The building may very well get completed, but that doesn't mean there isn't risk. I don't know what the current sales prices at the Setai are, but my guess is they are in the range of $1000-$1200/sq ft. That is the same range (even a bit higher in some cases) as fully completed, high end buildings in far more desirable locations (usq; west village, etc). While the Setai is a beautiful property and has great amenities, you are paying for it - both in terms of price and common charges. The risk that I and others are pointing out is that if the apartments do not eventually sell then the building could go into foreclosure which would be very bad. I'm not saying it is going to - I am just saying that is a very real risk. Clearly, some people are willing to take the risk - I and others would not. I can think of literally hundreds of apartments that are either on the market (160 or so at 75 Wall; over 120 at WBH; a bunch at the W hotel) or will go on the market as soon as the lenders and developers finish fighting (45 John; 25 Broad). In order to get these apartments to sell, I think the prices are going to have to come down which will hurt your investment. 75 Wall, for example, has roughly 160 unsold apartments and another 100 or so in contact which people are not closing on - they closed 2 apartments in October; WBH has similar numbers (1/3 unsold; another 1/3 in contract but not closing). Point is - there are tons of apartments in Fidi and they are not selling at their current prices. I'm not saying you will loose money - I am saying that there is certainly a very real risk you will lose money (either because Setai doesn't sell or Setai and other buildings drastically decrease prices thus hurting your investments). You may do fine with your investment or you may loose a fortune, but regardless there is a very real risk. If you are so pig-headed to think that there is no risk, you are either immature, foolish or both.

"as sales continue the prices are only going to increase."

Let's party like it's 2007 again!

"If you have provisions written into the contract on percentage of closing, and if the project fails for whatever reason you will get your money back."

Mota, can you elaborate on this please? I'm seriously considering a 1br/HO in the E line for what I think is a good price relative to the ask, though I'm learning that's not such a relevant way to evaluate things. Unfortunately, there's no frame of reference since nothing has been sold/appraised in the E line yet. I'm going back and forth everyday to try and make an intelligent decision as to whether to buy or wait. Any advice would be appreciated.

i am asking sincerely, as i have not seen the building... what is the draw that would make you take such a risk. especially with so much out there. as i read this i think 20 pine and the "great deals" that were out there.

We saw 20 Pine a while ago and we weren't very impressed with the inventory that was left at the time. We also like to cook and hated the kitchens there. The finishes and overall construction at The Setai are beautiful and it's just a solid building from a construction standpoint. The 1BR/HO layout is a good combination with 2 full bathrooms and it suits our living needs. The con there is the lack of natural light, but that's a concession I'd be willing to make at the right price point. We've been to 75 Wall and it's totally overpriced and we don't like the hotel aspect. Other than those, I don't know of the "great deals" you're referring to, but I'm all ears :)