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July 22, 2009

OPP Hits the 50-Percent Sales Mark

The Richard Meier-designed condo On Prospect Park is now 50 percent sold, according to the project's lead broker. Other fun tidbits: There are currently 24 families living in the building; sales in the last month have been "spectacular" after a protracted dry spell; there is only one unit still for sale at the "limited availability pricing" launched a few months ago; and following a recent reconfiguration of the penthouses, there are a total of 96 units in the building, which makes it quite a bit smaller, inventory-wise, than the 114 it launched with. Also, there are no plans to cut prices anytime soon, though the listings are "somewhat" negotiable. Corcoran's listing page for the condo shows prices ranging from $755,000 for a 962-sf 1-bed to $3,100,000 for a 3,199-sf 4-bed.
Apartment for Rent at Meier's OPP [Brownstoner] GMAP
On Prospect Park: Is Anybody Home? [Brownstoner]
OPP Floats Some 'Limited Availability Pricing' [Brownstoner]
On Prospect Park: Ready For its Close-Up [Brownstoner]

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Comments

They hit 50% just in time for Fannie Mae to no longer guarantee mortgages on condos in buildings where fewer than 70% of the units have been sold, up from 51%. Freddie is meant to follow soon.

http://online.wsj.com/article/SB124562533240635581.html

Posted by: slopehappy at July 22, 2009 11:19 AM

OPP, how can I explain it
I'll take you frame by frame it
To have y'all jumpin' shall we singin' it
O is for Other, P is for People scratchin' temple
The last P...well...that's not that simple

Posted by: bowl of dicks at July 22, 2009 11:23 AM

"On Prospect Park is now 50 percent sold, according to the project's lead broker"

Brownstoner come on....

The What

Someday this war is gonna end...

Posted by: Return of The What at July 22, 2009 11:27 AM

"On Prospect Park is now 50 percent sold, according to the project's lead broker"

Brownstoner come on....

The What

Someday this war is gonna end...

Posted by: Return of The What at July 22, 2009 11:27 AM

did something sell there recently at 40-ish% off asking? or am i making that up?

Posted by: chortik at July 22, 2009 11:38 AM

I seem to recall claims to that effect from many months ago.

Then again, I also recall claims that Beyonce was moving in.

Posted by: DitmasSnark at July 22, 2009 11:54 AM

Of course Corcoran is putting on a strong face. It's their job. And they are good at it, even if their pricing strategies generally annoy me.

But I will comment that "limited availability pricing" is not at all limited. Do they really think someone is going to pay more than recent in-building comps in a falling market? That's the new pricing for the entire building regardless of what list prices are.

Posted by: lechacal at July 22, 2009 11:57 AM

"sales in the last month have been "spectacular" after a protracted dry spell"

WOW, THEY WEREN'T KIDDING!

According to streetasy, of the 96 units, 55 have sold, TWENTY TWO are in contract, 1 is for rent and that leaves 18 still for sale.

Now I'm guessing not all 22 of those in contract will close, but still...good for them.

I enjoy this building.

Posted by: 11217 at July 22, 2009 12:00 PM

http://www.streeteasy.com/nyc/building/1-grand-army-plaza-brooklyn

Posted by: 11217 at July 22, 2009 12:02 PM

To the point about Fannie and Freddie-- the new regulations won't affect OPP at all because Fannie and Freddie's conforming loan limit is below the cheapest place in that building. No one who buys in OPP could have gotten an F&F mortgage at any time anyway.

Posted by: havelc at July 22, 2009 12:07 PM

I went in to see some of the apartments after they lowered the prices. Some of the units I saw were reasonably priced - not to say they were cheap because they weren't. however, they were not so outrageously overpriced that they wouldn't move. and some of the units were pretty awesome with great views and spacious decks. if i recall correctly, the maintenance was high though, something like $1400 for a two bedroom. anyway, i'm not shocked that these are selling.

Posted by: bodhi_brooklyn at July 22, 2009 12:10 PM

"But I will comment that "limited availability pricing" is not at all limited. Do they really think someone is going to pay more than recent in-building comps in a falling market?"

Lechacal-- I think you're half right. Obviously prices will be negotiable given the market... but as I recall the limited availability pricing was for the lower floor units at the front of the building where every pedestrian can see in. They totally mispriced those half-dozen units. I would never want to live in one of those second thru fourth floor units front of the building units. The higher floors, if I had the money, maybe. It'll be tough to claim that the same floorplan, on the 8th floor, is a comp.

Posted by: havelc at July 22, 2009 12:11 PM

1400 for maintenance on a two bed? people are nuts

Posted by: brickoven at July 22, 2009 12:16 PM

oven, and it's a condo too. wonder if that 1400 comes with some "special services" that can't be listed on prospectus

Posted by: more4less at July 22, 2009 12:25 PM

Given that the 2 bedrooms range in square footage from 1200 to 2400 SF, $1400 a month maintenance is no higher than any other full service building in Brooklyn.

Wonder if the maintenance includes a membership to the Eastern Athletic Club, which has an entrance right off the lobby.

Posted by: 11217 at July 22, 2009 12:31 PM

i think the maintenance did include gym membership.

Posted by: bodhi_brooklyn at July 22, 2009 12:35 PM

like i said people are nuts

Posted by: brickoven at July 22, 2009 12:37 PM

Well I pay $900 a year for a membership to NYSC, so if maintenance includes gym, that's a great deal. Eastern Athletic is incredibly nice.

Posted by: 11217 at July 22, 2009 12:41 PM

There you go more4less, its "full service". No Billy Joels here, all Frank Sinatra.

Posted by: dittoburg at July 22, 2009 12:41 PM

IMO more money than taste on the part of the buyers, but it's their $$ and they're the ones who have to live in that POS, so who cares?

Posted by: Bob Marvin at July 22, 2009 12:44 PM

agreed brickoven. even with gym membership i think the maintenance is too high. IMHO there are too many negatives about this building - maintenance, some design choices making everything too washed over (everything was all white including kitchen, with blonde wood floors), the location for the price...

Posted by: bodhi_brooklyn at July 22, 2009 12:45 PM

Bob:

Clearly some people think this is a worthwhile building (besides me) considering it was a winner of the 2009 Brooklyn Building Awards.

*Galapagos Arts Space – Arts and Culture, DUMBO
*Brooklyn Children’s Museum – Institutional Building, Crown Heights
*221 McKibbin Street Industrial Center – Historic Preservation, East Williamsburg
*The Block Building – Industrial Building, Greenpoint
*Brooklyn Bridge Pedestrian Improvements – Landscape and Open Space, DUMBO
*NYPD Tow Pound Operations – Office Building, Brooklyn Navy Yard
*Morris Manor – Affordable Housing, Flatbush
*Carroll Gardens Row House – Residential: One to Four Family, Carroll Gardens
*On Prospect Park – Residential: Multiple Dwelling, Prospect Heights
*Atlantic Gardens – Mixed Use Property, Boerum Hill
*Triangle Junction Mall – Economic Development, Flatbush
*The Perry Building – National Grid Award for Energy Conservation, Brooklyn navy Yard

Posted by: 11217 at July 22, 2009 12:52 PM

I go to Equinox which is one of the nicest gyms in Manhattan and has wall to wall eye candy and It costs me 120 a month. Come on 1400? Thats not the way you get rich

Posted by: brickoven at July 22, 2009 12:52 PM

11217, are those full svc bldgs you're referencing are coops where the maintenance includes the ppty tax, heat, hot water,....? at 1400, guess city didn't give them an abatement

Posted by: more4less at July 22, 2009 12:54 PM

" Fannie and Freddie's conforming loan limit is below the cheapest place in that building..."

Snapshot. Cameras still rolling.

"...the maintenance was high though, something like $1400 for a two bedroom..."

$1,400/mo and rising. JUST MAINTENANCE.

"Lechacal-- I think you're half right."

havelc - you're half drunk, half high. Prices are going down, not up. That's 100%.

"wonder if that 1400 comes with some 'special services' that can't be listed on prospectus"

Friday night circle jerks (yeah, I must be ROTW!) to Beyonce videos.

"Eastern Athletic Club"

Great club until they removed the basketball court from Brooklyn Heights and chopped the one at OPP in half.

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 22, 2009 12:57 PM

No comment on overall price, but I don't see how a gym membership which would otherwise cost 80 a month makes 1400 monthly maintenance particularly sweet. Seems like nonsense.

Posted by: Putnamdenizen at July 22, 2009 12:57 PM

man, they did get a tax abatement (ie tax on the 2 bd, 2 bath units are $17/month and the sqf is ~1200 sqf). that $1400 better come with more than just free gym membership - ie that gym better have some secret VIP rooms for............

Posted by: more4less at July 22, 2009 12:57 PM

11217 is a streeteasy junkie! I'll believe the fitty cent figure when I see it in city records.

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 22, 2009 12:58 PM

"Friday night circle jerks (yeah, I must be ROTW!) to Beyonce videos."

ROTFLMMFAO!

Then the Asstards can drool to Hov's "Death of Autotune"!!

The What

Someday this war is gonna end...

Posted by: Return of The What at July 22, 2009 1:04 PM

11227,

No accounting for taste, although you might consider that award to be a group of hacks rewarding one of their own [but I do admire Meir's salesmanship, if not his designs].

Posted by: Bob Marvin at July 22, 2009 1:06 PM

"Hov's "Death of Autotune"!!"

I'll have to look that one up. I'm sure I'll be ROTFLMMFAO.

One.

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 22, 2009 1:09 PM

Hey BHO I drive by that place 3 times a week and guess what? It looks like the Forte, Oro and J Condo just a few lights on. Tell the to get the F*** out of here! It's over..

The What

Someday this war is gonna end...

Posted by: Return of The What at July 22, 2009 1:12 PM

"If you didn't want the I-beam, you should have looked at the index [Case-Shiller]...Uh ah oh...oh ah uh..."

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 22, 2009 1:13 PM

"It looks like the Forte, Oro and J Condo just a few lights on."

Yeah, ROTW, the 'light index' has it at 25% sold or less.

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 22, 2009 1:18 PM

I like the building but the pricing is nuts in this environment. I'm very patient.

Posted by: slick at July 22, 2009 4:39 PM