Sales Updates on OPP and Warehouse 11
The new year brings us sales updates on a couple of projects that have been mentioned frequently around here. First, The Wall Street Journal reports that sales continue to inch along at On Prospect Park, the Richard Meier-designed glass building overlooking Grand Army Plaza. (We gave you a fresh look at the interior in September.)…
The new year brings us sales updates on a couple of projects that have been mentioned frequently around here. First, The Wall Street Journal reports that sales continue to inch along at On Prospect Park, the Richard Meier-designed glass building overlooking Grand Army Plaza. (We gave you a fresh look at the interior in September.) When The Times checked in on sales in late 2009, the developers claimed that 50 percent of the 99 units were spoken for, though city records showed that only 25 units had been closed on. Now, fifteen months later, public records show that 52 units have closed, though the building’s developer says the real number is a few more than that. Meanwhile, across town in Williamsburg, The Brooklyn Paper visits with Warehouse 11, the back-from-the-brink new development at the corner of North 11th and Roebling Streets (above). According to the article, more than 90 percent of the building’s 120 units are now sold or in contract. People still want to be in Williamsburg, said Dave Maundrell, head honcho of the broker Apartments and Lofts which has marketed the building since its relaunch.
ONPP doing about two deals a month. EVERYTHING in willie-b but the worst is selling. rental market white hot.
Condo shortage/limited choices by the end of the year.
Shadow inventory will come on, developers acquiring sites, financing coming back slowly.
Rates will hit 3’s this year for many borrowers, thanks to the FED.
maly, no clue. i sort of follow the williamsburg stuff on streeteasy, and they seem like real posts. maybe acris hasn’t shown the closings yet. very recent closings? i don’t care that much to do further research, but interesting.
Wine Lover, how come there are no closing registered? Is the building under another address? Someone in that thread posted recently the building is 20% occupied, but I can’t find anything in Acris.
Maly, see the street easy thread on Northside Piers 2, just checked, and lots of owners that are living there are posting. http://streeteasy.com/nyc/talk/discussion/5414-two-northside-piers?page=8
The “double dip” is official. Deception is needed more than ever to move anything. Any sheep out there looking to pay more than half price? We’d like to hear from ya.
***Bid half off peak comps***
I have never seen signs of life at One Prospect Park the few times I’ve walked by with my son on the way to the pediatrician’s. Literally never have seen one person coming or going or seen any children or strollers. Must be only appealing to commuter singles and couples who are all at work during the day. Seems it would have been a better fit in Williamsburg if that’s the case.
Not sure, but these two buildings are in different situations; from what I can see, 500 Fourth Avenue is just over 50% sold (really sold, not the “in contract” monkey business. Maybe it’s a marketing tactic: just list one unit of each size, and churn with new units at lower prices to avoid making price cuts too obvious. Northside Piers 2 is much more opaque; I have no idea what is sold/in contract. They started marketing the building after the downturn had started, so it might be a switch to rental? or maybe just a relaunch with a new broker/new pricing?
500 4th avenue also pulled over 50 open listings on January 1st. Any ideas what that might mean?
Happy New Year, Mr. B. Anything in your inbox about Northside Piers Part Deux? They have pullled all their listings from streeteasy as of January 1st. Relaunch or doomsday scenario? The developer had said if he couldn’t get 15% in contract by the end of the year, he’d refund deposits and go rental.