Making Offer on 99 John

According to Streeteasy, the highest amount off that they have accepted and closed on is 12.7% off, so I think you have a good chance. Good luck!

While NYRENewbie's suggestion would have ordinarily been a good one, it doesn't apply here because that bldg does not keep accurate listings on Streeteasy. So, you will see that some of the recently closed apts have never been listed here, for example. DO NOT START OFF WITH 10% OFF.

I'd say start at 20% lower for unrenovated and 15% lower for renovated--and you should end up somewhere around 15% lower for unrenovated and 10% lower for renovated. Of course, they pay ALL of the closing costs. Don't be shy about asking for storage space, either.

If they counter significantly higher, be ready to laugh in their face and walk away--knowing that they are desperate and they need YOU more than you need them. They will call you in a day or two, telling you that it's your lucky day because the sales rep was successfully able to convince the Developer to give you the price around 15% lower for unrenovated and 10% lower for renovated.

Try the crazy route. Seriously. And don't go for an even 10% or some bullshit. Come up with some discount like 15%, subtract an additional amount based on a random number generator and add 3 cents. You don't want them thinking you had a formula and therefore trying to counter you with logic.

My 2nd message in the past few minutes, but I forgot to address the most important issue: Why would you want to purchase at 99 John? Forget about the 5-year buy-back guarantee, as the corporation can easily go belly up and you'll get nothing.

There are only a handful of units there that are nice enough to buy (and even those directly face the a/c units and the terrace lounge), while most are cheap-looking cookie-cutters with no personality. Also, the bldg has many students sharing studios w/ a couple of others. More importantly, the conversion hasn't been successful at all and they are now reverting most of the units back to rentals.

For the same amount of money (or less), you can buy much better & bigger apts in more successful conversions in FiDi. I don't know what your budget is, but don't make offers unless you've looked at others in the area. Ask more questions! Good luck.

Even with a 10% discount, prices are still $900 psf. 20 Pine is discounting all units - you can get $700 psf or less.

what are some beter FiDI buildings?

ny777 - who have you been dealing with at 99 John? also, there is nothing you can get at 20 Pine for $700 psf...

It appears that unit 407 sold for $553.00 per square foot recently. Did anyone else catch that?

am i reading this right that #607 sold for $690k in October, while #407 sold for $430k a few days ago?

if so, that's 38% in 5 months (yes, 3 floors higher, but 507 and 607 didn't sell...)

WOW!

...and 307 is still listed for 700K. I guess you need to make an offer because they don't want to make their previous buyers upset by lowering prices to current market levels.

807 sold for $686k

vidprt, I don't know about that specific deal, but the apt # 407 would imply that it is right next to the resident lounge. No one would want that. That lounge is LOUD, w/ kids hanging out not just IN the lounge but around it (i.e., around the lounge entrance). I'd avoid the 4th floor altogether.

AnonMan2002, at 99 John, you CANNOT go by "lines" like you can with most other bldgs. So, #607, #407 and #307 may all have completely different layouts and sqft., esp. given that 4th fl houses the lounge and the 5th fl has the resident terrace. Direct comps are impossible in that bldg.

I agree with others - unless you are 25 and planning to re-live your college days, 99 John seems an odd choice. I bought at 45 John and (despite that closing have not yet started) am quite happy. If I were to buy in FiDi again I would look at (in addition to 45 John) 75 Wall, 59 John, and the Setai. 88 Greenwich is also a nice building but I didn't love the layouts or location. People either love or hate William Beaver House - I think the apartments are nice but the kitchens not overly user-friendly.

downtown1234, your list includes bldgs borderlining crappy (99 John) to super-luxury bldgs (75 Wall & ABH), and I don't really think people who are looking to buy at 99 John would be interested in any of the bldgs you mention pricewise!

88 Greenwich has nice look and amenities, but the bldg has too many problems (w/ small units, MTA parking garage to block the South-facing windows, unstable foundation, etc.). 45 John is REALLY nice and big, but the monthlies are high and the amenities seemed skimpy to me. To me, with the super-cheap finishes and the half-ass renos, 99 John seems grossly over priced.

The ONLY redeeming quality is that, due to its huge size, the monthlies at 99 John are low. Seriously, if 90 William can be had in the $800/sf range w/ SIGNIFICANTLY BETTER finishes and amenities, 99 John should be in the $700/sf range.

duvravcic - My entire point was that I would not consider 99 John because I thought it wasn't a very good building. Having said that, if your price range is that of 99 John, I would at least take the time to look at the buildings I mentioned as you might be able to negotiate (no idea how much and where, but it is certainly worth trying). I would imagine 75 Wall will have some room to negotiate as some of the people who bought there were investors and they are likely looking to get out fast. 80 William was a decent building with big layouts (finishes were nice but nothing great) - if you are looking for a much lower price point, I agree that it is probably a good call.

Any updates on making an offer?