Development Watch: 500 Sterling Place

short term financing whoas.

Just the beginning of problems for developers large and small.
Just one of many projects that will be an eyesore for years.

Posted by: guest at February 8, 2008 12:13 PM

What's the actual border between prospect heights and crown heights? Seems like once you cross washington you are in a difft place, but I guess not.

Posted by: guest at February 8, 2008 12:23 PM

Either funding, or the developer has been shopping around a pre-approved project for someone else to buy and assume the risk of selling a completed building.

Posted by: guest at February 8, 2008 12:27 PM

Washington is the established boundary. But of course the RE brokers are trying to redefine it further east -- even as far as Franklin, hah!

Posted by: guest at February 8, 2008 12:28 PM

How about they are fucked?!

The What

Someday this war is gonna end...

Posted by: guest at February 8, 2008 12:32 PM

Washington is not necessarily the "established" boundary. There are several old buildings containing the name Prospect Heights that are located east of Washington Avenue (e.g. Prospect Heights HS on Classon and E. Pkwy or the old synagogue on St. Johns, near Classon, that says "serving PH community since 1929").

All neighborhood boundaries are fluid, though. Some consider 3rd Ave. to be PS and others see it as Gowanus, just as some see 5th ave. and 22nd st. as "south slope, but others see it as "greenwood hgts." or "sunset park".

I consider Franklin to be the border - and no, I'm not a broker.

Posted by: guest at February 8, 2008 12:40 PM

The most apt typo I've ever seen:

"short term financing whoas".

Thank you for that! Made me smile.

Posted by: guest at February 8, 2008 12:44 PM

I think Prospect Heights' boundaries are Atlantic, Flatbush, East Parkway and Classon Aves.

Posted by: guest at February 8, 2008 1:10 PM

Isnt that the spot right across the street from the 475 Sterling Condos? I was thinking on buying one as they've sat largely unsold for a few months. I was hesitant about the 500 Sterling development as they will tower higher than 475. I feel bad for people who bought top floor at 475 for views because....those views will be gone, unless you like looking into the (all glass) walls of your neighbor across the street. I sure hope those folks invest in some curtains!

Posted by: guest at February 8, 2008 1:40 PM

We considered 475 Sterling for a few minutes ourselves -- just as the market started to skid. With those fish-bowl condos hardly moving like hotcakes and of questionable quality overall, how long before the developer adjusts prices?

Posted by: guest at February 8, 2008 2:09 PM

Doesn't look like they'll be needing those curtains any time soon.

Posted by: guest at February 8, 2008 2:09 PM

2:09

What questionable quality overall are you referring to? After looking at 3-4 Scarano nightmares, these units looked pretty good.

Posted by: guest at February 8, 2008 2:21 PM

Guess it's all relative 2:21

Though not bad aesthetically, we noted sloppy work and unimpressive finishes overall (gaps in sheetrock, poorly installed windows, punctured hollow-core doors, etc.)...but I suppose you have to look at all new construction in its own context. Most of it's shitty; just different degrees of shittiness.

Posted by: guest at February 8, 2008 2:30 PM

Another thing about 475 Sterling...am i the only one who's noticed that none of its ground-floor units are on the market? Seems a big design mistake -- all that glass right on the street. Talk about fishbowls, that's asking for an obscene exposure to the street...And if none of those units sell, what does that mean to the rest of the condo? Do they sit empty? Become rentals? Does the whole bldg go rental?

Posted by: guest at February 8, 2008 2:36 PM

1:40 & 2:09...why not consider 530 Saint Johns Place? We bought a 2BR/2BTH there. Our engineer gave it an "above avergage" rating when he came in. I think a few units are left.
http://www.corcoran.com/property/search.aspx

Posted by: guest at February 8, 2008 3:47 PM

no 12:40. franklin is not prospect heights. the border of ph and ch is washington. Are you sure you're not a broker?

Posted by: guest at February 8, 2008 4:21 PM

4:21,

Can you read? I made sure that my final comment specifically denied being a broker. As I said, people can disagree on things and neighborhood boundaries are no exception. You consider the boundary to be Washington and I consider it Franklin. End of story.

Need I repeat that I'm not a broker?

Posted by: guest at February 8, 2008 4:30 PM

4:30, no you don't.

but 3:47 does....

Posted by: guest at February 8, 2008 4:46 PM

3:47, We looked at 530 Saint Johns Place and found the bedrooms to extremely small (barely enough room to squeeze in a full-sized bed) but to each his own. We decided to buy at 475 Sterling. As for sloppy work... You bet I'm going to go in before the closing with a well combed punch list if anything in our unit is shoddy. So far, things seem fine for us... Except for the fact that certificate of occupancy isn't coming until April (we were told it was going to be before the end of this month--sigh). I wish someone here could tell us news about 500 Sterling. And for all you sockpuppet theorists I have to say: Not a broker. What I'm typing is, gasp, really real, for reals.

Posted by: guest at February 8, 2008 5:16 PM

Best of luck 5:16. I hope you get to move in soon and it all works out. With warm regards from a sockpuppet theorist.

Posted by: guest at February 8, 2008 5:58 PM

Also buying at 475 sterling here. Been looking at buildings in the area for months and have finally decided that 475 is the best fit for us. Cost, location, space, and design are all better than average. With many properties in this price range, there are major tradeoffs, 475 doesn't have any real flaws that we can see, yet. Looking forward to closing, moving in, and meeting my new neighbors. I also hope 500 gets off the ground soon to boost the already growing nabe'.

Oh.. and to 2:36, the Ground floor duplexes with private gardens aren't fully built yet so they aren't even showing.

Posted by: guest at February 8, 2008 9:13 PM

I posted the following on another thread, but I will post it here as well. We love the condo at 475 Sterling Place, we loved the size and layout of the units, and we loved the location. However, 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. The sponsor's attorney was not willing to negotiate on the price or many of the issues that our attorney was concerned about. Our attorney also said that in some cases he had applied a statement to an agreement stating that the buyer had 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. As upset as we were, we have decided to let this one pass.

Posted by: guest at February 9, 2008 8:52 PM

During the riots after MLK's assassination, I remember reading a report in the Times about people protecting Tom's "on the border of Crown and Prospect Heights". From living in the nabe for a number of years, Washington Ave. has always been the dividing border between the two neighborhoods. Eastern Parkway may seem nice still on the other side of Washington, but I liken that to 5th Avenue in Manhattan north of 96th St. No one would consider 106th and 5th the Upper East Side, but there's some beautiful mansions up there.

Posted by: guest at February 10, 2008 10:40 AM

3:47
We also bought at 530 SJP (1 BR). Can't wait to move in, spoke to the broker and they said CofO w/ in next week :)

Posted by: guest at February 10, 2008 8:58 PM

When discussing the "border" of crown and prospect heights, do you mean where do less black people live? Because to my eyes there isnt much of a difference in the neighborhood from Franklin to Underhill. For those who want to keep Prospect Heights a white nabe then Underhill would be the border. Do not be mistaken, Lincoln Pl. and St. John's are full of affordable housing and black people who hang outside. Washington could be Nostrand Avenue, no difference.

Posted by: guest at February 11, 2008 10:59 AM

8:52 -- Good call on the part of your attorney. The offering plan is heavily weighted to benefit the sponsor, something readily apparent in its pages and which was confirmed by both a r.e. attorney and a realtor we know. Wishing those now in contract all the best, but it's a big risk that we wouldn't take (and we've taken the leap on some dicey condo investments in the past -- but haven't yet seen anything quite like this...)

Posted by: guest at February 11, 2008 12:16 PM

Why don't all you people with an interest in 475 vested or not, post on a forum where everyone interested in the building can view the and make comments. Don't you think that would be helpful for those in contract and those wanting to go into contract. Stop posting on random sites and go post on the section for 475 Sterling place.

Posted by: guest at February 21, 2008 11:19 PM

Terrific idea, 11:19. My husband and I have one of condos under contract at 475. I'd love to make contact with our future neighbors and share information. I've set up a message group for us at http://groups.google.com/group/475-sterling-pl

Hope to meet you all there!

-Holly

Posted by: guest at February 25, 2008 11:17 AM

Thanks for creating the group for 475 Sterling Place 11:17. I just applied for membership. Hope to chat with you all soon.

Posted by: guest at February 26, 2008 11:38 PM