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October 1, 2008

Prices Seesaw at On Prospect Park

onprospectpark_0908.jpg
Just last week, prices at On Prospect Park were holding tight, save for the four that had raised asking price. Well, good news for those of you who were waiting for the right time to pounce: prices have been slashed on eight units. A three-bedroom, 2.5-bath went on the market for $3.4 million in January, 2007. As of Sunday, it's $2.95 million. The strategy must be to ask less for most and more for a few, as prices have increased on two units. A 3,199-square-foot four-bedroom, three-bath unit was listed in August at $3.03 million. Now it's $3.1 million. A one-bedroom started in $920,000 in November of 2007; now it's listed at $935,000. Hm.
On Prospect Park [Official Site]
Checking In On Prospect Park [Brownstoner]
On Prospect Park: Ready for Close-Up [Brownstoner]
Brooklyn Can Finally Get Down With OPP [Brownstoner]




Posted by lisa at 10:31 AM | Comments (19)
Categories: Condos, Prospect Heights

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Comments

Rentals by the end of the year

Posted by: 7andfive at October 1, 2008 10:34 AM

From my understanding, sales have not been bad at all here, given the prices. 41 have sold, 15 still on the market.

I think after 40% sold, developers usually start making a profit in which case, I think these guys should be ok.

Considering the constant bashing this place has endured from Brownstoner readers, I'd say they've done an excellent job.

I enjoy seeing this building every night when I exit the subway.

Posted by: 11217 at October 1, 2008 11:32 AM

I also think it looks great, whatever others say.
But with the turmoil in the markets, I can't believe anyone is going to pay 900K-plus for a 1 bedroom anytime soon.

Posted by: ontheparkway at October 1, 2008 11:56 AM

no way this goes rental--they're too close to the goal line now.

Posted by: lowintheheights at October 1, 2008 12:47 PM

If they've already sold most of the units, why not really price these low, get them sold and call it a day. It's not like prices are going up anytime soon.

Posted by: Fast Freddy at October 1, 2008 1:53 PM

If Streeteasy is to be believed, they are nowhere near the goal line. The building has 114 units and only 41 are in contract.

Posted by: SnarkSlope at October 1, 2008 1:55 PM

They combined many of the units to make larger ones, Snarkslope. I believe StreetEasy is not up to date. 114 was the original number before they consolidated many of the smaller units to make more "family-friendly" ones.

Posted by: 11217 at October 1, 2008 2:42 PM

The OPP website says the building has 102 units, so it looks like they have about 40% in contract.

Posted by: SnarkSlope at October 1, 2008 2:53 PM

Perhaps they will do as Walentas did with 110 Livingston -- reserve some for rentals but count them sold (transferred to an affiliated company). Keeps the comps up and you can close out the building.

Posted by: BH76 at October 1, 2008 3:18 PM

They're already above the limit of sales that would allow them to rent anything-- based on NY State law, according to my friend who bought a unit in OPP.

Also-- the number of sales is pretty impressive when you consider they're not close to finishing the thing yet. Move-ins won't be for a few months and everything is covered in dust, incomplete or isn't yet installed.

Posted by: havelc at October 1, 2008 3:38 PM

The fact that you can sell anything sight unseen in this price and credit market is somewhat wacky.

Posted by: havelc at October 1, 2008 3:46 PM

This building is silly... that's all I have to say. Did Jay-Z actually get a place here? Or was that all just vicious rumors?

Posted by: tybur6 at October 1, 2008 4:10 PM

Oh, one other thing... this building seems to have taken FOREVER to finish.

Posted by: tybur6 at October 1, 2008 4:30 PM

It was Beyonce... and I'm pretty sure someone confirmed it.

Posted by: havelc at October 1, 2008 4:37 PM

Yes, I've also heard from more than one person that the Beyonce rumor was true.

This building is very well constructed...it's obvious the minute you get up close to it. That's one reason why it's taking so long to build. That glass work is top notch and not just your everyday glass curtain wall.


Posted by: 11217 at October 1, 2008 4:59 PM


11217,

Are you a broker for the building or something?

I thought you were a personal assistant to some wacky rich woman.

The building looks to me live "your everyday glass curtain wall."

Please explain what makes this building superior to the rest? I smell a rat.

Posted by: IronBalls at October 1, 2008 8:52 PM

If you had paid any attention to my comments going back months, you would know I am no broker. I live in a pre-war co-op an would NEVER live in anything new. I do know a bit about architecture and design, and if you did, you would know this is not just your every day glass curtain wall.

A personal assistant? I think you have me confused with someone else. I work in the Music Industry and I'm far from an assistant. Just because I said I have a boss does not make me an assistant.

And just because I like this building, does not make me a broker. That sounds like Sarah Palin logic to me.

Posted by: 11217 at October 2, 2008 1:01 AM

Sarah Palin logic. 11217, I love that. I think it should be used whenever someone makes a gigantic leap of faith. As in, I should be Secretary of the Interior because I live and work indoors!

Posted by: Biff Champion at October 2, 2008 9:14 AM

I can see Beyonce from my house.

Posted by: SnarkSlope at October 2, 2008 1:32 PM

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