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I love it! Perfect location. My apt facing Columbus on the lower level is quiet, bright and cozy.
For those who have closed, are you happy with your apartment? What about the building?
This is a very nice building : bright, cozy, open views even on the lower levels , surprisingly quiet for units facing Columbus. Perfect UWS location. Glad to become the owner of the 2 beds on the 7 line. I was debating myself before my 10% down payment early last year because of the no windows bathrooms. But I love it now.
does anyone have an update on closings? Thanks.
Yes, some people have received closing notices. Starting October 4th.
Are they working now?
They are working round the clock on it now....
The project has been delayed indefinitely, along with 56 Leonard and Beekman Place.
Has anyone heard any information on this development? There has been no construction there in over 10 days.It's being built by Silverstein and will be a Four Seasons Hotel with condos on top.
are these available ?
I would love to handle the financing for this project, do we have a sales team or management team. I represent a major lender , we would love to have a footprint in this development. Approved the development for conventional guidelines...Kieran Rodgers - 631-316-7272
Happy New Year !
Someone recently posted, "SOLD! One to Mission of Qatar, another to remain in possession of on of the Chetrits, lots of brokers buzzing around #118 with buyers." but later removed the comment I think. Does anyone know if any of these have actually sold yet? If so please post your source thanks!
I am noticing a tail of two worlds...and an emerging third.
There is obviously a renaissance occurring in Brooklyn.
Current rental inventory in gentrified neighborhoods have it all….from the walk-ups to the prewar elevatored buildings to the newly constructed.
In submarkets that are arguably no longer up and coming like Crown Heights and Bedstuy, there are NO new developments currently on line (only a few). However, there is a plethora of new developments coming on line in the next two years.
My question & concern is two fold. You have developers snatching up vacant land due to tax abatement programs (because you can buy the land for a price point that works) and they are developing much needed affordable housing (while creating jobs) that is well designed and going to be well managed.
The question I have is, do we need more new construction that is tasteful but not high end in Crown Heights and “lower” Bedstuy? Or do we find a fusion of both in these emerging (and in some pockets gentrified) neighborhoods?
Kind & Thoughtful Developer
I can help you with financing anywhere in the US. I represent a major lender, would love to get involved....
attorney is good.... apple is betterererer
There are a lots of ways to do investigation.
The problem is, us New Yorkers are not usually going to know of resources that are unique to Florida.
I personally would start with a well-connected real estate attorney.
does anyone know where to get information of the reputations of developers and builders? I'm thinking of buying a new condo in miami and want to do some due diligence. thanks
Falco, when I first looked at it, the highline wasnt really open yet and hadnt realized just how many people would be on it at any and every given moment.
When I walked by it last spring, I immediately thought of that Ray Bradbury story with humans as zoo exhibits.
"But when the market began to stumble, so did Mr. Shvo. Sales languished at 20 Pine, despite a sales office that he kept open 24 hours a day, and Mr. Shvo was soon replaced. The building did not sell out until earlier this year — some seven years after its inauguration. Mr. Shvo was replaced on other projects and was named in lawsuits"
Now that Im sure all lawsuits are settled, game back on and fleece again.
Just like the banks......wash, rinse.......repeat.
Well he only came here with $3,000.00
245 10th unit 2W
I always viewed this apartment as an exhibitionist's dream.
I would walk by on the highline and wonder who, in their right mind, would purchase this place?
You could make a small fortune selling snacks over the rail and still work from home.
New opportunity for lajeep405: http://therealdeal.com/blog/2013/10/11/kids-dont-really-see-sheep-in-the-middle-of-new-york-at-a-gas-station-shvo-says-video/
nddd, check out this recent thread, and good luck:
nddd, if you find out any info on getting your money back, could you please post what you find -- for others in your position?
maybe i am naive but what is the allure for new construction. i just went to contract and this is for investment to rent out the cardinal sin on this blog for a gut renovated 670 sq ft condo east 70's gym pool 24hr doorman for 699,000.new granite kichen new bath with jaccuzi and a killer view to the north
thank you greeny gonna get it checked out again
Should had bought in LIC.
Not sure if there's a difference in how negotiable they are for different sizes, but I'd consider taking the price they're currently offering, subtract the 35 or 50k (depending the # of bedrooms) incentive they're offering and consider that the actual offering price. Then I'd negotiate from there. Maybe research how much off the asking price comparables are selling for and subtract that to find a target price? Then lowball ...
Yes, they are definitely negotiable, and highly motivated.
I'm not a broker, but I agree with NYCBKBroker above. I think I have seen literally every new condo development in Williamsburg/Greenpoint and honestly the quality here is among the very best. The Edge will be similar, and the second tower of Northpoint Towers will be too. But honestly I think the interiors and public spaces in tower 1 of Northpoint Towers are flat out fugly. The only selling point is the views.
But The Edge and Northpoint Towers are massive, which I'm really not into. They're going to be completely devoid of personality almost as if Battery Park City were picked up and dropped onto the Brooklyn Waterfront. Lame. 125 N. 10th may not have water views, but it's two blocks from where Bushwick Inlet Park is going to be along the Brooklyn Greenway, two blocks from McCarren Park, three blocks from the subway, and steps from everything Bedford and N. 6th has to offer.
They're also selling private rooftop spaces that have gas and water hook-ups for grilling (something you can't do on the waterfront), and have all the other amenities except a pool. But I'd rather not have a pool anyway. It makes things smell like chlorine and it's something I'd probably only use once a year anyway.
Total Sqft: 761,552 sqft
# of Units: 440 apartments (350 condos and 90 affordable rentals) + a hotel
Developer: Elad Group (must be a partnership with Extell & Carlyle)
Architect: Goldstein, Hill & West
Looks like it's going to be a similar deal to 40 Riverside Boulevard (condo/affordable rental hybrid). Curious to see whether they'll pursue the same separate entrance scheme that's been causing such a tiff recently.
And Hedge Fund offices.
Midtown East is great for law firm offices.
AR and AH - thank you for insight.
Hi FC - your baiting of AR is always hilarious; she is a much better match for you than CC, but I am not sure she likes you as much as you like her.
about 1 hour ago
Member since: Oct 2007
ignore this person
I have been a big midtown east promoter also.
Really, is this a continuation of your Brick Underground gig?
I have been a big midtown east promoter also. There are new schools, new retail, it has always been underpriced given the convenience, The zoning seems to be high on Mayor Mike's list of things to get done before leaving office. Which could mean many things. It may very well be that if you buy here your unit will appreciate but you might not like the neighborhood nearly as much. Or maybe you'll love it. I don't think I would, but it's all a matter of personal taste.
NYCNovice, due to the zoning issues not many projects in ME got off the ground before the recession. There are a few blocks where developers had started the demolition process fairly late and a couple of them look awful. But change marches on, and real estate developers abhor a vacuum, so eventually it will resolve.
the good news is that interest rates have gone down in past month. you have to be patient as the city's bldg dept gets backed up during the summer and now is trying to catch up.
drdrd I started my loan in August per the sponsor's advice since the seller still needs to get the building to pass the inspection. As soon as it passed, that's when he told the first group of buyers to get the loan commitment.
What am I missing here? You were in contract in February & started your loan in August & wonder why you can't move in?
welcome to buying new construction. this is typical and there's nothing you can do about it unless you are able to get out of the contract with time is of the essence letter.
What do you do when your sponsor/sales agent is difficult to get in touch with? I have tried calling, texting, emailing my sales agent and he will not return any of my messages. I know he's around because I just got word from my banker that he got a new client from the same building I'm purchasing from. I have been in contract since February and have promised closing in May. I started my loan a little over a month ago. Now it's September and still no words about TCO, and also no response from sales person. The last I heard before I began my application is that the building passed the inspection. I'm running out of ideas how I can further get this closing going. My lawyer and broker has been doing what they can on their end to get this going but I guess without the TCO they really can't do much of anything. This so far has been costing me a lot of $$ moving around and waiting around. Any advice from the forum would be greatly appreciated.
lad, in my experience it's one bank in particular -- but yes, they're doing it to everyone!
Ali, what is going on with lenders these days?
I'm the Treasurer and de facto managing agent for my small building. A unit in my building just turned over, and I swear I spent 20 hours or more dealing with all of the bank requests. I filled out form after form, and I was getting requests for information at least twice a week for five weeks. In total, I think I scanned and sent this bank over 1,000 pages of documentation, including the co-op's complete tax returns (which I've never been asked for previously by anyone). All for a $500k 30-year loan, 80% LTV, buyer with 800+ credit score in a very simple building with clean financials. (No sponsor units, no sublets, good reserves.)
This is the fifth loan I've been through as Treasurer (and third with this particular bank), and this was so far above and beyond anything I've experienced previously. In the absence of red flags, I can only assume this is some type of a new policy.
If lawyers and professional managing agents are dealing with this same crap, they're probably working for minimum wage.
ali: You are trying to explain a realistic situation(s) to ab.
He has already proven himself to be short-sighted and uninformed while posting comments outside his range of DIY-ism.
ab, I don't know what OP's situation is, but let's imagine this hypothetical:
OP is a buyer who has a pre-qualification from one of the big lenders, a firm that is aggressively marketing itself in NYC. Makes an accepted offer on a co-op. A contract is written that provides for a board application to be filed with a specific time clock, dependent on the loan commitment.
Big lender, now with OP on the hook with a contract, is suddenly demanding 20 extra pieces of paper. They aren't things OP necessarily has to hand, and some of them must be gotten from the building's managing agent, who is trying to supply them on this deal ... and every other active deal in the building. (They aren't necessarily things this lender would have wanted two years ago, so it's a surprise).
Sellers, who want to buy something else, start to be beside themselves. What's taking so long? The brokers keep saying that everything is moving along ... but who trusts brokers?
In this scenario, it's good client service for the attorney ought to step up to the plate, communicate across the table why things are moving slowly, and keep the other side from freaking out. Pour oil on the waters. But many many don't.
That's just one scenario; I can imagine others.
if you're in contract already, what do you expect your attorney to do except come to closing?
they are not involved in the mortgage process except for a few pieces of paper the secretary files.
Pre-sales have started. Contact me for details!
Only ~88 condos and 88 parking garages. Parking space is also for sale... Very rare in NYC!
The holding will be great. I was at the 'Topping out' celebration with the Zeckendorf brothers. As all probably know they built the highly successful 15 CPW. The floor plans are amazing and the prices are still fantastic at this point. 88 condos with 88 private parking spaces. I would be happy to answer any questions you might have. Building will be fantastic for comps in the area.....
Eva Marie Bozsik
"Its better than a buzzer, but worse than a doorman. ... Its not for me, but its like I said better than having a buzzer alone. At least there is a camera and a person on the other side of the camera."
As for the package room, that sounds to me like it's more trouble than it's worth. Missing deliveries is one thing -- at least your package is still in the custody of UPS/Federal Express/USPS. Once it's delivered to your "package room", however, it's YOUR responsibility if it gets stolen.
Seems to me that it's much safer to either:
-- have valuable packages delivered to your office
-- pick them up from UPS/Federal Express/USPS yourself
-- open up a box at a UPS or Mail Boxes Etc. (do they even still have these?) for future deliveries)
-- Arrange to be home to accept the delivery for really big important items
Yes, it's a pain in the ass. But if it's that much of a problem, spend the extra $$$ and just move into a doorman building. Or hire a full-time housekeeper who'll be home to accept any and all deliveries for you.
Or quit your job and just stay home all day.
But lots o buildings have this kind of stuff. In mine you can also wathc the doorman, in the elavotrs and outisde.
My friend lives in a building where they have a camera trained on the front entry, and everyone can see who is there on a dedicated TV channel. She keeps the "front door channel" on all the time. It's better than reality TV, and really freaks out visitors when they're greeted before they even ring the bell!
For the service provided it is grossly overpriced.
Technology has grow leaps and bounds with the ability to install computer/cellphone access by owner into buildings/apartments.
I was going to dive deeper into the systems for my building but got busy and have put it off.
can Video Doorman see inside your apartment? I read that they can let dry cleaner in your apartment.
Anything short of a final C of O is insufficient. Yes you can get financing with a TCO with some Banks, yes you can live at the premises temporarily at the leisure of DOB and whether they decide to keep renewing the TCO, but you take the risk of eventually being forced to hold the bag (and pay to finish the building and get the C of O, which may or may not be possible depending on how work was done up to that point) or suing the sponsor who may or may not be solvent or in the country at that point in time. I agree with Bingbong, if Tollbrothers or Douglaston Development I would trust them, if a small time player you must escrow some of the purchase price pending a final C of O.
I do not really understand your point as I have not really seen a building begin closings with every single detail complete and a full CofO in place. So are you stating that no one should buy a new development condo?
You can obviously close with a TCO, but i guess it depends on the level of risk you're comfortable with, or the level of trust you put in your developer. If its Toll Brothers, then fine. If its some guy you've never heard of, and may never hear from again, i would either wait for the final CofO or put some money in escrow against it. Just my two cents. There are way too many horror stories about new construction and shady developers to just go on faith.
Once they submit the paperwork for the CofO, if everything is in order, probably 1-2 months (the DOB is perpetually back-logged). But that's with the idea that all i's are dotted and t's crossed.
I agree I can close on TCO. In my contract it says that the sponsor is required to get the C of O a year after the first move happen.
Sponsor told us that the inspection passed like a month ago. I have looked at the DOB site and it says that they have cleared up all the violations and they are up to date with their electrical/elevator/plumbing.
Hi all, I'm looking at a place in 50 Bridge Street. Anyone currently living there or in the blocks around? Any updates on the assessment ending in December or if that gets extended? Any input on the building especially would be great: doormen, noise, laundry, parking, quality of life? I know there's been some issues with the building in the past, but am hopeful that they are over with or will be soon. Thanks!
Some buildings which are landmarked have already been so substantially altered by the time of landmarking, that it is quite possible that the LPC would approve an all-new glass building.
First, I'm not sure that Little Italy is landmarked - you need to go to the LPC website to figure that out. There's always the intriguing possibility of demolishing a building overnight (I believe Macklowe did it once) or slowly defacing a building and then there is nothing left to preserve. Not sure what the LPC can do in those instances if the ability to build new is worth more than penalties (I'm not even sure if the LPC can fine anyone).
In the case of 44 Mercer and any landmarked building, you can always add a glassy penthouse addition. Visibility from the street, what neighboring buildings have done, etc. all play a role in LPC approval
FAR of 5 doesn't mean it has to be 5 stories. It means the square feet can be up to 5x the square feet of the lot. Seven stories sounds about right.
Ok, look what I found for instance:
They built it on top of a regular cast iron building. Also, the building does not even abide by local zoning rules, it is 7 stories in a zone where the FAR is supposed to be 5...
It can be extremely difficult, but do-able, for some restricted version of 'whatever you want'. The zoning and use of the specific lot within the district can also make it easier: churches and schools have more latitude in their use. I've found community boards to be of limited use in opposing significant change, and LPC is not immune to pressures from other neighborhood organizations (which have often have overlapping memberships and directors) and the paid-for testimony of experts who will claim the design is 'appropriate' (I'm looking at you, Berkeley-Carroll School).
@somewhereelse: 239-241 is between 27th and 28th. Thats 241 fifth ave. There is no sign on it because its near completion. The one with the sign on between 24th and 25th is 10 msw and thats scheduled to be complete next year.
@bmwbmw: looks like TCO is only for basement up to 15th floor. Unless you are buying the penthouse all the available units on streeteasy is probably covered.
No, I mean that 239-241 is between 23rd and 24th... and the building under construction with the signs on it is between 24th and 25th.
Ggman, thanks! Does the TCO apply to all floors or just a few?
Are you referring to the 239 house number? The house number range for the 241 fifth tax block is 239-241. Same building. The link just shows the beginning of the range.
Don't you mean the building next door? That seems to be the one in development. Or did they announce this one, too?
So it's effectively landmarked, in all but name. Maybe that bit about the "air space above it" would let them build only above the interior of the lot, so the 1911 church and rectory would wrap around the new part. Or maybe they'll be able to insert floors into the sanctuary, like some other churches have been able to do.
Park Avenue Christian, meanwhile, has reached a so-called standstill agreement with the Landmarks Preservation Commission that halts the agency from designating the site a landmark, provided the church secures the LPC’s permission before making any changes to the building’s exterior, applying for any Department of Buildings permits for work that would affect the building’s exterior or entering into any agreement or contract for goods or services that would modify the exterior or the air space above it.
-From The Real Deal
It's not an individual landmark, and isn't in a landmark district, so the church is good to go.
It looks like the church is landmarked. Will this delay the process at all? Or is it just the 60-day holding period? Does the fact that it's a church affect the project? And, is there a chance that they finish this project before the current building spree cools?
That's a rather handsome church building. Are we talking teardown/rebuild? Or something more novel?
I agree with yikes.
youre kidding, right? a smidge of extra income, so neighbors can live with your transients? who serve as leak-watchers? moronic
best for heat and plumbing is if it's not used.
transients cause leaks because they could give a shit about the building--they'll be gone in a month!
Matt, the counter to that is that homes like to be lived in. You may be less likely to have heating problems, for instance, if there is someone resident actually using the heat.
Also, if there's a leak from an upstairs neighbor (a not-uncommon occurence in NY) it's nice to have the tenant tell you that day, rather than wait a few weeks when someone "drops in" to check on the empty apartment.
So why not make it 1 week instead of 3 months. Therefore you will have more eyes and ears to look out for these problems while you are away at the Hamptons. Why not not turn it into a hotel so people like front porch can make more money renting it out to transients.
>The added wear and tear on the building (amenities),
Certain amenities might not be usable by the tenants.
I don't think it's fair to say condo boards can't do anything to stop short term rentals. Boards can (and do) fine owners who violate the rules and advertise and rent short term via sites such as Airbnb.
As to the original question, I think 1 year is best. The added wear and tear on the building (amenities), security issues, and general environment make short term rentals a headache for owners/ full-time residents.
As for Muffy and Biff who summer in the Hamptons and like having a "smidge" of extra income as well as having someone check on the place, I would suggest they (or a member of their staff) go back at least once a week and check on their city home. A daily occupant as watchdog for leaks doesn't justify short term rentals. If you have the ability to summer in the Hamptons and winter in Boca Raton, great, but that shouldn't be at the expense of your neighbors back in NYC who watch your apartment change out twice a year.