Richard Meier on Prospect Park

I looked at it but thought it was on the wrong side of the park. I also thought it was too far from any support that would be needed like stores. Seems out of place to me , for the money. How are sales going?

I've never been to an open house. I get updates for this building and a few weeks ago, a 4 mil unit went into contract. It does not look like the prices are budging.

I do not know if it was on the wrong side of the park, I've never gone to Prospect Park. Anyway, it's in front of the largest library in Brooklyn, and that building looks nice. And a few blocks away is that newly renovated museum, which looks great. The botanical garden is pretty close too. The best thing about it though is that there's a monument like the Arc de Triomphe in Paris (though not exactly the same thing) on that circular road. It looks amazing at night. Transportation is not a problem too, the subways are just right there. I also saw some restaurants around the area.

I remember as a kid how frightening that neighborhood was, it is amazing how much things have changed in the last 20-30 years. It used to be a beautiful place in the 1950's and it sounds like it is nice again.

I was visiting the Brooklyn Museum a weekend ago, and was immediately struck by the building, without knowing that is was a Richard Meier design. It is attractively located near Prospect Park, BUT...you also had the feeling that it was more suited for exhibitionists as the floor to wall windows and particular location suggests that your life is for "all the world to see." With windows like that and natural light...who wants to put in blinds and curtains. I could only wonder if it wasn't a inside joke by Meier.

I think it sticks out like an eye-sore in an otherwise beautiful brownstone area. The building itself is beautiful, but its the wrong neighborhood for that design. I'd just go out and buy a brownstone rather than a 2 bed in this building.

My partner and I purchased a large one bedroom/two bathroom unit in the building. It is a beautiful building inside and out, but that beauty does indeed come at a price. It is pricey for Brooklyn, but it's a very nice location...being near the Park, the Museum and the Library. Park Slope is just a short walk away, and Prospect Heights actually has a nice bohemian feel to it. If you need space and want to be in that neighborhood, for sure, buy a brownstone. For us, it's simply a pied-a-terre, for half of what the same apartment would have cost in Manhattan (forgetting even the signature architect). The same apartment in a Richard Meier building in Manhattan would have been quadruple the price. I guess for us, when you're use to Manhattan prices, the price of this apartment seemed reasonable for what we're getting. Actually the larger apartments are really a bargain, but I would agree that the two bedroom units are less so.

what's happening with this building? prices seem to be holding steady? i'm surprised given how we've seen manhattan prices fall, and given the fact the developers must have planned on an early sell out.

the prices are ridiculous for the location. you can get a beautiful renovated house in park slope, which is a much better place to be, for half the price/sq ft. basically nothing in richard meyers is moving----apartments have been on the market forever. there are recently price reductions. the building is on the wrong side of the tracks and you have to cross flatbush ave, which is essentially a highway, and walk several blocks to park slope to find some amenities. but it seems like the developer is counting on folks like those who entered the previous postings---folks just arrived from manhattan who dont know the difference between park slope and prospect heights (there is a BIG difference) and say, "wow it's cheaper than manhattan" (though not much), and dont do any shopping a few block away.

delaware

delaware...what price per square foot are you referring to for a 'beautiful renovated house in park slope?'

oh dear, I think there are some shills on this thread!

how dumb to talk about this location as if it were the Slope. It's very near the boundary between Prospect Heights and Crown Heights. Crown Heights is full of drug problems and poverty problems.

It's so funny to me when people come into a New York neighborhood they don't know and say, my, what an undiscovered country! As if all the generations of people who went before somehow missed out on something. As if they were all stupid.

They weren't. There's a reason this area didn't gentrify for generations. Buyer beware.

I passed by there on Monday (Mem day) to check it out and there was a very nice cleaning lady acting as doorman. None else. According to her the building is really empty, and fewer than 30 apts are sold. I think that figure is too low 'cause some may actually use it as piede-a-terre, but nontheless they are clearly having occupancy issues.
I would be surprise if they don't start lowering prices.

vecie, you will get that poor lady fired...

I have to admit, from what i've seen on their website, it's a gorgeous building. And I'm not really one for the glass curtain walled buildings. But the views are beautiful, and I adore Prospect Park.

That said, it IS on the wrong side of the tracks, and anyone moving there will be forever crossing the equivalent of an Interstate highway in Grand Army Plaza to get to Park Slope, since God knows there's no reason to think of even turning your head in the other direction.

And as I commented in another thread, moving this far into Brooklyn is for people who actually want to live and play in Brooklyn. Manhattan-centrics will spend either half their life on the subway to and from the city, or half their paychecks on cabs.

I was very unimpressed with the finishes. The day I checked out apts there, the agent just brushed aside my observation that the floors in one unit were severely warped. "Oh, I hadn't noticed." The flooring were buckling to the point where someone could actually trip! Anyway, great design of the bldg over all, but the quality of construction and finishes left me with a very bad feeling. Simply not worth the price, regardless of the hefty discounting being offered. You do get what you pay for. Period.

bignycfan: How much discounting is being offered? What apt size (or #s) did you see?

I'm curious to get more insight into the latest pricing/availability in this building.

Thanks
M

I had a very different experience at the building. Although I'm not buying, the units we saw were great, and there's no comparison to other new construction in park slope. The 'starchitect' thing is done for now, for sure...nobody assumes anymore that simply attaching a good architect's name to a project means it's automatically worth 25% more. But in reality he is one of the world's great architects for a reason-- and that does matter to how the building will be seen 5, 10, 20 years down the road. As opposed to some other unnamed developments in brooklyn and even manhattan this one, IMO, will be looking great.
Regarding the finishes, not good to be showing apartments with warped floors, I agree. As someone with some construction experience I can tell you that as the floors adjust to humidity they will expand and contract...if this is the case this problem is easily solved. Certainly the deal with new construction is, at your walk through inspection, anything amiss is added to the punchlist and must be taken care of to meet the specifications at the developer's cost.
I thought the rest of the finishes were great...functional, clean, not over-the-top.

I believe the discounts were in the order of at least 20% off the original pricing. But I got the distinct impression that no serious offer would be dismissed, as long as it wasn't insulting. So, I'd try 35% and see where that got me. My best advice is to stay away from the rear of the bldg. The agent said that there were plans to build an elaborate water feature back there, or something like that. But whatever it's going to be, it won't be anything for a good while yet. An Apt facing the park, without a balcony overhead, seems like a best buy.

And nightshade is right in his/her over all assessment. Finishes are so-so, but 35% off can help remedy most of the small stuff.

the common charges seem very high in this building. i wonder what the unabated taxes are going to be. if they are not unusually low, in a few years the monthlies will be out of control.

" I got the distinct impression that no serious offer would be dismissed, as long as it wasn't insulting."

Define "insulting".

These prices need to come down another 70%.

NYCMatt: Anything more than 70.5% from the initial asking price would be insulting. Other than that, you should be fine. That blogger nailed it spot-on. I'm sure he's talking from experience, so we'll go along with his advice.

62% plus they pay closing costs and drop 50k in cash in your closet.

Prices on some of their units increased today??

http://www.streeteasy.com/nyc/sale/53354-condo-1-grand-army-plaza-prospect-heights-brooklyn

http://www.streeteasy.com/nyc/building/1-grand-army-plaza-brooklyn

Increases?? I don't get it. Maybe they're trying to stop lowball offers.

Yeah, that's the way to sell an apartment ... raise the price!

they must have thought that puff piece in the real deal was gonna make them popular again

I walked past the building again last weekend. I have to say it is looking like it's becoming part of the neighborhood more than I thought it would have, given the contemporary design. the doorman told me that there's a number of people closing and moving in this month. Other than the ugly parking sign (can that really be permanent?) it looks very nice.

Any new thoughts on this development? Haven't heard anything in awhile. Am going to take a look this weekend.

Prices are still inflated about 60%. NO apartment is worth a million dollars in Crown Heights.

What would you say should be the $/sq. foot in the building? The ones were looking at are currently at around $950-$1200 per sq. foot.

I'm looking at a listing now for a 2 bed/2 bath at $995K that claims it's 1263 square feet (I'll bet it even comes with a unicorn). At BEST the unit is 1000 square feet, so we're looking at $995 per square foot. I believe a fair price for an apartment with two small bedrooms and an awkward layout that makes it feel like there's no living room (just a giant eat-in kitchen) in Prospect Heights would be $350K (given the insane monthly common charges) ... putting it at $350 per square foot.

that maintenance is INSANE. you can get coops in that area with lower maintenance that is partially tax deductable for 1/2 the price. being right on the very busy Grand Army Plaza circle is a huge minus.

"being right on the very busy Grand Army Plaza circle is a huge minus."

I think Richard Meier sees it as a PLUS; if you look only in the direction of Prospect Park and don't turn your head, you can almost fool yourself into thinking you're in Park Slope, and not in Crown Heights.

I hear mixed reviews about the area. Some people say it's a plus to be right by Prospect Park, the library, etc. but other's say there's absolutely no neighborhood feel which I don't like. I would like to be able to walk outside my building and be in a little neighborhood niche, walk around, etc.

there's no place to walk around as you exit. you're in one of the most hectic traffic locations in Brooklyn. you have 4 major roads meeting right in front of your door. once you go a block away, you're better. you also have to remember that you have to cross the craziness to get to Park Slope, the library, the park, or any place else for that matter.

What has the feedback been like from people who live there (in terms of the amenities, construction quality, etc.)?

"What has the feedback been like from people who live there"

OMG we're stuck in Crown Heights!!!!!

Your criticism would be more effective if it were factual. The building might look out of place, be overpriced, the location not pedestrian-friendly and lacking in amenities, but one thing it is not: in Crown Heights. Crown Heights starts east of Washington, so it's not even close. This building is at southwest corner of Prospect Heights, bordering Park Slope. Grand Army Plaza is pretty glorious to look at, but heinous to cross, like other big roundabouts in NYC.

Sorry. Prospect Heights.

Different basket, same horrors.

You could say that about Washington Heights, no?
Nice architecture, not yuppified yet, on the school or retail front.
I think the main problem is the pricing, and I imagine people who bought 2 years are sorry about their vaporized equity most of all.

kNA:

As someone who bought in the building I can tell you honestly that both the building and the area are great. Everything is literally at your doorstep: the park (and the nice side of the park at that...no summer bbq areas here); the library; the museum; the botanical gardens; the farmers market (which runs year-round); the 2/3 train and many very cute restaurants and coffee houses in Prospect Heights (e.g., James, Milk Bar). There's a couple little corner stores less than half a block away, a great ice cream shop (Blue Marble), and some of the most beautiful brownstone streets in the city. And it's not yet as gentrified as Park Slope.

Much has been made about the difficulty crossing grand army plaza. All I can say is you should come here on the weekend sometime and just walk it yourself. We find it easy, quick and safe. The elderly may find it a bit more daunting. I also know that the city is working on a plan for upgrades to improve accessibility...who knows how long this will be but we shall see.

This building is not in Park Slope...this is true. But we walk all the time to the many restaurants and shops in Park Slope practically every evening and it takes 10 minutes. Again, crossing GAP is not nearly as difficult as people make it out to be. If you don't like Fresh Direct for groceries (we do not) there are great grocery stores in Park Slope that will deliver to the building for free...there's nothing good in terms of larger grocery stores in Prospect Heights that we've found.

As to the building itself, it is a jewel. Some units definitely have better layouts than others, but the exterior is stunning, and as high-quality as any of Meier's buildings in Manhattan. Many of the issues that owners had with the interiors (like poor finishing of hardwoood floors, etc.) have been worked out. The developer seems still fully committed to the project and construction is progressing, albeit more slowly than everyone would like.....so one downside is it sometimes feels a bit like you're living in a construction zone. For example, while the units themselves are getting completed, the back courtyard is nowhere near done. But I'm sure many buildings that hit the market when this one did experienced the same. We're thinking long-term and are sure this will work itself out.

Common charges are high, in my opinion, but 15 year RE tax abatement softens it a little.

All in all, we're very happy we made the move and love our neighbors, the building and the area.

P.S.
See the rankings and ratings of all neighborhoods in New York here. Park Slope came out #1 and I think Prospect Heights wasn't far behind at #9. You can change the criteria if you like as well.
http://nymag.com/realestate/neighborhoods/2010/65374/

Not a big fan of this building. Floor to ceiling glass walls - awkward from the inside - privacy is difficult to achieve, not very aesthetic from the outside. One thing that seems to be misunderstood - this building, as well as its' neighbors are not on GAP. It is on Plaza East. This street, along with its' Park Slope counterpart, Plaza West, is a quiet one way semi - circle protected from the hustle bustle of the roundabout by a berm so presciently placed by Olmsted and Vaux. And from the clearly visible units, it seems that the buildoing is largely unoccupied.

@lisa_cc How was the buying process there? Looking at the recorded sales data, it looks like there is a fair bit of flexibility on pricing. Were you happy with the deal you got? Would you do anything differently, if you had the chance?

sjtmd: yes...you are correct that our building entry is on Plaza Street East and has a large landscaped area separating it from GAP. Regarding floor to ceiling glass...again you're correct, but we really don't feel at all like we're living in a fishbowl...in fact our unit and many of those we've been in are very private. Of course Meier designed pockets in the ceiling to accept shades or rolling blinds..for those who are really worried about it. And for me personally, the views and the amount of natural light more than compensate for any perceived lack of privacy. For what it's worth I also love brownstones...I just really value light. Regarding occupancy, many (but not all) floors are full or almost completely full.

499: we were happy with the process...I don't know about pricing flexibility now but I have heard that asking prices are slowly reverting to where they were pre-crisis.

"As someone who bought in the building I can tell you honestly that both the building and the area are great. Everything is literally at your doorstep: the park (and the nice side of the park at that...no summer bbq areas here); the library; the museum; the botanical gardens; the farmers market (which runs year-round); the 2/3 train and many very cute restaurants and coffee houses in Prospect Heights (e.g., James, Milk Bar). There's a couple little corner stores less than half a block away, a great ice cream shop (Blue Marble), and some of the most beautiful brownstone streets in the city. And it's not yet as gentrified as Park Slope."

But couldn't most have the same been said for years and years when just about no one would touch a unit in that location?

Could the same have been said for years and years? I'm not sure, but would defer to you. We lived in Manhattan prior to moving to 1GAP. I'm only commenting on what's here now and our experiences from actually living in the neighborhood.

lisa, not to harsh on you, but SE shows 38 closed sales. the building has 114 units, no? how could many floors possibly be full or close to full?

"Common charges are high, in my opinion, but 15 year RE tax abatement softens it a little."

So what happens after 15 years? The taxes become so unaffordable you're forced to move? And who the hell would be willing to buy such a white elephant when the tax abatement runs out?

ar:
i think they reduced the number of units in the building to under 100--some people combined units. So yes, some floors are full, some in between, some empty.

lisa, are they giving you an abatement on common charges due to not having all amenities in place?

My view of this building from directly across the Plaza would seem to indicate that the vast majority of units facing GAP are unoccupied. As a matter of fact, several entire floors appear empty. Maybe the cheaper units with other exposures are being sold and occupied, but not so for "the high priced spread".

lisa_cc- Thanks. I appreciate your insight.

Is there any chance this building will go rental? Still seems to be pretty vacant with no signs of a turnaround so long as prices are still where they are.

I can't imagine the developers would let this building, which is essentially their 'flagship' building, go rental....and of late activity seems to be picking up, from what I've observed.

We have lived here since last August and agree w/everything lisa_cc said - we love it and so do our neighbors in the building. Walking north from the building on Plaza East has a very 'neighborhood' feel, but crossing GAP is not difficult at all, even on our bikes. We walk over to Park Slope, especially Union and 7th Avenue shops and restaurants all the time in 10 minutes or less. IMO you get what you pay for and the quality/design as well as location of this building is definitely worth the price.

seems little has closed in this building since last posts 6 months ago...are we about to see signifacant, realistic price reductions, finally?

Are you planning on moving there? Or you just feel the need to meddle in third party transactions?

there, hburbhfssorryloser etcetc---the dyke's leaking--now just let it flow---

i just saw the bldg...not sure it's occupied. nice places but monthly's waaayyyyy too high

Anybody know why condo fee so high?

Hmm, I missed a really good comeback from Wtushy 8 weeks ago.

Remember Wtushy, stay away from children. On behalf of parents everywhere, we beg you.

"Anybody know why condo fee so high?"

Because it's an honor and a privilege to live in a STARchitect building, dontcha know??

Even if it is in a marginal neighborhood.

Just took another look.

ABSURD.

A million dollars and you don't even get a living room (just a realllly big eat-in kitchen), and a 10 x 12 "master" bedroom.

Oh and if you think the monthlies are high now, wait until the tax abatement ends. You're going to be looking at paying close to $3500/month -- PLUS your mortgage (if any) -- to live in a cramped apartment in freaking PROSPECT HEIGHTS!!!

Hello! It's not 2005 anymore!

NYCMatt! wow there is a name from the past. still looking for your ideal place? wish you good luck as always.

According to Dept. of Finance site, the tax abatement on the building is for 25 years (phase in at years 20-25) At that point in time, 2035, my kids can deal with it!

Sloperaly, where did you see that it is for 25 Years?

Go to the Property Tax Benefit Information portal of the Dept of Finance web site. You will need the block and lot number of the property and it will tell you the amount of years and type of benefit (if any) a building has. For the Meir building, it shows June 30, 2035 as the expiration year for the 421A benefit. (it started in 2010 after completion)

The tax abatement is definitely 25 years. I got an email from the developer promoting it.

what is the BBL for this building? I keep getting errors when I try and look it up using the 1 Grand Army Plaza address.

use this to see the dearth of closings: SEVENTEEN DEVELOPMENT LLC

tough sell compared to prime PS townhouses for less money and taxes less than 2 mos cc + taxes

Anyone have experience negotiating closing costs recently? Units seem to be moving faster, but curious how negotiable developer is on asking price and closing costs.

@Wbottom: Can you elaborate on your comment about SEVENTEEN DEVELOPMENT LLC?

I saw this building a couple of weeks ago. Seemed nice. Any body know about the discounts or closing cost negotiability?