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February 27, 2009

Checking Back In On 475 Sterling Place

Like most new developments, the last few months have not been particularly kind to 475 Sterling Place (a former advertiser). To date, 18 units have closed, four more have signed contracts and—potentially putting it over the 50 percent mark—one unit has a contract pending. Unfortunately, this is less than the number we reported back in October, so some deals must have gone south in the meantime. We think this is a pretty nice looking building for the (now) $500 a foot price, so it'll be interesting to see what happens as spring approaches.
475 Sterling Place Listings [StreetEasy] GMAP
Checking In On 475 Sterling [Brownstoner]
475 Sterling Ready for Prime-Time [Brownstoner] P*Shark
Time Lapse: 475 Sterling Place [Brownstoner]
Development Watch: 467-487 Sterling Place [Brownstoner]

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Comments

Desirablity parts like the Red Sea at Washington Ave.

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 27, 2009 11:36 AM

it's totally gloom and doom day here today isnt it!

*r*

Posted by: PitbullNYC at February 27, 2009 11:38 AM

BHo - surprisingly,I have to agree with you there
I wonder if these managment companies/realty offices are agreeable to someone who would be willing to rent an apartment in these Condo for sale until the economy picks up????

Posted by: gemini10 at February 27, 2009 11:46 AM

No need to wonder, gemini10. It's either that (examples abound), half off (the inevitable outcome as rents get smashed) or bankruptcy. They'll pick a poison.

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 27, 2009 11:55 AM

"it's totally gloom and doom day here today isnt it!"

I know, right. Three consecutive f***'d developer picks! Where's the open house picks.

"a former advertiser"

I wonder why.

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 27, 2009 11:56 AM

wow, these are already above where manhattan developers are considering bulk sales. the 20%+ downpayment and job fear factor is a different world.

hope they move em soon, because at best they are at best worth half..... and only a daytime doorman? i always wondered why even bother to pay someone that much just to collect dry cleaning. its not like the safety factor is justifying these ridiculously high prices. i'd feel like a sitting duck living in this building, in this area, in the new nypd reality.

Posted by: invisible at February 27, 2009 12:20 PM

What's up BHO! What's Cracking?????

This is getting real and you know why? Because the attacks are coming fast and furious! That's real progress, LMMFAO!

To the haters: Suck my Balls! Underwater losers! Great job Team Bear!

The What

Someday this war is gonna end...

Posted by: Return of The What at February 27, 2009 12:35 PM

"in this area, in the new nypd reality."

I'm sorry, but what new NYPD reality are you speaking of...?

****

NY DAILY NEWS
February 26, 2009

What a difference a President makes.

Barack Obama's proposed budget dramatically boosts New York's funding for early childhood education, cops on the beat and a host of other programs that Republican former President George Bush spent eight years scaling back from big cities.

"Here we have a President that lived in cities his whole life, and he doesn't appear to see cities as a problem or the victim," said Jonathan Bowles, director of the New York-based Center for an Urban Future. "He thinks that cities are part of the growth strategy for America."

What's clear is that the city will be able to hire several hundred new cops - and possibly even several thousand - as part of Obama's pledge to add 50,000 cops to the nation's police forces.

Posted by: 11217 at February 27, 2009 12:44 PM

Progress indeed. Bring back 3 X Income!!!

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 27, 2009 12:47 PM

That's excellent news, 11217. Thanks for posting it.

Posted by: SnarkSlope at February 27, 2009 1:00 PM

I agree Snark, definitely great news.

Here's the full article, if you're interested. I just excerpted the portion about the increase in police men and women.

http://www.nydailynews.com/news/politics/2009/02/26/2009-02-26_obama_budget_impact_its_like_christmas_i.html

Posted by: 11217 at February 27, 2009 1:14 PM

Isn't this across from an abandoned construction site? Washington Ave. is not at the point where I want to be spending almost $1 mil to live. Maybe in a few years, but not right now.

Posted by: BrooklynButler at February 27, 2009 1:15 PM

If I'm remembering correctly from when I looked at these places a year ago, it seemed like most of the apartments that had sold were in the back of the building, where you get a lot more sky (and a view of a playground, which could be annoying for the work-at-home crew).

Sterling is just too narrow and busy for most people to want an all-windows front wall facing onto it. If they'd thought about what was appropriate to the location, rather than just going flavor-of-the-month the way so many new developers do, they might have sold more places at the fairly reasonable prices.

Posted by: phbalanced at February 27, 2009 1:26 PM

PHBalanced, agreed!

Also, I think that there's a reason that a lot of city houses have stoops and raised parlor floors. Nobody wants their living room to be a public display.

Posted by: BrooklynButler at February 27, 2009 2:53 PM

Actually, it's my understanding that the parlor floors are up so high, so that they were farther away from all the horse shit in the streets, when these homes were built.

Posted by: 11217 at February 27, 2009 3:09 PM

So I was around the northern section of Slope - so I decided to visit during open house. The sales rep was Mary. Very friendly.

The cons:
The wooden floor planks are narrow. I would have prefer a 3" or wider.
The refrigerator was rather low end for such price.
Popcorn type ceiling. Not sure exactly what kind it was but should have just left it flat.
No recessed lighting or overhead lighting in general. I would have to pay somebody to install some in the BR and LR.
Bathrooms have no storage (even behind vanities)

The push:
Neighborhood. Not many points of interest in the immediate area. But you are a 5 min walk from Grand Army and the park.
Subway is 5 min walk also - but 2/3 trains is not the ideal for me.
Washer/Dryer hookup - you got the hookup but where is the appliance?
Parking is $25k
Finishes where in general above average but could have been better - especially in the bathrooms.

The pros:
The craftsmanship was rather well done for the price.
The rooms are actually decent size. Living rooms where wide (13-15 ft).
The windows are big.
Decent to good amount of storage (some units have 2-3 hallway closets). Units also comes with extra storage in the basement.
The kitchen where functional and in some units had a nice island.
Because of the surrounding low rise buildings, units from 3rd floor and up have actually pretty decent views.
Price.

Regarding front vs back. To me it was not a big deal. to others it might be. Yes the backside had a nice view of a playground/kid's park. If you are the person who likes to keeps the curtain wide open all the time, then yes, the backside of the building would be better since the next visible neighbor windows is on the other side of the block. Some of the front units (A line) have that extra window (seen in the center of photo above) which gives it really a nice touch.

Conclusion - if you could move the building one block southwest I would have actually seriously went in to negotiation with them.

Posted by: crimsonson at March 1, 2009 11:49 AM

close to great blocks but this one just misses the mark

Posted by: henryhideaway at March 3, 2009 4:30 AM

« Price Cuts at Warehouse 11 Open House Picks: Six Months Later »

February 27, 2009

Checking Back In On 475 Sterling Place

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