Future of Meier building?

"whynot_31" wrote: [quote=arches]


i agree. can't believe that garish, circus- like sign is richard meier approved. you design a building meticulously, adding countless stipulations about what sort of curtains, etc the residents can have consistent with the building's aesthetic, and then they turn the garage into a honky tonk

Strangely, I can't believe the building design itself is Meier-approved.

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?

ouch. this Brownstoner posts points out the a unit just went for more than 40% under the original asking price.

2. PROSPECT HEIGHTS $1,665,000
1 Grand Army Plaza/On Prospect Park, Unit 11B GMAP (right)
According to its listing, this unit in the Meier-designed condo is 2,125 square feet and has three bedrooms. The buyers got quite a discount: It was asking $2.8 million, according to Corcoran Sunshine's rundown on the condo. Entered into contract on 5/12/09; closed on 6/16/09; deed recorded on 7/6/09.

Do you have a lot of $ laying around, and a willingness to have my dog and look in on you at midnight?

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

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?

I, of course, don't know. ...but that hasn't stopped me from typing before, and won't now.

...back on topic, for a really long time, the building has claimed to have tons of folks in contract. Making me think that:

1. People who wanted to buy are now considering walking away from their deposit in order to not lose even more $. ("Um, next tuesday doesn't look good as a closing date ...the next time I'm available is March 12, 2011.")

2. The landlord is going to approach them with new "reduced prices" that may keep them in contract, but at a lower purchasing price ("you seem to not be returning our calls regarding a closing date. Would you be willing to actually show up if we took $ off? ...we'd tell you we are going to not return your deposit, but that doesn't help us sell units. Damn it, we can't break even by just relisting these things")

...maybe they'll throw in curtains.

[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!

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.

i assume the pelting of dead birds is now distateful

but can we still do it?

They may soon be desperate enough to let you do it for a small fee.

(how does one distaste? ...sounds like a useful skill when eating at strange restaurants)

one thinks of a fanciful meal

and then subtracts

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 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.

Carnivore wrote: [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.

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 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 . . .

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!

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.

I can't wait for this place to become MY retirement home....I've got my eye on one of the penthouses.....

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.

http://www.brownstoner.com/brownstoner/archives/2011/06/opp_penthouse_p.php#comments

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

that seems to deserve a thread of its own ....no?

what the heck is going on over there???? Kaparos every week????

[video] [/video]

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.

Source: Brownstoner.com

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

Let me get my check book.

karl checks his satchel

for westerly exposure

such a deal of deals