Brooklyn Can Finally Get Down With OPP
Starting this week, Brooklynites will have a chance to visit the sales office for On Prospect Park right here in Brooklyn. The development, which has been on the market since October 2006, has only had a sales center in Tribeca, but there’s now going to be one on-site at the Richard-Meier designed condo, according to…
Starting this week, Brooklynites will have a chance to visit the sales office for On Prospect Park right here in Brooklyn. The development, which has been on the market since October 2006, has only had a sales center in Tribeca, but there’s now going to be one on-site at the Richard-Meier designed condo, according to Mario Procida, a principal of SDS Procida Development Group, which is developing On Prospect Park along with Gordon Group Holdings. The building is about 40 percent sold, says Procida. “I’d like to tell you that we were all sold out, but that wouldn’t be true,” he says. “Sales haven’t been spectacular, but they’ve been good, and we’re pretty happy with them.” Procida says the development is more or less “hitting its numbers,” sales-wise. The condo is still under construction and should be ready for move-ins this fall. There’s been quite a bit of demand for bigger units at the development, and Procida says a few buyers have purchased multiple units in order to combine them; his team has also combined some units to give prospective buyers larger layouts. “We started out with about 114 units and now we have around 100,” he says. Procida says he thinks OPP sales will pick up with the on-site sales office and because the building is near completion. “People are looking for more immediate product,” he says. According to StreetEasy’s OPP page, the priciest listing in contract is a $3 million, 2,470-square-foot two-bedroom and the most expensive unsold unit is a 3,408-square-foot four-bedroom duplex penthouse.
On Prospect Park Listings [Corcoran]
More Mega-Units at Meier’s OPP [Brownstoner] GMAP
Using Meier to Sell Brooklyn to Manhattanites [Brownstoner]
Wide Price Per Square Foot Range at OPP [Brownstoner]
“Now NO ONE is spending that kind of dough for a place that (1) won’t hold any type of family and (2) won’t appreciate at all from the purchase price for several years.”
I’m not sure this is entirely true. I’ve seen on “top sales in Brooklyn” for the past few weeks that The Vermeil (not far from here) has sold a handful of larger units in the 1.6 – 2.2. million dollar range.
Maybe not many people are spending that kind of dough, but no one isn’t exactly accurate either.
I bet 75% of those who read this blog would have no idea we were even in a recession or troubling times if not for the media. So please don’t make it seem as though everyone is all of the sudden poor because CNN talks about it incessantly.
All of the glass-wall buildings look great when they are empty,. Just wait until there are 100 different window treatments (you do have to cover those windows). Or pieces of furniture up against the window. These buildings lokk better from the outside as hotels where uniformity can be maintained.
My bad, I thought the thing was finished. It sure looks like it. 11:12 is right. CofO can’t be far off.
11:21…
The building had 114 units to start. They realized that people wanted larger spaces so they combined a few and made 100.
Those numbers have nothing to do with the 40% sold. It has to do with the number of apts in the building.
“We started out with about 114 units and now we have around 100,” ……….How is that 40% ????????
10:41 is correct – things won’t get really desperate until they get CofO and start closings.
But judging from the way the building looks right now, that date can’t be too far away, and they STILL haven’t figured out that $1m one bedrooms aren’t going to sell in Brooklyn in this smarket. It really is a shame because it’s a beautiful building, but way, way overpriced. It was overpriced before the economy got shaky, but at least then you had a hope that some young banker with a bonus would be stupid enough to buy at $1000+/sq ft because it seemed cheap compared to Tribeca.
Now NO ONE is spending that kind of dough these days for a place that (1) won’t hold any type of family and (2) won’t appreciate at all from the purchase price for several years. They need to cut at least 15% across the board before they can hope to move any of these.
A beautiful building indeed. That photo of Grand Army Plaza at night last week really highlights how gorgeous this spot is becoming. (Jerri, where have you been? Shoot me an email!)
c’mon Pole – be more realistic. You can’t start the clock until the building is finished.
You don’t get the money to pay off contruction loans anyway until getting your CofO and closing.
ALl these contracts signed before are just to reassure your lenders that there is demand for product – and gives developer idea if need to change some things that buyers demand (as in this case larger apts).
I’m a big fan of this building. Looks terrific. The way the light hits it in the evening is quite beautiful.
I also love seeing it from inside the park.
I’m not surprised they are taking a while to sell though. They are the most expensive condos sold thus far in Brooklyn, I believe.
Or close to it. I don’t think Meiers’ Manhattan/Perry Street buildings sold out in minutes either.