Using Meier to Sell Brooklyn to Manhattanites
Are Manhattanites ready to pay Manhattan prices for an apartment in Brooklyn, albeit one designed by arguably the biggest brand name architect in town, Richard Meier? It’s too early to tell, but Mario Procida, the developer behind On Prospect Park is betting a lot of money that the answer is yes. As his brother puts…
Are Manhattanites ready to pay Manhattan prices for an apartment in Brooklyn, albeit one designed by arguably the biggest brand name architect in town, Richard Meier? It’s too early to tell, but Mario Procida, the developer behind On Prospect Park is betting a lot of money that the answer is yes. As his brother puts it, “There are always 100 rich people who will pay for a piece of fine art…Mario’s got the only piece of fine art in Brooklyn.” Since opening for business in late October, somewhere north of 12 units (or about 10 percent of the inventory) have been sold. Asking prices are around $1,200 a foot, an untested milestone for the borough. Procida says his costs are well over $700 a foot and The Times estimates that he would have trouble breaking even at $850 a foot. Clearly sales haven’t been as fast as hoped, but, to be fair, the building is not complete yet and most people have a hard time with “the vision thing.” In his targeting of Manhattan buyers, the developer has gone so far as to locate the building’s sales office in Tribeca. Other developers question this strategy: “I think the Brooklyn buyer is a Brooklynite,” says a partner from the Clarett Group, which is building the Forte high-rise on Fulton Street in Fort Greene. Do you think OPP is going to sell out at or near the current asking prices? And to do so, will it have to be mostly Manhattanites doing the buying?
Betting on Star Power [NY Times]
Photo by Tracy Collins
Congrats Kathy!
I think the building is fantastic. I just found this blog after visiting the sales office and was searching around. As for “just 12” units have sold, that information is unfotunately very outdated. The nytimes article, which is what first got my attention, was written around the opening of the annie liebowitz show at the museum, which as anyone in the neighborhood knows has long since closed. Among the apartments that are already sold are the ones that seemed like the best value. So, after running the figures on some of the two-bedrooms on a higher floor, I don’t think I can afford to buy myself. Wish I could though!
One comment (not that any poster will read this late post) about groceries that I can’t believe no one pointed out is: ***Farmer’s Market.***
To JM and all the nice comments:
It’s slated to open September 2008. I’m getting divorced and my kids are grown so I don’t want a brownstone or the maintenance of one. I can understand that a family could not afford this. The universe smiled on me and I got lucky. Let’s hope it is good for the neighborhood. Kathy
we are like Kathy – we have lived in the neighborhood (a 3 BR on Eastern Pkwy) for over 5 years, and know its assets and drawbacks clearly.
We, however, are a family of 4. For us to get equivalent space (1800 sq ft) with a good sized terrace, it would cost 2.9M. So instead, for 1.3M we’re buying a nice 3600 sq ft brownstone 3 blocks away.
I know apartment vs brownstone is an apples vs oranges issue, but that was our choice, as people who are looking for a residence, not a status symbol.
I find it hard to think that there are many families who a) can afford the price point for the larger units and b) would not prefer to live in Manhattan or a more ‘established’ nabe. As for the smaller units at better price per sq ft, the comment above about singles/couples/Euros is well taken – will they be happy here?
Again, I love the EP/GAP area and intend to spend the rest of my life here – but I do question the logic behind the marketing. They are playing long odds, trying to find 115 people who want the status of Meier and the hominess of Bklyn.
Good luck, Kathy! This is sincere — I think I’m a little jealous.
These comments are a hoot. I’m buying; it will be my second apartment, my first is in the other Meier building on Charles St. I couldn’t care less about your silly versions of restaurants, coffee shops, and bodegas. Fresh Direct and a driver. View of the park. If you have to argue about the building’s viability, it’s not for you. Now stop bitching about things that don’t pertain to you. The building will be full in a year and you all can stand on the sidewalk drooling and make fun.
congrats. i think it looks like a great building.
glad to see people in the hood are taking advantage.
have they told you when the building will officially open up?
I weighed in earlier yesterday and I am going to buy an apt. in the Meier building. I now live directly across the street in 60 plaza. Keyfood is 2.5 block away. Met Food is on Vanderbilt a block and 1/2. Fresh Direct is always here. There are two great coffee venues on Vanderbilt 1.5 block away and a dry cleaner. The subway is two short blocks. I love this neighborhood. It’s across the street from the park for crying out loud; the green market; the library, etc. I can take the subway to atlantic to go to the movies or theatre at BAM – it takes 10 minutes. I walk into the slope almost every day since I work from home and I like to take walk – I walk over to Flatbush and down Sterling right onto 7th avenue – 5 mins. at most. I have also looked at many apts and paying 950 for a 900 sq foot converted brownstone which will also have monthlies of about 1000 doesn’t make sense when I can have a larger apt. (in the brownstones with a 1250 sq foot apt you will pay over 1 million – ie see the vermeil) and have the nice services and gym. It’s a risk, but so is everything. Wish me luck. Kathy
“I own a home in the neighborhood. I am glad the Atlantic Yards is coming to my community.”
Here you go:
http://www.medicinenet.com/psychotic_disorders/article.htm
Hope this helps.
4:37pm is a real estate agent who hasn’t rented an apartment in six months.
My feeling is that 99% of trolls on this site are disgruntled real estate agents.