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March 12, 2012

Report on Meier's On Prospect Park condo building again confirms KPMG lies in Atlantic Yards market study

Atlantic Yards Report

Speaking of "see no evil, hear no evil..."

A New York Times Real Estate section article yesterday, Boldface Buildings in the Cold Light of Now describes sales at what they call Richard Meier's "1 Grand Army Plaza" but was once marketed as "On Prospect Park" and is marketed now as "Richard Meier on Prospect Park.":

Brown Harris has lowered prices on many units, and the glass tower is now nearly 80 percent sold, with an average sale price of about $900 per square foot, respectable for Prospect Heights. “It’s not as successful as originally planned,” Mr. [Stephen] Kliegerman [of Terra Development Marketing] said. “But that might have been overzealous.”

(The website, btw, says "over 80% sold.")

The KPMG report

Why is this all important? Because the KPMG Atlantic Yards Market study done for Empire State Development, some 2.5 years old, claimed that the building was already 75% sold. Actually, as I reported, the figure was somewhere between 25% and 50%.

The report, suggesting a robust market for luxury condos, was key to the state agency concluding that Atlantic Yards could be built in a decade--now highly unlikely.

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NoLandGrab: KPMG is to Forest City Ratner as Arthur Andersen is was to Enron.

Posted by eric at March 12, 2012 11:05 AM