Price Cuts at 475 Sterling Place

475-Sterling-Place-042709.jpg
A bunch of units (well, seven to be exact) at 475 Sterling Place in Prospect Crown Heights had their asking pricing reduced, according to StreetEasy. Back in February we reported that 18 units had closed to date and that another four were in contract; it’s hard to tell from StreetEasy if there’s been any action since then. Regardless, we’re surprised at the timidity of the price cuts. They’re all around 5 percent. In this market, why not step it up a little? This place is relatively nice and all but, as a developer, time is your enemy right now. Cut ‘em and move ‘em!
475 Sterling Place Listings [StreetEasy] GMAP
Checking Back In On 475 Sterling Place [Brownstoner]
Checking In On 475 Sterling [Brownstoner] P*Shark
475 Sterling Ready for Prime-Time [Brownstoner]
Time Lapse: 475 Sterling Place [Brownstoner]
Development Watch: 467 Sterling Place [Brownstoner]

0 Comment

  • “Cut ‘em and move ‘em!”

    Your highest bidders have already cut ‘em for you. Accept ‘em.

    ***Bid half off peak comps***

  • No what else is your enemy? Whoever’s running what looks like a 99-cent store in that middle unit.

  • seriously. not the best use of floor-to-ceiling windows.

    also, to beat the usual drum, this place is east of washington and therefore is in crown heights, not prospect heights.

  • Home of Brooklyn’s own Collyer Brothers?

  • Anyone else think the idea of a modern look with floor to ceiling windows on a block with nice historic-looking buildings is absurb? Whatever happened to designing buildings so they fit in with the neighborhood?

  • Just to be clear, did not mean this as an indictment of this building specifically, but I have seen a number of developments go up in this area that certainly stick out relative to the other buildings on the block. Wish developers would focus again on aesthetics from the outside.

  • This is by far the best looking building on that block.

    Seriously.

  • I agree SnarkSlope – by far the best looking building on this particular block. I am still put off by these modern looking new developments in this area though. My personal opinion of course – I know a lot of people value the light.

  • I looked at a couple of 3-bed units in this place last year. I agree that it is in Crown Heights and not Prospect Heights. The apartments were fine. I didn’t have any complaints about construction quality (based on a brief tour and superficial view only). I recall they have a nice family room and available parking. Mrs. Jackal and I said it seemed like a perfectly ok building (putting aside issues of contextuality, but honestly people, it’s not like it’s on a beautiful historic block). But because this is a new condo in a fringe area I think it presents a huge risk for buyers and would therefore not buy here even if I could get comfortable with the location.

  • I disagree with the above and contend that this is in Prospect Heights. The border is Franklin, not Washington. Why else would a high school east of Washington be called Prospect Heights HS?

  • Trust me. As someone who lives a couple blocks from here, it’s Crown Heights. The cut off for Prospect Heights is Washington and this falls outside of that. Names aside, it’s a pretty awful-looking block. Funeral home, auto garage, vacant lot and a hideous building going up right across the street. Quite the winning combo…

  • It’s Crown Heights. Your broker lied. Next to cash, due dilligence is king.

    ***Bid half off peak comps***