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April 8, 2008
Brooklyn Can Finally Get Down With OPP
Starting this week, Brooklynites will have a chance to visit the sales office for On Prospect Park right here in Brooklyn. The development, which has been on the market since October 2006, has only had a sales center in Tribeca, but there's now going to be one on-site at the Richard-Meier designed condo, according to Mario Procida, a principal of SDS Procida Development Group, which is developing On Prospect Park along with Gordon Group Holdings. The building is about 40 percent sold, says Procida. "I'd like to tell you that we were all sold out, but that wouldn't be true," he says. "Sales haven't been spectacular, but they've been good, and we're pretty happy with them." Procida says the development is more or less "hitting its numbers," sales-wise. The condo is still under construction and should be ready for move-ins this fall. There's been quite a bit of demand for bigger units at the development, and Procida says a few buyers have purchased multiple units in order to combine them; his team has also combined some units to give prospective buyers larger layouts. "We started out with about 114 units and now we have around 100," he says. Procida says he thinks OPP sales will pick up with the on-site sales office and because the building is near completion. "People are looking for more immediate product," he says. According to StreetEasy's OPP page, the priciest listing in contract is a $3 million, 2,470-square-foot two-bedroom and the most expensive unsold unit is a 3,408-square-foot four-bedroom duplex penthouse.
On Prospect Park Listings [Corcoran]
More Mega-Units at Meier’s OPP [Brownstoner] GMAP
Using Meier to Sell Brooklyn to Manhattanites [Brownstoner]
Wide Price Per Square Foot Range at OPP [Brownstoner]
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Comments
In other words, they're getting desperate.
Posted by: guest at April 8, 2008 10:16 AM
40% sold in 1.5 years means a 3-year minimum absorption time.
That is bad. No construction loan is going to be for 3 years, let alone 4.
They have to lower their prices, or at the very least put some cash up to pay that loan. There is no way they will be able to achieve rental prices that would justify these condo costs. If this places goes rental, you know the developer likely will be losing money.
Putting their only sales office in Tribeca also speaks volumes about their marketing for the property. Very foolish.
I've liked this build since it went up, but I always found the prices appalling.
Posted by: Polemicist at April 8, 2008 10:29 AM
I'm a big fan of this building. Looks terrific. The way the light hits it in the evening is quite beautiful.
I also love seeing it from inside the park.
I'm not surprised they are taking a while to sell though. They are the most expensive condos sold thus far in Brooklyn, I believe.
Or close to it. I don't think Meiers' Manhattan/Perry Street buildings sold out in minutes either.
Posted by: jerri blank at April 8, 2008 10:32 AM
c'mon Pole - be more realistic. You can't start the clock until the building is finished.
You don't get the money to pay off contruction loans anyway until getting your CofO and closing.
ALl these contracts signed before are just to reassure your lenders that there is demand for product - and gives developer idea if need to change some things that buyers demand (as in this case larger apts).
Posted by: guest at April 8, 2008 10:41 AM
A beautiful building indeed. That photo of Grand Army Plaza at night last week really highlights how gorgeous this spot is becoming. (Jerri, where have you been? Shoot me an email!)
Posted by: Biff Champion at April 8, 2008 11:11 AM
10:41 is correct - things won't get really desperate until they get CofO and start closings.
But judging from the way the building looks right now, that date can't be too far away, and they STILL haven't figured out that $1m one bedrooms aren't going to sell in Brooklyn in this smarket. It really is a shame because it's a beautiful building, but way, way overpriced. It was overpriced before the economy got shaky, but at least then you had a hope that some young banker with a bonus would be stupid enough to buy at $1000+/sq ft because it seemed cheap compared to Tribeca.
Now NO ONE is spending that kind of dough these days for a place that (1) won't hold any type of family and (2) won't appreciate at all from the purchase price for several years. They need to cut at least 15% across the board before they can hope to move any of these.
Posted by: guest at April 8, 2008 11:11 AM
"We started out with about 114 units and now we have around 100," ..........How is that 40% ????????
Posted by: guest at April 8, 2008 11:21 AM
11:21...
The building had 114 units to start. They realized that people wanted larger spaces so they combined a few and made 100.
Those numbers have nothing to do with the 40% sold. It has to do with the number of apts in the building.
Posted by: jerri blank at April 8, 2008 11:25 AM
My bad, I thought the thing was finished. It sure looks like it. 11:12 is right. CofO can't be far off.
Posted by: Polemicist at April 8, 2008 11:27 AM
All of the glass-wall buildings look great when they are empty,. Just wait until there are 100 different window treatments (you do have to cover those windows). Or pieces of furniture up against the window. These buildings lokk better from the outside as hotels where uniformity can be maintained.
Posted by: guest at April 8, 2008 11:34 AM
"Now NO ONE is spending that kind of dough for a place that (1) won't hold any type of family and (2) won't appreciate at all from the purchase price for several years."
I'm not sure this is entirely true. I've seen on "top sales in Brooklyn" for the past few weeks that The Vermeil (not far from here) has sold a handful of larger units in the 1.6 - 2.2. million dollar range.
Maybe not many people are spending that kind of dough, but no one isn't exactly accurate either.
I bet 75% of those who read this blog would have no idea we were even in a recession or troubling times if not for the media. So please don't make it seem as though everyone is all of the sudden poor because CNN talks about it incessantly.
Posted by: jerri blank at April 8, 2008 11:36 AM
Jerri - weren't the vermeil sales all two bed and up? 11:12 was referring to the horribly overpriced one bedrooms at OPP, and his point was that the people buying $1m plus apartments these days want more space to they can expand their families.
I guess OPP could combine more units, but I don't think that will solve the problem. $1100 sq/ft is very expensive for Brooklyn no matter how big the apartment or how nice the building is.
Posted by: guest at April 8, 2008 11:46 AM
Actually, 11:34, I was told that window treatments are regulated, perhaps by the by-laws.
Posted by: guest at April 8, 2008 11:59 AM
I agree...1100 psf is a lot of money. But I also think this is the nicest new property in Brooklyn.
40 units out of 100 is not bad considering the prices. Did you see that Corcoran link which lists the apts. already sold? Those are some hefty numbers that people have plunked down to live there. Surprising actually.
This place is a special property and attracts a special clientele. It's not for everyone so it takes a while to find those who would be interested in buying one.
This is like buying a $5,000 purse. They aren't going to stock 1000 of them at Target. There is maybe one or two in the Madison Avenue boutique and it might sit there for a while till someone comes in and falls in love with it.
I think the onsite sales office will help enormously. It's difficult to see this building and not be at least mildly taken with it, the location and the views.
Posted by: jerri blank at April 8, 2008 12:00 PM
There are $1200 sq/ft condos in Carroll Gardens. Yeah, it's true.
http://curbed.com/archives/2008/01/31/development_du_jour_116_3rd_place.php
Posted by: guest at April 8, 2008 12:02 PM
From an investor standpoint, I think in the long run these will hold (and ultimately increase in) their value better than any other new building currently in the Borough.
If I'm betting on this vs. a $1,200 psf condo in Carroll Gardens (or just about any other neighborhood), I'll take this in a heartbeat. As an investor, I would take One Brookyn Bridge as a close second. However, it is wouldn't be my #1 or #2 condo of choice as a residence.
It's certainly, as Jerri said, a special property attracting a special clientele. For fun (and not to compare), I noted that the penthouse at 795 Fifth Avenue (the Pierre) is still on the market after 882 days - yes, some places are not targeted to everyone...
Posted by: Biff Champion at April 8, 2008 12:19 PM
Gorgeous building! Can't wait to see it completed.
Posted by: guest at April 8, 2008 12:35 PM
This building is not on Prospect Park. It should have been called Next to Prospect Park. NPP for short. Or Kinda Near Prospect Park. Which is more fancy, KNPP not to be confused with KPMG. Or Around the Circle from Prospect Park. ACPP not to be confused with AARP.
Posted by: guest at April 8, 2008 12:40 PM
"Just wait until there are 100 different window treatments. Or pieces of furniture up against the window."
The window treatments ARE regulated. As for furniture next to windows, between the reflection on the glass and distance from the park (that's the way most people will view this building, from the park) it won't stand out as much as that. I don't see how it's a big concern aesthetically.
Posted by: guest at April 8, 2008 12:45 PM
12:40 should be referred to as On Drugs, or OD for short. Not to be confused with Next to Drugs, Kinda Near Drugs or Around the Circle from Drugs.
Posted by: Biff Champion at April 8, 2008 12:45 PM
I agree Biff. For all intents and purposes, it's on the park. Get a life, 12:40.
Posted by: guest at April 8, 2008 1:03 PM
they should've relocated the sales office to dubai. not looking good sales wise ...
Posted by: BrooklynLove at April 8, 2008 1:12 PM
I'm not sure how much they purchased the land for or how much the building is costing to build, but according to my calculations, they have sold $41,675,700 worth of condos so far.
I'm not so sure they aren't far away from beginning to turn a profit, even with only 40% sold thus far.
That's a lot of dough.
You ever been to Dubai, Brooklynlove?
I have.
Nothing wrong with it, I guess...especially if you enjoy having your home built by slave labor from Indonesia.
So tired of the Dubai comparisons. Go check it out and then report back to me how wonderful it is.
There are about 50 highrises (AT LEAST!) in Dubai sitting 60-70% EMPTY right now. But they keep building away. Why not, when you are paying someone 5 bucks a week and putting them 4 to an UNairconditioned room.
Dubai is a tourist destination. Nothing more. No one actually wants to live there full-time, if at all. They want to make money off it.
Posted by: jerri blank at April 8, 2008 1:27 PM
Jerri, you forgot to mention the blue full lenght jackets and pants the construction workers must wear while working in 130 degree weather. Although, I found the majority of the workers to be of Indian/Pakistani descent.
Posted by: guest at April 8, 2008 1:55 PM
Jerri, you forgot to mention the blue full lenght jackets and pants the construction workers must wear while working in 130 degree weather. Although, I found the majority of the workers to be of Indian/Pakistani descent.
Posted by: guest at April 8, 2008 1:57 PM
BTW: Nice "Naughty by Nature" reference.
A while ago it was a DeLaSol "Pot Holes In My Lawn" reference for Columbia St construction, now this.
Yep, you're in your late 30s.
All The Way to Heaven with the Class of '87!
Posted by: guest at April 8, 2008 1:59 PM
You are correct, 1:55. It was the women who worked in the hotels, restaurants, spas and shops that were mostly of east asian heritage.
When I was there, we had a car and driver, stayed in a 5 star hotel and the heat was STILL too unbearable to function.
I really didn't enjoy my stay there watching those workmen out during all hours (even at 3am on a Friday night) suffering in that climate and situation. The entire city is run on slave labor. It was a depressing place for me to visit.
Fantastic to see another culture and all of the great architectural marvels, as well as meet very interesting people, but really sad to see the rest of what is behind the scenes.
Made me appreciate being from a truly free country.
Posted by: jerri blank at April 8, 2008 2:03 PM
FYI: This place is OCL or On Crazy Lane (aka St. John's Place). Known for some random gun play from time to time. Will be interesting to see how affluent families react to this and suddenly realize that OPP in not the oasis that assumed it would be.
Posted by: guest at April 8, 2008 2:04 PM
jerri - sales office in dubai b/c lots of cash there to spend on units in the building. dubai money coming into US b/c weak dollar, oversold investment opportunities. you totally missed the point of my reference - the amount of money being spent in dubai is not relevant, the amount of money being spent from dubai is. anyway, it was intended as a joke.
Posted by: BrooklynLove at April 8, 2008 2:06 PM
yes, there is still a significant ghetto element in prospect heights and neighboring crown heights. i really don't think that the neighborhood is worth these prices.
having lived around there, i have to say that the area is scarier and more dangerous than people think. never felt safe.
Posted by: guest at April 8, 2008 2:14 PM
I know you were joking Brooklynlove.
I just hear people compare NYC to Dubai all the time and it really is like comparing apples to oranges.
Dubai is a culture-less, soul-less city in the middle of the most desolate landscape you can imagine. Then top that off with slave labor.
Think Las Vegas, 10 times bigger with no casinos.
New York is a lot of things...but it certainly is not soul-less.
And for what it's worth...I predict Dubai will be in the same situation we are in in about 10 years or less. Like I said...you have to wonder who is going to buy the 100,000 million dollar apts they have being constructed right now...
Posted by: jerri blank at April 8, 2008 2:15 PM
Even nice parts of other urban cities in the country are more scary than that area of Brooklyn, 2:14. Have you been to any of the other cities in the U.S. lately? Whine all you want but I'd choose anywhere in Brooklyn any day than something in other urban cities.
Posted by: guest at April 8, 2008 3:01 PM
Does the building have a garage? a pool?
It looks nice, the location is a little pedestrian-challenging. that traffic circle is diffcult to navigate.
Posted by: guest at April 8, 2008 3:26 PM
While I agree that Crown Heights has serious problems with violent crime, Prospect Heights has calmed considerably. But that doesn't matter for residents of this building, as its entrance is facing more towards GAP and is therefore separated from the nonense on St. Johns Place (mostly east of Underhill Avenue - the block between Plaza Street and Underhill is perfectly safe). Aside from the Labor Day Parade, it will be easy to ignore life behind and east of this building.
Posted by: guest at April 8, 2008 3:39 PM
that building is an eyesore. completely out of character with all the other buildings. i mean, look at the building next to it. ridiculous.
Posted by: guest at April 8, 2008 5:27 PM
"And for what it's worth...I predict Dubai will be in the same situation we are in in about 10 years or less. Like I said...you have to wonder who is going to buy the 100,000 million dollar apts they have being constructed right now... "
not going to happen with copious oil supply and ultra cheap labor. they'll just knock down the buildings if they become a negative drain and keep on truckin.
and by the way, i have no interest in ever going to dubai - def not fighting you on observations re quality of life there.
Posted by: BrooklynLove at April 8, 2008 5:54 PM
I just got a postcard from the What. Guess where he is? Dubai! he says he loves it. all the real estate there is about to be worthless. sends his regards to all you fucktards.
Posted by: guest at April 8, 2008 9:05 PM
Why are people so impressed by this building?
It looks like any number of suburban office parks built since the 1980s.
Living in it instead of working in it is not a design revolution.
Posted by: guest at April 8, 2008 9:15 PM
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