1638 Eighth Avenue (Prospect Park Terrace)
1638 Eighth Avenue, Brooklyn, NY 11215
Park Slope, Brooklyn
BBL 3011127502 · BIN 3397086
- Year built
- 2010
- Type
- Condominium
- Units
- 27
- Floors
- 3
- Landmark status
- Not an individual landmark; not in a historic district
- NYC Landmarks Preservation Commission and City Planning records, updated February 2026
- Leasing by owners
- Permitted with conditions
Every recorded sale at this building, 2011–2026
Price-per-square-foot over time, the line- and floor-premium curves, and every recorded sale.
- Median $/sf, 2026 to date
- $1,645
- floor-adjusted, 1 sale
- Listing discount
- 0.0%
- Recorded sales
- 49
- On record
- 2011–2026
Own an apartment here? See what it would sell for.
A Private Pricing Opinion — what your apartment at Prospect Park Terrace 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. Built under the R5B rules of the time, with a 30-foot street wall, 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. Staffing was not established in the materials reviewed. Heating and cooling are described as unit-by-unit, but those facts do not establish the complete common-charge budget; obtain the current accounts for insurance, garage and outdoor-area upkeep, water, sewer, management, reserves and other obligations.
Elevator access is unverified. Listing records describe an elevator, while the offering plan describes stair-served sections without identifying one. Reconcile current plans and management confirmation and inspect the actual access route before relying on step-free access.
Sublet and pied-à-terre policy
A condominium owner leasing a unit and a co-op shareholder subletting are different rules, and a building-wide rule is different from a restriction on one apartment. This is the building's rule; confirm it for the specific apartment.
- Leasing by owners
- Permitted with conditionsBoard approvalSource: The Roebling Team's building profile
- Pied-à-terre ownership
- Not verified
Considering an apartment here? Send Corey the listing to discuss the sublet and pied-à-terre rules for that apartment.
Own an apartment here? Request an apartment-specific pricing review.
Monthly carrying charges in recent sales
- Common charges + taxes, per room
- $150 per room a monthMedian of 4 recorded sales since October 2023Source: recorded sales, refreshed October 2026
- Common charges + taxes, per square foot
- $0.72 per square foot a monthMedian of 4 recorded sales since October 2023Source: recorded sales, refreshed October 2026
Common charges plus real estate taxes, combined into one monthly figure the way New York condominium listings show them. Add a mortgage payment for the monthly outlay. A summary of recorded sales, not a current bill; charges change.
Building staffing and amenities
- Elevator
- Requires confirmationCity records and our profile differ.
- Amenities noted
- Roof deck, garden, garage, storageSource: The Roebling Team's building profile
Staffing and amenities as our building profile and recent listing records describe them. A feature not listed is not confirmed absent. Outdoor space, parking and some facilities can belong to particular apartments or to a separate owner; confirm access for the specific apartment.
Local Law 97
- 2024–2029 annual penalty
- $0 (under cap)
- 2030–2034 annual penalty
- $0 (under cap)
- Per unit / month range
- —
Source: NYC LL84 benchmarking and PLUTO · The Roebling Research Library. City data last refreshed October 2026.
See full Local Law 97 analysis — emissions history, scenarios, methodology →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.
Recent closings at this building, from The Roebling Research Library. Prices are the transfer amounts recorded with the NYC Department of Finance; apartment-level detail is checked against the building’s own file in The Roebling Research Library before publishing.
| Date | Unit | Apartment | Price | PPSF | vs. Ask |
|---|---|---|---|---|---|
| Feb 4, 2026 | 2H | 3 BR · 2 BA · 1,064 sf | $1,750,000 | $1,645/sf | +0.0% |
| Dec 3, 2025 | 2G | 3 BR · 2 BA · 1,008 sf | $1,750,000 | $1,736/sf | +3.2% |
| Sep 6, 2024 | 1J | 2 BR · 2 BA · 1,096 sf | $1,250,000 | $1,141/sf | -3.8% |
| Jul 1, 2024 | 1K | 2 BR · 2 BA · 984 sf | $1,175,000 | $1,194/sf | +18.1% |
| Jul 28, 2023 | 1D | 2 BR · 2.5 BA · 1,700 sf | $1,665,000 | $979/sf | +0.0% |
| May 16, 2023 | 2F | 3 BR · 2 BA · 1,116 sf | $1,650,000 | $1,478/sf | — |
| Dec 15, 2022 | 1F | 2 BR · 3 BA · 1,694 sf | $1,600,000 | $945/sf | -3.0% |
| Mar 18, 2021 | 1R | 2 BR · 1,108 sf | $1,225,000 | $1,106/sf | -2.0% |
Market read. Most recent trades (2026 to date) cleared a median $1,645/sf (floor-adjusted) across 1 sale. Floor-adjusted means each sale is restated to a constant mix of floors, so the figure can differ from the plain median of the sales listed above. Median listing discount 0.0% from the last ask.
The retrade record
Lines that have traded more than once in the public record — the building’s appreciation arc, apartment by apartment.
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; each condominium apartment is its own tax lot). Apartment-level facts (line, condition, asking-price context) curated and cross-verified in The Roebling Research Library. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price; square footage from recorded condo declarations and offering plans.
What would your apartment rent for?
Enter your apartment and I'll send you what it would rent for, from comparable closed leases at Prospect Park Terrace and nearby.
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.
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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 limited to owners of the building's other 26 residences.
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
- 157 Prospect Park West — 1899 co-op
- 159 Garfield Place — 1900 condominium
- 160 Prospect Park West — 1899 condominium
- 164 Prospect Park West — condominium
- 1702 Eighth Avenue — 1931 condominium
- 176 Fifth Avenue, 176 Fifth Avenue · Park Slope — 1920 co-op
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?
Request a private building brief with the relevant comparable sales, current and off-market availability, and an apartment-specific view of value.
646.939.7375 · c.cohen@compass.com