Isis - 303 East 77th

And these prices, 1500psf, uuummfaaa
suddenly 600psf in lic doesnt sound so bad

Sidelinesitter, thanks for the recovery of the previous postings on Isis. Not sure why it was taken off. The intent was to develop an understanding why a developer would go to extremes with a mass markdown of all offered units.

What's up with the exterior. The facing looks like something out of the 3rd world (unfinished around the set windows). Are they waiting on some material?

Here's the Plan:
1.Plan building
2.Build Building and order custom windows
3.Windows don't fit
4.Dream up a way to make them fit.(that's the stuff your talk'in about)
5.Sell condos at absurd above market pricing
6.Make tons of money(who say's business school isn't worth the money)

What is going on with this Isis????
why can't they get the floorplans to show? it does not speak too well of the executive capabilities.....
are they going to finish this thing? is there some legal imbroglio??

Are they going to finish by Spring 2010 as they claim?

Doesn't look like it. The same sign reads the Retail space opens October 2009.

The facade "fasteners" are going up on the exterior. Interesting to see how safe the fasteners are and how they will hold up. The true test test will come in five years when the 2nd Avenue subway construction rumbles through E77.

Try the Fall of 2010, if they try real hard. The have the sheet rock up and the rest is raw condition.

Those exterior fasteners are looking a little weak.
Has anyone ever seen this type of exterior finish b4?
Is it safe?
Will it be worth walking on the opposite side of the street 4ever?

You guys are a big help for me. I am an overseas purchaser and any information on this property would be very useful for me. I do sense a lot of skepticism about this building from all your comments. Why is that? Is it not a good building? The plans and amenities as well as the sample flat look quite good. DO educate me please. Thanks.

I am an owner at the Alchemy developed 50 West 15th Street and I would do some research on the developer before buying into ANY new construction that they do. In particular, I would have a look at the lobby at 50 West 15th St - the oculus - as they never finished the work they promised ONE YEAR after closings began. There seems to be no end in sight. Once Alchemy gets most of the sales in, they MOVE ON to the next project and leave you, the owner, hanging in the lurch. I promise to come back here and let you all know IF they ever finish the lobby but right now, I have my doubts. Caveat Emptor.

I also wanted to add to the above - currently the lobby that is only partially done after all this time has to be the shoddiest lobby ever made. I am seriously not just saying that - anyone, even someone without an eye for detail, would laugh at how poorly everything fits, the wood shimmies holding the finishings together, and the general poor quality of materials. If you are thinking about buying in this building or their brooklyn building, just come by our building first, stop any owner walking in and ASK THEM what they think of this lobby fiasco. It's what will be in store for you. Obviously these guys make the sale (at any price when the building is almost fully sold) and then just walk away and get on to the next project.

Hi,
Does anyone know why nothing is selling in this building even though its almost near completion?

I walked by it today and I doubt you'll get a summer move in date. The exterior besides the fasteners now have metal narrow slides attached to the fasteners. You can't tell what is going on the outside. The inside looks dark.

Is this a candidate for an Auction this Spring?

nysearcher
I would look at the price, then look at the location, then look back at the price, then I think it should be clear.

I don't think the exterior will be any heavy material, i.e. stone, brick, etc... The fasteners are too light looking. Maybe some metallic attachment over an otherwise solid facade.

FWIW, they are finally showing one unit (9B) in contract as of today (Dec 8). I guess it's some kind of milestone, but I'm cautious about believing any information coming from a new dev sales office. When somebody closes and we see a price, this will be worth paying more attention to.

Why is this building still breathing? Prospective purchasers only have to look up or down 2nd Avenue to see the initial ohases of the Manhattan Dig for the subway.

This is a good comparison....have you seen the AZURE?

Has anyone been by the bldg recently?

Still not done but they will some day have a fancy italian restaurant downstairs so is definitely worth the wait and price.

really? alloro is already there...another one is opening in retail space??

Still just 2 in Contract?

I have been to the building - I went to the open house this weekend. It was very busy. I had to wait for awhile. These will sell as the Alchemy group just dropped the prices and they are negotiable it appears based on my conversations. The prices are finally within reason. Much to my surpise based on the comments above, the windows were really nice and the apartments were quiet. The saleswoman said they were Wasau windows made in the midwest somewhere. Does anyone know about if the developer is paying for closing costs? Every bit helps...

in this economic/re environment, most developers will contribute substantially to their share of closing cost which typically in new construction you would have that burden. The selling agent will never admit that, but you or your broker should always put it in the offer.

Thanks movinup1 - your comments appear to be true.

Hi,
Many outlandish comments have been made on this website by five "people". Just to set the record straight, now that we have the TCO, sales are moving right along as we have another 8 contracts out. Just like our 20 + residential buildings that we have completed and sold out over the last 20 years or more (in all types of markets), we will sell out the Isis Condominium as well.

We find it very curious that the names "REFAN", "NYCRE18", "REEALESTATEGUY5170", "FALCOGOLD1" and "KEITHW" were only set up to bash the ISIS and promote a rival development on the Upper East Side so it appears.

If you don't believe us, Google the names and Streeteasy.

Alchemy Properties values its clients, buildings, and reputation and does not have to build itself up by tearing down the work of others. Yes it is true: not all developers are equal. If you are truly a buyer in this market, do your homework on the developer! It is much more important than the amenity package and should be almost important as the location.

Alchemy Properties Inc.

Hi....when are closings beginning?

Why are there two units listed for rent with Citihabitats?

sponsor renting units?

The Isis Condominium is declared effective and closings are starting this month! Since the building was completed there has been a tremendous increase in activity and we hope to be 30% - 35% sold by Thanksgiving.

how many units are you renting?

Do you have any 3bed/bath that are about 1800-1900 square feet?

We are not renting any units.

First closing, #5B. Small discount to the current (twice reduced) ask. $1,077 per claimed sf.

http://streeteasy.com/nyc/sale/367435-condo-303-east-77th-street-upper-east-side-new-york
11/25/2008 Listed by Alchemy Properties at $2,095,000.
06/23/2009 Price decreased by 8% to $1,925,000.
05/20/2010 Price decreased by 13% to $1,674,750.
06/17/2010 Listing entered contract.
11/16/2010 Listing sold.
11/16/2010 Sale recorded for $1,550,000.

advice to buyer(5B): Pack light, less is more (wait, this they already know).

What is happening at the Isis?
Looks like sales have stalled out.
Still about 36% sold in a hot market.
What is the problem?
The building or Second Avenue?

its a hot market ?

Isis is putting units into contract again after a hiatus of 6 months since the last closing, so it seems timely to take a look at the story to date.

They closed 8 units (a quarter of the building) within about 6 weeks from the first closing in Nov 2010. I assume that these were the buyers they had ready to close when they first got the CofO for the building. Average closing price was a 3.4% discount to the last ask.

They then closed 9 units (call it another quarter) in the 8 months through Sept 2011, and none since. Average closing price was a 9.6% discount to the last ask. Note that discount to last ask is a fuzzy concept here, as the asks on most units were changed multiple times, mostly down but sometimes up, between 2008 and 2011. Still, -9.6% indicates more negotiating power for the more recent buyers.

With 6 months having passed without a closing, marketing certainly looked stalled until a few units moved to 'in contract' status in Nov, Jan and most recently today (March 2). I wonder a bit about a November contract on a condo that hasn't closed yet, but I'll give the developer the benefit of the doubt for the moment and assume that this will eventually close.

When these recent contracts do close, it will be very interesting to see what price it took to get the marginal buyer off the sidelines. In 2010, they pretty clearly ran out of buyers at prices in the high single digits to low double digits off ask, so presumably it takes a bit more price concession to get the next group of apartments in contract. At some point they will also close enough that we can see some same line comps - initial batch vs. 2011 discounts vs. 2012 discounts will be an interesting series.

Most of the blue prints have been obscured. This appears purposeful and with premeditation. What is Alchemy afraid of? It's lame and inconsistent with current ternds toward transparency. I will guess that viewing the floor plans alone juxtaposed to price is enough to turn off any prospective buyer. Better to lure them in and close the deal with the hopes that the smell of fresh baked cookies can counteract the feeling of clostaphobia.
The warm safe feeling of eating cookies in a closet.

Claustrophobia...

Anyone know whats going on with the retail space in the building?

Side note...maybe Alchemy should change its name. The medieval magic of changing base metals into gold doesnt really mix well with the idea of making a sound investment.

FWIW...if you go to the Isis website the floor plans are unobscured.

http://www.isiscondo.com/

It never was obscured. Have you tried clicking the link where it says FLOORPLAN?

I just randomly checked on 16A and found that plan unreadable.
Thank you NordbergCorp for heads up. Does not explain what happens when you click the link that says Floorplan.
I think they are banking on that cookie smell.

I think you have to update your Adobe reader.
16A works fine for me.