The Darkness at Richard Meier's Brooklyn Tower
When Richard Meier, the architect famous for his glass and steel towers such as those on Perry Street in Greenwich Village, announced plans in 2005 for one of his signature buildings at Grand Army Plaza, the idea met with plenty of resistance from residents of Prospect Heights, Crown Heights, and Park Slope, as well as…
When Richard Meier, the architect famous for his glass and steel towers such as those on Perry Street in Greenwich Village, announced plans in 2005 for one of his signature buildings at Grand Army Plaza, the idea met with plenty of resistance from residents of Prospect Heights, Crown Heights, and Park Slope, as well as Brooklynites throughout the borough. Thus, some people might have read with relish the New York Times article profiling the building, now open ten months but on the market for much longer. Through interviews with neighbors and residents, the article leaves final judgment somewhat up to the reader: its vacancy rate proves the Richard Meier experiment in Brooklyn a failure, or a building planned in the boom years that is now struggling to fill spaces (the developers report sales of 50 percent of the units, while Streeteasy has recorded only 25), just like many other new developments, independent of architect or developer. Some residents of the sparsely occupied glass box expressed worry about the dropping values of their new purchases, while one retired couple showed more longevity of thought: “We’re living here for the rest of our lives. We know there are ups and downs in the market. It’s not a time to panic.”
Glass Half Empty: Richard Meier’s Brooklyn Tower [NY Times]
On Prospect Park: Is Anybody Home? [Brownstoner]
Photo via Curbed
FSRQ – what does it mean for a building to “fail”? That a developer loses on the bet where he probably had no real skin in the game in the first place? When a bank takes a big hit on their balance sheet when the developer defaults?
The units WILL get sold some day, either by the developer at drastically reduced prices or by the bank, at even more drastically reduced prices. There are buyers, just not at these prices.
There is a reason other than jealousy, fsrq. greed. If the developer would have priced these things to move when they came on the market — or a year ago when it was clear nothing was moving — everyone would have been better off: owners, developers, brooklyn. But they didn’t and now they’re stuck. I feel for the people who bought at those inflated levels. But I don’t feel for the developer who bought that land for next to nothing and still wanted the moon. Remember the last big article about this building in the Times? How they wanted to attract Manhattan buyers so they opened the sales office in Manhattan? Foolish.
fsrq, I don’t relish a building remaining empty in one of the only truly *iconic* locations in Brooklyn. However, the fact that this property is having serious trouble pleases me. Not because of the current tenants and their loss of equity etc.
Why it pleases me is because it’s a WAKE UP call.
Architects and investors and developers might begin to understand that “build it and they will come” is not the best approach to life. And perhaps, just perhaps, $600k – $1.5 million average price points is a bit ridiculous… not in general, it’s ridiculous when ALL new buildings and major renovation/rehab projects are priced in this range.
I really like this building. To me, this is a succesful integration of a very modern building in an older neighborhood. The prices were stratospheric, but then they all were 2 years ago. Maybe it’s high profile makes it emblematic of all that ails the real estate market. I am sure that as selling prices slowly come down to meet buyers, OPP will become the trophy property it’s meant to be. It was interesting to see the demographic forces at play, with grandparents moving back to the city to live close to children/grandchildren. It’s interesting to see that wealthier people get to stay in cities while middle-class are pushed out to the suburbs.
I agree, that circle is scary in a car let alone on foot. And I’m from a land of roundabouts.
Who benefits if the building (now completed so even if you dont like it its not going anywhere) remains empty???
Posted by: fsrg at September 28, 2009 10:19 AM
am sure there are others who would like to live there but cant afford it currently so if it sits vacant for a while, that might create an oppty for further price chops – to point where they can afford to buy it someday
I’m not sure about a “signature location”. I think the location is kind of sucky. It is right on top of the most confusing and life-threatening mishmash of traffic in all of Brooklyn, perhaps in the whole city. Like most drivers I avoid the hellish traffic pattern of GAP if I possibly can. But if you live there, you can’t avoid it.
FSRG;
Well said. You’ve hit the nail right on the head. Some of the posters in this thread are pathetic in their thinly-veiled jealousy/idiocy.
Brenda;
Yes, this building is certainly embalamatic of the bubble.
Surely they didn’t have the prudence of those who could be convinced that 100 year-old WOODEN homes in Flatbush with antiquated mechanical systems, electrical systems bathrooms and kitchens are worth over a million dollars.