Future of Meier building?

whynot_31 · January 2012

Several years have passed.

Only 20% of the units are left!

brownstoner wrote: 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.

source: http://www.brownstoner.com/blog/2012/01/new-brokers-some-price-cuts-for-opps-remaining-units/#disqus_thread

whynot_31 · March 2012

Brownstoner wrote: 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!

source: http://www.brownstoner.com/blog/2012/03/has-starchitecture-lost-its-luster/#disqus_thread

whynot_31 · July 2012

Today, the building finally sold its final unit.

The building was completed in 2005.

...the present year is 2012.

http://www.brownstoner.com/blog/2012/07/1-grand-army-plaza-officially-sold-out/#disqus_thread

mishaps · July 2012

whynot_31 said:
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).

whynot_31 · July 2012

True.

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.

goodprospect · July 2012

not surprised Fresh Direct does well....the kitchens are too small to do any real cooking!

whynot_31 · December 2012

The Meier building has become one of the first in NYC to ban smoking indoors.

...you can't even smoke in your own apartment:

http://ny.curbed.com/archives/2012/12/26/richard_meiers_on_prospect_park_bans_smoking_indoors.php#reader_comments

eastbloc · December 2012

I wonder how encompassing this is. Can I burn incense? Use tobacco with a vaporizer?

whynot_31 · December 2012

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?

Future of Meier building?

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