From Bust to Boom: 1 Grand Army Plaza Sells Out

Despite looking like a bust during the economic downturn a few years ago, Richard Meier’s On Prospect Park—the glass luxury building at 1 Grand Army Plaza—has sold out.

The building, designed by famed architect Meier, hit the market in 2008, and since then, units have gone for . 

The news was first reported by Brownstoner.

Lead Corcoran broker Cheryl Nielsen-Saaf told Patch there were a myriad of reasons why people bought in the building—including wanting to be near Prospect Park or other parents in Park Slope or Prospect Heights—but for everyone, a major factor was Meier’s design.

"The one overlying reason that I think everyone felt is the architecture,” she said. “It’s just magnificent, floor to ceiling glass, and the detailing was just spectacular. Some people were tired of living in brownstones and were looking for light.”

In 2009, the New York Times called the building, “a wall of windows into the real estate bust," with units combined to boost sale percentages, and prices slashed up to 40 percent.

John Verlander, 30, who purchased a unit in the building in 2009, told the Times then that he thought it would be "very difficult in the near term to get this building filled up."

Now, Brownstoner reports that resales of units are underway.

Do you think the success of On Prospect Park will inspire more developers to build ultra-luxury buildings in Prospect Heights? Let us know your thoughts in the comments.