.
Hahaha DH.
Plaza St. on the Park Slope side is zoned for PS282 in District 13–not a “preferred” school.
Ethnicity
Asian / Pac. Isl 18 2.02%
Hispanic 218 24.44%
Black 581 65.13%
White 59 6.61%
Not Reported 16 1.79%
from the Dept. of Education website.
Look, until quite recently NYC was undervalued — compared to similar areas. That’s because there was government disinvestment, deteriorating infrastructure, high crime; it was left to rot. Only now is it coming back to where similar areas have been for decades.
If someone pays $xx for a house, that’s what it’s worth. Doesn’t mean it OUGHT to be that price or that it’s a moral good. It just is.
The $8 banana is like the $18,000 rent. An outlier.
The very high prices of houses in Brooklyn Heights, Park Slope, etc., are related to the schools and comparable to very high prices in neighborhoods with similar demographics such as Beverly Hills, Stamford, Palo Alto, etc.
There are plenty of inexpensive houses and apartments here in New York City in the Bronx, Queens, and even Brooklyn. I live in one.
Prices are only going to go down in NYC if it becomes an undesirable place to live, like Detroit or a town in upstate New York — and the most likely scenerio for that happening would be if there are no jobs here.
Until recently, there were a TON of low-income immigrants moving here. I don’t know if that has declined slightly since construction jobs dried up post Lehman or if it’s still going strong from overseas.
Declining crime, improving race relations, the loss of rent control and rent stabilization, the new cachet of historic areas, gentrification and other improvements to previously redlined areas are among the factors raising rents and property values in previously inexpensive neighborhoods.
I read in NY Mag that Brooklyn is the new Manhattan