On Prospect Park Thinks Bigger
One thing that the market downturn has taught developers is that they need to be flexible. Case in point: SDS Procida, the company behind the Richard Meier-designed project known as On Prospect Park, had to reduce prices with existing contract holders just to get them to close last year and has reconfigured a bunch of…
One thing that the market downturn has taught developers is that they need to be flexible. Case in point: SDS Procida, the company behind the Richard Meier-designed project known as On Prospect Park, had to reduce prices with existing contract holders just to get them to close last year and has reconfigured a bunch of the unsold units. In all, the developer has spent around $3 million creating larger apartments geared at potential family buyers; in the process the total number of units in the building has been reduced from 114 to 96. There are still 42 apartments left to sell and and prices are now 28 percent lower than when the project launched, but the developer says it will still be able to make its investors whole.
Larger Units for a Richard Meier Condo [NY Times]
Photo by Andreas Symietz
donald, i see your point.
Late posting here, but I think this is an amazing photo. I haven’t seen one before where *only* part of the sculpture on the war memorial arch is in such close-up to the Meier glass bldg. In addition, just noticed in the detail that one soldier in the sculpture is pointing toward the Meier glass. Also, this photo seems in keeping with the Memorial Day remembrance of the weekend.
tybur6 – fair point. can’t speak to their quality as i have never set foot in the building. Cost to convert to larger units very reasonable so why not do the work. Must be a pricing issue if these larger units have still not been absorbed.
That reminds me. Very interesting data point the Be@Schermerererererhorn investor Jamestown thru out their the other day: absorption time for the project going forward now calculated at 30 months (or something like that). Probably not what was originally underwritten. Good to see they are being realistic.
“the developer says it will still be able to make its investors whole”
Easier said than done.
***Bid half off peak comps***
Donald — Or the apartments aren’t really that nice and combining them doesn’t costs that much.
It’s been 43 years since they made their big splash and I still don’t like anything the New York Five produced.
I like this building alot – but that’s not a very flattering shot. That’s the one bad thing about buildings with floor-to-ceiling glass windows, they look much better empty than with people living in them.
Hey Chris – I hear you re more 24-hour news cycle outlets then ever before but is it really a function of less to write about or less positive things to write about as far as the NYT is concerned? Most of the stories that appear in the Sunday section are poorly veiled pr pieces as opposed to investigative journalism. Agree, disagree?
11217 – tks for digging that up. I knew I saw this before. Good work by their respective publicity people I guess. Also, $3M sounds pretty light to combine 36 apts. $166,000 per combo. Maybe it is more straight forward than I imagine.