Vermeil Inching Towards The Finish Line
Slowly but surely the Vermeil condo on 7th Avenue and Sterling Place is getting closer to selling out. There have been 17 closings in the 22-unit building, and StreetEasy is only showing two units on the market: A 1,602-sf 3-bedroom ($1.1 mil) and a 1,564-sf 2-bed ($1.075 mil). The building, which was pricey from the…
Slowly but surely the Vermeil condo on 7th Avenue and Sterling Place is getting closer to selling out. There have been 17 closings in the 22-unit building, and StreetEasy is only showing two units on the market: A 1,602-sf 3-bedroom ($1.1 mil) and a 1,564-sf 2-bed ($1.075 mil). The building, which was pricey from the get-go, hit the market in early ’07 and started closing in February of last year. There have been fairly substantial discounts on some of the more recent sales, like a unit initially listed for $1,700,000 that sold for $1.15 million with two parking spots thrown in.
Checking In On The Vermeil [Brownstoner]
More Price Cuts at The Vermeil [Brownstoner] GMAP
Checking in on The Vermeil [Brownstoner]
Changing of the Guard at The Vermeil [Brownstoner]
First Closing at The Vermeil [Brownstoner]
Condo of the Day: Price Cut at The Vermeil [Brownstoner]
Update on the Vermeil [Brownstoner]
Antidope;
On a completely different topic (but related to exterior aesthetics): why is your complex allowing the French doors to be replaced willy-nilly? Also, it seems that there is no consistency in the replaement windows (i.e. different styles).
“Dave is right…this is special…there is very little new development in Park Slope which is contextual. That’s why this and The Lincoln Brothel have done so well, in my opinion.”
Never posted before, but I have to agree with this.
These prices are out of my range, but this type of architecture is what I love about this part of Park Slope and if I had the money I would be willing to pay close to what that 3 bdrm sold for in order to live there, provided the inside also has some of the charm the older buildings have.
1000psf original ask was a reach
650psf clearing price is low. (and does not even count freebie parking spotssss.)
prime landmarked park slope location is pricing lower than some units on 4th avenue. see heritage.
the slope is upside down.
as the bank and developer may be too.
fwiw, i don’t find it banal. insipid possibly, but at leaast it’s not fugly.
I’m glad that the building is almost sold out. Now that people are living there they are keeping it in a more orderly fashion. As far as contexturalism, I think the Sterling Place facade is much more successful than the 7th Ave, though they did a lovely job of restoring the existing brownstone building. I do have issue with the cornice on the corner building – it’s neither close enough to nor significantly different than an historic cornice. I also think they skimped on transitions – next time you walk by take a close look at the joint between the new corner building and the exisitng brownstone and at other corner conditions. I think this finally sold because the interior layouts are decent and the location is great.
Thank you – for explaining yourself and exposing the absolute silliness and narcissistic analysis of the market by you (and many other Brownstoners) …
Your logic is well I like period architechture from the Brownstone era….and since I like it, there is obviously a better market for it (i.e. it will not fall as much) Further I think that anyone who uses it in new construction obviously has good taste like ME, and therefore is obviously very smart and pays attention to quality (cause obviously I have quality taste) So it only follows that since the outside is attractive to me, then the inside must be nice too and therefore this isnt one of those crap condos I hate and it will retain its value.
Except 1. the ONLY difference known difference between this condo and any other is that they shaped the sheetrock in a manner YOU like, that mimics brownstone era architechture (sort of like a Hollywood movie set) – I like it too btw, but a couple of bay windows, a cornice and red brick doesn’t make it any better built, or any better quality then anything else. It used virtually the EXACT SAME building techniques of every other condo that you claim is “crap”.
And I remind you there has been ZERO showing anywhere that the exterior of a new condo building has any meaningful effect on its ultimate sale price (“ugly” new condos, sell for essentially the same $ per sq ft price as older buildings converted to condos)
My point to be clear – is that your predictions on valuation are so biased by your personal view of ‘correct’ architecture and ‘context’ that it is essentially worthless.
“Wouldn’t you say that Mier’s On Prospect Place is a top-notch project, even though it is starkly modernist?”
Don’t know about this since Meier’s project in the West Village is NOTORIOUS for having major leaking problems. And those units are about 3-5 times what the OPP prices were.
This place looks “contextual on the cheap”. It doesn’t stand out like a sore thumb, but it is not particularly attractive either. When the novelty wears off in 10 years it will just look dumpy.
benson, yes I would. I too like really nice, quality, modern architecture but it would be out of place on this block. And no, quality is not related to aesthetics.
The Mier’s project is definitely top notch as well.
I still find it amusing that people are basing their decisions about the original asking prices. Sorry, but 1.7 million for a 3 bedroom in Park Slope was ASININE.
Everyone here said so even when we first discussed it.
But now that the sales have closed about 20-30% down from that people are saying WHAT…this place is a failure because it had to lower prices from ones which were OBSCENE for Park Slope in the first place.
Dave is right…this is special…there is very little new development in Park Slope which is contextual. That’s why this and The Lincoln Brothel have done so well, in my opinion.