In his new “My 2 Cents” column, Donald Brennan presents unbiased, hands-on evaluations of properties on the market that he’s visited and examined inside and out. Here’s the second article in the series. Watch for more coming soon!
Opulent mansion in need of a rescue.
I toured this 8,000 square-foot beauty Monday morning with the listing broker.  My initial thought is that I could re-build three to four beautiful apartments within this vacant shell.
View Property Location on Google Maps
Architecture – As per the Landmarks designation report, 107 Prospect Park West was built in 1899 at the same time as nos. 103 to 105, all as one-family dwellings. Charles G. Peterson, who lived nearby on Seventh Street, commissioned Brooklyn architect Axel S. Hedman to design them. They are neo-Italian Renaissance in design, with light-colored sandstone facades above rusticated basements. No. 107, which is entered on Sixth Street, has a full width, swell-front end facing the park. Oval-shaped windows alternate with square-headed ones at the top floors in this row and the ornament of the walls at this level and of the roof cornice give these houses a certain feeling of opulence. The long side of No. 107 on Sixth Street has a columnar entrance porch surmounted by a low balustrade behind which there is a triple window with a pediment in the center. A three-story wing at the rear of the building repeats the swell-front design at its west end.
Local Externalities – The property is located in the landmarked portion of Park Slope, at the corner of Sixth Street, in a residential neighborhood abutting Prospect Park. All adjacent lots are built on, share similar bulk, are of the same vintage, and appear to be occupied. Therefore, there is limited risk since it is highly unlikely–if not impossible–that there will be any adjacent new construction that might negatively impact the value of this property.
Rehabilitation – Fortunately this eight-unit property has some good bones to work with.  That said, the interior finishes– including the kitchens and baths, as well as all the mechanical, electrical and plumbing systems–are all shot. (The property’s been vacant since the early 1980s.) Capital improvements needed will be substantial –about $225 to $300 per square foot for hard costs.  Existing window locations–and the landmark restrictions that prohibit them from being moved–does limit interior room configuration to some degree. But this is not necessarily a bad thing, as most rooms would be generously sized as a result. Ceilings heights are in the 11 – 13 ft. range for most of the floors and the structure appears to be in good condition. Original details are everywhere and for the most part are intact and useable. Outdoor space could be incorporated into at least two of the units. The property could continue to function as an eight-unit building—or possibly be reconfigured into a 3 or 4 unit condominium or even a single-family home.
Marketing – The property is currently presented ‘as is.’ There’s a small hand-painted sign planted very inconspicuously in the front garden. There are no floor plans, pictures or website to market the property. I gather that word of mouth is the business model being employed here.
One of the reasons I like this redevelopment opportunity so much is that it reminds me of my rehab project at 24 Remsen Street, here and here. Location attributes are different but floor plates are almost the same. The exteriors possess a similar amount of ornamental detail, including the graceful swell-front windows fronting the main street. Like 24 Remsen, this building is rich in historic detail.
Once this building is rehabbed, it’ll be a gem in one of the city’s top neighborhoods. I’m ready to transform this neglected mansion and help you create your own custom home—whether you require just one unit or even the entire property. Please contact me for more information on how we can partner together to achieve this goal and to discuss potential unit sizes and their respective market value.
Donald Brennan
Contact me at 917-568-6525 or dbrennan@brennanrealtyservices.com.
If you are in the market to buy and would like to learn about my buy-side services please give me a call or send me an email. If you’re thinking of selling your home and would like to learn more about my sell-side services—plus receive a complimentary comparable market analysis, give me a call at 917-568-6525 or send me an email at dbrennan@brennanrealtyservices.com.
We at Brennan Realty Services and MyHome, Brooklyn wish you a wonderful holiday season. Please 
