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Anyone need evidence of the silliness of buying into some of the new condo developments ought to take a look at Jade.
Look at the number of resales vs. the total number of apartments in the building.
Rental prices vs. resale prices
i'm sorry, who are you talking to and what exactly is your point?
mattthecat - I know the development very well. It is beyond belief. However, I have a feeling there is zero tax abatement (it's a B or C level office building that's been there forever, just now converted), so it may give some idea of what real estate taxes are going on the new construction when the abatement phases out -- much higher than anyone realizes
oops -- shows just how well I know it -- I had "jade" confused with "jasper"
Seriously, this place is ludicrous. It's not so hard to imagine the majority of buyers were flippers, although, who wouldn't want to live in this place given its amazing design? After all, being the daughter of a rock star gives you serious design cred!!
I am talking to whoever reads message boards, duh.
The point is, this is only a flipper's condo building and the economics just don't work.
1 - Compare the rental costs to the ownership costs. There are apartments where you could buy or rent and then do the math, and some apartments for sale with a rental tenant currently in them - on one studio I saw, the buyer's multiple of more than 28x the net annual rent.
2 - Lots of resales within a short period after closing doesn't speak well to truly holding value. The brokers do well however.
Anybody who knew anything about new condo development knew in advance this was a total dog. On the other hand, look at 15 CPW.
Randomly using one specific development as an indicator to bolster a general argument serves no purpose whatsoever. For every bad development you name I can name a good one.
15 CPW is hardly comparable.
Great architect vs. flashy name posing as an interior designer. 15 CPW wasn't talking about "pods"
Jade is a phenomenal building. The "pods" are beyond belief. It is one of the city's new developements that outdid themselves. I applaud all those involved in the making of Jade.
jmcbyr8, why do you write stupid stuff like the pods are "Beyond belief?" wtf does that actually mean?
They are beyond belief. It is beyond belief that no one since Jade has picked up on the pod style, which probably means that there is HUGE demand just for the Jade building listings :)
I'm hiring Jade for my next project, but only if she uses pods.
If the "pods" were patented, I wouldn't expect it to be replicated anytime soon. The "pods" are beyond belief, impressive, artistically engineered and inspires and creates the "WOW FACTOR". There are not enough words in the dictionary to describe "pod style living" Jade has revolutionized NYC Living with style.
aren't they covered in cheap shiny Formica that will make an apartment look dated within 5 years?
I can't tell if jncbyr8 is being sarcastic or not. Its like a blog spinal tap character. Try reading her last post out loud with a British accent for the full effect.
Once dag2020 visits the Jade, she will see for herself. I may anticipate a comment such as his description was on target and then some.
"Try reading her last post out loud with a British accent for the full effect."
spot on dmag. spot on I say.
I'm guessing sarcastic. You can also read jmcbyr8's post with the Dyson vacuum cleaner guy's accent with an equally amusing effect.
Anyone know anyone who owns here?
Pod people, I assume.
Those are the cheapest looking things I've ever seen in my life.
Guess that's what you have to do if you have a long skinny building with no windows on the sides: plop the crapper in the middle of the room, and pray Larry Craig doesn't peer over the top.
my response to the drama queens dag2020 juceman & buster2056.........GET A LIFE!!!!!
Now lets resume discussing what this forum was designed for...
jmcbyr8, who died and left you in charge?
People will post what they want. It's not a "conversation" if you control what people are allowed to say. If you don't like it, read elsewhere.
This is the funniest thread I've read on here in months. POD PEOPLE! THAT is funny! And Steve, for the first time you made me LOL with the Larry Craig dig. OMG. I have to go to an open house there today just to see this place. I love it.
Glad to oblige, kylewest.
kylewest: when you visit The Jade today, since I have to work please let them know on my behalf that I prefer it when my toilet is far removed from my kitchen, no matter how much the extra plumbing costs. I don't want farts wafting over top of my kitchen, only to settle somewhere in my stew.
typical non medicated stevejhx comment
Actually, I have quite the hangover.
OK. Visited Jade today to see a one-bedroom. Unlike anything I've seen before, that's for sure. The space: decent square footage for a one-bedroom; ceilings good height. Finishes: the building is an old building covered all over with new veneers, basically. The lobby is a inspired by a bathroom at The Saint circa 1984--as if you did the wrong combination of drugs and ended up on the inside of a disco ball. The hallways = a Stark hotel c. 1990's: flourescent lights framing every doorway, slightly 1970's retro wallpaper (it isn't bad), with gold doorknobs in the dead-center of each door. Very hotel-like. Alright: the pod. It's really a gimmick. Lacquered cube smack in the middle of an otherwise decently proportioned living room. Quality is questionable--the one I saw was in a model apartment and already had irreparable chips in the edges. This thing WILL NOT age well. In 5 years who in the world will buy a resale with a banged up pod? It isn't like you can just order a new one from Room and Board. How does it work? Swing open the doors of the "kitchen" side of the cube to reveal a 2-burner stove top and toaster-oven size oven. Another door must be opened to reveal the fridge door. A tremendous amount of wasted sq/ft are left between the "kitchen" and facing wall and virtually nothing can be done with it. Round the corner of the cube to a side of closets. Round another corner of the cube and there is a bathroom door to a decently appointed bathroom. The fourth side is outright bizarre and inexplicable. The doors open to reveal a glass wall that forms the back of the shower and provides an unobstructed view of the toilet (and anyone using it). Now, there is a bathroom in the bedroom that is quite nice, so why anyone needs a full additional bath is unclear--especially when it eats into a massive amount of floorspace. If you have always dreamed of a glass walled toilet and shower wedged between your sofa and oven, then this is for you. As an added benefit the windows of the apartment were feet from the windows of the building next door, so not only your guests, but also the neighbors can enjoy watching you pee, poop and shower in the middle of your livingroom if you open the doors of the pod.
In the end, the pod is a total design conceit that is the result of a concept being allowed to become reality without sufficient editing. Without the pod, this would be a decent apartment. If you rip out the pod and just sell it on craigslist or in the Pennysaver, you'd be better off.
Who is this place for? Perfect for a European with some cash who spends short periods in NYC and wants a hotel-like space to call their own and crash. I didn't see the 2-tiered roof terrace and outdoor hottubs and lounge but those may be very nice and different amenities--then again you'll pay for that--are the current monthlies (over $1500 for this unit) tax abated? Also may be perfect for the pretenses of someone like Bethany on Real Housewives of NYC who fancies themselves as much more hip and happening than they really are. Bottom line: IMHO it's all pretty tragic.
P.S. The promo material features a male model who was voted off "Make Me A Supermodel" early in the Bravo series.
kylewest, you really should be the architecture editor for the NY Times. That description was hilarious.
"Who in the world will buy a resale with a banged up pod?"
i viewed jade over the weekend and was astonished by the poor craftsmanship and the whole "pod" concept. cool if it was a college dorm but its not!
Correction: the promo male model wasn't on "Make Me A Supermodel." He was on Ben Stein's "America's Most Smartest Model." If you missed the show it is too bad; you would have watched models compete in challenges like trying to walk a runway while stammering their way through questions about world geography called out by Stein.
so back to my original point
apartments there are facing the $100,000 price chop
i went there a few weeks ago and agree with frederic. the place was not built very well, and the pod concept is kinda silly actually. and it did remind me of a dorm room. yuck!
luciato- i heard Jasper has reduced the price on studios and 1-bed rooms recently. Those units are not selling that well..eh?
Look at this one, desparation.
16 West 19th Street, #9F in Chelsea
IMMEDIATE OCCUPANCY *Sponsor to pay a total of 5 years Real Estate Taxes at closing based on current tax assessment.