Park Slope Face-Off: You Be the Judge
Today two similarly priced houses in Park Slope go into head-to-head competition and you’re the judge. What do you think is the better deal? Corcoran’s 3-story “dream” brownstone on “one of the Slope’s prettiest streets” for $1,750,000 or Warren Lewis’ listing for a 4-story, 3-family “North Slope Gem” for $1,850,000? We know what we think,…
Today two similarly priced houses in Park Slope go into head-to-head competition and you’re the judge. What do you think is the better deal? Corcoran’s 3-story “dream” brownstone on “one of the Slope’s prettiest streets” for $1,750,000 or Warren Lewis’ listing for a 4-story, 3-family “North Slope Gem” for $1,850,000? We know what we think, but we’ll wait ’til later to weigh in.
2nd Street Dream [Corcoran]
North Slope Gem [Warren Lewis]
two rentals are much better if you pay morgadge no doubt, you will not get tax in this case plus derpreciation could be a factor.
I have seen both and 2nd street is smaller nicer much better details and i prefer location it is nicer block. Prospect place location is more conviniant to subway but not that nice block and house inside is not that great i kind of hate it.I would go with 2nd. but i would have to do some numbers to have full picture. Anyway i am buying in Clinton becouse i could get 5 full stories for this price in prime location on the great street with much better details.
Saw the north slope house a couple times. it’s on prospect place between flatbush and 6th. it’s in great condition on the outside but it’s never really been renovated on the inside. it has been very well maintained, but never very expensively. stairs slant quite a bit etc. Very nice deck and garden as well. It’s a nice place overall Don’t know aobu thte other one.
If you go to the Park Slope listings for 4/1/05 there are several comments about the North Slope house.
They were not very kind about the house which is on Prospect Place,or Warren Lewis.Sadly I have to agree with them on all counts.Read and decide for your self.
I like the way Corcoran gives more info – as in floorplan and address. So can easily indentify the + and -. From pics certainly looks very nice…and great about schools. Minus is long walk to subway, need to walk thru potential 2nd bedroom to get to bathroom upstairs.
I don’t know what less ‘leverage’ you have with tenants on 3 (or 4 family) – but true bldg codes are stricter. Specious to say rental income taxed at 40% – only profit is taxed at whatever bracket you are in – and there would be greater deduction to show less profit(or greater loss)
with the 3 family (depreciation of asset is major
consideration when ‘running’ your numbers).
Without address or floorplan of North-slope difficult to compare. Also looks great – generally much better transportation options.
Good points about the rentals, but I still favor the North Slope house, with the caveat that it definitely depends on the block. Is it really the North Slope, or is it in that neverland between Park Slope and Boerum Hill?
Yes, 2nd Street is nice, but between 5th & 6th still isn’t prime. The 2nd Street house is small, the tin ceiling in the living room is a bit strange, and the house overall seems smaller, though I’m not sure what the exact specs are. The North Slope house seems to be in somewhat better shape, and the garden, deck and pergola are a nice touch.
Downside for families is that the North Slope house is probably outside the P.S. 321 school district.
Funny how everyone is attracted to the “north” Slope house. Where north? Not in PS 321 I imagine. Is it the income that is so attractive? When you have more rentals you have more headaches. That income is also taxed at 40%. With a mulitfamily you have higher tax, stricter building codes and less leverage with your tenants. A two family is pretty much the same as a one family with building code, you only deal with one tenant. The other thing is 2nd Street is a GREAT block and in the 321 school district.
I honestly feel the 2 family is the better deal based on what I know about that street and the real value.
definitely the North Slope Gem [Warren Lewis]
The Warren-Lewis has the parlor/kitchen/dining upstairs and bedroom down (on garden level)- that would be my preference….
and the 2nd rental makes it better financially too. Do we know what block its on?
No brainer. Take the North Slope Gem hands down.