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Hi - Does anyone have thoughts on this development and the related listing prices? This development look similar to another one in the area, the Industry, but it doesn't look like all the units in this building brought have been brought out for sale yet.
I walked through this building last month. They have some 40 odd units, and last I heard they are in contract for about 1/3 of them. They are releasing 5 units for sale at a time. I've heard they aren't negotiating on closing costs and are selling near asking. I think the amenities are cute, a library, parking, gym and roof top cabanas for sale. For some odd reason new construction in long island city was really hot last month, and even the Industry which has been on the market forever is starting to sell quickly. The kitchen is kind of cheap at one murray, but the bathrooms seem pretty nice. Not a fan of the rear facing apts since the people looking at you pay 1/3 what you pay and are likely laughing at you. The park in the front is a chicken cage Robert Moses design. They will tell you the city spend $2 million renovating it, looks like crap IMO, $2 million obviously wasn't enough.
If you are looking at this area though, I think 1 Murray is the best of the bunch, watch out for the hot potato tax abatement though. The arris loft nearby also has lots of issues. I'm sure there are at least half a dozen units in there that are bank owned. Look for 'short sales' that go at asking price, that's the bank bidding on itself so it doesn't have to book at a loss.
FYI I was looking at this area very seriously, but am no longer.
craberry, what are the issues at Arris Lofts?
Craberry - thanks for the comments. What do you think of 1 Murray relative to the Industry?
Arris Lofts - many people there are underwater, and looking for someone else to blame for their decisions in life. I like 1 Murray over the Industry, but they are both very good choices. Industry's tax abatement will begin this summer so they are 1 for 1 on the tax abatement. The only reason why I would pick 1 Murray is I prefer a quieter street, but Industry is literally right next to the subway which can be good and bad. The Industry has very nice finishes though. It's a toss up. Before you decide go visit the re-sales on Purves & Jackson Avenue. Re-sales move painfully slow, something to consider for when you are ready to move. Buyers will extract a pound of your flesh for the years of the tax abatement that you have used up. Everyone that buys in these developments says they will sell before the 15 years is up. Since these properties were purchased by investors instead of people that actually want to live there, they are aging poorly. Nothing windex can't cure though, but why would a renter pay for that? Also expect a lot of new developments to compete with down the road. The waterfront is completely built out, so all that's left is the area around Court Street, making resales difficult. Everyone likes new shiny things, just look at the Murano, why would anyone build such a horrible thing? The building freaking shakes during the day.
I'm under contract at OMP, small studio as a starter home for family member. Looked at Industry and resales on Purves, decided that it was better value (vs Industry), and the hardware infrastructure seemed better than those glitzy looking buildings on Purves (pretty from far, but look up close, and the gym ceiling tiles are all slanted, garage is tiny, lobby looks mismanaged, etc....)
The park isn't too impressive, I agree. But not many in NY can have a park in front of their building. It's definitely a park for actives, not for relaxation. If I had kids I think they'd find it a nice place to play.
EatBigApple - were you able to get cash or other closing concessions and what percentage amount of discount versus list price were you able to negotiate? Looking to bid on a unit as well and any information that you think would help would be most appreciated.
@Pockyboy - sorry didn't notice the post earlier, I'm still under moderation so forgot to come back and check the new posts. What type of unit are you looking to get? From what I'm hearing you can't get much of a discount, if any on studios/1brs, but might be able to get a small concession. There's also been a few amendments already, seems like the 1Br prices are heading north.