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Anybody live or work in the area or live in the building?
i believe 2nd ave subway is coming down to that area, so be prepared for some major construction,
I heard about this. Do you think it will increase the value of the area in the long term?
your tax abatement will be over long before you hear the first jackhammer.
It will take a long time before the 2nd Avenue subway gets there. The apartments and the finishes are nice. The apartments on the higher floors have great views. There aren't as many apartments in the building relative to some of the other new construction projects, so you'll notice that the common charges are pretty high on a $/square foot basis. The building itself is located in a high traffic area and is closer to Peter Cooper Village than Gramercy Park. Based on the list of closings, it doesn't look like you'll get much of a discount off their asking prices.
Call me a naysayer, but I've seen them out doing repairs at least a couple of times already at the foundation level. Maybe it's something else, but digging up around the foundation post-construction screams run away to me.
I've discussed the issues regarding the land purchase on here before. The initial developers tore down the larger building that was on the corner, but one of the next door tenement buildings was needed to complete the project, and a tenant refused to move despite huge incentives. I think the tenant died, but in the meantime the land had transferred hands a few times, and I believe it sold at the very peak of the market for something close to $600 per usable square feet. Now that banks no longer have to mark to market they'd much rather extend the loans in favor of getting slow but more profitable margins, so it's doing ok. A friend of mine who worked in marketing a large complex (not in Manhattan) said that the bank gave them a list of acceptable prices per unit. To get anything lower required intense negotiation, or in this case, as it didn't have the "eventually a foreigner will buy" location, time and failure.
I really feel for the non-all cash buyers who bought earlier in these developments. they are well and truly screwed unless they can find all cash buyers. and the all cash buyers seem to really like brand new things. this location sucks, at this price. and that's coming from someone who lived in PCV for eight years. PCV is actually better, at least you're closer to the part of the East Village that has good food. And the print/billboard ad for this building was perhaps one of the worst of all time. I just wanted to smack that woman, it was so obnoxious (and I'm totally the non-violent type).
How do you feel the area will appreciate?
>but one of the next door tenement buildings was needed to complete the project, and a tenant refused to move despite huge incentives. I think the tenant died,
Very convenient aboutready, very convenient.
>I just wanted to smack that woman, it was so obnoxious (and I'm totally the non-violent type).
Sure you are aboutready, sure you are.
I'm not sure what repairs you saw them doing at the foundation level, but I know that they were doing some prep work underground around the sidewalk for the 2nd Ave subway. My wife and I inquired about this when we saw some of the apartments.
It's a stretch to call this area Gramercy Park (technically within the confies of GP), but it's not that bad. I used to live a few blocks north between 2nd and 3rd and really liked it. It's not like a 50 Franklin Street that is advertised as being in Tribeca but is effectively in Chinatown.
Our biggest concern was the high common charges and what our total monthlies would be once the tax abatement wears off. Since there are not as many units as say a Gramercy Starck, the cost of the doormen/amenities/etc. can't be spread out to as many owners. Not endorsing Gramercy Starck by any means since it's further east in no-man's-land...just using that as an example.
If you believe it was prep work for the 2nd ave subway, I have a bridge to sell you. We'll be teleporting places before the 2nd ave subway ever makes it down to 23rd street.
I seriously considered a unit in that bldg. last year. If you like the area, it is a very good bldg. with interesting layouts and amenities. Compared to their counterparts on the westside, the pricing is quite reasonable, as well.
I just couldn't get over how sketchy the area was... We identified some "magnet" facilities attracting the "outdoorsy types" in that immediate area, and it didn't seem as though they'd be going away anytime soon. But, again, had I not minded that, I would have purchased it in a heartbeat.
@ E24...completely agree that the 2nd avenue subway isn't coming down that way anytime soon. We were told it was some sort of initial prep work or testing related to the 2nd avenue subway. We didn't believe it at first, but that's what the workers outside told us, as well as the doorman and a few other sources that would have no real reason to lie about it.