75 Prospect Park West

The building covers roughly two-thirds of its corner lot, with frontage on both streets. The house rules keep both street façades clear of dryer vents, antennas, cables and awnings; those go on the courtyard or rear elevations.

The sponsor's unsold-share schedules in the amendments allocate between about 215 and 305 shares per apartment, and 5,839 shares across 24 apartments averages about 243. That points to a narrow range of apartment sizes. DOB filings since 2008 are single-apartment renovations, with no combinations; the count has stayed at 24.

Avenue-side apartments face the park, 3rd Street apartments face north over the district's rowhouses, and corner apartments have both. Upper floors on the park side are the most valuable apartments in the building.

Treasury apartments. The five apartments taken back from the sponsor in 1993 were occupied by rental tenants, and the corporation collected their rents. Two were still held at the end of 2013, per the audited statements. ACRIS shows the corporation selling apartments in 2009, 2016 and 2017, which is consistent with the last treasury units having been sold. Confirm with the managing agent that the corporation owns no apartments today.

Underlying mortgage. The audited statements show a $600,000, 25-year self-amortizing first mortgage at 7.84% closed in November 1997, and a $200,000 credit line that was paid off in 2009. ACRIS shows a new $670,000 mortgage consolidated into a $1.0 million agreement in October 2014, and a satisfaction recorded in May 2022. ACRIS shows no mortgage recorded against the lot since then. If that is correct, the corporation has no underlying debt — unusual, and a real advantage for maintenance. Confirm it with the managing agent, along with whether any line of credit is in place.

Capital work. A major façade renovation was under way in 2013, with about $311,000 capitalized by year-end per the audited statements. DOB records also show a dual-fuel burner adding natural gas to No. 2 oil (2012), retaining-wall repairs (2015), a boiler replacement (2022) and new entrance doors (2025). Get the current Local Law 11 status from the managing agent.

Taxes. The Department of Finance's historical J-51 file shows two abatements beginning in 1989, on about $37,700 and $27,200 of certified work at the 90% allowance. They were fully used by the 1999 and 2000 tax years. The current exemption roll shows nothing for the lot, not even shareholder exemptions. In 2013 the board voted to assess back an amount roughly equal to the cooperative tax abatement passed through to shareholders. Ask whether that practice continues.

• Flip tax: 2.5% of the sale price. The corporation's 2013 transfer-fee income matches that rate applied to that year's recorded sales.
• Board package: contract of sale, two years of signed tax returns, pay stubs, a written source-of-funds statement, bank commitment and recognition agreements if financing, references and credit checks. Guarantors submit the same financials as the applicant.
• Subletting: 30 days' notice to the board. The proprietary lease says consent to sublets under 12 months shall not be unreasonably withheld; the house rules add the 10% fee, two-year cap and three-apartment limit.
• Renovations and insurance: written board approval 30 days ahead, weekday hours, licensed trades, $1 million contractor coverage and a $1,500 deposit. Shareholders carry at least $300,000 of liability coverage naming the corporation.

Recent sales

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-01081-0038) 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.

Confirm the debt position first. A cooperative with no underlying mortgage has lower maintenance and no refinancing risk, but it also has no loan to fund the next capital project. Ask what the reserves are and how the next façade cycle will be paid for.

Budget the flip tax as the seller's cost, and your own later. 2.5% of gross price is higher than many Park Slope cooperatives. It will come out of your proceeds when you sell.

Take the sublet cap into account. With three apartments at most sublet at any time and a two-year limit, this is not an investment building. If you might need to sublet later, plan around those limits.

Lead with the floor and the exposure. In a four-line, six-story building, the floor number and which way the apartment faces are the first facts a buyer needs.

Have the finances ready. A satisfied mortgage, recent façade and boiler work, and an 80% financing ceiling are selling points with both buyers and lenders — have the most recent audited statements ready before the first showing.

If you're considering 75 Prospect Park West, also evaluate:

• 35 Prospect Park West — Emery Roth's 1929 cooperative at Garfield Place; also outside the historic district, at far larger apartment scale
• 40 Prospect Park West — the 1942 park-front co-op across Garfield Place; also excluded from the district
• 9 Prospect Park West — the fifteen-story 1929 park-front cooperative at President Street
• 1 Prospect Park West — the converted clubhouse at Grand Army Plaza; the condominium alternative on the avenue
• 90 Eighth Avenue — Sugarman & Berger's 1927 cooperative at President Street, inside the district
• 209 Lincoln Place — a ten-story 1920s cooperative inside the historic district
• 814 Carroll Street — the 1950 doorman cooperative at Eighth Avenue
• 39 Plaza Street West — Rosario Candela's 1926 Berkeley Plaza Apartments on Grand Army Plaza