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
yes, you have to like every dumbass look-at-me parade coming through your neighborhood otherwise you are a) ignorant or b) racist.
You twit.
not sure if the last comment is racially motivated or simply ignorant.
either is equally scary.
Just wait until the first West Indian Day Parade.
Just wait until the first West Indian Day Parade.
“I own a home in the neighborhood. I am glad the Atlantic Yards is coming to my community.”
Wha….?
The old saying goes that you don’t have to be from New York to be a New Yorker. Increasingly, the same is true for Brooklyn in particular. For those with means, Brooklyn is less and less a “second” choice and more and more another perfectly viable option or even–wait for it–a preference. This building will not attract those who are dead-set on Manhattan nor, necessarily, those who are dead-set on living in a Starchitect building. But I do think there is both Brooklyn wealth and would-be Brooklyn wealth that will appear.
hey, not every apt in this building is 3+ mil.
Plenty at 1mil range and people are paying close to that already. And this building is different, has special appeal.
Dolts that say too far from Manhattan, blah, blah ,blah, are ignorant or ignoring prices people (even from ‘Manhattan’) pay for homes in Pk Slope, Prospect hts.
To 3:07 – you must be one of those people who is hooked on exhaust fumes.
the 2/3 grand army plaza stop is literally outside the door of this building.
under 30 minutes door to door to midtown, i’d say 10 minutes tops to wall street. i don’t think that’s far.
if it is, you’ve got the Q train a couple blocks from here with access to union square in 10 minutes and midtown in 20.
if you’ll be watching this one, perhaps you should come see the neighborhood first.
and this building is not in park slope. it’s in prospect heights.
it will certainly sell…perhaps not at the current asking prices but it will sell.