House of the Day: 43 Prospect Place
This house on Prospect Place between 5th and 6th Avenues is a good example of how some of the “hairier” deals are having a tough time in this market. Having sat on the market since at least the middle of the summer, the four-story, six-unit building just had its asking price cut from $1,600,000 to…
This house on Prospect Place between 5th and 6th Avenues is a good example of how some of the “hairier” deals are having a tough time in this market. Having sat on the market since at least the middle of the summer, the four-story, six-unit building just had its asking price cut from $1,600,000 to $1,400,000–on its surface a shockingly low price for a brownstone in prime the Northern corner of Park Slope. Of course, there’s a catch: There are two occupied rent-stabilized units that are going to, at the very least, add time and money to the conversion process. Seems to us though that the price is fully reflecting that drawback. It’s hard to comment on the interior with no photos to go from, but certainly the broker euphemism “Building would benefit from substantial rehabilitation” suggests it may not be much to look at. Anyone know if there’s any architectural detail to speak of?
43 Prospect Place [Corcoran] GMAP P*Shark
Reduced: 43 Prospect Place [Natefind]
People people this is prime park slope. Park place between 6 and 7 is as nice as anyblock in the whole of brooklyn. 5th ave north is great now. the only draw back is no ps 321 or whatever the heck that school is.
Park slope towards 5th avenue is definitely hipper than towards 7th avenue–seems to me precisely because the rents are cheaper and it’s easier to set up shop as a restaurant, bar etc. The closer you get to 4th the rougher around the edges…but there’s a lot more cool stuff going on there.
Wait, propshark also says it was sold in March of this year for $1,190,000 to some kind of LLC. What happened? Did they think they could flip it and then it ended up being too much work to evict the stabilized tenants?
I think it’s funny that this part of Park Slope isn’t considered prime. I guess I always thought that closer to Flatbush was better (better train access) and closer to downtown (Boerum Hill, Cobble Hill, Ft Greene, etc) would be a selling point. And all that hype about 5th Ave being the new 7th Ave… Maybe it’s the hipper rather than prime-er part of the Slope.
Maybe someone should tell the Gyllenhaal/Sarsgaard family they bought in less-than-prime Park Slope.
Has anyone seen the inside? What sort of a reno does it need? What apartments (Garden, top, etc.) do the regulated tenants occupy?
Fair point. We stand corrected on the prime issue.
Lots of parts of Park Slope that are not prime Slope are still nice. But if prime means that area which, all other wthings being equal, is in highest demand and would fetch highest price (most sought-after school, closest to the park), this is not it.
Or else most of Park Slope is prime, in which case the term is pretty much meaningless.
I think this particular brownstone has been on the market for a very very very long time (possibly over 2 years) – I think I saw it a long time ago at a much higher price.
The RE taxes are quite hefty ($7900) and more than double the norm for the area. That needs to be factored in. Also, why no mention of the actual rent for the two occupied units?