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
I don’t think this project will sell well. People paying millions for the Manhattan style condo will want to live in Manhattan where the flashier action is ie clubs, restaurants, and well dressed fancy folk. I don’t think you can argue that it’s half off a Meier building; c’mon, he’s not THAT popular. There are oodles of nice projects in Tribeca for this price point.
This doens’t strike me as Brooklyn Family style either. IT doesn’t compare to living in a Brownstone and having a yard for the same scratch.
Park Slope is faaar from Manhattan.
I agree with the poster who noted the ease of walking over the bridges to the city.
This location stinks. Yes, close to lovely Prospect Park, but soemhow it seems an island to itself, kind of like Astor place which did not sell well either.
I’ll be watching this one.
i think people paying to live in a building like this are not all that concerned with delis, ctowns and liquor stores within walking distance. this is going to be a prime if not THE prime upper end condo in brooklyn. think the dakota on the uws or something along 5th avenue on the ues or the meier buildings on the far west side. none of these are near (i suppose i have a different idea of near…cause i view a 5-10 minute walk as near) services and it’s a non issue.
i think people who spend 4 mil to be in brooklyn are not the do it yourself, wander around the neighborhood brownstone owners. different beasts.
we are talking about people who have things delivered, will stop and get food in manhattan before coming home, or would take a car to blue ribbon sushi on 5th avenue in park slope.
i just don’t see them wandering up underhill looking to buy a pack of smokes. i mean…sure it’ll happen, but i don’t think this is the target audience.
The location is going to be an obstacle for some, since the services for someone who can afford to live there are not that convenient to the building.
But, the location is also a plus, since it is truly spectacular, with the Park, Botanic Gardens and Museum right there.
The views will be incredible.
I live right across the Plaza and think it’s a great looking building.
I own a home in the neighborhood. I am glad the Atlantic Yards is coming to my community.
yes, i’m quite familiar with the neighborhoods as well. lived for 6 years on the lower east side and my girlfriend lives in tribeca. not everyone who lives in brooklyn does so because they can’t live in manhattan. i choose to live in brooklyn because i prefer it. try to not be so ignorant.
my point is that it’s no further a walk from rivington street to a grocery store than it is from grand army plaza to one. it’s actually a much farther walk. just like it’s a few minute walk to nobu on hudson street from duane street but somehow walking the exact same difference from said property above to 7th avenue is a stretch?
new yorkers are lazy.
The main problem I see with the building (which I think is in a great location and lovely to look at) is the size and layout of the apartments. I live 2 blocks away, and in my opinion, this location will be most appealing to families. There is a huge, underserved demand for true family-sized apartments in the neighborhood (if only someone would create it–or sell it–I would buy!). From what I saw of the floorplans (adjusting for the over-inflated sq. ft. estimates and the amount of useable space), these apartments do not fit the bill. I have a hard time seeing single folks paying these prices to live in this location, no matter how great I think it is. Perhaps neighborhood empty nesters would want to down size to these from a brownstone?
12:41 pm: I actually lived in two of those neighborhoods and work in one of them: restaurants, delis, bars, cafes, many crowding on the same block. Tribeca’s a dining destination and the other two are a nuisance on weekends for all the rubberneckers and out of towners just millin around, drinking lattes. You should come visit one of these days.
likewise, i’m sure…
Hate…all of you people….so very much…can’t stand it…any longer…hate….all of you….