Future of Meier building?

Here's some good stuff: There's a total of 114 condominium in there. So if those 40 sales represent actual closings, they're still under 50% sold.

Also:

"It will cost well over $700 per saleable square foot to develop the 162,000-square-foot building, said SDS Procida Development. That works out to at least $113 million in development costs. The project received roughly $107 million in construction financing from PB Capital Corp. To break even, the condominiums need to sell for an average $850 per square foot."

and:

"The most expensive coop and condominium apartments in Brooklyn sell for about $850 per square foot, except here in Meier’s building, where the asking price per square foot averages about $1,200. The largest unit, a 3,400 penthouse, is priced at $6 million."

prospectus...

the original plan was to have 114 units, but as more people were interested in larger apartments, they scaled that back, combined spaces and made fewer apartments.

last i heard it was 102 units, but also heard it might go lower as the demand was higher for larger units, as evidenced by the unit highlighted on brownstoner.

prospectus...

the original plan was to have 114 units, but as more people were interested in larger apartments, they scaled that back, combined spaces and made fewer apartments.

last i heard it was 102 units, but also heard it might go lower as the demand was higher for larger units, as evidenced by the unit highlighted on brownstoner.

I hear the bigger units are actually selling better than the smaller ones.

I hear the bigger units are actually selling better than the smaller ones.

belzjm wrote: prospectus...

the original plan was to have 114 units, but as more people were interested in larger apartments, they scaled that back, combined spaces and made fewer apartments.

last i heard it was 102 units, but also heard it might go lower as the demand was higher for larger units, as evidenced by the unit highlighted on brownstoner.

That's really good news for the sellers -- StreetEasy.com says that 39 condos are under contract and one unit has closed its sale.

If they really close on 40 of 102 units at their average asking price of $1,200 sf, and those units are the bigger condos, then they're left with 62 of the cheaper condos. And since they break even on their investment if the whole building averages $850 per sf, they can still keep their shirts even if they have to really, really cut prices for the last 62 condos.

If that's right, then the sellers aren't so desperate. They might even be able to afford to sit tight and wait for prices to come back to their ask... if they ever do...

It all depends on whether those 39 contracts turn into real sales. If, on the other hand, the 39 buyers in contract walk away from their deposits and break their contracts, the sellers are screwed.

prospectus:

who are these sellers you are referring to?

there are no sellers...it's a brand new building.

the sellers are the developers. i'm not sure i understand...

either way, it's good that they seem to have sold 41 of 102 apartments at healthy prices, but there are no real "sellers" in this instance.

belzjm wrote: prospectus:

who are these sellers you are referring to?

there are no sellers...it's a brand new building.

the sellers are the developers. i'm not sure i understand...

either way, it's good that they seem to have sold 41 of 102 apartments at healthy prices, but there are no real "sellers" in this instance.

By "sellers" I mean the guys that built the thing and are selling it. In this case, that means a developer named Mario Procida and another company called Gordan Group Holdings that partnered to put together the deal... I guess I could have said "developers" instead of "sellers," but I was thinking about sales. And if there are buyers there have to people selling...

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.

Get some window shades people!

I don't need to see how rich people live!

GOD wrote: 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.

Get some window shades people!

I don't need to see how rich people live!

Maybe you need one of these.

GOD wrote: Get some window shades people!

I understand that the building is requiring the same type of window treatment for all openings. Maybe if you don't like them you're SOL. We'll probably be in for a lot of dinnertime performances like that.

If you're on a high enough floor, however, nobody could see you and there would be no privacy added by having shades. I think that would be a little bit cool.

Carnivore wrote: [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.

Get some window shades people!

I don't need to see how rich people live!

Maybe you need one of these.

I don't endorse the throwing stones at glass houses.

Okay, there is definitely one unit occupied there. Corner of Plaza St. E and St. Johns, on the sixth or seventh floor (depending if ground floor is considered floor one) one can see the back of a ginormous TV cabinet. It looks terrible.

So, besides uniform window treatments the condo docs should also say something about placing unfinished furniture backs (or sides that were clearly not intended to be displayed) against the window walls.

Yes, dear Meier-building occupants, we are constantly looking our for your aesthetic welfare.

....and we so want one of you to post here!

View from Plaza St. on a tall ladder. :twisted:

ROFL

BKChickie wrote: Okay, there is definitely one unit occupied there. Corner of Plaza St. E and St. Johns, on the sixth or seventh floor (depending if ground floor is considered floor one) one can see the back of a ginormous TV cabinet. It looks terrible.

I'm pretty sure that's not a TV cabinet, but a ginormous sub-zero freezer box.

arches wrote: [quote=BKChickie]Okay, there is definitely one unit occupied there. Corner of Plaza St. E and St. Johns, on the sixth or seventh floor (depending if ground floor is considered floor one) one can see the back of a ginormous TV cabinet. It looks terrible.

I'm pretty sure that's not a TV cabinet, but a ginormous sub-zero freezer box.

That's their poor people collection cabinet. :twisted:

Research complete. There are definitely no apartments with occupants on the St. Johns street side of that building. I can't speak for the other side facing Eastern Pkwy. There is one apartment that has the back of a TV facing the street, but I think that is being used as a showroom or something, because no one is living there.

Stalker update: At 11:30 pm last night, my dog and I walked down the library side of Eastern Parkway, providing good views of the Meier. We witnessed someone in the kitchen of one of the units on the 3rd floor. The apartment had furniture.

He appeared to be moving small items around the kitchen, perhaps a box of cereal or pasta.

God's view is apparently better than the library's.

whynot_31 wrote:
God's view is apparently better than the library's.

Stalker update: 11:45 pm last night. These people have no shame.
Stopped watching at 12:15 am when horse entered room.

the real question:

Assuming the bldg eventually goes rental, will we get better views?

i.e. Are renters more attractive than owners?
Do they wander around their apartment at night more?
Do they care less about what the world thinks of them?

I really want them to have an open house so we can get in there to check it out. Once the owners and/or renters are in we'll have to be really nice so we can make friends with some wealthy peeps.

Has anyone been in it?

I've been in it....it's pretty easy - just show up at the front door and say you are interested in buying a place. Then (laughably) they'll tell you it's by appointment only and hand you a business card. Call the number on the card and mysteriously, an appointment is available in 10 minutes!

I couldn't bring myself to say I was in the market for a $4M penthouse - which is what I really wanted to see, of course. But a "$1M budget" will get you a decent tour of 1Brs and small 2 Beds.

I thought about the appointment thing, but I just didn't want to deal. But if they'll do it right there and then, perhaps it'd be worth it. I'll have to don my most nicest of suits, and perhaps I'll bring my monocle in order to see the 4 bedrooms. I really want to see the views from those balconies.

brooklynite03 wrote: I thought about the appointment thing, but I just didn't want to deal. But if they'll do it right there and then, perhaps it'd be worth it. I'll have to don my most nicest of suits, and perhaps I'll bring my monocle in order to see the 4 bedrooms. I really want to see the views from those balconies.

...the pessimist in me says this recession may create such open houses.

at least something good will come from it.

I wonder what they would think of my muttly dog.

whynot_31 wrote:

I wonder what they would think of my muttly dog.

Does your dog have a monocle?

no, my dog is not Mr. Peanut.