Development Watch: 500 Sterling Place
We’re not sure why the project at 500 Sterling Place in Prospect Heights is stuck in the mud. The DOB blessed the 5-story, 62,190-square-foot residential development back in March 2007. Since then, not a whole lot’s gotten done, as the weeds can attest. Anyone know what happened here? Money problems? GMAP P*Shark DOB
We’re not sure why the project at 500 Sterling Place in Prospect Heights is stuck in the mud. The DOB blessed the 5-story, 62,190-square-foot residential development back in March 2007. Since then, not a whole lot’s gotten done, as the weeds can attest. Anyone know what happened here? Money problems? GMAP P*Shark DOB
Thanks for creating the group for 475 Sterling Place 11:17. I just applied for membership. Hope to chat with you all soon.
Terrific idea, 11:19. My husband and I have one of condos under contract at 475. I’d love to make contact with our future neighbors and share information. I’ve set up a message group for us at http://groups.google.com/group/475-sterling-pl
Hope to meet you all there!
-Holly
Why don’t all you people with an interest in 475 vested or not, post on a forum where everyone interested in the building can view the and make comments. Don’t you think that would be helpful for those in contract and those wanting to go into contract. Stop posting on random sites and go post on the section for 475 Sterling place.
8:52 — Good call on the part of your attorney. The offering plan is heavily weighted to benefit the sponsor, something readily apparent in its pages and which was confirmed by both a r.e. attorney and a realtor we know. Wishing those now in contract all the best, but it’s a big risk that we wouldn’t take (and we’ve taken the leap on some dicey condo investments in the past — but haven’t yet seen anything quite like this…)
When discussing the “border” of crown and prospect heights, do you mean where do less black people live? Because to my eyes there isnt much of a difference in the neighborhood from Franklin to Underhill. For those who want to keep Prospect Heights a white nabe then Underhill would be the border. Do not be mistaken, Lincoln Pl. and St. John’s are full of affordable housing and black people who hang outside. Washington could be Nostrand Avenue, no difference.
3:47
We also bought at 530 SJP (1 BR). Can’t wait to move in, spoke to the broker and they said CofO w/ in next week 🙂
During the riots after MLK’s assassination, I remember reading a report in the Times about people protecting Tom’s “on the border of Crown and Prospect Heights”. From living in the nabe for a number of years, Washington Ave. has always been the dividing border between the two neighborhoods. Eastern Parkway may seem nice still on the other side of Washington, but I liken that to 5th Avenue in Manhattan north of 96th St. No one would consider 106th and 5th the Upper East Side, but there’s some beautiful mansions up there.
I posted the following on another thread, but I will post it here as well. We love the condo at 475 Sterling Place, we loved the size and layout of the units, and we loved the location. However, after our attorney had thoroughly reviewed the seller’s (sponsor’s) purchase agreement for 475 Sterling, he highly recommended that we not go any further, as the agreement is heavily slanted in the favor of the sponsor, with little to no protection of the buyer’s down payment, as well as multiple references to “Time of the Essence,†which ultimately protects the sponsor. The sponsor’s attorney was not willing to negotiate on the price or many of the issues that our attorney was concerned about. Our attorney also said that in some cases he had applied a statement to an agreement stating that the buyer had decided to go through with the purchase anyway against his recommendations; however, he said that this purchase agreement is so unfair and unjust to the buyer that he would drop us as a client, and we would need to seek new representation if we decided to proceed with this purchase. As upset as we were, we have decided to let this one pass.
Also buying at 475 sterling here. Been looking at buildings in the area for months and have finally decided that 475 is the best fit for us. Cost, location, space, and design are all better than average. With many properties in this price range, there are major tradeoffs, 475 doesn’t have any real flaws that we can see, yet. Looking forward to closing, moving in, and meeting my new neighbors. I also hope 500 gets off the ground soon to boost the already growing nabe’.
Oh.. and to 2:36, the Ground floor duplexes with private gardens aren’t fully built yet so they aren’t even showing.