475 Sterling Ready for Prime-Time
We’ve been keeping a close watch on 475 Sterling Place for the past year (though not as close a watch as this guy). As we’ve mentioned before, we think this area on the border between Prospect Heights and Crown Heights will be one of the most fertile spots for residential development in Brooklyn in the…
We’ve been keeping a close watch on 475 Sterling Place for the past year (though not as close a watch as this guy). As we’ve mentioned before, we think this area on the border between Prospect Heights and Crown Heights will be one of the most fertile spots for residential development in Brooklyn in the coming years. According to the builder’s website, the developer is CPC Resources, the for-profit arm of the Community Preservation Corporation and the same group that is developing the Domino Sugar Factory in Williamsburg. The 45-unit building will have 750-square-foot one-bedrooms starting at $399,000; there are also two-bedroom apartments ranging in size from 924 to 1,125 square feet and price from $489,000 to $615,000. If the interiors are decent, we suspect there will be demand at these prices. We’ll know about those interiors soon enough, as the first showing is at an open house on Saturday Sunday from 1 to 4 p.m. (Full disclosure: An ad for this development will be going up on the site in a few days.)
Time Lapse: 475 Sterling Place [Brownstoner] GMAP P*Shark
Development Watch: 467-487 Sterling Place [Brownstoner]
Check out
http://groups.google.com/group/475-sterling-pl
Great forum for anyone that wants to provide or receive information about the development.
8:07 the terms of the contract you describe must be the reason why units appear to be in contract and then fall out of contract etc..I hope they change the terms because they are great units. Also, they need to work on that crazy pricing scheme.
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. Our attorney also said that in some cases he has applied a statement to the agreement stating that the buyer has 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. We have decided to let this one pass.
Hi. We’ve checked out this development and it seems like it’s got a lot going for it – good location, nice $/square foot, good layouts. Been keeping an eye on it for a little while and we’re surprised things don’t seem to be moving. Any insights? Has the overbuilding in BK finally run up against buyer indifference/lower demand? Prices seem reasonable compared to so many other places I’m reluctant to think it’s solely a price issue that’s keeping buyers from going into contract.
Hey,can anyone who has gone into contract with this development explain how the process has worked for them. It would be great to get your feedback.
Great Condos. Nice location. Convenience to trains is a plus. Parking availability is a plus. Surprised that they are not being snapped up.
Heating and cooling is going to be a bear too.
Keep renting, 3:33.
Yeah, right 3:33. Sure. You’re just not watching enough movies, or, you’re not educated to the point where you can create your own, original slogans! Either think up some new stuff or watch some more movies so you can come up with some new material. You’re boring!