From Bust to Boom: 1 Grand Army Plaza Sells Out

Once declared an icon of the real estate bust, Richard Meier's On Prospect Park is now full, with resales underway.

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.

crystal July 20, 2012 at 03:47 PM
I hope not! I think any other new development should be more in line with the existing architecture.
Matthew in BK July 20, 2012 at 05:39 PM
I hope so. Whilst I like the 19th and early 20th century architecture of the neighborhood, neighborhoods shouldn't become frozen in time, each generation should be allowed some freedom of expression. If we didn't do this, we'd all be living in mud huts.
Ian M McGrath July 20, 2012 at 09:37 PM
I always thought it looked more like plastic than glass, like a big toy building, nothing like the beautiful modern buildings you'd see in europe for example. never got what was the big deal about the architecture.
Gregg July 21, 2012 at 01:05 PM
Face it folks, you just bought into a hamster habitat......


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