Development Watch: 500 Sterling Place
We’re not sure why the project at 500 Sterling Place in Prospect Heights is stuck in the mud. The DOB blessed the 5-story, 62,190-square-foot residential development back in March 2007. Since then, not a whole lot’s gotten done, as the weeds can attest. Anyone know what happened here? Money problems? GMAP P*Shark DOB
We’re not sure why the project at 500 Sterling Place in Prospect Heights is stuck in the mud. The DOB blessed the 5-story, 62,190-square-foot residential development back in March 2007. Since then, not a whole lot’s gotten done, as the weeds can attest. Anyone know what happened here? Money problems? GMAP P*Shark DOB
Doesn’t look like they’ll be needing those curtains any time soon.
We considered 475 Sterling for a few minutes ourselves — just as the market started to skid. With those fish-bowl condos hardly moving like hotcakes and of questionable quality overall, how long before the developer adjusts prices?
Isnt that the spot right across the street from the 475 Sterling Condos? I was thinking on buying one as they’ve sat largely unsold for a few months. I was hesitant about the 500 Sterling development as they will tower higher than 475. I feel bad for people who bought top floor at 475 for views because….those views will be gone, unless you like looking into the (all glass) walls of your neighbor across the street. I sure hope those folks invest in some curtains!
I think Prospect Heights’ boundaries are Atlantic, Flatbush, East Parkway and Classon Aves.
The most apt typo I’ve ever seen:
“short term financing whoas”.
Thank you for that! Made me smile.
Washington is not necessarily the “established” boundary. There are several old buildings containing the name Prospect Heights that are located east of Washington Avenue (e.g. Prospect Heights HS on Classon and E. Pkwy or the old synagogue on St. Johns, near Classon, that says “serving PH community since 1929”).
All neighborhood boundaries are fluid, though. Some consider 3rd Ave. to be PS and others see it as Gowanus, just as some see 5th ave. and 22nd st. as “south slope, but others see it as “greenwood hgts.” or “sunset park”.
I consider Franklin to be the border – and no, I’m not a broker.
How about they are fucked?!
The What
Someday this war is gonna end…
Washington is the established boundary. But of course the RE brokers are trying to redefine it further east — even as far as Franklin, hah!
Either funding, or the developer has been shopping around a pre-approved project for someone else to buy and assume the risk of selling a completed building.