1638 Eighth Avenue (Prospect Park Terrace)
1638 Eighth Avenue, Brooklyn, NY 11215
BBL 3011127502 · BIN 3397086
- Year built
- 2010
- Type
- Condominium
- Units
- 27
- Floors
- 3
- Landmark
- No
Own an apartment here? See what it would sell for.
A Private Pricing Opinion — what your apartment at Prospect Park Terrace in listing records. The offering plan names it The Prospect Terrace Condominium would likely sell for today, what it costs to sell, and what you’d walk away with — reviewed personally against condition, exposures, renovation quality, and the competition actually on the market.
The number that sets the price here is 2032. That is the first year the 421-a exemption begins to step down. Until then, about 97 percent of a typical residence's assessed value is exempt on the 2026/27 roll, and owners pay tax mostly on the land's pre-construction value. From 2032/33 the exempt share drops 20 points a year until full taxes arrive in 2036/37. A buyer today gets about six more years at the full benefit and then a phase-out. That schedule belongs in every price discussion here.
The second is the form. This is not an apartment house. The plan describes five three-story sections along the lot, each with its own staircase, following the downhill run of Prospect Avenue and tied together by a level cellar garage. Entrances come off a private walkway along the south side of the lot. The R5B zoning caps the street wall at 30 feet, so the building reads as a row of townhouse-scale blocks. Most units are duplexes or have cellar space, which is rare in South Slope condominium stock.
The third is the construction history. The new-building application, with Karl Fischer as architect, was filed in May 2001, and Prospect Terrace LLC took title to the site that October. The sponsor applied for 421-a in 2001 and received HPD's preliminary certificate of eligibility on May 7, 2009, per the plan. The declaration was recorded in November 2010, and the sponsor sold all 27 residences between February 2011 and January 2013. It holds no residences or parking units on the current roll.
Architecture and unit composition
The residences run in two lettered series. Units 1A through 1S (no I or O) are 17 homes in the lower series; 2A through 2K are ten upper-series homes. Department of Finance areas range from about 820 square feet for the smallest upper simplexes to about 1,950 for the largest lower-series duplex. Per the plan, the five units with cellar recreation space have that level included in the unit, with separate heating and cooling.
Cellar recreation space is not legal living space. The plan states that the cellar recreation rooms cannot be used for sleeping, living, dining or cooking, and warns that doing so can bring a Department of Buildings violation against the building. Listing records market these units as triplexes. Price the cellar level as recreation and storage space, not as a bedroom.
The plan's square footages include each unit's limited common elements, and the plan itself says they exceed actual usable floor area. Use measured floor plans for comparisons.
The 18 parking spaces sit in the cellar garage. Under the plan, only a residential owner can buy one, and space PS18 is designated accessible. Spaces are separate tax lots and several have changed hands between owners since the sponsor sold out.
Building operations
Prospect Terrace is a small condominium with a roof deck, a rear garden and a garage; its rules and regulations contemplate a managing agent. No building staff is documented in the public record, and heating and cooling are unit-by-unit, so common charges cover a short list: insurance, the garage, the common outdoor areas, water and sewer, and management.
The elevator question is open. Listing records describe an elevator. The offering plan on file describes stair-served sections and says nothing about one. Confirm on site and with the managing agent before relying on step-free access.
Recent sales
Prospect Park Terrace trades against South Slope and Windsor Terrace new construction, priced per square foot, with two adjustments that matter more here than at most buildings nearby: the townhouse-style duplex layouts and the remaining 421-a benefit. Within the building, price turns on size, private outdoor space and whether the unit includes cellar space or a deeded parking spot. Through 2025, the last complete year, and into 2026, resales have come from both the lower and upper series, and some units have now changed hands two or three times since the sponsor sold out.
As the 2032 phase-out approaches, each year of remaining full benefit is worth less. Buyers should compare total monthly cost at today's tax and at the post-2036 full tax. Unit-level transaction history is maintained in The Roebling Research Library and shared with clients during diligence.
The retrade record
Lines that have traded more than once in the public record — the building’s appreciation arc, apartment by apartment.
Recent closings at this building, sourced from NYC Department of Finance records. Apartment-level detail (line, condition, asking-price context) verified upon consultation request.
| Date | Unit | Price |
|---|---|---|
| Feb 6, 2026 | PS4 | $1,750,000 |
| Dec 30, 2025 | PS15 | $1,750,000 |
| Sep 12, 2024 | PS5 | $1,250,000 |
| Jul 10, 2024 | 1K | $1,175,000 |
| Aug 2, 2023 | PS17 | $1,665,000 |
| Jun 6, 2023 | PS7 | $1,650,000 |
Full closing history with price-per-square-foot over time, the complete retrade record, and every line that has traded.
Sales sourced from NYC Department of Finance recorded transfers (BBL 3-01112-7502) 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.
Buying here? Condo closing costs with a mortgage typically run 3 to 6% of the price. See NYC co-op and condo closing costs, line by line.
Keep up with Prospect Park Terrace in listing records. The offering plan names it The Prospect Terrace Condominium and its market
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What to know if you’re buying
Model the tax at three points. Today (about 97 percent exempt), 2032/33 (80 percent of the increase exempt), and 2036/37 (full tax). The unit's current Department of Finance bill and the assessed value on the roll give you what you need.
Price cellar space as cellar space. The plan bars sleeping or living use in the cellar recreation rooms. Do not count a cellar room as a bedroom when comparing to three-bedroom units elsewhere.
Pets need board consent. The rules require written permission, revocable by the board. If you have a pet, get approval in writing before you sign.
Confirm access and systems. Verify the elevator question on site. PTAC units are the in-unit heating and cooling equipment; check their age and condition.
What to know if you’re selling
Give buyers the 421-a schedule. Put the benefit years and the phase-out dates in the listing package. It makes the tax advantage credible and shows the buyer exactly how long it lasts.
Market the form. Townhouse-scale sections, private entrances off a walkway, a common garden and a roof deck are unusual in South Slope condominium stock.
List parking as its own line. If a deeded space conveys, show it separately. Only residential owners can buy one, so the buyer pool for a standalone space is the 26 other owners.
Comparable buildings
If you're considering 1638 Eighth Avenue, also evaluate:
- 675 Sackett Street — the 38-residence Park Slope Terrace Condominium of 2004, also on a 25-year 421-a and with a garage unit; the closest tax-structure match
- 155 15th Street — 21 residences and 11 garage units in the South Slope, completed 2011; same vintage, shorter exemption
- 155 Terrace Place — Prospect Park Mews, 55 Windsor Terrace duplexes and triplexes around a parking court in the same R5B zoning; no current abatement
- 251 7th Street — 60-unit condominium whose 15-year 421-a has run out; what a post-exemption tax line looks like
- 444 12th Street — South Slope loft conversion with 22 parking units and no abatement
- 228 13th Street — 2023 South Slope new construction, fully taxed
- 185 Prospect Park Southwest — the Windsor Terrace co-op alternative facing the park
More Park Slope buildings
- 145 Park Place (Park Place Condominiums) — 1925 condop
- 153 Lincoln Place — 1886 condominium
- 155 15th Street (Harbor Hill) — 2011 condominium
- 190 Garfield Place (The Garfield Regency) — 1905 condop
- 200 16th Street — 1926 condominium by Karl Fischer Architects
- 205 12th Street — 2019 condominium
The neighborhood
For the full neighborhood — its buildings, character, and market — read The Roebling Team Guide to Park Slope.
How to read the facts on this page. Items attributed to an offering plan describe the building as it was offered at that filing — unit mix, square footage, the amenity program as planned. They are not a statement about how the building operates today. Tax and compliance figures are sourced separately to current City records and carry their own dates. House rules, staffing and fee policy can change by board resolution without any public filing: treat every policy line here as a starting point for diligence and confirm it with the managing agent. Where this page compares one building or neighborhood to another, that is our analysis of the recorded record — it names the measure, the period and the sample it rests on, and it is an observation about medians rather than a prediction about any particular apartment.
Considering a move at Prospect Park Terrace in listing records. The offering plan names it The Prospect Terrace Condominium?
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