475 Sterling

What context? PH is such a mish-mash.

I think it actually fits in really well considering the varied nature of many of the blocks east of washington. There are a lot of modern condo projects scattered throughout the area that mix things up in a good way. I think the neighborhood is turning into a great mix of old and new with brownstones, modern condos and the warehouse type properties.

I think the juxtaposition of glass and steel bldgs. plays well against brownstones, industrial spaces, etc...No reason to *pretend* that we're in the 19th century, although the beauty of a well-kept row of brownstones is hard to beat here in Brooklyn.

Let me ask you beeziq: Will your family's apt look out onto Sterling? If so, how does it feel, privacy-wise as far as you can tell, with those huge floor-to-ceiling windows?

After our attorney had thoroughly reviewed the seller¡¦s (sponsor's) purchase agreement for 475 Sterling, he highly recommended that we not go any further, as the agreement is heavily slanted in the favor of the sponsor, with little to no protection of the buyer¡¦s down payment, as well as multiple references to ¡§Time of the Essence,¡¨ which ultimately protects the sponsor. Our attorney also said that in some cases he has applied a statement to the agreement stating that the buyer has decided to go through with the purchase anyway against his recommendations; however, he said that this purchase agreement is so unfair and unjust to the buyer that he would drop us as a client, and we would need to seek new representation, if we decided to proceed with this purchase. We have decided to let this one pass.

Excuse my ignorance (I've never come close to owning property before), but what problems might a developer run into that would endanger the down payment of someone already under contract? A COO refusal?

I have been wondering why apartments in this development don't really seem to be moving. Prices appear to be very good compared to similar developments, and the area seems great (despite the play the mugging threads have been getting...). Is the contract that unfavorable?

Waxwings wrote: I have been wondering why apartments in this development don't really seem to be moving. Prices appear to be very good compared to similar developments, and the area seems great (despite the play the mugging threads have been getting...). Is the contract that unfavorable?

They seem to be moving fairly well considering the size of the development and the time of year. On the website under the available column (yes/no) it shows that almost 50% of the units are accounted for. That's pretty good. It takes time to move this many units, even when priced well and especially during the winter months.

To the OP who is backing out, if you really do like the apt, which isn't 100% clear from your posts, you may try to negotiate the terms of the contract to take out the parts your attorney doesn't like. This may be a case where the sponsor's attorney put everything they can in to protect the sponsor but they may be willing to negotiate terms, especially if it means not losing a sale. Doesn't hurt to ask.

Subject: Me too

My wife and I have also begun our negotiations with the sponsors of 475 Sterling. My personal view of the "context" is that it is great for the block its on. As for the windows, we are already investigating options that will let us keep them open during the day and closed at night when you'd really be on display.

My real question is about the playground in the back and the block in general. I haven't seen the playground get much use the many times I've been there. Is that because of the season or is it not used by parents and their little children? Is it more of a teen-hangout? Would you consider it to be a "safe", well-used community resource or something less desirable?

Any comments on that or other 475 sterling thoughts would be appreciated as we embark on the biggest, scarriest purchase of our lives.

jayce wrote: [quote=vanilla]it's just weird how you can see right in... and the back looks out to the school playground where the handball and basketball courts are, right?

http://www.475sterling.com/

yep. and let me tell you... living as close to that new building as i do... you can see everything. the kids in the park at night are going to really get a kick out of the show they will get. remnds me of the madonna video with all the boxes and people in em.

i can see in to the building from my apt. on washington ave!!! we were enjoying watching the kids break-in to the unfinished 475 building from our roof this past summer!

We're buying in the building too. We like 'Brownstone Brooklyn' too, but most of the new buildings are replacing older run down ones anyway. They're actually building across the street and the small run down buildings directly across the street on sterling are probably gonna be turned into a condo one day as well, so in a few years the block will probably be a bit different and more valuable.

As for the glass, privacy was a worry for us too...but the gain in lighting and view should make it worth it. Plus hello...blinds. They make special ones that pull up from the bottom which is what we're thinking of getting. (I think the lighting is actually better in the front - Sterling side - but the view/privacy is a little better in the back; all a matter of preference I guess).

The contract is a bit tight too, but unfortunately (or fortunately) PH is still a Seller's market, so they're not gonna lower the price or make changes when they don't have too. I would expect the balance of the apartments over the 50% to execute the plan to really start moving in a few months once the summer comes around. I think in the end it's worth it to be moving into a new building (read less problems - and NO critters!).

Subject: Google group for (future) 475 Sterling residents

Hi, my husband and I also have a place at 475 Sterling under contract. I have been curious about who my neighbors would be! A post on Brownstoner prompted me to try to start a Google group for our little community. I thought it might be useful to share information now and in the future. We use a Yahoo group in my current community, and it has been great to pull us together on various issues (like crime) and generally practical (when someone needs to borrow a ladder or something).

If you're interested, you can join the group here:
http://groups.google.com/group/475-sterling-pl

-Holly

If the buildings you are referring to are the dark brown ones near Atlantic I would say I would not want to live there around Halloween. If I did live there I would arrange for the window washer to come on Nov. 1'st promptly.