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Does anyone know how this conversion is proceeding and what the timetable is?
Conversion still has not been approved. Many other issues also
Does anyone know if the conversion of 333 Rector Place (post- pending sale) has been approved yet?
can you give me more details re 333 Rector place sale ? who to ? what price ? when is the closing ? are new leases being signed ?
333 Rector Place is being sold to Buttonwood Real Estate. The closing is at the end of March. New leases are being signed but with significant (+50%) increases and clauses allowing eviction with 60 days notice. People are leaving this building.
The sales office is opening soon, if not already. Check out www.225rector.com, aka "Rector Square" and formerly "Parc Place" in BPC. It doesn't look like they are doing much to the floorplans, from what I could tell. The amenities are pretty ugly except for the pool. With over 300 condo units coming onto the market from this project, will they be snapped up or languish?
I think the building will be pretty nice when they complete the conversion -- pool, good gym, good roof deck. Prices are below $1000 per sq. ft. Maybe a little high for a conversion in BPC, but not bad value overall imo.
We lived in 225 Rector before the conversion. Great staff - most still there. We had problems with the windows which didn't open/close properly, leaked and were very drafty. I can't believe the developer didn't replace these, they're 25-years old and they don't offer much sound insulation from the traffic on West Street. Upper floors facing south and west have great water views. They developer couldn't get the low-income families occupying 20% if the building to vacate so they stay for another 12 years. After speaking with current employees about the conversion, it seems the developer used poor quality materials and inferior labor resulting in a below-average product. Its way overpriced for a 25-year old building adjacent to 1 of the noisiest and busiest streets in Manhattan.
We looked at sample units and noticed the..., let's call it inferior materials and workmanship. They did not do much to the current layout. If anyone looks at 225, notice the details, like the bathroom doors that open out and the very limited space in certain areas.
Another thing to look at - the ground lease on the building. Many of the ground leases on battery park have escalating ground rent provisions that go up significantly every few years. Make sure your attorney looks at the ground lease before you put an offer in - your common charges could be much more than you expect down the road (and impact your ability to sell).
When you say inferior materials and workmanship, what are you referring to? Someone mentioned the windows, but is there anything else?
Visit 225 and tour the apartments. Maybe it's because RE in Manhattan is overpriced in general, or maybe the owner is trying to recoup his investment on the cost side, or maybe it's BPC's older construction. Doors, A/C-Heaters, kitchen cabinets, for example. Please, visit the various units yourself, and see for yourself. Look at everything that interests you, in detail. That is the only way you will notice things like cabinet doors that don't align. If I'm asked to spend $2M on an apartment, plus the fees and taxes, it better be perfect. Having said that, the bathrooms, though small, look nice. Also, it's been over a month since I viewed, so they may have fixed things, hopefully.
I looked at their model unit and it was very impressive. I liked the design and features. all top grade appliances and nice set up.
I also looked at their model unit and was impressed, was curious though does anyone know why their sales data isn't available on street easy? I also could find no documentation of their sales from the public govt websites but all of the other rector place addresses had their full sales data available which I found curious. They have been advertising heavily on nytimes.com and I was wondering if people had thoughts on the prices they're asking?