Future of Meier building?

Subject: parking for $180

Yes, pray tell. Lo Kee. i am looking for a new parking spot. Can you please divulge where you park for $180?

whynot_31 wrote: There seem to be lots more units available: http://www.corcoran.com/property/nd/detail_listings.aspx?ndevid=291&userid=

....take 40% off of asking

Ouch indeed. One question though. A lot say they are in contract. Would it be fair to say that a proportion (maybe all) of those listed as under contract are people who signed that contract a couple of years ago when times were good and are now desperately trying to either get out of the contract without losing too much money or stuck with an over priced white elephant? Or are they newly signed bargain hunter contracts?

[quote="GOD"]There are people in the building! Coming home with my son we saw a old couple making dinner in the kitchen on the 2nd floor, right on the corner of Eastern Parkway and Plaza street. Looked like a Stanley Kubrick film.

We know someone who was hired to "occupy" a unit on a low floor facing Eastern Parkway during the Saturday Farmers Market. The same people sit in another apartment on the backside of the building on St.J's during the work week. They are always there when we roll home around 6:30 on week nights. CRAFTY!

i assume the pelting of dead birds is now distateful

but can we still do it?

one thinks of a fanciful meal

and then subtracts

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.

whynot_31 wrote: 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.

whynot_31 wrote: 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 . . .

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.

Slowly but surely, this building is selling its units at close to the ORIGINAL ASKING PRICE!

Via Brownstoner:

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.

http://streeteasy.com/nyc/sale/516978-condo-1-grand-army-plaza-prospect-heights-brooklyn

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.

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.

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.

http://www.brownstoner.com/blog/2011/07/opp-owners-arent-down-with-synagogue-parties/?stream=true

Can anyone (outside of OPP residents) vouch for the noise?

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.

Source: Brownstoner.com

2107/$1,733,000 = $822 a sq ft.

karl checks his satchel

for westerly exposure

such a deal of deals