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Discussion about the L Haus in Long Island City
I was wondering if anyone has checked out the L Haus Condos in Long Island City and what your thoughts are about it. I recently went to an open house and it looks almost complete. The interiors looked nice but wanted to see what other people thought about it as well.
I haven't checked it out, though recall there being a gripe by labor unions over construction. The union campaign had the inflatable rat and fliers passed out as a sort of "stop the ugliness" campaign. The website on the fliers was UgliestBuildingInQueens.com.
The location there is the worst in the Hunter's Point area, IMO. Maybe second to One Hunter's Point ( south facing units ) due to the train noise.
ps - it is pretty ugly.
I have never seen that website before but it is actually quite entertaining. Someone obviously feels strongly about the look of the building to dedicate an entire website on it.
The unions have a vested interest in ensuring the flow of future contracts to themselves. If they had been awarded that job, I'm sure it would look exactly the same (per the architectural concept) though have their stamp of approval. Quality of construction may have been different.
I went there a few months ago, individual units were not yet ready to be viewed. The building seems nice (from the inside, I have to admit I find the outside kind of ugly too), and the prices are very reasonable, but the location is really awful, I had trouble imagining crossing that intersection every day.
I went to a few open houses in LIC a couple weeks ago and thought the L Haus had one of the best interiors. I was able to go into individual units and both 1 bedrooms and 2 bedrooms were really nicely done. I feel like the lighter finishes make the space feel modern and open. I actually got to the building by going under the underpass and used the intersection when I was leaving. It didn't really bother me but it would be nice if there was just one big crosswalk from one side to the other.
We went there, the location is really awful, the building on the outside is god awful fugly. But the apartments are really very nice. Lots of closet space, good layouts, appeared to be quality construction. The windows are triple paned so its very quiet. Apartments to the back looks into industrial garbage waste land of queens. On the other side the apartments look into 1 hunters point- like right into 1 hunters point. And the other side looks onto newtown creek and the mid town tunnel. Did I mention the location is complete shite? It is really nice apartments though. The problem we had was the building was only 15% sold so no financing for us. You can go through their banks though. But hat a stupid, stupid, stupid place to put a building.
mc connors; i went there a few weeks ago. the bldg itself is nicer than i excepted. but, the location is really no good. i think the air quality must be really poor in all of LIC because of the tunnel. i think buying in a new occupied bldg would be a safe bet.
My wife and I were in contract to buy one of the units in Hunter's View, which is the building that is right next to L Haus. We ended up not buying the apartment because of serious construction issues with HV. I must say that looking at the L Haus every day would have made me vomit.
People considering L Haus really needs to get their head examined. There is nothing good that can be said about that development. Poor location. Ugly building. Poor interior. The building will go rental in the near future.
L george: you just an asshole.
With only 15% sold, I think you will definitely get rental listings for L Haus in the near future. Really, this building has possibly the WORST location in the Hunter's Point neighborhood. With so many other developments struggling to find buyers, how are they going to sell these units? How about trying to resell one of these units someday? Tough competition from many decent buildings in Hunter's Point with much better locations.
You know, being right next to the Pulaski entrance AND overlooking a chronically congested tunnel entrance isn't my idea of a decent living. I got almost killed trying to cross the CRAAAAAAZY intersection right in front of the bldg.--and I had the right of the way.
The bldg./grounds, though, are interesting and VERY well done.
what about the crack whores who will working the area....?
why will there be crack whores working the area?
...because it's called a sense of humor???
In my pinion, the area is too trashy and chaotic, even for crack ho's to get their work done efficienty.
Went to see the place a few times actually. Units are nice but location like so many have said is really awful and the views are even worse. The 1 BRs face the Pulaski or the "garden" - again if you are on a low floor the views are atrocious. On a higher floor you may get a decent view.
MWADE: I also checked out the HV units - you mentioned "serious construction issues with HV" - what were the issues? I almost bought a unit, got pre-approved but my bank said with only 30% sold, no way. Of course you could go through "their private banker" which also happened to be my Mortgage bank (who said NO).
Because back in the day they were working Purves St and beyond anf they are still around......
CTM : The issues we had with our unit ( that we went into contract on in pre-construction ) was that the floors and ceilings were visibly and substantially uneven. We had to bring in a professional independent inspector to fill out reports. They tried fixing 4 times but never brought it up to the standard for poured concrete floors ( underneath the hardwood floor ). By the builder's own admission, the concrete floors were not poured even to begin with. While no floor is completely even, these were way off the mark. After four attempts they got the floors closer, but never completely up to the national standard ( same as local code ). We retained a litigator through this process, but ultimately decided not to proceed with litigation. We were right, but it would have taken too much money, and in the end one never knows how a judge is going to rule. We walked from our contract, and ended up with a bigger, better constructed unit in a financially sound building in a better location in LIC for less money. The level on construction in general was very disappointing to my wife and I upon seeing the finished product at HV. After we walked, we saw 6 other buildings in Hunter's Point, and HV was the lowest quality by comparison.
Did you try to get a mortgage from their private banker AKA Wells Fargo, or have they stopped writing paper for them as well? With 30% sold, I would be concerned about the developer. Remember, Simone Development has never built a residential building before, and one has wonder how well capitalized they are to carry the unsold units between BOTH buildings they are currently selling. That number would be in the area of at least 100 units total.
mwade: where abouts did you end up buying?
I didn't try with their private banker at Wells. I do have a pre-approval sitting on my desk from Wells though. I did find it funny that after I told the broker Wells said No to the mortgage, he started calling his friend AKA mr private banker at Wells to "sort it" out for me. I told them to call me when HV actually gets above 55% in sales and that I'll deal with MY mortgage broker.
CTM: We bought in 5SL. By far the best building in LIC - best finishes, best location, best common areas, best financials. We got a very good deal on a great 2 bd/ 2 bth. Close on thursday. Only 5 apartments left for the sponsor to sell, so almost 100% sold. Leaving HV was the best decision we could have made.
I know for a fact that other units in HV had similar issues that ours had. If you do decide to buy there, BRING A PROFESSIONAL INSPECTOR and make sure he measures for the deviation in the floors. Having a good lawyer is also a very good idea. I seriously doubt they are going to hit the 55% sales mark anytime soon, maybe never. Again, the sponsor is carrying probably about 100 units between both buildings. Added to that, One Hunter's Point has gone very public with their noise problems they are having with the rail yard next door. Think those units are going anywhere anytime soon? Think the remaining 50 units in HV are going anytime sold being only 30% sold? Can you say potential to fail?
pls..update your knowledge before posting wrong info. Sales have been up at both buildings. HV at 50% and OHP at 70%. It may not be 100% but seems like it's doing ok in this market.
says who....I was involved in this project from Sept 07, and the numbers the brokers told the public were ALWAYS higher than the numbers they told me. First hand knowledge - HV 20 apartments closed as of mid May. Are you saying they sold 16 units since then?
Maybe they have sold more units in OHP but really - the problem with the trains have been well documented by numerous newspapers. Who in their right mind would live there? It's the owners who went public. They have gone on the record complaining about noise at 3am, etc. On top of that, I was getting all of the emails for the private google group, and yes, it is a problem for those who face the train yard - half the building.
Also, for anyone who thinks I am unjustly bashing the building, I would be happy to provide a copy of the inspection reports that clearly documents major construction defects throughout the unit.
mwade: thanks for the info. I do agree that 5SL looked great to me. Do you have a good view of Manhattan? Not sure how this site works but I'd be interested in seeing the inspection reports for HP if you could email. It's a shame about the building because I though it looked good but was put off by several other factors.
I also thought it was quite arrogant of them to try to sell the rooftop cabanas at $50k and parking for $70k! A few of the tenants I spoke to there (2 of them) said they had the entire floor to themselves and the management were being jerks about certain things.
I checked the numbers with the broker today and was told they are at the 40% mark for sales + out to contract - definitely still not 50%.
Re OHP - the noise factor is definitely something they down play. The Murano next door will be building some kind of "buffering" wall to keep their tenants happy and shielded from the noise. With that going up, not sure why anyone would consider OHP anymore.
But what about the crack whores?
mwade..i'm sorry to hear your unit wasn't leveled properly. I had my unit inspected and it had no construction issues. As for the numbers I gave you, it was inside information i received at the private
roof deck party this weekend.
ctm..which broker did you check with?
hsy - so, you have bought a place at HV? Which floor if I may ask?
If you want to start a discussion about HV and OHP please do so in a different post. I am interested in L Haus which is why I started this post. Thanks
"thanks for the info. I do agree that 5SL looked great to me. Do you have a good view of Manhattan?"
5SL is one of the best buildings in all of LIC but 'Manhattan Views'? I believe only 5% of all their units have partial views of Manhattan.
Not sure about construction issue in Hunter point condo & view, but the last time i was there it looked okay to me.
"If you want to start a discussion about HV and OHP please do so in a different post. I am interested in L Haus which is why I started this post."
Never been there, but i heard the interiors are very nice from a bunch of people. It's the exterior and location that most people have a problem with. If those problem isn't an issue for you, then you might be able to get a bargain on some of their units.
hsy - I believe you. I just don't believe the sales team. I got different answers from different people for a year and a half. They always 'round up' to create confidence for owners and buzz for buyers. When you deal with the banks, then you deal with hard numbers. Those are the numbers I believe. Upcoming amendments will show the real numbers as well. I don't want the buildings to fail. I don't want bad things to happen to the folks who live there. I waited almost 24hrs. overnight on line at the sales office with a lot of nice people who I was looking forward to sharing the neighborhood with. I hope that you hsy are happy in your new home. I am just talking facts - OHP has very public noise issues that are not going away anytime soon.
HV has construction issues. My inspector's professional opinion was that the problems I was having from stem from the fact that the concrete slab that forms the entire 4th floor was poured way off level. This was due to an improperly built wooden frame that the concrete was initially poured into. When confronted by this, Paul Meshonek, the on-site builder who did our first walk through, grudgingly agreed with the inspector. This means the issues we had were happening to a greater or lesser degree throughout the entire floor. Also, due to the problems with the ceiling ( same issue ) most likely a similar scenario on the 5th. I personally witnessed this same problem to an alarming degree in unit 3B when I went for a tour there. So I can say that at least 3 floors were exhibiting this issue. That doesn't mean every unit in the building faulty. Maybe some of the units on floors 3-5 weren't affected as much as mine was. I was looking forward to living at HV for a year and a half and we were disappointed that it didn't work out. Again, if you live there, I hope things work out. They didn't for me.
CTM : email me at firstname.lastname@example.org and I'll send you the reports. Knowledge is power. Read and make up your own mind.
ericho75 : There are a number of units in 5SL that have great views of the city, mostly the units facing north. I am happy to report we are one of them
"There are a number of units in 5SL that have great views of the city, mostly the units facing north."
Are you sure? There are 2 5SL buildings. The North facing building on 48th ave is facing the court yard. The 2nd Building which i'm assuming you are in only have 2 units with balcony. The other units below (floors 1 to 4) is facing the building across the street. You will have to stand in front of the window and look to the left in order to get a partial view of Manhattan. I can't see how there are a number of units in 5SL with great views.
We are in the main building on 48th ave. The building has views from the 6th, 7th, and 8th floors (north facing units). Not all units perhaps - I didn't go in each one and check. We have a 7th floor unit with a view of Manhattan to the left, the river, and the 59th street bridge. I also saw a 6th floor unit with an even better view. None of them are full on views of Manhattan as the View would have, but all in all they are quite spectacular.
Can't believe people actually would want to pay to live at L Haus. This has to be the worst building in LIC. There is no saving this building at any price.
What makes it the worst building in LIC besides location and the ugly exterior? Anything we haven't already heard to add?
koa - have you looked at other buildings in the neighborhood? The more you have seen, the more you can compare.
I think that the location and exterior are exactly the point. That's what makes it so undesirable for so many. Everyone has their different checklist of things they want and don't want in a new home. For some it's the view, for others proximity to transportation, etc. Location is a big one for many folks out there. I personally find the location pretty awful. Just this weekend I walked around the building to see how it is coming. I have a hard time thinking that anyone would want to sit in that yard across the street from the entrance to the Midtown Tunnel. And that yard is supposedly a big selling point to the building. Some of the floors would have a nice view, but many would look out on the aforementioned tunnel and sewage treatment plant across the river. Hey, if this doesn't bother you, go for it. Even if the interiors are great, it's still the worst location. There are too many other buildings in Hunters Point that are better choices on location alone. Oh, and 15% sold is not too appealing either. That in itself is a potential disaster.
mwade - yes, I have seen the other buildings and I think some are nice and some are horrible. The reason I asked what else is because I wanted to know if there was anything besides what has already been mentioned previously. Any issues with the structure/construction that anyone has seen or heard?
I'm a fan of LHaus.
Yes, the location is horrible, but the layout and price of the units are probably the best in all of LIC. Not everyone stares out their window. If you simply take note of how often you look out the window, you'll notice that 99.9% of your time are spend beside standing in front of the window. Manhattan apartments are also not known for it's view. If you can pick something up in the high 400 psf, i don't see why not.
I don't know of any issues specifically with the construction. That's the kind of thing that doesn't usually make itself apparent until people start living there, unless it's something really bad. I haven't been inside, but most folks seem to like the inside. I think the biggest danger is the lack of sales. At 15%, the developer hasn't come close to breaking even on the construction costs. Unless they payed cash for the land, materials and labor ( very unlikely ), then they still have a loan to pay back to the bank. If a developer defaults on the loan, all kinds of bad things can happen to the unit owners in the building which have all been mentioned on this site before. For me, that's the 1 issue - not whether you like to stare out your windows (?) or like/don't like green vinyl siding.
koa - curious what other buidings you saw and what their + & - 's were in relation to L Haus. Thanks.
I saw many buildings in LIC. I actually started with L-Haus and thought the "ugly" exterior coul dbe kinda cool and be overlooked by the great interior spaces. I saw several units there and walked away disappointed - at least in the 1 BR (+HO). The 2 BRs are better. But as mwade pointed out, at 15% sales and the developer in financial difficulties, the problems are greater than just the views.
After L-Haus, I looked HP, OHP, 10-50, 10-63, 5SL, View59, CityEast, The Vere, Arris.... all had pluses and minuses. I preferred the ones closer to Vernon Jackson subway. Sadly most of those buildings are far far below in sales % that a bank will lend to or have other issues. The ones that were more "solid" are too big or out of my price range.
mwade - I have checked out HV, OHP, Powerhouse, Foundry, 5SL, Ten63 and Vere.
HV & OHP - Both seemed nice in terms of interiors but the noise at OHP was a negative for me. I prefer HV over OHP as there are less units and you don't have to deal with the noise. Its to bad there are construction issues there but its good to know from your experience that those issues exist.
Powerhouse - I felt some of the interior finishes were cheap. Doors were not solid and some of the wood finishes were chipped and seemed to not be solid wood. Just doesn't seem worth the price.
Foundry - I actually liked it but the interiors isn't really my first choice in comparison to some of the others.
5SL - Very nice but can't afford it unfortunately.
Ten63 - I actually didn't mind it, but some of the layouts were strange, was told not all of the units come with a w/d and didn't have very large closets at least not in the units I saw.
Vere - I didn't like the location and wasn't fond of the dark lacquer striped cabinets ... also prefer to be closer to vernon-jackson.
All of the buildings I saw had pros and cons, obviously including the L Haus. I haven't completely decided which one I like the most with all the pros and cons but I do like the L Haus interiors the best. I agree the 15% is a concern so it should be interesting to see what ends up happening to it. I saw a lot of posts about all the other developments and thought L Haus would be a good one to talk about as well. I would like to see View59 but the fact that Rockrose does not list their prices tells me that they must be pretty high. Where is CityEast? I'd like to see the new one's that haven't started selling yet (Solarium, 10-17 Jackson and Murano).
Joan11109 - I agree about the view...unless i'm in a penthouse (which will not be the case for some time unfortunately) I'm not that picky.
Koa - Are you looking one bd or two?
Might I suggest looking at 10-50 Jackson? They have 8 apartments listed, 1 and 2 bdrooms. We looked there and were interested in one of the 2 bds. The prices are good and the sponsor is definitely looking to sell. It would be worth it to make an offer even if the asking prices are higher than what you were considering. Nice location and finishes, building mostly sold.
Also, Casa Viscaya is a decent building. Currently they have pulled their remaining four apartments, but I'm sure if you called they would show them to you. Also seemed flexible on the price and due to the 'virtual doorman', the common charges are much lower then similar buildings. Also mostly sold.
5Sl has a few one bds for sale that are resales. They are asking way too much, but they may come down when reality sets in and you won't have to pay a whopping closing cost bill at sale.
I agree with your comments about 10-63. Weird angles that wasted space and no closets in the one we saw. We didn't even go see the Powerhouse due to the comments about noise between units and the low sales numbers. Foundry had some questionable quality of construction IMO. The View is asking an insane amount of money and also hasn't sold very much. I would be interested in how the Solarium finishes up as it is a good location. That one will probably open for sales before the others as it is the farthest along in construction. Interesting what the prices there will be.
I never understand why folks are so crazy about finishes (these thing can be negotiated).
The 2 best buildings are 5SL and PH for the price.
The View (east coast) is too expensive and have horrible layouts.
Lhaus has location problems..same with OHV/OHP.
Foundry is located next to the midtown tunnel air filtration plant.
VERE is in LIC but not in hunter's point (by the water).
10-63 looks nice but interior layout is very odd.
10-50 Jackson's have a higher psf with substantially smaller layout.
mwade - I thought about 10-50 but haven't gotten a chance to go over there yet. I didn't like what I saw on the website for Casa Viscaya but maybe it's better in person so I'll check it out. I think the Solarium will be quite expensive, but I guess we'll have to see what happens with it. It's great to see the neighborhood grow but its unfortunate that all these new developments will have such a hard time selling.
"It's great to see the neighborhood grow but its unfortunate that all these new developments will have such a hard time selling."
The better buildings are moving. Despite the tough economic times, 5SL is almost sold out which leaves PH as the only affordable condo 1 block by the water. If you don't like the finishes, tell them to change it. What's the big deal? How much is it going to cost them? 2-5K??? They are currently above 50% sold and in contract. They just added Citibank as a prefer lender along with Wells Fargo and 2 other private lenders. Don't believe everything you read here. I've lived in the neighborhood for 7 years and looked at every development probably a good 3-6 times and i can tell you straight up, PH and 5SL are the best available units.
mwade, any more insight on The View? When did you go see it and what was the $/sqft at the time?
I'm currently renting in Hunter's Point but am considering buying and, at least from what I've seen online, The View has the best waterfront location and interiors.
All the buildings in LIC have their positives and negatives. Which building is right for you depends on which things are important to you and which aren't, and your budget. The View will always be significantly more expensive than the other buildings because of its location.
"The View has the best waterfront location and interiors."
Have you seen some of their layouts? The master bedroom is the size of my bathroom.
Erico, I personally think some of the 2-bdrm layouts at the View look great; the master bedroom seems to be around 12'x13', which is similar to what I have now. For me, the location and interiors are the most important aspects.
LICC, I agree with your assessment that "The View will always be significantly more expensive than the other buildings because of its location." However, from what I've read, the building is seriously undersold at the moment, so I'm hoping prices may be down to reflect that.
ericho, PH has some wacky layouts too.
kcw, I think prices at the View are down, but they are down pretty much everywhere. I don't think Rockrose has the same financing issues as other buildings, because The View is on the NYS Queens West land, and Rockrose got a great deal on the property. They probably can afford to wait things out longer than others. And who knows what the outlook will be once the brothers split the company. This is mainly speculation on my part, but it seems like Rockrose is willing to wait things rather that slash prices drastically.
Erichro75, you have no shame. You're an owner in the Powerhouse that's at least 30% underwater and have been pumping the PH board with lies and false information for months. Now you're coming to other buildings thread to pump the Powerhouse and talk down other buildings in LIC.
Shame shame shame!!
LICC, thanks for your reply. It seems like a lot of what's out there currently regarding The View is speculation, and there isn't a lot of actual information; unlike many/most other LIC developments, there are no listings on StreetEasy. Nestseekers seems to have a few listings, but the details are lacking and the prices still seem high (850+/sqft).
I remember reading somewhere that someone had an offer accepted for $699/sqft.. I wonder if that range is still realistic.
It seems pretty obvious that Rockrose is being very secretive about the building; I wonder if they are having people sign NDAs or something similar after they see units?
Shame on what? Why are you following me like i'm your sugar daddy.
Have a look at Acris and you'll see that PH have about 25% of the owners in PH paid more than 620 dollar psf. Have you seen 5SL? The average price paid for ALL their units are 850 psf!!!!
"the PH board with lies and false information for months. "
Show me lies and false info.
You don't even live in LIC let alone in the building.
ericho - when I mean finishes, I mean kitchens, bathrooms, flooring, etc. No developer is going to redo anything like that to your taste. A total bathroom renovation is $10K, kitchens are more. If the finishes ( and general level of construction ) aren't to your liking, no way you are going to buy. Ever try to renovate an apartment? It's not fun, trust me. Besides, the whole point of buying something brand new is to avoid renovations and repairs.
kcw - I know not much more than you do about the View. I never went to look at the units for a few reasons. One, the price. 2 bdrooms START at $975 as per the website. Even if you got 25% off ( which I have no idea that they would do ), you are still talking a lot of money for a small 2 bdroom. Insane. Second, all the amenities are in the building across the street in the rental building. No gym in the building, no parking. For that price, I want a gym in the building that I don't share with renters. Third, no real sales to speak of. And fourth, like you said, who knows the future of the company with the split coming.
I seriously doubt they are asking people to sign NDAs just to look at apartments. Who would agree to sign one just to be able to look?
I would avoid 5SL at all cost.
85% of buyers are underwater. If there is one building that can implode, it's 5SL.
Most likely a large number of buyers at 5SL would sell for a loss if they sold today. That's true of many buildings in LIC or any building that sold at the height of the market. That would include many buyers at the The Foundry, Powerhouse, 10-63, etc. The building could implode if a high percentage of unit owners lost their jobs and could not pay their maintenance, pushing the costs on to the other owners. Currently, 5SL is running at a profit, and there will be no maintenance increase for the second year of operation. This is very rare. Also, the reserve fund shows over $4000 per apartment. This is usually considered a benchmark of a very healthy building.
It is more likely a building will fail if a high number of units are owned by the developer. This means the builder didn't sell many units and may not have recovered his costs form the construction. The builder also may run out of money carrying a high number of units and their operating costs - maintenance and taxes. A developer defaulting on his construction loan to a bank sets in place a scenario that forces a relatively small number of owners to pick up the slack for the defunct developer, leading to sky high monthly payments to maintain services in the building. Once the bank takes over, they then usually sell the remaining units at .50 on the dollar. In the meantime, increased monthly payments can cause owners in the building to run out of money themselves. Since the building is in distress, no one will buy from them. People in this case have to walk away from their home. It's a sad outcome.
As long as the building is mostly sold off, and the majority of owners aren't faced with bankruptcy, then everything will be fine. If someone who overpaid has to sell and takes a loss, that's life. Will it lower other unit values? Of course it will. Assuming most people could afford the unit in the first place and don't have to sell, then there's not much to worry about. There are a number of people in many buildings in LIC that will have to wait a long time to break even on a sale of their apartment. I close on a unit at 5SL tomorrow and I think that there are a number if folks who overpaid in that building. It's a great building, but the peak prices aren't coming back anytime soon. So some people will have to wait to break even. Some may even loose money if the sell short-medium term. The world won't end and the building won't implode as you say. Property values will go down, that's all. They probably will and should short term to get the market back to a more sustainable place.
Well said mwade. 5SL is probably one of the most stable condo buildings in LIC for the simple reason that they are mostly owner occupied. L Hause, Powerhouse and Foundry all have less than 50% sold, some worse than others. Most developers will not show you their finances, therefore anyone buying into those buildings are taking a pretty big risk.
Thank you LGeorge.
Stay away from powerhouse, there is going to be 20 years of construction after which you will be staring directly into someone's affordable housing apartment. Search for Hunters Point South.
The noise problem at One Hunters point is a very big problem. LIRR trains idle 40 feet from the building. It literally sounds like an airplane in your apartment. The north side is quiet and has a beautiful view of the town of hunters point that will stay.
Besides the location at LHAUS and the ugly exterior it still appears to be a good deal if the construction is as good as it appears to be. Note Hunters Point South will affect LHAUS's good views as well. You will see river from the top floors but its not going to stay.
Joan11109 "If you can pick something up in the high 400 psf, i don't see why not". Is that figure an estimate? I've been trying to find recorded sales in LHaus and haven't been successful. Anyone have additional information?
Someone mentioned the developer is in financial trouble? I understand they can very well be, but is there anything substantial to support that case? Please elaborate. Thanks!
I don't think there have been any closings so there are no recorded sales to see yet.
I have not heard the developer is in financial trouble, but it would be interesting to know if that is true.
Hmm that would explain why there are no recorded sales. Any word as to certificate of occupancy?
The website says Fall 2009. When I was at the open house the broker mentioned mid-september but of course we will see if that actually happens.
So they are not looking to sell these units.
they were supposed to be "ready" back in mid-august.....
recap - Not sure what you mean. I'm sure they are looking to sell as many units as they can.
CTM - Seems to be the plight of most of the new developments at the moment
Broker said TCO was this week, he sounded sure. Doubt it actually happened.
They received TCO Sept. 2, 2009 according to the broker I spoke to. I think the Fall 2009 on their website is for actual occupancy.
KOA who are you working with?
I called them yesterday to see about the TCO because I had heard they should be getting it this week as well. The broker told me they got it on the 2nd.
I don't work with anyone. I'm interested in possibly purchasing there so I've been keeping up with what's been going on there.
koa Any update on additional units with contract out? At the open house they spoke of how Lhaus was gaining traction, but I'm not seeing this activity.
No, I only know of what is on streeteasy and Elliman's website.
Anyone here signed a contract or have an accepted offer that isn't listed on streeteasy? At these open houses they keep saying "10% sold", but according to my calculations its 5.7%.
They must be including people who have accepted offers but are still in contract negotiations. That can take some time.
I signed a couple of weeks ago
I agree, they are probably including people who are still in contract negotiations or they just haven't posted them yet.
Hey S04 1,2 or 3 bdrm? If you don't mind saying at what discount?
1BR. Cant say the discount, but will say they were very reasonable and certainly willing to play ball.
I guess they just didn't want to play ball with me...
sorry to hear that
Recap - What was the discount you were asking for, if don't mind me asking?
I submitted 450/sqft and was willing to work to 500/sqft but no dice.
What size apt?
It's to bad they weren't willing to work with you. I guess they aren't ready to go that low yet. I wonder if they will have to eventually
I have no doubt they will have to. Even with this rush of sales for the tax credit Lhaus is still struggling to sell. New York City prices have yet to be fully adjusted for. Combine that with the huge drop in sales after the tax credit they will have to meet those levels.
working off pure sticker price, 500 is still light for an LIC 1BR in a building like that. they roped themselves into that buyer protection program which puts a limit on their sticker negotiability. but there's more than one way to skin a pig...as they say.
I agree. The buyer protection program probably was the biggest impact. As for 500 may seem light when all the asking prices are 650+, but like I said before prices still need to be adjusted.