correct pricing for two bedrooms

why are there so many two bedroom units left in this building? can i do a distressed roll up of all the remaining units? is this a high risk area?

HELL TO THE NO this is not the correct pricing for a 2 bd rm in PH

what do you think the right pricing is for a new two bedroom in prospect heights? the building looks nice, but what would you consider fair? expensive? cheap?

are these units now available at $300 per square foot

why don't you call instead of asking us?

Wow - don't really know the area that well but have been there once or twice. Seemed like a perfectly nice area, and can't beat the proximity to Prospect Park, the museum, trains, etc. The 3-beds with yard seem really well-priced to me, but difficult to say without seeing the space.

proximity to crown heights and bed stuy. notice significant price drop the lower the floor. this is not bc of view.

if the sponsor of this building can't sell any of the units, why don't they start discounting the price? Are they expecting the market to return any time soon? I just don't understand their behaviour.

Definitely take a look around the area. There are a ton of new condo developments, and from what I've seen, this building is overpriced. Not worth it. You can get a duplex with outdoor space in a better part of the neighborhood for about $80,000 less.

looks like they made a price reduction yesterday, but definitely not enough to motivate any new buyers. seems like the sponsor has lost touch with reality. i definitely expect more price cuts to come along the way. until they choose to make it seem like real value versus other developments in the area, i fail to see how the can get any traction on the remaining units. also, does anyone know about the financial health of the sponsor? thanks.

Trevor F -- I'm not sure about this but I believe that Washington Aveneue is considered by old-timers to be the easternmost boundary of Prospect Heights.

In that case, this development is actually just outside of Prospect Heights and is technically located in Crown Heights.

Now that may seem like a technicality and maybe you don't care, but it could affect your resale value in a down market.

Also, some parts of Crown Heights are pretty edgy, as others here have noted. I have only a passing acquaintance with the area, but once you get south of Eastern Parkway you're in a zone where you will look over your shoulder whenever you walk to the subway. I don't know if it's quite that bad at 475 Sterling, but you should drive around the area at night, and then park your car and try walking from the subway station to the 475 building when it's dark.

There's a reason that this area never quite gentrified, you should keep that in mind if you buy.

scream mercy mr. sponsor

i love watching this building. stale inventory in crooklyn. maybe they can turn some of the units into long term stay hotel rooms for all the unemployed bankers and hedgies that are being shoved to the outskirts of the city...$75 a night and the sponsor can start making some of his money back...

GG is right...this is NOT PH, and prob not a great/safe area. This whole side of the park goes on a block-by-block basis, IMHO, regarding safety, desirability, etc. You could be on a gorgeous block in Lefferts Gardens, bust a left, then *BOOM* you're on crackhead corner.
I find that many BK developers are afflicted with this same price illness...CAN...NOT...LOWER...PRICE...it's terrible. And then there are those developments that do some measly lil' trim, I guess in an effort to get people gassed. These will have to come down more in order to move. I'd wait n see. You could always go check 'em out, make a lowball offer and see what kind of response you get. Shocker that the listings are with PDE, who are the worst with pricing AND being overly-generous with neighborhood boundaries. They have listings on 20th street that they like to call "Park Slope". Oy.

have you ever heard the saying, "you couldn't even give those away..."

I bought a 2 br in Crown Heights for $2.50 cents once.

how much do you think these 2br's will go for? obviously more!

$115 per square foot is more appropriate for this neighborhood.