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Question about Beekman Regent in another thread leads me to new series of questions.
(1) Which developers/sponsors in New York have reputation for quality and integrity?
(2) Do buildings that are being developed by a developer/sponsor whose reputation is a blank slate at the beginning of the development trade at a discount from buildings being developed by developer with proven track record?
1. Zeckendorf, Related, Clarett.
People won't agree on Extell.
Extell is a sh-t developer. Just look what they did at Rushmore. I will never buy from them.
Can vouch for Related as I've rented in their buildings several times. Buildings are well-run with a responsive management team.
> Just look what they did at Rushmore.
DT, what happened at Rushmore ? Not a trick question. Thx
Agree on Related. Not disagreeing on the other names mentioned, just not knowledgeable
str33teasier - People put deposits down on apartments at the Rushmore (on the UWS). NY state law requires, in essence, developer to have an outside date by which first closing must occur (so people don't get stuck in limbo for years on end while the developer doesn't finish the buildig). That was in about 2006-2007, outside date was about 2008 or so. The outside date came and went and Extell was required to refund deposits. Extell made a total BS argument that the 2008 date was a "typo" despite evidence to the contrary. The NY Attorney General (who regulates new condo sales) ordered Extell to refund deposits. Extell refused and it is still in litigation. Extell has lost every single one of about 5-6 court cases (maybe more - they have tried state and federal courts) and appeals and, so far as I know, is still dragging things through the courts in order to avoid giving deposits back. I understand the right to appeal, but they are making total BS arguments just to be spiteful. I will never buy from them.
MCR, unfortunately it can change building to building. El-Ad is an extreme example - people feel differently about the Plaza than they do the Grand Mad. Developers financial picture, competitive access to resources, etc seen as fluid.
Also what developers do falls in and out of favor- Chelsea Mercantile considered one of the best buildings downtown (and it just got a new celebrity resident) but the standard of what luxury buyers want in a kitchen has changed since the conversion. I don't think that's on the developer, personally.
DG Neary Realty
dt, thank you for the detail explanation re: Rushmore. It is quite amazing how much "crap" condo buyers are willing to take just to live in one of these new hi-rise. Had a colleague who purchased a unit in the Sky View Parc complex in Flushing,
Same crap, cost over-run, unable to deliver on the promised date, etc.
Time Equites. I have had multiple dealings with Time over more than a decade. Very
straightforward and honest.
Any thoughts on equity residential ?