155 Terrace Place (Prospect Park Mews)

Two buildings of three to four stories surround the mews. Building A carries the lettered lines, 1A through 4J — 40 apartments across four levels. Building B carries the numbered lines, 101 through 306 — 15 apartments. The plan's schedule mixes studios and one- to three-bedrooms, and a large share are multi-level: duplexes and triplexes, several with private entrances onto the mews, adjoining terraces or fireplaces. The unit count has held at 55 since the offering; a 2025 filing combines two Building A apartments.

Construction is late-1980s condominium: sheetrock partitions, through-wall heating and cooling in place of central air, and individually metered electricity. The plan measured units from the glass line to the midpoint of demising walls, so the square footage in the plan is larger than the usable floor area. Buyers should measure.

The subway easement is real and specific. The plan discloses an MTA easement for a tunnel under part of the property, with possible noise and vibration from passing trains. Which apartments sit over the tunnel is set out in the architect's site description, which is not in the copy on file. Check at the apartment itself, at rush hour.

The condominium runs a small, simple budget. The 2020 audited statements show roughly $600,000 in annual revenue — common charges, assessment income, parking rent, and laundry — against about $410,000 in operating and maintenance expense. Year-end cash was about $191,000.

The capital history is the item to ask about. The statements carry a five-year, 5 percent note payable that financed building improvements. Its balance was about $284,000 at year-end 2020, and at its stated payment schedule it would have been retired around the end of 2022; confirm the payoff. Capitalized improvements stood near $1.6 million at cost. Recent building-department filings add a roof-membrane replacement and sidewalk shed in 2016 and the boiler replacement filed in 2019.

The statements are also plain about reserves. The governing documents do not require a reserve fund, no reserve study has been done, and the board has no funded plan for major replacements. When money is needed, the stated options are reserves, borrowing, raising common charges, or deferring the work. For a building now 35 years old — roofs, boiler, mews paving, through-wall units — that is the question to put to the managing agent: current reserve balance, any assessment in place or planned, and the next five years of capital work.

Right of first refusal: On sales and leases, per the offering plan. Budget time for the waiver in both.

Parking: Rented by the board, not deeded; one space per owner under the plan, subject to availability. It does not transfer with the unit, so do not price it in.

Pets: Permitted, subject to the board's power to remove a nuisance animal.

Leasing policy, minimum lease terms, and any restriction on short-term rental: Not documented beyond the right of first refusal. Get the current rules and the board's lease application.

Recent sales

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-05256-7501) and verified listing data. Apartment-level facts (line, condition, asking-price context) curated and cross-verified by The Roebling Team research desk. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price.

Get the reserve position and the capital plan. The last statements on file show no reserve requirement, no reserve study, and a construction note financing past work. Ask for the two most recent audits, the current reserve balance, and whether any assessment is planned.

Ask for the investor share before your lender does. ACRIS shows several apartments owned through single-purpose LLCs, including four bought on one day in 2024, and one still with a sponsor-affiliated holder. Condominium lenders ask for the owner-occupancy rate and the share held by any single owner. Get the answers early.

Walk the unit over the subway. The MTA easement is disclosed in the plan. Know whether your apartment sits over the tunnel.

Parking is a rental, not an asset. It does not come with the deed. Ask about the current waiting list.

Measure the apartment. Plan dimensions run from the glass line to the middle of the walls and overstate usable area.

Lead with the layout and the entrance. A duplex or triplex with its own door onto a gated mews is rare in Windsor Terrace. Photograph the entry and the terrace, not only the interior.

Have the condominium questionnaire ready. Owner-occupancy, reserves, and any single-owner concentration will come up in the buyer's underwriting. Having the managing agent's answers ready prevents a late financing delay.

Budget time for the right of first refusal. Request the waiver at contract, not at closing.

Comp by layout inside the building. Match on floor count, entrance and outdoor space before you look outside the address.

If you're considering 155 Terrace Place, also evaluate:

• 651 Vanderbilt Street (Park Vanderbilt) — Windsor Terrace's largest cooperative; the co-op alternative at a lower entry price
• 140 East 2nd Street (Hamilton House) — the neighborhood's most-traded address; prewar cooperative stock
• 251 7th Street — 2009 Park Slope condominium of 60 units; the newer-construction comparison
• 229 9th Street — 2018 Park Slope condominium; new development for price context
• 444 12th Street — south Park Slope loft condominium with parking units; a comparable parking-inclusive product
• 500 Fourth Avenue — 156-unit 2010 condominium; the high-volume Park Slope condo market
• 1 Prospect Park West — 2019 condominium conversion on Grand Army Plaza; the top of the park-adjacent condo tier
• 185 Prospect Park Southwest — the 1961 elevator cooperative a few blocks south on the park