Sales: Turner Towers Spread Gets Full Asking Price
We thought it looked pretty good at the time and, evidently, so did one buyer (that’s all it takes, after all): The 2,800-square-foot prewar apartment on the 10th floor of 135 Eastern Parkway just closed for the full asking price of $1,700,000, according to StreetEasy. (The ACRIS link is here.) Interestingly, the buyers are moving…
We thought it looked pretty good at the time and, evidently, so did one buyer (that’s all it takes, after all): The 2,800-square-foot prewar apartment on the 10th floor of 135 Eastern Parkway just closed for the full asking price of $1,700,000, according to StreetEasy. (The ACRIS link is here.) Interestingly, the buyers are moving from 1042 Fifth Avenue at 85th Street — in Manhattan! Either that, or someone’s got some very generous parents. That’s the same building where Edgar Bronfman recently sold a $21 million apartment.
Co-op of the Day: 135 Eastern Parkway, #10C [Brownstoner]
135 Eastern Parkway [Stribling] GMAP P*Shark
Shillstoner (4.17pm):
On Prospect Park not relevant to Eastern Parkway?
As a Manhattan co-op owner, I was only too happy to see an extremely expensive condominium open on my street several blocks from me. (Condos, as a rule, are pricier than co-ops, because they’re easier to buy and sell.)
Why? It becomes what realtors call a “comp” lifting the value of most buildings in the vicinity. It also represents neighborhood investment on the part of people willing to pay a premium to live in the area.
Personally, I don’t like the building (not my style) and the jury’s still out on On Prospect Park, as far as I’m concerned. But I bet lots of people at the Copley Plaza, 135, the Traymore, and the Woodrow Wilson — and their realtors — are only too happy to have it nearby.
NOP
On Prospect Park is on Plaza Street, not Eastern Parrkway. And people will move to a Meir regardless of its location. That is hardly relevant.
It’s probably a crash pad for some upper east teen who is at a private school in Brooklyn. Yes, there is at least one member of the 21MM clan in a borough private school.
Brownstoner:
Having grown up in Crown Heights during the 1950s (and yes, this part of Eastern Parkway is in Crown Heights, whatever the marketing moniker “Prospect Heights”), I’m happy to see buildings along the street making a comeback.
A wag once said: In a just world, Eastern Parkway would be its city’s best address.
That probably still won’t happen, but an apartment like this — on a high floor with views over surrounding rooftops — can certainly compete with Manhattan offerings, if not on Fifth Avenue then certainly on West End and Riverside Drive (and all the side streets between), where places of similar size sell at a multiple of 1.7 mil.
No doubt there’s going to be a dip in the market (a pre-war, floor-through apartment in my own Manhattan building just had a 10-percent cut in sales price), but for the long term, Eastern Parkway is as good a place to buy in Brooklyn as anywhere, especially in the vicinity of 135 and “On Prospect Park,” the latter spreading a prestige premium on adjacent blocks in a manner similar to River House on the Upper East Side.
In 10 to 15 years — and that’s not an unreasonable amount of time to live in an apartment, if it’s a place to live and not speculate — the parkway from Nostrand Avenue to the Plaza will have re-established itself as prime property.
Buy and hold.
Nostalgic on Park Avenue
If I had that kind of money I would prefer Eastern Pkwy to Park Slope or 5th Avenue. I am not a Slopehater and I do frequent Park Slope for things that are not available to me in Ditmas Park, but being near the Library, Museum and Garden on a grand boulevard complete with a service road trumps Park Slope in my book.
“There’s no way I’d buy on Eastern Parkway”
Some of the most expensive apartments ever sold in Brooklyn have been at On Prospect Park on Eastern Parkway.
Who the hell knows, but if I had a 15M plus apartment, I’d sell it, buy a nice little 3-4M place in the slope, and have the extra 12M plus to invest, spend, whatever. There’s no way I’d buy on Eastern Parkway. But you never know.
“and you, following, eating what they leave behind.”
To quote the great Pee-Wee Herman, “That’s so funny, I forgot to laugh.”
I’ll take a stab at this one:
It’s a rent controlled tenant (probably a son or daughter with cleared succession rights) taking a huge buyout from the 5th avenue building’s co-op board and hastily buying a place that reminds them of home.
It’s certainly not uncommon for buyouts to reach those kind of numbers and often they come with high pressure to move by a certain date.
Just a guess.