Thursday, October 10, 2013

Listings: Prospect Heights Co-op - 418 St. Johns Place, #1A

New to the Listings section of the blog, it's a co-op apartment that's back on the market in Prospect Heights.  418 St. Johns Place, #1A is 1,250 square feet of clean, renovated space that's got 3BR's and - contrary to what the StreetEasy listing indicates - one bathroom.  With maintenance under $1,000/month, and trading below even $700/sqft in a climate where $1,000/sqft is becoming the norm in the top Brooklyn areas, we think this one's worth a look for the right buyer.

Word on the street is the previous buyer had issues with their financing, which brought this deal back to market.  Corcoran also listed one on the 5th floor for $825K, and many people prefer to be higher than lower.  But owners in another 1st floor 3BR co-op nearby, across the street from the museum, tell us that coming in and out of the building and never having to use the elevator makes their apartment feel more like a house to them.  Ordinarily we'd rather try to get a house for the same price as most condos, but - in this market - where have all those cowboys gone?

Pro's:  totally turnkey, true 3BR, Prospect Heights location near the park, under $1M and the area's ppsf

Con's:  generic space, won't wow you, maintenance isn't the highest - but certainly no picnic

Ideally:  if you missed nearby 2BR's that closed quickly for the same price or higher, maybe this is worth a sniff

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