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We recently purchased an apartment in the Apex. Hoping to move in late April. Any updates on additonal financing institutions?
At time of purchase, we were given a few options. 1st was Capital One which offers a 5/1 Arm. 2nd we were offered Investors Savings Bank, which does have a 30 year fixed mortgage that they offer. Lastly, I was told just the other days by the sales agent - Frank, that there is a new bank called Guardhill, that has several options on a case by case basis. The info they gave me for Guardhill is Gregory Frank 516-776-0808. We applied with Investors Savings Bank, but hope that the FHA financing comes through as well, which will give me yet another option. Hope this helps!
Thanks. I too am waiting for the approval bc, when I spoke to the rep from Investors Savings, he mentioned they require a minimum of 25% down.
Yes, they do require a minimum of 25% down. But just think, it could be worse, like 50%. LOL. I only want to see what they are offering in regards to FHA, because I do know that the payment is much higher for FHA, if I'm understanding correctly what I have read about it. Some type of insurance or something you have to pay between .85% and 1% annually, which is broken down into monthly installments. But I'll see which option works best for us.
Tough common charges at the Apex.
How much off asking price? The common charges are harsh at Apex. When the tax abatement expires, it could be cheaper to rent...
For the 1000th time, and as mentioned on several other threads, the common charges have been reduced ... Significantly. Additionally, the sponsor is buying down the common charges by 25% for the first 5 years. Anyone who visits the sales office, will see that the common charges are much less (by at least 30%) than what is posted on the site. Apparently they are waiting for the Attorney General to approve the new Offering Plan, which we all know how long some things with this city can take. Uptowndude, quit hating. You hate on every thread of every building in Harlem. Do you even own in Harlem? Or own period?
The common charges are supposed to be going down 30% in the next two weeks, PLUS they're subsidizing an additional 25% for 5 years.
25% down from ISB was a bit of a surprise, but I was very happy with the rate, considering it's a non-conforming loan. The only thing I'm worried about is whether the building will really be able to close in the next 45 days or so, since my lock expires in 45-60 days :(
Schmoozie: I have a signed contract in the building. Over the weekend, we got the first two amendments to the offering plan in the mail. It included the raise in prices for the 2BR and 3BR units. But it did NOT include the common charge drop.
I heard through ISB today that the building is promising that amendment in the next two weeks. I do think it is going to happen, otherwise I think many of their 9 contracts are going to go away. But we'll see!
I am planning on locking in around the 1st week on March. In my experience with new construction, I expect they will start closing around the 1st or 2nd week of May. Hoping for earlier though.
What was the price increase for the 2 and 3 bedrooms?
NewHarlemRes: They will probably be in a position to start closings within 30 days if they want to. Whether they actually will or not, we'll see.
They added $40K per unit for all the 2BR and 3BR list prices, IIRC. That's all based on the demand for those units.
Common charges are going up across the board everywhere. Big increase in 5 years when the developer's deal runs out. It's a problem.
@Uptowndude: Do you even know what they will go up to? Or are you just speculating because you have nothing better to do?
Well, I think he's just saying the subsidy runs out. Fine, but that's the point where the owners are going to take over management anyway, so they'll be responsible for the budget. If we want to cut amenities to get the common charges down, we can.
I think the sinister implication is that the common charges are much higher than they should be, and we're just not seeing where we're getting screwed. Having thoroughly reviewed the budget, I can say that's just silly. They're going to end up a little higher than comps in the area, but for good reasons, such as the extra utilities rolled into the common charges, and a little bit extra because of the smaller number of units while still having a door man. But, it doesn't amount to much of a difference, and there's certainly nothing out of whack about it.
I agree that the monthly charges are a problem. Shmozy must work there.
Why do I have to work there because it gets annoying when people talk negatively about a building I purchased in? If it were fact based, I wouldn't have a problem, but its annoying when people who have probably never been to the building or any building in Harlem for that matter, have nothing positive to say. It's just negative, negative, negative. The common charges are not obscenely high, they were, but now they are much better. This thread was started by someone simply asking about financing. All of a sudden there's negative Nelly's going on and on about common charges. If you have a problem with the common charges still, go complain on the common charge thread. I'm simply trying to protect my investment with the facts.
I think the point was that the only reason that the common charges are now in line is because the developer is willing to pay 25% for 5 years as an incentive. The point is that in 5 years not only will you get a hit for the rise in prices over the next 5 years, but also will get hit with that 25% that the developer is paying.
So if I am paying $0.64 for my apartment in Harlem and you are paying somewhere within that range with the 25% being picked up, then your common charges seem high compared to everything in the neighborhood.
So uptown is merely pointing out that if they are $1.00 now and you only have to pay $0.75 because of the sponsor then you in 5 years will be paying $.25 psf more plus whatever other increases are around.
@Mikev, I agree that comparing Apex to other buildings Uptown, the common charges are higher. I just happen to think that the common charges are worth it with there being less than 50 units, the hotel (I actually consider this an amenity), and I will also save on a gym membership. Every little thing counts. It's just Uptowndude instead of explaining as you have, just says problem. Goes right for the negative, everything's a problem. But obviously not such a problem since 7 have sold.
Memory Lane circa 1978.....who remembers?
Did you know you could have a carrer in:
Heating and air conditioner repair?
Aren't you Jimmy Randlof of the Albert Merrill School
7 have sold but given the speed that other projects a bit lower down have sold that is rather slow. I hope that the CC officially get lowered so that maybe people will go into contract.
1978 NYC Commercial at bottom of link
I like the Apex very much. They did a good job with the apartments. The common charges are out of line for the area. Like MikeV said, knowing there was no way in hell he could sell any apartments at the original common charge rate, he is offering to pay for 25% for five years. That will not include a basic common charge increase. Schmoozie, they are going up all over the city. So in five years when that 25% incentive is done, you will be rocked with a major blow to your monthly expenses. Most new developments include gyms, full time doormen, children's playrooms, common outdoor space, etc. The Apex has many of those with the exception now of a full time doorman. Though most new developments don't have the very high common charges, for whatever reason, the Apex has. So it's definitely a problem.
What investment? The Apex won't generate an income for you, Schmoozie, and will consume part of your resources to live there. Personal residences are a consumption item. Expecting any long term capital gains over the rate of inflation is speculation.
Mikev: 9 have gone under contract, though two have not been updated on StreetEasy yet, so I'm told. This is all in the past 5 weeks or so, since they started talking about the changed common charges. That's not slow. In fact, it's fast enough that they decided to raise the price on the 2BR and 3BR units!
uptowndude: They are lowering the common charges about 30% AND additionally giving 25% back. Unsubsidized, the charges are still higher than other things in the area. This is primarily because of the extra utilities covered, and because of the smaller number of units in the building (which definitely adds a few a month to the numbers). But the numbers are reasonable for what you're getting. The budget is not exorbitant, and things like the gym are a shared expense with the hotel.
It also is reflected in the cheaper sales price. He used the full common charge in his analysis, and for a building with a common charge that was about half the amount (the Livmor), the adjustment for a similar 2BR unit was about $30K. That's great, but I'm paying a lot less than the price of a comparable unit in the Livmor, even less the $30K difference. Instead of about $570 per square foot at the Livmor, I'm paying about $80 per square foot less. And I have more space in a nicer building.
At the price I'm paying, the Apex is clearly a good deal, period. I do think the reason I am getting such a good deal is because they started with common charges that were too high. But that's fine with me.
BTW, shrimpys: if you buy a stock, it can go down instead of up, but it's still an INVESTMENT. Most investments are speculative. Even if you're investing your money by loaning it out at a fixed interest rate, there's always the risk of default. There's even some risk of default when you're buying bonds.
And, it's certainly easy and reasonable to own a property that generates an income for you. Even if you have a mortgage, it's often reasonable to make an income renting for more than the mortgage payment. And, real estate is generally (but not always) an appreciating asset. If you're paying under $500 a square foot in a neighborhood where the average price is about $600 a square foot, in a borough where the next cheapest (more expensive) neighborhood costs about $700 a square foot, and very little costs under $1000 per square foot, I think it's not unreasonable to expect that you'll make a little bit of money if you hold onto it for 5-10 years.
It all depends on the individual situation, but in general, if he's planning on staying in the Apex long enough, it's a much better thing to do with his money then throw it all away renting.
midtownwgeek a little confused here. You say you are paying much less psf. However I know based on my final price that i paid that my psf cost was around $630. When i look at a comparable 3br listing on streeteasy at apex it is $626 psf and you stated that they put in for an increase in price. I am not sure whether that is reflected on streeteasy or not. If it is not then the developer is most liekly raising to get back to where he is now if he gives a discount. So now we are back to the question of how much of a better deal Apex is.
No matter what you keep throwing out there about the difference in the amount of apartments, I have a full time doorman and you do not. Right there that probably more than covers your utilities that you say all are covered. So then we are once again left with your CC will automatically increase 25% in 5 years not including inflation adjustments.
SO while I hope you are happy with your purchase your math does not make any sense, unless the developer is giving major deals on price breaks which does not sound likely if he is raising prices.
And even if you got in early and got a great deal, if there are no more great deals the contracts will dry up. Just consider 2280 and how none of those apartments are going anywhere after all this time.
Mikev, I just saw on another thread where you state you purchased at The Livmor, the quality of finishes and build there, aren't that great (GE Profile Appliances? So 2005). I looked there, and even thought the finishes at 2280, Windows 123 and 88 Morningside were much nicer. I agree with Midtown, If I recall correctly, Apex opened sometime in October. I think 9 sales for the winter months, with January being one of the worst in history (as far as weather) is pretty good. I think they are on par to be sold out by the end of summer, seeing that the spring and summer are times when people are usually buying real estate. But everyone has their opinion, and Mikev if you are sooo happy with your purchase at Livmor, why are you on this site hemming and hawing over Apex? You should go have a love-fest on The Livmor's Streeteasy page?
MikeV, I still don't get the math either. Maybe I'm dense. I know the developer is giving a discount on the high common charges; he had no choice. They would never have sold at the common charges originally quoted. In five years you will get whacked with an assessment like increase in your monthlies and the utilities are no better than any of the other new developments in Harlem. And no full time doorman. It just didn't make sense to me despite how much I liked the apartments. And if something comes up and you have to sell with that increase looming, good luck.
Building doesn't need a full-time doorman. Unlike other buildings, You can enter and exit through the hotel lobby at your leisure. I've gone to the hotel for drinks in the evening several times, and there is always someone at the hotel front desk and 2 security guards posted in the lobby. I don't think security in a building can get much better than that. My guests will be able to meet me in the hotel lobby, I like that. The sales agent at Parc Standard told me they sold out in less than a year and they have no doorman at all, they use the virtual doorman system. I also toured other smaller buildings that only used the virtual doorman. I don't see why people try to make 4-12 such a big deal. I do however think the hours could be changed to say 12-8. But once we have our condo association formed, we can change that.
I was the second or third contract, and I signed in mid-Jan. So those 9 sales pretty much span less than two months, I believe. I certainly can't speak to the price of other units, just my own. But the median list price for the Apex is $619 per square foot (the price increases ARE reflected in streeteasy). The 2BR condos are listed at about $550 per square foot. The market analysis data says that the median sales price as a percentage of the list price right now is in the 92-96% range.
That says to me that it should be no problem to get a better deal than at the Livmor, for instance, where the median list price is a whopping $740 per square foot, and the recorded sales average around $600 a square foot. When you discount for the higher common charges, the apex is still a good deal, though as more people buy, the less of a good deal I expect it to be.
I'm not at all worried about the contracts drying up. So what? If they ask too much for the units, they won't sell. It won't hurt me if I want to get out as long as I don't ask too much for my unit. If they get tired of trying to wait out the market, they will lower the prices. Economics 101.
Mikev, I'm sorry that you bought high at $630 psf-- I'm sure you would have done a lot better financially had you been early to buy at the Apex :)
Mikev, here's some analysis for you. I'm going to compare against unit 5C in the Livmor, a 2BR 2BA which sold at $730K, or $568 per square foot. I'm 4 floors higher with a much better view-- my appraiser counted that for $12K worth of value (even though Livmor is pricing at 20K more for each floor), so let's say the adjusted sales price is $742K, or $577 per square foot. I am paying under $500... I won't say exactly how much, but let's just say $500 for the sake of analysis.
Let's assume the Livmor costs me .65 psf per month in 2011 dollars through eternity. Let's assume that Apex is $1.05 through eternity, and the sponsor subsidizes 25% for the first five years.
Assume that I'm buying 1,285 square feet in either building. That means I would have paid $642.5 at the Apex, so $99.5K less than at the Livmor.
My annual maintenance cost at the Livmor is $10,023.
My annual maintenance cost at the Apex is $12,143 for the first 5 years, and then $16,191 after that.
How long will it be until I have paid the same amount in to both places? The answer is that the Apex is cheaper for the first 19.5 years. If I sell within 2 decades, the Apex was cheaper, period.
Plus, if you're buying at the Apex and that allows you to borrow 100K less then at the Livmor, and assume you're borrowing at 5.1%, you'll save an additional $81,262 in interest that you wouldn't have paid (less maybe $20K in mortgage interest deductions).
At the inflated price Mikev paid, it will take it even longer for the Livmor to be a better deal. But if you're sure you're going to stay in the Livmor for 30 years, you might just break even, vs. the (much nicer) Apex.
can the hookers that use the hotel also use the gym?
can they use the laundry room and children's play areas?
@Wbottom, Are you asking for yourself? Or is this just a blanket question?
Why would hookers want to parlay in Harlem, when the rich John's and bankers are downtown? But since you must know, the residences are only accessible by a key swipe and separate elevators. And there are no laundry rooms or childrens play areas in the building, even the roof deck is only accessible by the people who buy.
The two of you are taking this way to personally.
But if you really want to keep playing the game I will. I do want to point out that i never said one of us overpaid or underpaid, all i stated was the common charge no matter which way you slice it makes no sense.
I honestly don't overly care about my view, although I can see straight down through central park to the tip of the empire state building. What i care about and it is factored in is that i can roll out of bed go out the side door on FDB and walk 30 feet to the b/c train, which comes very frequently in the morning. You could say it is not express, but it really does not make a huge time difference in my commute. Second I have not only central park 5 blocks down, but I have morningside park an avenue and a bit over.
When it snowed my 5 year old was able to go to morningside park with no issues and go sledding, that in itself is worth a price.
But either way you are off on some of your calcs as I am not paying over 5% in interest because while prices may be higher, interest rates were lower.
and you need to factor in the price appreciation on both, a 10% increase in price yields more money on the higher priced property to begin with.
Just remember I have always wished you well with your purchase, I am just saying that there are lots of factors that go into it and while you have mostly been decent in chatting here, schmoozie is a moron.
If you are truly happy with your purchase then stop trying to rationalize the price versus the common charges. As I have said I do not care what I paid as long as I am happy and getting the ammenities and convenience I want. If the express train and a view is more important to you that is fine. Mine was more the location of the parks and a train being right there.
But Mikev, you are now switching your position. Your whole rants have been about common charges being too high, common charges being a problem, and how contracts will dry up due to the common charges. Essentially you have been saying that Apex isn't a good deal ... no? Now you have done a 180 and are rambling about the b/c train, and sledding in Morningside Park. To put it simply, all Midtown is trying to show you with his math, is that when all is said and done, it's not the "Bad Deal" that some people on this thread (including you) are making it out to be. Even if you argue that Midtown's math is a little off, it still comes down to the fact that over time it all will basically equal out. Sure maybe The Livmor may come out a little bit ahead or vice versa, but it still doesn't add up to the big common charge bust that you and others are making it out to be. Funny how you think I'm taking things personally when you just resorted to name calling.
have never switched my story. He brought up the view, I brought up the corresponding offset. I have always said the common charges are high no matter which math you used, have never changed my view on that.
I still think it is high and i still feel that it will hurt the sales of Apex. And to me there is no equal out, you value the deal as a whole and decide what is best for you. Midtown decided that the Apex is the best deal for him, I decided on the Livmor.
At the end of the day you guys can claim you have better construction or higher end or whatever it is you want to call it, I will say that I enjoy having a FT doorman, etc, with a lower CC. You could tell me you have a great view, I will tell you I enjoy the two parks I have access to.
I don't think it's anything other than a personal decision, which was really my point. People keep talking about the common charges being "too high", no matter how many times people point out that it isn't actually an issue. I'll probably keep defending it, though, because people who are complaining about it aren't using logic, and I'm not a fan of people trying to sway opinion based on fear, uncertainty and doubt.
BUT, I didn't bring up the view as a perk of the Apex, I was just trying to compare the one unit I bought to the one unit I was using as a comp for the analysis. View always depends on the unit! On a personal level, I find the location of the Apex better. It's just as close to morningside park, but the express is much better than the local, and 125th is pretty excellent. And I'm going to appreciate being only one stop away from Jackie Robinson park, with the big public pool, etc. To each his own-- I certainly hope you're happy with your decision, Mikev!
@Midtowngeek, that is my main reason for defending Apex, it seems like people just hop on threads to sway peoples opinions or create fear in regards to a building or a neighborhood. This thread was started because NewHarlemRes asked us as buyers what financing options we are using. All of a sudden it turned into a circus. And its definitely not only this thread, because I have read threads on other buildings in Harlem and Brooklyn where people do the same thing. I am completely happy with my purchase, and I want more sales so I can move in already! Midtown, which bank are you using?
Schmoozie, I'm using ISB. I'm definitely looking forward to being neighbors!
Mikev: Going back to the analysis, I'm well below 5% myself, I was just using it as representative. At 4.5%, the extra $100K on the purchase price still has you paying an extra $70K in interest over 20 years. 3/4 of that, I'm still $52.5K in the hole at the Livmor in an apples-to-apples comparison.
And appreciation is hard to predict. Apex being cheaper psf, it's totally reasonable for it to appreciate faster. Who knows-- for instance, which building will be nicer/better maintained in 20 years? Let's just say, if they both appreciated 10% over 20 years though, the Livmor would end up being worth $10K more in a relative sense, so I'd only be $42.5K in the hole.
All. Thanks for all your feedback. Spoke with the guy from Guardhill. Still hoping for FHA approval for addtional options. Look forward to being neighbors. See you in the elevator in a few months.
All. Thank you for your feedback. Look forward to meeting you in a few months.
FYI, I went by today and got some more information. They currently have 10 units under contract, and over the weekend they've gotten two different offers on a single unit, so they should be 25% under contract very soon. They're pushing to get the TCO by March 1. And, they've filed the amendment for the common charges. It sounds like they're going to come in significantly lower for the unsubsidized common charge than the $1.05 psf they were talking about. But we'll wait and see.
Anyway, it sounds like they're about 2 weeks away from being ready to set closing dates. I'd expect we'll be meeting some of our neighbors by early April!
MidTownWGeek I have enjoyed reading your posts and updates.I am also a purchaser of a unit in the Apex and I am looking forward to moving into this wonderful building. I went ahead with the transaction with the understanding that they would get the common charges significantly reduced. Are you or do you think one should be concerned that the a.g. does not approve or for one reason or another they do not get the common charges reduced and as a result we are stuck paying the mich higher numbers?
Hey, magicman. Looking forward to being neighbors!
First, I'm not worried about getting stuck. When I signed my contract, my lawyer had them put an out in case they don't lower the common charges enough. They said they were going to write that into their standard contract... you are probably protected there.
Second, my understanding from my lawyer is that it would be unfathomable for the AG to deny the amendment.
Yes I have a similar stipulation that gives me an out too but I was wondering what happens if they are ready to initiate closings and the amendment has not been approved yet by the AG.
Well, after they give you notice of closing, you've got a 30 day window in which to close. They told me last weekend that they've already filed the amendment. So even if they gave you notice Monday, the amendment would almost certainly have worked its way through the AG's office.
If it hasn't gone through, yet they still feel that the common charges will be brought down, they'll probably delay the closings.
And if that doesn't happen, I'd say the group of us affected should coordinate on how to respond. If we all refuse to move forward as a group, we should have a lot of leverage.
I agree. We should tackle this as a group. The reduction in CC was made the apartment more appealing.
Any interest in starting this discussion in a less public forum? I'm happy to try and coordinate - I can set up a dummy mailbox, and those who are interested can send their apt # and e-mail and we can take it from there. I wouldn't mind getting to know some of my new neighbors if others are interested.
Shadow: good idea. I don't mind giving my email, it's already all over the Internet. I'm: john at list.org.
We're buying 9E.
@Shadow and @midtownwgeek I agree. Let's move this to a less public forum. Email addy: email@example.com
@shadow, @midtowngeek and @magicman, I'm buying 10E. E-mail is firstname.lastname@example.org. Thanks!
Midtownwgeek just curious as there were a few entries in blogs i read including harlembespoke today that Apex crossed 20% in contract. Have they officially reduced the common charges?
Mikev: They did hit 20% (9 units), and they claim that when contracts that are currently out are returned, they'll be at 25%. They've also got their TCO.
But one thing they haven't done is finalized the common charges. They claim the AG had some comments and asked them to modify and resubmit, but they claim that doesn't impact the charges. They are now claiming that the new common charges will be more than $.10 less than the $1.05 they were previously saying, and there's still an additional buy down being offered.
They claim the revised amendment should clear the AG in the next week, and at that point, they should be about ready to start scheduling closings. We'll see.
Good luck with that and I hope it works out. I honestly did not realize how much of a pain a new condo could be. Hopefully with the TCO in place you will be able to close sooner than later.
Thanks! I've heard much worse horror stories. Sometimes sponsors have every incentive to drag their feet for a very long time... even a year or more. I think we're likely to close in May, but we'll see.
I just got the ratified amendment (has cleared the Attorney General's office) that covers the reduction of Common Charges. They're now at $.755 per square foot with the 5-year subsidy. The unsubsidized rate is $.932 per square foot. That's very far down from the original price of $1.44 psf (which is still indicated in the listings).
They now have their TCO. They're about to declare the offering plan effective. Closings will probably start this month.
Glad they got that settled for you. Out of curiousity how were they able to lower the psf amount by 35%, unless they killed a ton of amenities? Did they kill off additional building staff? The curiousity is not a knock against APEX, but a common problem when Sponsors try to keep the CC low and then leave it to the owners to realize they need more staff and cause a rise in the CC to keep the building operating well.
Mikev: Originally the building was expecting to be ultra-high end, which you can still sense based on some of the finishes. They originally had full time valet parking and 24/7 staffed coverage. The main change is that there's only 12 hours of doorman coverage and no valet. But they've also moved from having a full-time super to an on-call one. There's a $30K budget for maintenance and repairs, a separate large budget for services and supplies, plus a retainer for the super, but he's not dedicated.
Wow, they were fast to lower the common charges on the open listings. I'm not too surprised!
I just looked on streetesy and they still present the apartments with the old common charges. Where did you see that the common charges reflect the new lower number?
The ones in contract haven't been updated, but the rest have. For instance, #11B is 1242 sf, and the common charges are listed as $945, which is .759 psf.
For those of you under contract (and assuming they provided the offering plan), do you know if they have any unreleased terrace units? The floorplans and in contract listings only reflect 3 units with outdoor space: 9D, 9F and 10B. Doesn't it seem as if there should be more than just 3 out of a total of 44 that have outdoor space?
There are only 8 units with outdoor space:
7F, 1BR, 1BA, 61sq ft terrace.
7G, 2BR, 2BA, 90 sq ft terrace.
9A, 1BR, 1BA, 25 sq ft terrace.
9B, 2BR, 2BA, 600 sq ft terrace.
9D 2BR, 2.5BA, 281 sq ft terrace.
9F, 3BR, 3BA, 559 sq ft terrace.
10B, 2BR, 2BA, 421 sq ft terrace.
10C, 3BR, 3.5BA, 147 sq ft terrace.
Note that I just got a final amendment to the offering plan before closings start (at the end of this month!). It bumps up the prices of all the 2BR units a LOT. They have had such demand for them since lowering the common charges, they sponsor is obviously feeling very bullish. So if you didn't get in early, it's no longer a great deal (some units were originally around $500psf, now it's more like $700psf).
The 1BRs have not gone up. From what I can tell, most of the people who are looking for 1BRs require FHA financing because they can't meet the down payment requirements for traditional financing. And, the building isn't FHA approved at this point. So if you happen to be in the market for a 1BR or a studio and can do 20% down, you may still be able to get a deal in the Apex.
I just read my last post and I should clarify-- I still think the 2BRs are a very good deal. The PPSF is still very competitive with the list prices of other buildings in the area, even though the Apex is a lot nicer. It's just that, as is often the case, those who got in early enough got not just a good deal, but a STEAL. And I think it's still possible to get a STEAL on the 1BR apartments.
Thanks MTWGeek - realize you folks who got in before the cc's went down got a really good deal and the rest of us will not be so lucky...however, the intel you've provided is invaluable so thanks for sharing! Have closed/moved in yet?
My pleasure! They're about to send out closing announcements, with closings starting at the end of the month. We're getting married in June, so we will close, but might not be ready to move in until the end of June.
I learned yesterday that they currently have 3 units in contract that have yet to make it to StreetEasy, and a few more that have contracts out. They've also got lots of interest -- multiple people are bidding on units, I think #12D in particular.
They don't think it'll be too long before they get up to 51%, at which point it should be a lot easier for people to get financing in the building, since that's when it becomes easy for them to get Fannie Mae approval.
Thats great news. I emailed KH this morning to see if she knew when the closing notices were going out. I have not heard back yet.
We got our notification for closing today-- currently scheduled for July 5.
Congrats on the upcoming nuptials and good luck with your closing!
Question for those under contract: how much are they charging for the storage units & how amenable have they been to throwing those in at a discount?
I suppose I am stating the obvious, but early on they seemed incentivized to include extras like parking and storage at a substantial discount or part of the overall deal. We purchased a parking spot and included it in the overall price without allocating a portion to parking vs. the condo purchase price. As was the case with many of the early purchasers I was pleased with the overall price and terms. From what I am hearing now they are a bit more stingy so I don't think you should expect it at this point, but that being said I have to admit I found the sponsor quite reasonable during the negotiations (I've negotiated several condo purchases over the past few years and this was by far the most pleasant experience). The closer you are to their asking price the more likely you can probably get the storage for "free" (obviously it is baked into the real price). As more units sell the chances of you getting any sort of discount diminishes. Bottom line is you should definitely ask and make it part of your negotiation and I would probably hurry as prices have increased twice already and units are moving (as MidTownWGeek mentioned there have been some bidding wars and in addition to the 13 listed in contract now there are a handful of contracts that are either signed and not posted or that are out the door). Good luck and hopefully we will see you soon!
Thanks, tobuyornot. Hope things go well for you, and we see you around the building soon!
Agreed with Shadow, it's hard to tell how much they'll come down on storage units. In general, I'd say they show evidence of having SOME flexibility.
On the storage units, it's really going to depend on how well they are moving. They've sold about 35%-40% of the condos... how many of the storage units have they sold? If it's something like 50%, then I doubt they'll be too keen to come down much on the storage. If it's 25%, they're probably happy to use it as a negotiating point.
Or are you looking for the list prices for the units? I can pull that from the offering plan tonight, though you can just ask them-- they have to give you prices no higher than those from the offering plan. They've got a few different sizes of units. IIRC, they range in list price, starting at 12K or so. Can't remember how much the biggest ones are. Probably well over 20K. I think a 5x7 full height unit listed at 15K.
MidTownWGeek - thanks for all your help...no need to pull the actual prices of storage units. I was just trying to get a sense of negotiability. Will keep you posted on how things go - if well, look forward to seeing you around the building!
I just visited apex today and I loved it! The kitchens are gorgeous. Thinking about buying a 1 bedroom does anyone have any advice for how to make an offer?
The way that we did it was spending a lot of time on StreetEasy Insider, running price comps on recent closing prices for similar searches-- condos in elevator buildings with doorman in central harlem of the same #BR/BA, same approximate size and so on. That helped us determine where we'd feel comfortable ending up. And if you look at the low end of that data, maybe you could consider that a non-insulting starting point.
It's really up to you. There's no right way to negotiate, but keeping yourself informed with data is a huge help no matter what.
Artina, Shadow gives some good advise. When we negotiated our Harlem condo we put in a low bid and they countered. Eventually the sponsor will say that the price is their final offer. Then you state you'll take it if they give you storage and/or parking at a significantly discounted price. Usually the sponsor is most interested in the highest apt sale price being listed on streeteasy and will give in on the rest. Also we had the sponsor pay the transfer taxes which resulted in another steep discount not reflected in the posted sale price.
Couldn't agree more. You can also ask for them to cover their attorney's fees or provide you with a closing credit. However, as several of us have stated in earlier posts, we were early movers so my guess is that they are giving less and less as they approach the 50% sold mark. Once they hit the 50% mark more financing options will likely open up and then it will probably be VERY difficult negotiating.
No pressure, but I would move sooner than later, the spring summer is prime home shopping time and if you look at the buildings in the immediate area (88 Morningside, 2280 FDB and Apex), sales aren't too shabby price or volume-wise.
Is anyone considering renting their one or two bedroom condo in this building? If so please let me know (I'm a potential renter, not a realtor!). I can be reached at this username at hotmail.
Woo! We're closing and moving in on Wednesday!
Congrats - right before July 4th...so maybe you can have a roof party! How are the new digs so far?
We've been in since we closed on Wednesday, and we love it. The building staff is great-- very helpful.
I'm also looking to rent in this building. Is anyone considering renting their one or two bedroom condo. If so please let me know (I'm a potential renter, not a realtor!). I can be reached at this username at gmail.
Is parking for sale or for rent?
For sale, but I think they've only sold 2 spots, so they might be open to renting, who knows. Alternatively, there are three rental garages very close-- one at 2280 FDB (a little expensive for the area, but very convenient), one where St Nick crosses FDB (about the same price and a little farther) and then a real cheap one on 124th between ACP and Lennox.