Brooklynian » Forum » Prospect Heights »
Future of Meier building?
one thinks of a fanciful meal and then subtractsdestination: roam
http://www.corcoran.com/agents/listings.aspx?region=NYC&userid=1GAP It would be nice it they had to state when a unit went into contract, and for how much. ...or when a unit "recently sold" Asking prices are clearly now below $1000 a sf, but its not clear if most of the prices have fallen 40% (as in the examples above).[/i]
I find this post curious because of the price per sq foot of the bldg. There is a city gov proposal to buy and sell apartments in Brooklyn and the Meirer designed bldg is not part of the list yet. People who have bought or are going to buy should check with your council person for a current list. My understanding is it goes something like this. City gov gives apt owners a kickback so that newly constructed unsold apts will be sold for 60 to 70 % of the market value. Lots of services offered like gym/security/front desk/full service stuff does not come on line until bldg is @60% purchased so don't hold your breath if you are in an empty place. If you are paying big maint or hoa fees you should look for cash back if the posh they promised in the sales office starts to look like it's never going to show.The person who told me about this thinks Bloomberg wants to get this program money rolling before the election that was a @month ago.
A tax break to entice the wealthy to live locally. ...not as much of a tax break as Atlantic Yards received, but still... I don't know if I am for it, the developers bore the risk (and potential reward) when they built it. Why should we bail them out? I think I would spend some money to build something on the corner of Franklin and EP instead. The Meier building could likely rent out the apartments in order to survive.
whynot_31 » A tax break to entice the wealthy to live locally. ...not as much of a tax break as Atlantic Yards received, but still... I don't know if I am for it, the developers bore the risk (and potential reward) when they built it. Why should we bail them out? I think I would spend some money to build something on the corner of Franklin and EP instead. The Meier building could likely rent out the apartments in order to survive.Or get rid of all that wasted space on the ground floor and put some retail business or a restaurant in there.
Carnivore » [quote="whynot_31"]A tax break to entice the wealthy to live locally. ...not as much of a tax break as Atlantic Yards received, but still... I don't know if I am for it, the developers bore the risk (and potential reward) when they built it. Why should we bail them out? I think I would spend some money to build something on the corner of Franklin and EP instead. The Meier building could likely rent out the apartments in order to survive.Or get rid of all that wasted space on the ground floor and put some retail business or a restaurant in there.[/quote] Nope. The buildings around the arch, along with most of EP, can't have such a place on their first floor; only "professional spaces" (dentist, MDs, etc). They are zoned wrong. The buildings that appear to be violating this actually have street addresses that aren't on the protect St (for example the Dunkin Donuts at the corner of EP and Nostrand, is actually on Nostrand). ....there might have been some zoning exceptions granted, but you get the idea. ...it would be very difficult for them to get a variance. (but, yea, a high class restaurant -complete with limos- would be excellent)
whynot_31 » http://www.nytimes.com/2009/09/27/nyregion/27meier.html?_r=1&partner=rss&emc=rss a fluffy article on how the residents are forming support groups in the mostly empty building. ...I want to know how long the building will be able to keep up maintenance when they only have 20% of the planned occupants to spread the costs among.omg, finally read that article - and I love the idea of this building as a retirement home for my mom! The assisted living place on the corner of the park is $4000/month and up, so . . .
Just in case you are wondering what demographic the developers hope will buy in the building, I give you this advertisement (oh, I'm sorry "event"): http://www.momasphere.com/upcoming-events/ It looks like they are slowly figuring out what to do with that wasted first floor space. P.S. I'm being unfair. At this point I'm sure they hope any demographic will buy in the building.
bump It's not new news, but is rehashed old news.... http://www.brownstoner.com/brownstoner/archives/2010/06/on_prospect_par_2.php I love to hate that building.
Why is the little note icon thingie on this thread moving around. It is bothering me lol. Is it b/c someone bumped a 9 month old thread?
Slowly but surely, this building is selling its units at close to the ORIGINAL ASKING PRICE!
2. PROSPECT HEIGHTS $2,650,000
1 Grand Army Plaza, #12D GMAP
#12D is a 2,620-square-foot three bedroom. It was originally listed for $2,850,000 and then got a price boost to $2,950,000. The unit entered contract five months later. Entered into contract on 12/13/10; closed on 1/20/2011; deed recorded on 1/28/11.
For those who like percentages, $2,650,000 divided by $2,950,000 = 89.8%
....this is despite being originally listed at the peak of the market, and sitting on the market for years.
Apparently it really is all about having the patience to wait for the right buyer. ....someone just paid a little over a $1000 a sq ft to live in a fancy building on the edge of a neighborhood that frequently goes for around $550 a sq ft.
I can't wait for this place to become MY retirement home....I've got my eye on one of the penthouses.....Proud to be a naturalized citizen of the greatest city on earth.
Slowly, but surely, the building continues to sell its units. Sorry, goodprospect, but it was one of the penthouses that you were eyeing....
As per Brownstoner.com:
1 Grand Army Plaza, #8F GMAP
This is the second week in a row OPP has topped the biggest sales list. (There's also another penthouse unit still in contract.) Like last week's unit, this is a three bedroom. It was on the market for $2,900,000 back in 2007 and took about a 27 percent cut. Entered into contract on 10/7/10; closed on 2/9/11.
For those into math: $2.9M x .73 = $2,117,000.
For some reason, the Meier build neglected to invite me to the unveiling of their penthouses!
Brownstoner reports that the building has finally finished construction, and threw an event last night to show off its nicest units:
The crown jewel of the evening, Penthouse 16 South, is a four bedroom with three-and-a-half bathrooms that has 3,524 square feet of interior space and 2,582 square feet of outside space. Asking price: $5,100,000. The second unit is #16 North. This is a four bedroom, three-and-a-half bath, with 3,274 square feet of interior space and 3,172 square feet of exterior space. It has a pretty swanky wrap around terrace, including balconies for the second and third bedrooms. The asking price comes in at $4,900,000. Finally, PH 16 West, the only duplex in the development, has three bedrooms and two-and-a-half bathrooms, and it also has a private roof terrace. It's the cheapest of the bunch, asking $2,750,000.
Now, the real fun begins.
The residents have filed suit against the neighboring Temple for having loud parties.
The temple has rented it's spaces to diverse groups for the last 20 years.
Can anyone (outside of OPP residents) vouch for the noise?
I can only vouch that since 2003, I have seen many well dressed people leave the venue between 11 PM and 1AM. The venue doesn't seem to host low end clienteles.
(hence I have never been inside)
When I hang out on Sepias patio, I can hear sometimes hear the parties at the temple.
I imagine the glass walls transfer the noise a lot, but suspect the Meier residents will need some objective proof that the noise codes are being violated to win their suit.
Still selling, but at a discount....
1. PROSPECT HEIGHTS $1,733,000
1 Grand Army Plaza, #6G GMAP P*Shark
The listing says this unit includes, “Westerly exposure with cityscape and tree top views, privately positioned Master bedroom suite, extra large 2nd and 3rd bedrooms with a shared walk in closet and a sundrenched all glass home office.” 2,107 square feet, five bed/four bath, asking $2,140,000 in 2008. Entered into contract on 10/10/11; closed on 11/21/11; deed recorded on 12/09/2011.
2107/$1,733,000 = $822 a sq ft.
Let me get my check book.Why attack God? He may be as miserable as we are.
- Erik Satie
karl checks his satchel
for westerly exposure
such a deal of dealsdestination: roam
Several years have passed.
Only 20% of the units are left!
brownstoner » We haven’t checked in on sales at the Richard Meier-designed On Prospect Park for quite some time, but a press release that was sent out this morning brings us up-to-date on what’s going on with the condo: Brown Harris Stevens is the development’s new broker, taking over from Corcoran to market the remaining 21 unsold units in the building. The release notes that 10 of the unsold condos have been put on the market and that some are “price-improved.” A quick scan of StreetEasy reveals some of the price cuts: A two-bedroom that was listed for $935,000 when Corcoran had the listing is now asking $850,000; another two bedroom has dropped in price from $945,000 to $895,000; and a three-bedroom last listed for $1,800,000 is now asking $1,700,000. The building is 80 percent sold overall.
Brownstoner » This weekend’s real estate section in the Times had a story examining how buildings constructed with “starchitects” at the design helm—Richard Meier, Enrique Norten, Robert A. M. Stern, et al.—are not necessarily holding value on the resale market or having a smashing sales run from the get-go. The two Brooklyn examples mentioned are Meier’s On Prospect Park (a.k.a. 1 Grand Army Plaza) and Norten’s 580 Carroll Street. The former has seen price cuts and is nearly 80 percent sold since hitting the market in 2007, and the latter still has 10 of its 17 units unspoken for after being on the market for about two years, as we reported last week. Both Meier and Norten have quotes in the article saying that perhaps the locations of the buildings deterred would be buyers. For example: “Mr. Norten ascribed the sluggish sales mainly to the building’s location. It is on Carroll Street, near Fourth Avenue, the far western edge of Park Slope. ‘I think the developers were very brave in trying to upgrade with different architecture there,’ he said. ‘They were taking a risk.’” (In the case of OPP, though, location can hardly be blamed, since many would consider it one of the the premier locations in Brooklyn.) Leaving aside the fact that brand-name cachet is probably not as valuable as it was in the real estate boom years, do you think starchitect pedigree will always be a somewhat tougher sell in a borough better known for its stately brownstones and handsome prewar apartment buildings? Or, you know, maybe the price is just too damn high on the starchitect condos that have come to market here!
Today, the building finally sold its final unit.
The building was completed in 2005.
...the present year is 2012.
The building was completed in 2005.
The building was announced in 2005. There were no apartments for sale there until 2008, and the very article you point to notes that the penthouses weren't finished until 2010 (and one of the commenters suggested that the roof was still unfinished).
But arguably the building took so long to complete because sales were so slow, and the 2008 stock disaster affected its potential buyers more than those of a regular building.
At one point, people in contract to buy the units were doing things like delaying their closing date, because they feared they were entering into a bad investment.
I'm sure they expected it to take a while to sell such innovative and expensive designs in this neighborhood, but I wonder how much $ they lost (profit not earned?) as a result of the time it took to finally sell out.
Would the developers do it again? Was their ROI ok?
BTW, Fresh Direct does well at this location.
not surprised Fresh Direct does well....the kitchens are too small to do any real cooking!Proud to be a naturalized citizen of the greatest city on earth.
The Meier building has become one of the first in NYC to ban smoking indoors.
...you can't even smoke in your own apartment:
I wonder how encompassing this is. Can I burn incense? Use tobacco with a vaporizer?
When it is time to sell a unit, I assume that only non-smokers will be interested.
This reduces the pool of buyers, but makes the property more attractive to some.
Does this increase property value?