i'm pretty scared of almost all new development, but this one could be different in that it probably started early enough that they didn't cut corners once the market crashed (i've seen some awful ones on 22nd recently). i think there will also be some buyers walking away from deposits, which means new units and developer may have more leeway to negotiate with a serious buyer (i am preapproved for... [more]
i'm pretty scared of almost all new development, but this one could be different in that it probably started early enough that they didn't cut corners once the market crashed (i've seen some awful ones on 22nd recently).
i think there will also be some buyers walking away from deposits, which means new units and developer may have more leeway to negotiate with a serious buyer (i am preapproved for a mortgage in their price range).
obviously its won awards and the developer seems strong. anyone have updates on the financial strenght of Madison Equities that might cause concern? I haven't yet looked into their other recent properties.
from what i can tell, the main negatives are price(maintenance/tax after abatement) and location (a bit too close to meatpacking).
before i waste my time calling the developer/marketing agent, just thought i'd see if anyone has a strong opinon either way.
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i am working on something for a client with this developer and not only are prices negotiable, but they will GUARANTEE rent in certain circumstances
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Response by gutterballs
almost 17 years ago
Posts: 29
Member since: Mar 2009
i am very serious, but i would be living there myself so the rent Guarantee doesn't really help.
without giving detail could you please give some indication of why this situation is special, since all developers are willing to give huge concessions now. also, is it a building in between (and including) chelsea and tribeca? approzimate SF?
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Response by front_porch
almost 17 years ago
Posts: 5321
Member since: Mar 2008
gutterballs, the situation with the Chelsea Modern is that the developer is negotiating, which is actually not the case with all new development. So the decision you would have to make is whether you think a real agent will do a better job negotiating for you than you would yourself.
I too would pitch you -- my boss is a Chelsea-based broker who is doing a deal with the building -- but I've kinda got my plate full this week with Passover coming up. However, I like the building, and I think they've done a nice job. The main negative, I think, is the block.
Hi Gutter,
Not all developers are negotiating so much. The good thing about this building (besides the super cool design) is it is safe. Meaning, the bulk of units are sold so not going bankrupt. Developer has offered me a significant discount because my buyer is considering multiple units. The building is actually in Chelsea, not between Chelsea and Tribeca. In terms of square feet, are you looking for a 1 bed or a 2?
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Response by jasonkyle
almost 17 years ago
Posts: 891
Member since: Sep 2008
gutterballs you'd be better off working with ali's firm which is called dg neary. they are in the hood for 20 plus years and seem to know what they were doing. i met gil neary at an open house and he seemed smart, nice and knowledgeable. all qualities which are harder to find that you think.
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Response by front_porch
almost 17 years ago
Posts: 5321
Member since: Mar 2008
Jasonkyle, thanks for the compliment -- I admit that Gil was my own broker before he was my boss.
ali r.
{downtown broker}
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Response by jlnyc50
almost 17 years ago
Posts: 77
Member since: Jan 2009
gutterballs- there are better deals than chelsea modern.. firstly anything which is not fullly complete is a risk its hard to get finacing in a building not a certain percentage sold out- plus there are developments in chelsea which will tell you they will accept a thousand a foot- meaning u can get it for even less than that
chelsea modern is on 23rd? any thru street always has the cheapest prices but the toughest resales
email me if you want more input but i am finding a HUGE diff btwn whts available vs what things are going into contract for- esp in chelsea
email is djm456@aol.com
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Response by jasonkyle
almost 17 years ago
Posts: 891
Member since: Sep 2008
No the too similarly named Modern 23 is on 23rd. Chelsea Modern is on West 18th and I believe it is complete and being lived in already.
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Response by downtownsnob
almost 17 years ago
Posts: 171
Member since: Nov 2008
It's a nice building. I looked at some 3 bed apartments in this building and the only thing I didn't like was the too small living/dining area. I found them a little crammed. However, the bath/kitchen finishes were decent. The apartments get a lot of light--although the south facing apts have annoying views bc the Caledonia dominates your view. 18th Street is a nice quiet street.
its absolutely on 18th st and has won several design awards.
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Response by alphataru
over 16 years ago
Posts: 34
Member since: Jun 2009
Seems like quite a few of you are pretty familiar with the building, so I'm wondering, how bad is the location? It's 3 aves from the closes subway entrance, is it far? Also, are there supermarkets and essential stores nearby?
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Response by jason10006
over 16 years ago
Posts: 5257
Member since: Jan 2009
Its a ten minute walk to the 23rd/8th station and a 13 minute walk per Google maps (and my actual experience going to the old Roxy from either) and so it would be a hike in snow and summer heat. 10th ave is currently rather spartan in terms of services but there are nice restaurants on it. 9th ave has more, and 8th a lot lot. Also its fairly close to meatpacking, so its near all the trendiness. There definitely are plenty of places that deliver, and lots of nearby starbucks etc. But most of that stuff (including the grocery stores) are on 8th.
What is nice is its so near Chelsea piers etc. But really what is closest too is the nightlife trendieness.
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Response by jasonkyle
over 16 years ago
Posts: 891
Member since: Sep 2008
you have to walk the block during the early evening hours and the weekends to truly get a feel for the area. many people have problems with the projects right there down the block. i don't personally but you need to go visit the area to find out for yourself.
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Response by downtownsnob
over 16 years ago
Posts: 171
Member since: Nov 2008
Alphataru, Chelsea Market is 4 blocks down 10th Av. There's also Western Beef on 16th b/t 10th and 11th. Highline is almost across the street from that building. Don't think the location is bad. Personally, I think 6th Av in Chelsea is far worse because it SO congested and crowded with street vendors and crap.
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Response by jason10006
over 16 years ago
Posts: 5257
Member since: Jan 2009
Yeah, on weekends you will see lots and lots of bridge an tunnellers pouring into the area, on on weeknights trendy manhattanites. Its not quiet at all.
Overpriced.
if you serious call me 212-317-3661
i am working on something for a client with this developer and not only are prices negotiable, but they will GUARANTEE rent in certain circumstances
i am very serious, but i would be living there myself so the rent Guarantee doesn't really help.
without giving detail could you please give some indication of why this situation is special, since all developers are willing to give huge concessions now. also, is it a building in between (and including) chelsea and tribeca? approzimate SF?
gutterballs, the situation with the Chelsea Modern is that the developer is negotiating, which is actually not the case with all new development. So the decision you would have to make is whether you think a real agent will do a better job negotiating for you than you would yourself.
I too would pitch you -- my boss is a Chelsea-based broker who is doing a deal with the building -- but I've kinda got my plate full this week with Passover coming up. However, I like the building, and I think they've done a nice job. The main negative, I think, is the block.
ali r.
{downtown broker}
Hi Gutter,
Not all developers are negotiating so much. The good thing about this building (besides the super cool design) is it is safe. Meaning, the bulk of units are sold so not going bankrupt. Developer has offered me a significant discount because my buyer is considering multiple units. The building is actually in Chelsea, not between Chelsea and Tribeca. In terms of square feet, are you looking for a 1 bed or a 2?
gutterballs you'd be better off working with ali's firm which is called dg neary. they are in the hood for 20 plus years and seem to know what they were doing. i met gil neary at an open house and he seemed smart, nice and knowledgeable. all qualities which are harder to find that you think.
Jasonkyle, thanks for the compliment -- I admit that Gil was my own broker before he was my boss.
ali r.
{downtown broker}
gutterballs- there are better deals than chelsea modern.. firstly anything which is not fullly complete is a risk its hard to get finacing in a building not a certain percentage sold out- plus there are developments in chelsea which will tell you they will accept a thousand a foot- meaning u can get it for even less than that
chelsea modern is on 23rd? any thru street always has the cheapest prices but the toughest resales
email me if you want more input but i am finding a HUGE diff btwn whts available vs what things are going into contract for- esp in chelsea
email is djm456@aol.com
No the too similarly named Modern 23 is on 23rd. Chelsea Modern is on West 18th and I believe it is complete and being lived in already.
It's a nice building. I looked at some 3 bed apartments in this building and the only thing I didn't like was the too small living/dining area. I found them a little crammed. However, the bath/kitchen finishes were decent. The apartments get a lot of light--although the south facing apts have annoying views bc the Caledonia dominates your view. 18th Street is a nice quiet street.
its absolutely on 18th st and has won several design awards.
Seems like quite a few of you are pretty familiar with the building, so I'm wondering, how bad is the location? It's 3 aves from the closes subway entrance, is it far? Also, are there supermarkets and essential stores nearby?
Its a ten minute walk to the 23rd/8th station and a 13 minute walk per Google maps (and my actual experience going to the old Roxy from either) and so it would be a hike in snow and summer heat. 10th ave is currently rather spartan in terms of services but there are nice restaurants on it. 9th ave has more, and 8th a lot lot. Also its fairly close to meatpacking, so its near all the trendiness. There definitely are plenty of places that deliver, and lots of nearby starbucks etc. But most of that stuff (including the grocery stores) are on 8th.
What is nice is its so near Chelsea piers etc. But really what is closest too is the nightlife trendieness.
you have to walk the block during the early evening hours and the weekends to truly get a feel for the area. many people have problems with the projects right there down the block. i don't personally but you need to go visit the area to find out for yourself.
Alphataru, Chelsea Market is 4 blocks down 10th Av. There's also Western Beef on 16th b/t 10th and 11th. Highline is almost across the street from that building. Don't think the location is bad. Personally, I think 6th Av in Chelsea is far worse because it SO congested and crowded with street vendors and crap.
Yeah, on weekends you will see lots and lots of bridge an tunnellers pouring into the area, on on weeknights trendy manhattanites. Its not quiet at all.