OPP Hits the 50-Percent Sales Mark
The Richard Meier-designed condo On Prospect Park is now 50 percent sold, according to the project’s lead broker. Other fun tidbits: There are currently 24 families living in the building; sales in the last month have been “spectacular” after a protracted dry spell; there is only one unit still for sale at the “limited availability…
The Richard Meier-designed condo On Prospect Park is now 50 percent sold, according to the project’s lead broker. Other fun tidbits: There are currently 24 families living in the building; sales in the last month have been “spectacular” after a protracted dry spell; there is only one unit still for sale at the “limited availability pricing” launched a few months ago; and following a recent reconfiguration of the penthouses, there are a total of 96 units in the building, which makes it quite a bit smaller, inventory-wise, than the 114 it launched with. Also, there are no plans to cut prices anytime soon, though the listings are “somewhat” negotiable. Corcoran’s listing page for the condo shows prices ranging from $755,000 for a 962-sf 1-bed to $3,100,000 for a 3,199-sf 4-bed.
Apartment for Rent at Meier’s OPP [Brownstoner] GMAP
On Prospect Park: Is Anybody Home? [Brownstoner]
OPP Floats Some ‘Limited Availability Pricing’ [Brownstoner]
On Prospect Park: Ready For its Close-Up [Brownstoner]
like i said people are nuts
i think the maintenance did include gym membership.
Given that the 2 bedrooms range in square footage from 1200 to 2400 SF, $1400 a month maintenance is no higher than any other full service building in Brooklyn.
Wonder if the maintenance includes a membership to the Eastern Athletic Club, which has an entrance right off the lobby.
oven, and it’s a condo too. wonder if that 1400 comes with some “special services” that can’t be listed on prospectus
1400 for maintenance on a two bed? people are nuts
“But I will comment that “limited availability pricing” is not at all limited. Do they really think someone is going to pay more than recent in-building comps in a falling market?”
Lechacal– I think you’re half right. Obviously prices will be negotiable given the market… but as I recall the limited availability pricing was for the lower floor units at the front of the building where every pedestrian can see in. They totally mispriced those half-dozen units. I would never want to live in one of those second thru fourth floor units front of the building units. The higher floors, if I had the money, maybe. It’ll be tough to claim that the same floorplan, on the 8th floor, is a comp.
I went in to see some of the apartments after they lowered the prices. Some of the units I saw were reasonably priced – not to say they were cheap because they weren’t. however, they were not so outrageously overpriced that they wouldn’t move. and some of the units were pretty awesome with great views and spacious decks. if i recall correctly, the maintenance was high though, something like $1400 for a two bedroom. anyway, i’m not shocked that these are selling.
To the point about Fannie and Freddie– the new regulations won’t affect OPP at all because Fannie and Freddie’s conforming loan limit is below the cheapest place in that building. No one who buys in OPP could have gotten an F&F mortgage at any time anyway.
http://www.streeteasy.com/nyc/building/1-grand-army-plaza-brooklyn