Sale at 35 Prospect Pk West #14A15A

This apartment was first put on the market more than 3 1/2 years ago. It was listed by Stribling in July 2007 for $4.45 million. Since then, its has been listed by Brown Harris Stevens, Corcoran (on two separate occasions) and now by Douglas Elliman. One has to question whether the seller is serious. In addition, the apartment is overpriced at $3.5 million. It is not centrally air conditioned and... [more]

This apartment was first put on the market more than 3 1/2 years ago. It was listed by Stribling in July 2007 for $4.45 million. Since then, its has been listed by Brown Harris Stevens, Corcoran (on two separate occasions) and now by Douglas Elliman. One has to question whether the seller is serious. In addition, the apartment is overpriced at $3.5 million. It is not centrally air conditioned and needs a new kitchen and four new bathrooms. The other large duplex in the building on the 8th and 9th floors, which has been renovated, just entered contract -- the asking price having fallen from $4.995 million to $3 million, or 40 percent. Given that both apartments were originally listed before the financial crisis and the resulting decline in real estate values in Brooklyn, a similar discount should apply to both. A 40 percent discount from $4.45 million gets you to $2.67 million. Even if some value is attributable to the higher floor and more direct park views, there is no way this apartment is worth more than $2.9 million. [less]