25 Murray

Two words of advice from a (relatively) seasoned Manhattan real estate investor....

STAY AWAY!

why stay away..? it seems priced well for the space..

Ever think there might be a reason why its 'priced well'? You get what you pay for never applied more.

It's amazing that there are still people considering buying at this development. I guess the desperation of trying to find an affordable place in this neighborhood has the ability to kill all rational thought.

Why stay away?

1. Developer has been convicted of fraud by the New York Attorney General
2. Developer will manage the building for at least 3 years after it opens
3. It's a half-rental, half-condo development - which is a big reason why the condos are "affordable" - and renters will be sharing common areas with the owners
4. Cheap retail and fast food will fill up the commercial spaces on the ground floor and make it a real eye-sore (not to mention a nose-sore) - and owners will have no say what goes in there since developer will continue to own retail spaces
5. Kitchens and bathrooms are of cheap rental quality (since entire building was originally going to be rental)
6. No washers and dryers in apartments
7. Sub-standard HVAC systems in apartments
8. Noisy (ang ugly) HVAC system on Church Street side rooof that will be a problem for those facing Church Street
9. Many "2-bedroom" units are not real 2-bedrooms since windows are not visible or accessible (you can only get to them by climbing over the ceiling of the public hallway - no kidding) - this may be a reason why no TCO is being issued and units that were sold as "2-bedrooms" may have to be re-classified as 1-bedrooms - presumably the developer would be forced to give those purchasers a discount or a right to rescind their purchase contracts
10. Word has it that there are structural issues with the 5 old buildings that were cobbled together to create Tribeca Space - this might very well be true and another reason why the building can't get a TCO
11. Word has it that there's an inadequate sprinkler system installed throughout the building - maybe another reason why it can't get a TCO
12. The building is just plain ugly and the fake stucco on its exterior already needs to be repaired and repainted.
13. Corcoran Marketing has done nothing but deceive people about the building since it first started marketing it (they originally told everyone that occupancy would be in Fall 2006)
14. The fake fireplace in its lobby
15. The massive special assessments that will be levied on the owners post-closing to fix everything that wasn't done properly the first time

Definitely STAY AWAY!!!

great posting...........thx.