No Vacancy: Richard Meier’s On Prospect Park Sells Out

onprospect No Vacancy: Richard Meiers On Prospect Park Sells Out

Who’s home? Everybody! (Structures: NYC, flickr)

The residents of Richard Meier’s On Prospect Park once spent their days roaming the empty halls of the glassy tower, a vertical ghost town rising over Prospect Heights. But those days are long gone.

The building, which hit the market in 2008, has finally sold out, Brownstoner reports. And they got the news straight from the horse’s mouth—lead Corcoran broker Cheryl Nielsen-Saaf (although Brown Harris Stevens took over the brokering during the project’s home stretch).

“It was a wonderful project to work on from my perspective and I feel very fortunate having been there from the beginning during the design phase and well before sales commenced. Then through the downturn in 2008, adjusting to the new market realities and selling the majority of the units despite its very unique and different style,” Ms. Nielsen-Saaf told Brownstoner.

New market realities is putting it mildly.  The New York Times called the starchitect-designed condo “a wall of windows into the real estate bust” back in 2009, speaking of “anemic sales” and prices slashed up to 40 percent.

It didn’t help that the glass walls highlighted (or low-lighted?) all the unoccupied, dark units. But after the last two penthouses sold in May, it became clear that the remaining units would not last long. When people are willing to pay for the the most expensive units (and $5.1 million is very pricey for Prospect Heights)., it’s only a matter of time before the cheaper stuff sells out.

And, as Brownstoner pointed out yesterday, resales are already underway.

kvelsey@observer.com