Condo of the Day: 475 Sterling Place, #3I
The listing for this two bedroom condo at 475 Sterling Place calls it “the best value per square foot in Prospect Heights” and, at $575,000 for 1,119 square feet, it’s probably not far off the mark except for the fact that some people might argue that it’s technically in Crown Heights. The building was one…
The listing for this two bedroom condo at 475 Sterling Place calls it “the best value per square foot in Prospect Heights” and, at $575,000 for 1,119 square feet, it’s probably not far off the mark except for the fact that some people might argue that it’s technically in Crown Heights. The building was one of the first new ones to go up in the area and it’s been a long slog but we think it’s one of the better looking ones and $500 a foot is pretty reasonable. Waddya think?
475 Sterling Place, #3I [Douglas Elliman] GMAP P*Shark
Altervoce, once the first units have closed, the developer is no longer obliged to keep prices consistent. You can offer whatever you like for a unit or parking space, the worst that can happen is the developer says no. The price cuts came after the first units closed.
I think Washington Ave is great, and I’ve felt as safe here as I have anywhere in Brooklyn, or Queens. I tend to keep my wits about me though, and take appropriate precautions, like not wandering through any urban neighborhood at three am with five martinis in my belly.
There are forty-five units in this development: 25 sold and closed, 3 in contract, 17 for sale – there may be offers out on one or more of these. There are 23 parking spaces, nine have been sold. The list price for parking was $25,000 in March 08, Streeteasy records the last sale of a parking space at $10,000, but that was in conjunction with one of the most expensive units in the building so they undoubtedly negotiated the unit and the parking space as a package.
Everyone’s talking about how nice these apts. are. And from the floor plan it looks like there’s a wall of windows. But NONE of the photos show even one window! They make it look like a bunker. I don’t get it. How about ONE photo with windows instead of the identical two of the exterior?
The price is set by the developer and agreed upon by the financial institution (they usually just need a floor level pricing met) they got their construction loan from (bank or otherwise) and filed officially with the state.
The developer can adjust the price for individual units and add incentives. However what they owe to the bank does not change so any changes affect their bottom line.
Any ‘across the board’ pricing changes needs the approval of their bank and would need to be filed with the state again.
Washington is really great these days…lots and lots of new stuff opening up. It used to be people enjoyed being a little off the beaten path to get a good deal on a larger space, but I suppose that isn’t the Brownstoner crowd…
I don’t know why this question never occured to me before and I haven’t read it elsewhere. With new condos, are the prices set by what is approved by the attorney general in the offering plan? What I mean is, can a buyer make a bid below what is in the offering plan, or is the price set?
> it’s really out there in the middle of nowhere.
Hardly. You could stand in your living room and announce that you can see Tom’s Diner from your house. Not to mention that Washington has been getting tons of new stuff lately.
“That SQUARE FOOTAGE for that apartment is WAY OFF. At best it is 33′ by 22′ which is 726 sq. ft. FAR SHORT of the listed 1100”
Huh?
Use Kitchen and LR to calculate length = 22 + 8
Use LR + BR1 + MBR = 13 + 10 + 9
That is 990. Now take account room measurements are based on studs to studs but OVERALL sqft is measured from outer wall (and this is true FOR any residential in NY – be it brownstone or condo) then you get the idea where 1119 comes from.
Even if you are going to be that strict with measurement then I can tell you now that many brownstone listings are straight up lying.
I’ve looked at this building and although it is a good deal, it’s really out there in the middle of nowhere. The apartments themselves are really beautiful and cool. My husband and I looked at a duplex in the building that we could probably stay in forever but not if we didn’t feel comfortable and safe in the neighborhood.
I’ve looked at this building and although it is a good deal, it’s really out there in the middle of nowhere. The apartments themselves are really beautiful and cool. My husband and I looked at a duplex in the building that we could probably stay in forever but not if we didn’t feel comfortable and safe in the neighborhood.