I went to several Open Houses at 20 Pine on Sunday 8/10/08. All were resales-- so the prospective purchaser would not have to pay transfer taxes and the other closing costs normally passed on to buyers when they are the first to buy from the sponsor. One unit --#1202--was being offered at the same price ($1.495MM for 1277 sq ft or app $1170 per sq ft) the original purchaser will pay for it when... [more]
I went to several Open Houses at 20 Pine on Sunday 8/10/08.
All were resales-- so the prospective purchaser would not have to pay transfer taxes and the other closing costs normally passed on to buyers when they are the first to buy from the sponsor.
One unit --#1202--was being offered at the same price ($1.495MM for 1277 sq ft or app $1170 per sq ft) the original purchaser will pay for it when he/she will close in 30 days. The orignal first buyer will have to eat all the closing costs and then just bascially "flip" it to a new buyer for the exact same price that he has to pay the sponsor.
This was the first time I noticed a "flipper" not trying to get some markup from the price he will have to pay the sponsor.
The agent said the unit was just one of many the seller had either already purchased or was goint to close on at 20 Pine; and had gotten over extended--thus the effort to quickly unload some of the inventory.
I thought it was interesting because usually you don't see this happening anywhere in Manhattan...and I wonder if it portends further weakness in some of the many new developments that are now closing.
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This is truly an example of a declining building. Unfortunately, it doesn't even have hype compared to William Beaver. Commons are expensive given the size of the building and relatively low ammenities.
If you like to cook, these kitchens are not for you.
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Response by ofbrooklyn
almost 18 years ago
Posts: 10
Member since: Jul 2008
footprint: This building initially sold in the 800psf, which is where the original investors in 2006 went to contract in. I looked at it back then. Higher floors were in the 900's. So at $1170, it's not such a hot deal!
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Response by splat
almost 18 years ago
Posts: 6
Member since: Aug 2008
Interesting case study.
Huge amount of sale and rental inventory in this building.
So when a rental building goes up, the developer pays the broker fee, pays for a first month of rent, all just to get it occupied quickly.
So will these condos marketed as rentals be similarly accommodative? Smart ones will. Dumb ones will give up 2 to 3 to 4 to 5 months unrented, with price chops, instead of offering incentives to move upfront.
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Response by footprintguy
almost 18 years ago
Posts: 6
Member since: Aug 2008
ofbrooklyn: it was actually apt1502 that was being offered for sale---since the orignal person that signed the contract has not closed the showing had to be in another apartment just like it 3 floors down at #1202.
I guess the $1170 per sq ft price reflects the last sponsor price to this purchaser who missed out on going to contract back in 2006 at $800 per sqft. At least I was led to believe that at $1.495MM this orginal buyer is "re-selling" at what he has to pay the sponsor.
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Response by EddieWilson
almost 18 years ago
Posts: 1112
Member since: Feb 2008
I just looked at the streeteasy rental listings. Its like most of the building is now for rent (because these are just the ones that have closed) And the prices are going down $500 in a matter of days....
ouch
http://www.streeteasy.com/nyc/sale/53057-condo-20-pine-street-wall-street-manhattan
This is truly an example of a declining building. Unfortunately, it doesn't even have hype compared to William Beaver. Commons are expensive given the size of the building and relatively low ammenities.
If you like to cook, these kitchens are not for you.
footprint: This building initially sold in the 800psf, which is where the original investors in 2006 went to contract in. I looked at it back then. Higher floors were in the 900's. So at $1170, it's not such a hot deal!
Interesting case study.
Huge amount of sale and rental inventory in this building.
So when a rental building goes up, the developer pays the broker fee, pays for a first month of rent, all just to get it occupied quickly.
So will these condos marketed as rentals be similarly accommodative? Smart ones will. Dumb ones will give up 2 to 3 to 4 to 5 months unrented, with price chops, instead of offering incentives to move upfront.
ofbrooklyn: it was actually apt1502 that was being offered for sale---since the orignal person that signed the contract has not closed the showing had to be in another apartment just like it 3 floors down at #1202.
I guess the $1170 per sq ft price reflects the last sponsor price to this purchaser who missed out on going to contract back in 2006 at $800 per sqft. At least I was led to believe that at $1.495MM this orginal buyer is "re-selling" at what he has to pay the sponsor.
I just looked at the streeteasy rental listings. Its like most of the building is now for rent (because these are just the ones that have closed) And the prices are going down $500 in a matter of days....
http://www.streeteasy.com/nyc/building/20-pine-street-new_york
Ouch, new inventory finally closing it not going to help this market....
Whoah, I just found this one..
http://www.streeteasy.com/nyc/rental/375237-condo-20-pine-street-wall-street-manhattan
$3350 went down to $2950 to $2500. "Investors" seem to be taking a bath here....
$2445 for a studio is a bath?
maybe he meant this studio is as big as a bath!
anyway, this was back in october,
times have changed oh so much since then...
doubt this would fetch more than $2k in the renewal!