Co-op of the Day: 135 Eastern Parkway, #10C
None of the apartments that have turned over in Turner Towers in the past three years have topped the million-dollar mark. (a couple have gone in the mid-$900’s). Then again, we doubt any of them have been 2,800 square feet either. This three-bedroom, 10th-floor apartment, which is asking $1,700,000, was also recently renovated, so while…
None of the apartments that have turned over in Turner Towers in the past three years have topped the million-dollar mark. (a couple have gone in the mid-$900’s). Then again, we doubt any of them have been 2,800 square feet either. This three-bedroom, 10th-floor apartment, which is asking $1,700,000, was also recently renovated, so while the price tag looks high on an absolute basis it doesn’t seem crazy when you consider that it’s about $600 a foot for a pre-war apartment in move-in condition with killer views. Anyone in the building care to weigh in? Update: A reader just wrote in to let us know that Apartment 15I sold for $1,047,000 back in 2005. Are there other million-dollar sales that aren’t showing up on PropertyShark as well?
135 Eastern Parkway [Stribling] GMAP P*Shark
Isn’t this the co-op that has an insane flip tax? It’s something like 25-50% of the profit on the sale has to go back to the board. We looked into buying a place there and that totally turned us off. Even if you plan on living there for awhile, no one wants to loose that much of the profit.
At our closing (on another building), all the lawyers were laughing about anyone willing to just give away that money.
I noticed that too 2:04. The only thing more satisfying would have been for him/her to acknowledge them as annoying rants.
Biff Champion
Did anyone notice that The What actually referred to his postings as rants. See 1:18. This is the breakthrough of the century!!!
I’ve come around on the flip tax. This isn’t the kind of apt building you buy into thinking of a flip in a couple years so if you’re actually living in the building the flip tax benefits you greatly. Think about the maintenance vs. square footage–still less than $1 a sq ft. (see NYT article yesterday about high maintenance fees). This kind of old building, with its huge staff and general upkeep costs a lot to maintain, and the flip tax really helps cover costs of repairs, repointing, etc. The flip tax bites if you’re selling but works to your advantage as a buyer.
This is a special building and a premium in price may be appropriate. It has been discussed at length in other posts. One issue is that many apts have minimal views, not the case for this one. The building has a flip tax that may have depressed prices heretofore. Also I would be concerned about wiring and such. Still it is a marquee address in BK.
I would pay even more than that to see the broker in a cage.
Maybe there is a price premium to stare out into the Prospect Park Zoo and see the new Red Panda?
I’d pay a couple hundred grand extra for that!
Did anyone else see the article in the NYTimes about the rising costs of maintenance on co-ops and Condos over the past few years?
Condos led the way with a 38% hike in maintenance over the last few years!
Co-ops 30%.
I think the broker had the wallaby in the Prospect Park Zoo hold one end of the measuring tape.
Biff Champion