Friday, July 27, 2007

Real Deal on Prospect Heights: new condos, fluctuating prices

An article in the July issue of The Real Deal, headlined Mixed prospects for Prospect Heights' new developments: Atlantic Yards plan attracted new condos, but sales at some falter, offers a mixed report on the "Atlantic Yards effect."

There may not be enough demand as of now for all the condos and a landmark designation in the neighborhood may "limit future projects."

Over the 17 months ending May 31 of this year, the magazine report, developers annouced plans for 230 new condo units in 11 Prospect Heights projects. Prices have been steadily rising, but may have peaked.

Then again, as with other neighborhoods, boundaries stretch. The magazine reports:
"I noticed restaurants opening on Vanderbilt, and I began working with more buyers in the neighborhood," said Florence Clutch, a sales associate with Halstead who lives on the border of Crown Heights and Prospect Heights. "Addresses now being called Prospect Heights until last year were called Crown Heights."

AY comparison

At Richard Meier's On Prospect Park, 25 of about 100 units have been sold, at $1200 per square foot. At other buildings, luxury units--once at $800 per square foot--are now closer to $675 per square foot.

So, would the Frank Gehry-designed Atlantic Yards be more like the Meier building, or the others? The New York Times raised questions July 1 whether condos in the flagship Miss Brooklyn, projected at $889 per square foot in 2009, were priced realistically. In 2015, condos would sell for $1069 a square foot.

There's an argument that people would pay more for an apartment by a marquee architect. Then again, it might also depend on what it would be like to live in Atlantic Yards.

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