Apartment for Rent at Meier's OPP
This ain’t going to help sales at On Prospect Park, the glassy Richard Meier-designed condo building overlooking Grand Army Plaza: As of this week, you can now rent a 1,241-square-foot two-bedroom in the building for just $4,000 per month, less than the mortgage payment on this 1,195-square-foot unit that’s listed as being in contract for…
This ain’t going to help sales at On Prospect Park, the glassy Richard Meier-designed condo building overlooking Grand Army Plaza: As of this week, you can now rent a 1,241-square-foot two-bedroom in the building for just $4,000 per month, less than the mortgage payment on this 1,195-square-foot unit that’s listed as being in contract for $850,000 and less than half of what it would cost you to underwrite the purchase of this 1,272-square-foot pad. So either this rental’s a great deal or the sale listing is way overpriced. Or, as we suspect is the case, both.
1 Grand Army Plaza Rental [Douglas Elliman]
On Prospect Park: Is Anybody Home? [Brownstoner] GMAP
OPP Floats Some ‘Limited Availability Pricing’ [Brownstoner]
Did this apartment really close at 850K? Streeteasy said sold at 1,450,000, i think. It’s unit 11a.
@woodys: If I am remembering correctly from my surfing of Craigslist last night, there are more than a few 2BRs at around $2000 — $2100 (some w/heat and hot water included) in Park Slope, plus some just across 4th Ave in Gowanus and Boerum Hill, Carroll Gardens, Cobble Hill, Fort Greene, Clinton Hill. If you go to Bed-Stuy or Crown Heights or PLG, the rents are another $500 lower.
“You can’t really compare OPP to anything else in Brooklyn.”
Oh yeah? Apparently, prospective buyers are doing just that. What’s confirmed % sold?
***Bid half off peak comps***
What gets me is that the maintenance on this apartment is $1400 / month so for renter and owner it’s truly a win / lose.
Are the floors of the balconies glass too? I don’t want anyone looking up my shorts!!
You can’t really compare OPP to anything else in Brooklyn.
Sure 1,000psf is high for Brooklyn as is 4k per month rent – but compared to other Meier buildings at 3,000psf and 15k per month rent – it is a bargain.
And for $4000/mo, you can get a similar sized pre-war on 116th/Manhattan Ave in Harlem. In Manhattan!
***Bid half off peak comps***
“you can now rent a 1,241-square-foot two-bedroom in the building for just $4,000 per month, less than the mortgage payment”
…mortgage payment PLUS loss (downpayment, cash at close, etc.) divided by months of occupied ownership.
No. This is not good.
***Bid half off peak comps***
I think the mortgage on the $850,000 place would be less than $4000/month if you put 20% down. Granted with maintenance you’d be well over that, so the original point still stands…
zuleika, your $2000 for a 2 bedroom in prime neighborhoods sounds low…not sure what you’re calling prime