Fully Restored Prospect West Two-Bedroom
Wading into unfamiliar territory, we take a look at this 2-bedroom co-op in a turn-of-the-century limestone overlooking Prospect Park. Given the restoration work done on the floors and, allegedly, the hardware, this place seems suited to someone partial to the brownstone aesthetic but uninterested in the headaches of home-ownership and with a preference for location…
Wading into unfamiliar territory, we take a look at this 2-bedroom co-op in a turn-of-the-century limestone overlooking Prospect Park. Given the restoration work done on the floors and, allegedly, the hardware, this place seems suited to someone partial to the brownstone aesthetic but uninterested in the headaches of home-ownership and with a preference for location over space. The apartment has 1,050 square feet of indoor space and private roof access. Interesting.
PPW Splendor [Betancourt]
Location over space? Anything over 800 sf is enormous to me, coming from Park Slope. Sounds like a deal to me.
Ooops, make that $150k less… But the place needed more than that sunk into it.
Anon 01:27 PM, those are all factors in the appraisal. Although I doubt that park views alone would boost the appraisal value by $100K (maybe $50K). Does the other apartment also have roof rights? Are there other differences than you can think of? For example, elevator vs. walk-up, #baths, central air vs. ac, improvements/upgrades – bath, kitchen, floors; proximity to the park, transportation, etc. You should also factor in ‘block’ comparisons – quiet, tree-lined vs. truck-route/commercial, etc.
Ooops, make that $150k less… But the place needed more than that sunk into it.
anon 1:04 – since you don’t have any information from brokers is it safe to assume you didn’t get off your lazy ass and look either? and if you’re the same poster from 12:37 then you’re no more entitled to speculate on the house or check the people who do than anyone else who is saying that its overpriced because you’re not offering facts either, its all speculation. deal with it.
We sold a 1600 sq ft apt one block from the park in PS 321 district three years ago for about $100K less than this – HOWEVER: the place, except for a brand spanking new SieMatic Kitchen (which the new owners ripped out), was a shambles. There were no doors to rooms or closets (just framing), no door framing, no baseboards… rubble was coming out of the bottom of the walls… Needed new plasterwork, bathroom had not been touched since 1920… Bedrooms were tiny.
We were they types who thought, after beginning renovation, that the bedrooms were just too small and couldn’t imagine our kids growing up there for another decade, so we happily cashed out and bought a place in another (not so expensive) neighborhood. The bidding war for our apartment demonstrated, however, that some people will stop at nothing for a prime Park Slope location. To each his/her own. Value is completely relative.
Wanted to add more to compare.
Apartment that was apprised 100K less has more original details and higher ceiling.
A little lore about the improtance of being on the park.
The inlaws faced a dilemna back in ’74. This was on the UWS, but the analogy should work in Park Slope. Should they buy the 5-story brownstone on a park block in need of extensive renovation, removal of rent-controlled tenants, etc. or buy the pre-war classic 8, high floor, on the park?
They opted for the former, and while they have done extremely well with their choice, the apartment on the park is worth quite a bit more today.
There is something about the light, space and immediacy of a place on the park that has a lasting appeal and predictable scarcity.
question is how mach the roof deck adds to the price vs just roof rights?
Park view? Stripped woodwork?
Maintenance?
We have an apprisal for a similar size apartment just around the corner from this coop and it is more then 100K less (considering that kithchen and bathroom is in an very good condition).