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]
Maybe they could sell some of the apartments if someone took 5 minutes to pull up the weeds that have quickly taken over the supposedly landscaped areas in front.
Doesn’t bode well for the overall management of the place. . . but what do you expect for a mere $2M?
At least from what Streeteasy suggests their absorbsion rate is, I don’t think the building can rent out properties… this must be someone who bought one renting it out.
Wow. I heard they combined a lot of units, but I don’t know how many/how to confirm. I have also seen more people moving into the back/St. Johns Place-facing side, which I think would be less attractive, view-wise, than the Plaza St. East side. (But maybe cheaper?)
“are you restricted as to what type of curtains you’re allowed to hang in your windows?”
There are built-in shade pockets and shades from what i’ve seen walking by…..
Oddly enough, Streeteasy only shows one active sales listing for the building, one in contract, one for rent and 50 as sold.
I wonder where the rest are? Or maybe when they combined to make larger units, there aren’t anymore? That wouldn’t seem right would it…?
“are you restricted as to what type of curtains you’re allowed to hang in your windows?”
Yes, from what I have heard second hand (mentioned in a discussion about something else with a broker).
Rents all over are dropping. We’ve been paying $2500 a month to rent a 2BR that’s big and reasonably well-located, but that has little else going for it.
Now I’m seeing that in prime neighborhoods you can get an equivalent apartment for $2000 or around two-thirds the monthly payment it would cost to own it (mortgage plus maintenance). And that’s not even counting your having sunk $70 or $100K into a downpayment.
I think the uneven ratio between sale prices and rents shows that the former still have a long way to fall.
As a corollary to havelc’s comment… are you restricted as to what type of curtains you’re allowed to hang in your windows?
I really really wish that one day I can even imagine thinking $4000 per month is a “sweet deal.” $38/sq ft annually.
But since that may actually exceed my take home pay (actually, it certainly does), I’m thinking “sweet” is not quite the term that comes to mind.