Prospect-Lefferts Gardens is pretty much the final frontier of Brooklyn gentrification. It has gorgeous turn-of-the century homes, but it’s always been on the wrong side of the park. The neighborhood experienced a boom in the pre-Lehman flush days, but property prices have dropped in recent years. It looks like things are on the up and up for PLG, however, as a recent sale came though last week for $1.57 million—the second largest sale the historic neighborhood has seen, and the biggest in almost five years. The deal, which was first reported by Brownstoner, charts the neighborhoods meteoric rise.
The sellers, journalists Renee Michael-Prewitt and Milford Prewitt, were sad to leave their home at 51 Midwood Street, but after 13 years, it was time. “We wanted to downsize,” Ms. Michael-Prewitt told The Observer yesterday. “We always knew that we would buy a smaller house at some point. This is a four-story limestone and its just the two of us.” The couple had been living in the 4,000-square-foot home since 1998 when, city records show they paid just $309,000 for it.
Prospect-Lefferts Gardens has all the trappings of The Next Park Slope. When the former farm was sold in the early 1890s, the proprietor enacted land-use restrictions, requiring nearly all residences to be single-family dwellings. The close-knit community is attracting young couples, like buyers Vanessa Woog and Thomas Scott hoping to own their own homes. Ms. Woog, who works with the Department of Health, and Mr. Scott, an executive director at Morgan Stanley, come to PLG from Soho by way of Park Slope, a source told The Observer, so it must be the new place to be.
The couple have a full six bedrooms in their new house, with skylights, an oak staircase, restored 19th Century detailing throughout, and an expansive triple parlor overlooking the backyard, which Ms. Michael-Prewitt said she will miss dearly. Ms. Woog and Mr. Scott will enjoy luxuries little seen in Manhattan. And they’re getting it at a slight discount from the $1.6 million asking price.
“There were several houses on that block and this one just really went,” Corcoran broker Susan Slater, who had the listing, told The Observer. “It wasn’t on the market very long. I think about forty-five days.”