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
If you read the previous thread – maybe it’ll just be wealthy parents buying nice apts for their grown children in this building.
But more seriously, this is going to be a successful venture for the developer and a great place (if you can afford it). IMHO.
oh no, didn’t you know diversity means more poor people, not more rich people. keep up with the defintions.
12:50,
the people buying these places are not likely to face private tuition hardships, nor likely to send their kids to nyc public schools anyway, even though it would be truly awesome if the majority of them did.
more of that kind of moneyed infusion and socioeconomic mingling would only help to turn poorly performing schools around much more quickly. talk about social nirvana…
Millie, whoever buys here most assuredly will not be sending their offspring to PUBLIC schools.
freeway?? are you referring to eastern parkway. i don’t agree. eastern parkway is gorgeous. not so unlike central park west.
and re: schools – i really think that we are probably talking more about older europeans, or nyc singles or couples.
i just don’t see a ton of families in this place. and for 4mil, they can certainly send to private school. this really isn’t the public school crowd they are shooting for.
at all.
According to property records the developer paid $8,690,000 for the 21,331 square foot lot. He also paid $1,643,950 for air rights from the adjacent property owners. That’s $51 a buildable square foot, which is a smashing deal.
We looked at the models in the Tribeca showroom and everything looked nice and clean and straight lines. But… there is so much glass that there is nowhere to hang anything in the apartment! Plus, and don’t hate me for saying this but … the school ain’t that great there so imo, not worth it.
who wants to live next to what is basically a freeway? Doesn’t matter how nice the building is, you can’t move that road. Ugh.
“Tribeca, Dumbo, Lower East Side”
i’m not sure you’ve ever been to these neighborhoods. dumbo has no real grocery store…everyone has been wanting one.
people are anticipating the opening of whole foods on the les like it’s the next coming.
and tribeca is very largely residential.
you literally gave the probably 3 most underserved neighborhoods in terms of wealth vs. services available so i am totally confused by your point.