House of the Day: 129 Prospect Place
The curse of the crappy kitchen! This otherwise-charming brownstone at 129 Prospect Place in Prospect Heights (which was an Open House Pick last September) really hurt its chances of achieving anywhere near its asking price (originally $2,650,000 and now $2,500,000) by cutting corners on its kitchens. The house does have the fact that it’s five…
The curse of the crappy kitchen! This otherwise-charming brownstone at 129 Prospect Place in Prospect Heights (which was an Open House Pick last September) really hurt its chances of achieving anywhere near its asking price (originally $2,650,000 and now $2,500,000) by cutting corners on its kitchens. The house does have the fact that it’s five stories large going for it, but it’s also a five-family which typically carries its own set of challenges for the average family buyer. Seems to us the price still has got a ways to go.
129 Prospect Place [Brooklyn Properties] GMAP P*Shark
I’d buy this for half off peak comps and live there. It’s a mega-big Italianate in a mega-convenient location. My only drawback would be parking. Is that garage by Chase fully booked?
***Bid half off peak comps***
I actually lived in this building as a renter in the last couple of years. (those were our blue walls and tan walls; not our shower curtain!)
It appeared to us that one buyer backed out since it was listed. Would not be surprised if it was due to problems with the building as we had major issues with boiler replacement while we rented (no heat for more than 2 months in the middle of winter).
The problem with 5+ family buildings is that they are deemed “commercial” when it comes to financing.
The general metric is roughly 9x’s the rent roll is what you get in mortgage. At $9k a month that is $108k a year. Which means you’ll get a mortgage of roughly $900k.
Then you have to come up with the other $1.6 in cash? Nuts.
Remember 210 Prospect Place? I think it sold for $2M, though it had more modern features and lower square footage.
This is a really beautiful building on a beautiful block that is also extremely convenient to transportation and amenities.
I’m not saying that it will sell for $2,650,000, but given that apartments with no backyard access sell for $500,000 on the block, $2M doesn’t seem outrageous. It’s not THAT close to Flatbush, if you’re concerned about noise, and from the backyard (where all the bedrooms probably face) will bring mostly bird sounds.
This area is one of the few places that has not seen price drops. The pessimism of most posters here is overdone, in my humble opinion.
This is a magnificent short stretch of 5-storey houses (Check out the wrought iron cresting on several of the roof lines) but so close to Flatbush that noise will always be an issue. What to say about the price other than to agree with everyone else here that it’s completely nuts! This will be lucky to sell for $1.5m.
Beautiful facade and great floors but pricing is beyond comprehensible….yeah delusional will be an accurate description here. BHO you may be up to something here but we will be more generous and say $1.55m given the great location and potential for those of us with a long view 🙂
Maly how much $$ and time do you think it will take to make this a 4 family i.e. dupluex plus 3 rentals.
Sam that was funny above but we think 5 family dwellings are not in the RS or RC category and these can be rented @ market rate…..just screen your tenants carefully and get a solidly worded contract :)) Ah the socialist republic of NY!!
Funny, Sam.
I vote this one the most overpriced house so far. BHO, you can take this one.
BHO–this is one where I agree with you. Half of this ask would still be a very high (arguably too high) price for this problematic property.