Thursday, June 10, 2010

Prospect Park Terrace Seeks Happy Ending to Epic Saga.

1638 8th Avenue proudly unfurls its "condos for sale" banner.

Building a memoir.

Karl Fischer started the ball rolling way back in 2001, and now after almost a decade of contentious work, including a 2006 South Slope zone-busting victory before the Board of Standards and Appeals, this little land locked architectural anomaly finally comes to market. The 27 residential units price range?

$549,000 for this 821 square foot 2 bed/2 bath simplex.

$1,125.000 buys this 2 bed/3.5 bath triplex.

o get an idea of how unusual this property site is, the developer, The Bobker Group, offers this handy dandy interactive floor plan map here.
For reference, Units 1A, 1B, 2A, and 2B are the only apartments that face Eighth Avenue. Don't be fooled by all that remarkably uninterrupted green grass rendered in the architectural drawings... Those 30' back yards actually belong to your Prospect Avenue neighbors. On one side there is a minimal rear yard or "mews" along the entire depth of the property line providing access to individual units. The other side has the curb cut and driveway to enter the underground parking garage. There are 18 spaces for sale. Suggested retail price? $45,000.

Neighborhood comps... Our friends at Betancourt Assoc. have some.

155 15th Street has 21 Units currently for sale. Priced per pound slightly more expensive than the Terrace, cheaper than the Iroquios.

620 10th Street
, "The Iroquois" still has three remaining units for sale. Seven are in contract. Not bad.

Terrace Iron from the IMBY Archives


timkalee said...

Thanks for the updates. I'm a fellow neighbor trying to figure out how they got past the 30ft to property edge rule. I suspect a brown paper bag of money.

IMBY said...

Are you on the "mews" side of the building or the other? Email me a photo and I'll put it up on the blog.