Friday, May 25, 2012

It's a Co-op! (Again): 428 Prospect Place, #1R

We almost never cover co-ops, but this one caught our eye. If only for the huge backyard:

Which is technically half the co-op's backyard, but with the only access to it through this apartment, it's effectively all yours. The rest of 428 Prospect Place, #1R is a narrow "2BR" with a modest, dated renovation for $499K. On a tree-lined block between Washington and Classon, we're going to call this Prospect Heights; although, it's situated in a happy medium between the best of Prospect Heights and Crown Heights. Compared to what goes for $700K on dim blocks between 3rd and 4th Avenues, and new-construction 1BR's around the corner, there's a lot of value to get in on here at 428 Prospect Place.

Use your savings to update/personalize the kitchen & bath:

We're all about the pro's of multi-family properties, but this co-op is a nice alternative for young couples renting decent-to-luxury 1-2BR's for $2,000/month and much more. If you've got modest income and the downpayment to swing it, this is a great pricepoint to get in on, especially located off a solid avenue and a real train in a neighborhood that's only headed up. The "sorry No Dogs please.." is a bummer with such a nice yard right out your backdoor. Might be a dealbreaker for a few who'd otherwise jump at the chance for a garden apartment for their pup.

With the stadium construction wrapping up and $39 Gray Line bus tours stopping on Flatbush to load up passengers with cameras in hand... if Brooklyn ever was a "secret", the secret's out.

2-3 years from now you'll be cooking out in your backyard and friends will go, "How'd you snatch this sweet place off Washington Ave down the hill from the museum for under $500K?"

And you'll go, "BK to the Fullest!"

Pro's: backyard, pricepoint, nice block, neighborhood on the way up

Con's: narrow, 2nd "BR" is tiny, could use updating

Ideally: makes a lot of sense for a young couple who want a backyard, a great neighb', the 2/3 train, without spending a million

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