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I am trying to purchase a unit in the building, and the sponsor is barely negotiating. Anyone with the same issues?
Are you buying Brooklyn or Manhattan side? That makes a big difference.
I've found that to be the case as well, but am still buying anyway. Even at the higher prices today, I think it's reasonable and I like the building better than the other options in the area (I've looked at Belltel, Oro, and Toren).
We're purchasing Brooklyn side but there isn't much in the way of negotiation. LIttle wiggle room on price, but no concessions.
We pushed and pushed on the price when we bought here a few months ago. Managed a few percent below ask with all transfer taxes paid. Very difficult sponsor to deal with.
bought in the building back in october. the WORST experience dealing with the sponsor and the sales office. it was a long and ugly negotiation process. they wont come down much. especially now that the building is over 70% sold. good news is - once you are in the building - it is so worth it! and its still a great purchase - there is NOTHING around that even compares.
there is NOTHING around that can compare... breathing BQE.. having to cross a very busy highway like street to get to civilization... losing your view if you are on any of the sides that will have things built there soon.... overpaying just so that you can say you live in Brooklyn Heights when you don't...
there's a reason why after 5 yrs and millions spent on advertising, they finally got to 70%.
wait...you forgot the most import benny: it's a land lease building!
what a deal!
The way to deal with RAL is to shout "IT'S CASH! I'M PAYING WITH CASH!"
That what he does when he wants a discount on something even after he has already been given a discount.
ab: Those t.v. commercials are the worst!
- You go under the BQE to get to the building.
- People complain about BQE but not the highways in Manhattan? Also wind blows from the west so it blows the pollution away form the building mostly.
- Land lease is NOT like most leases. The building has the sole right to purchase for $1 after 99 years. The lease is at $1.25 mil and increases 3% per year.
so like a compounding liability?
RAL walks into an art gallery in Telluride.
He sees a gold chain designed by an artist, one of a few who sell their jewelry there.
Chain is priced around $1,800.
The gallery owner gives RAL a 10% discount.
Ral wants it for less. Much less.
No, he can not get a 40% discount, the gallery owner only makes 10% on the jewelry sales.
Ral starts in with the "CASH!" and annoys the owner so much that he gives him an additional discount, just to get him out of the gallery.
To repay the kindness of the gallery owner, RAL later buys out all the pieces of artwork in a gallery show and after the show is over he rips the owner off for the artwork.
He tells the owner that he just checked with his accountant and was told that he can only afford to pay 40% of the total. The owner is stuck, the show is over and RAL pre-bought out the art.
Gallery owner ships the art to N.Y.C. and RAL rips him off again.
I heard this straight from the gallery owner.
The land lease cost is incorporated into the condo fee, so it's basically like saying the condo fee, which is reasonable for these units, will go up with inflation every year. This is just like any other building. Generally, the problem with land leases is that there is no right to purchase at the end of the term, and there is risk in the monthly fee adjusting to a much higher amount. This risk doesn't exist for OBBP.
Man I'd love one of those units on the Manhattan side with a private terrace. I don't know why people hate on OBBP so much (aside from the absolutely sickening website + commercials) but I do think it looks nice.
Tom: It does look nice.
The commercials and ads do not.
question to people who have purchased and closed in the building... how is the apt delivered by closing? has the sponsor been responsive to getting items resolved on the punch-list, and has the apts been delivered in a pristine condition by closing?
"Man I'd love one of those units on the Manhattan side with a private terrace. I don't know why people hate on OBBP so much (aside from the absolutely sickening website + commercials) but I do think it looks nice."
I lived across the street from this building, and fantasized myself about living there one day.
The location, despite what people say, is ideal. It is, however, a bit of a hike to the nearest subway, but if you're under 80 and mobile there's really no room for complaints -- just be thankful you're healthy enough to walk.
The land lease issue is a valid concern, but an even bigger concern of mine is the fact that the apartments are WAY overpriced.
The land lease is approx 20% of the common charges. Why is it a concern that portion increases 3% each year?
I think its a concern because in 5 more years the taxes will start to rise adding to the increasing monthlies.
hi matt..."I lived across the street from this building, and fantasized myself about living there one day."
Oh my, where do you live then, if that behomoth provokes fantasies.
I lived in a brownstone on Joralemon Street.
Where is the nearest grocery store?
I'm sure the unit that I can afford here is one of the lower ones with a bad view. I will see it next week. Considering it has no view, is there any other reason I would want to live here?