Tuesday, July 1, 2008

New Condos Come to PLG

Formerly an abandoned building, 411 Rogers Avenue in Prospect-Lefferts Garden has been turned into a six-unit condo building. When I spoke to Alyssa Morris, a Corcoran agent, she said that only three of the six units were available for showing.

For $375, 000 (common charge: $269), you can get Unit 2, a two bedroom, one bathroom duplex with access to your half of the manicured private garden. Unit 4, a two bedroom, is going for $350,000 (common charge: $227). Unit 6, a 2 bedroom, is going for $365,000 (common charge: $269) and includes access to the roof deck.

According to Corcoran's website, "There are six new residential homes set up as duplexes with private gardens for entertaining and outdoor leisure, as well as 2-bedroom floor-through apartments-- some with private roof decks for those ring-side firework views."

When I visited 411 Rogers Avenue last weekend, I saw two duplex apartments that share the backyard. The first level of the duplexes is in the cellar, which is small and kind of cramped. The other four apartments are relaid single units. Also, don't get your hopes up about the roof deck. The roof deck is just an asphalt roof that is not fit to walk on. From the roof you have a nice view of a huge tree in my backyard; so much for seeing fireworks. But with the right plants, and some railings for those evenings you have a couple too many beers with your friends, it could be a cool chill-out space.

Still, in today's market, these units are reasonably priced. The common charges are almost too good to be true. I’d definitely negotiate them down on the asking price of the condo, because there are a few things that will need work.

In general, I thought the rehab was a bit shoddy and they really didn't put too much money into the bathroom or kitchen materials. There was another downside too--the duplexes have one bathroom. Anyway, I'm sure that to someone looking to buy the pros will outweigh the cons. The building is in a great location--just a block and a half from the 2 and 5 trains, and two blocks from Prospect Park and the Botanical Gardens.

Related articles:
1) Condo Conversion on Rogers Ave.
2) Corcoran's listing for 411 Rogers Ave.

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Anonymous said...

I don't understand your comment about negotiating the common charges down when there is work to be done. If anything, shouldn't you negotiate for the work to be done before you purchase or for the price to go down not the common charges? (unless of course that's what you meant and I'm just reading it wrong.) I would think you'd negegotiate the price down so that the maintenance fees will be high enough to cover any additional repairs/improvements once all the owners are in place.

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Mr. Renovation said...

Yeah, I meant to say one should negotiate on the asking price of the condo.