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September 11, 2007
475 Sterling Ready for Prime-Time
We've been keeping a close watch on 475 Sterling Place for the past year (though not as close a watch as this guy). As we've mentioned before, we think this area on the border between Prospect Heights and Crown Heights will be one of the most fertile spots for residential development in Brooklyn in the coming years. According to the builder's website, the developer is CPC Resources, the for-profit arm of the Community Preservation Corporation and the same group that is developing the Domino Sugar Factory in Williamsburg. The 45-unit building will have 750-square-foot one-bedrooms starting at $399,000; there are also two-bedroom apartments ranging in size from 924 to 1,125 square feet and price from $489,000 to $615,000. If the interiors are decent, we suspect there will be demand at these prices. We'll know about those interiors soon enough, as the first showing is at an open house on Saturday Sunday from 1 to 4 p.m. (Full disclosure: An ad for this development will be going up on the site in a few days.)
Time Lapse: 475 Sterling Place [Brownstoner] GMAP P*Shark
Development Watch: 467-487 Sterling Place [Brownstoner]
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Comments
while i think the building's not bad looking from the outside, if i lived in one of those apartments i would feel like i was on display as in one of the dioramas of cavemen at the museum of nat. history. just couldn't do it.
Posted by: guest at September 11, 2007 11:41 AM
The apparent off-street parking makes this development look very attractive.
Posted by: guest at September 11, 2007 11:52 AM
brick + window = scared white people
Posted by: guest at September 11, 2007 12:01 PM
Anyone who buys here will be regretting it sson.
Posted by: guest at September 11, 2007 12:22 PM
cop + baton = scared brick thrower.
Posted by: guest at September 11, 2007 12:23 PM
i can't figure out who in their right mind would want to live on the first or second floor of this place with all those windows.
if it were facing a park, perhaps i could see it.
but not in crown heights.
i'm not saying this to be funny or snarky, but is it bulletproof glass?
Posted by: guest at September 11, 2007 12:34 PM
damn, this went up fast.
Posted by: guest at September 11, 2007 12:50 PM
We have friends who bought a new 2 br on St.Marks nearby last year and are pretty happy with the neighborhood. In Brooklyn, it's always good to be within walking distance of PP. And for a young family or couple wanting to have children, $500 a square foot is a great price. I do question, however, how many people are going to want to live on the first floor.
Posted by: guest at September 11, 2007 1:10 PM
Oh please, 12:34, do we have to go there every time? I would think for the safety issue in ANY neighborhood, these all glass window units wouldn't be too cool.
I wouldn't want to be on those floors for the same reasons the first poster gave, it'd be like living in a diorama.
Posted by: guest at September 11, 2007 1:11 PM
I think we do have to go there.
There was just a story recently about a woman being shot inside her home from a stray bullet. With this wall of glass, I would consider it.
This is not the safest area in Brooklyn, you do realize. Not horrible either, but if you lived on those first couple floors, you'd probably want to put drapes to cover the windows copmpletely after dark. Seems to negate the point of having the windows in the first place. All I'm sayin...
Posted by: guest at September 11, 2007 1:17 PM
like living in a fish tank! wouldn't matter where the building was located.
Posted by: bren at September 11, 2007 1:30 PM
Someday this war's gonna end. That'd be just fine with the boys on the boat. They weren't looking for anything more than a way home. Trouble is, I'd been back there, and I knew that it just didn't exist anymore.
Captain Benjamin L. Willard - Apocalypse Now
The What.
Maybe have a play, the windows are fucking big enough.
Posted by: guest at September 11, 2007 2:07 PM
I wouldn't want to live in a glass box, but I am sure there would be a lot of interest at this price, as long as it's not crap inside.
Posted by: guest at September 11, 2007 2:09 PM
Hey 2:07, watch some other movies and come up with some new quotes.
Posted by: guest at September 11, 2007 2:19 PM
"Hey 2:07, watch some other movies and come up with some new quotes."
Someday this war's gonna end. That'd be just fine with the boys on the boat. They weren't looking for anything more than a way home. Trouble is, I'd been back there, and I knew that it just didn't exist anymore.
This the best quote to sum up this madness. Someday my friend someday.
The What
Posted by: guest at September 11, 2007 3:33 PM
Yeah, right 3:33. Sure. You're just not watching enough movies, or, you're not educated to the point where you can create your own, original slogans! Either think up some new stuff or watch some more movies so you can come up with some new material. You're boring!
Posted by: guest at September 11, 2007 6:06 PM
Keep renting, 3:33.
Posted by: guest at September 11, 2007 6:11 PM
Heating and cooling is going to be a bear too.
Posted by: guest at September 21, 2007 6:10 PM
Great Condos. Nice location. Convenience to trains is a plus. Parking availability is a plus. Surprised that they are not being snapped up.
Posted by: guest at January 23, 2008 9:12 PM
Hey,can anyone who has gone into contract with this development explain how the process has worked for them. It would be great to get your feedback.
Posted by: guest at January 23, 2008 9:22 PM
Hi. We've checked out this development and it seems like it's got a lot going for it - good location, nice $/square foot, good layouts. Been keeping an eye on it for a little while and we're surprised things don't seem to be moving. Any insights? Has the overbuilding in BK finally run up against buyer indifference/lower demand? Prices seem reasonable compared to so many other places I'm reluctant to think it's solely a price issue that's keeping buyers from going into contract.
Posted by: guest at February 7, 2008 12:37 PM
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.
Posted by: guest at February 7, 2008 8:07 PM
8:07 the terms of the contract you describe must be the reason why units appear to be in contract and then fall out of contract etc..I hope they change the terms because they are great units. Also, they need to work on that crazy pricing scheme.
Posted by: guest at February 13, 2008 12:40 AM
Check out
http://groups.google.com/group/475-sterling-pl
Great forum for anyone that wants to provide or receive information about the development.
Posted by: guest at February 26, 2008 11:40 PM
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