88 greenwich

gqbuthighiq: about 12 weeks ago

i am just being a wise shopper, cannot decide

RE2009: about 12 weeks ago

i think qg is some type of prankster

Lases: about 12 weeks ago

gqbuthighiq: so which is it? 20 Pine or 88 Greenwich? You buying both tomorrow?

DJuan: about 12 weeks ago

I bought a unit here a few months ago without a broker. You may have a little more leverage in negotiating without a broker. But all depends on if you are comfortable handling everything yourself.

gqbuthighiq: about 12 weeks ago

should i go in with a broker to buy or not? which one will get me the best deal

DJuan: about 3 months ago

Does anyone know what the average purchase price per square foot is in the FiDI area for a studio? I am interested in a studio at 88 Greenwich but can't seem to find any sales comparable. The asking price is about $1000-$1100psf which I think is fairly high in this market.

nyc212: about 3 months ago

k--are you sure about the taxes? The annual $20 tax increase doesn't sound right for 421a abatement. It should be 20% (per year or every other year, depending on the type of 421a the bldg. got).

About amenities--I do beieve 88 Greenwich only offers average amenities for a FiDi bldg. in that price range. You should have shopped around! Some of those amenities, although I wouldn't necessarily used them, are amazing, w/ swimming pools, spas, and so on. By contrast, 88 Greenwich primarily offers "space" as its amenities--lounge(s)/terrace, lobby, library, minimally-equipped gym, etc. The residents I spoke to unanimously complained that they could never use the terrace and the gym because they aren't big enough for a 450-unit bldg.

katyalibin: about 3 months ago

nyc212, thats Ok. I value everyone's opinino on this but yes, pretty set on the building . What but other buildings you were thinking of that had better/comparable amenities?

i looked into the abatement and it only goes up by $20 per year until it's over in 5 years. at that point, the taxes would only be $240 per month, which i think is pretty reasonable.

I have asked my laywer to look into the foundation problem. I hope to get some more clarity on it soon.

You also hit the nose on the head with the stability issues, a lot of these new buildings are so unstable that they can't get banks to approve mortgages there. Then if the building goes bankrupt, it leaves the sellers in a hole.

nyc212: about 4 months ago

First, katyalibin, sorry I said not-necessarily-encouraging things about the bldg. But, hey, if you are happy, that's all we need to know! Just keep track of the projected taxes/when the abatement ends in a few years. Maybe you can get your realtor/CPA to run some numbers, so you can plan accordingly. I had mine run some analyses, and the projected numbers were way too high for a tiny 1BR.

Also, moving_in, I can't really think of a definitive source off the top of my head (it was a couple of years ago), but the report was related to the diner across the street sinking and collapsing shorty after 9/11. I think it was either a City report or some public interest agency report, which stated that, the ground may not be sufficiently solid to warrant the current digging and construction, etc. The bldg. in question was definitely part of this "warning." The report was severe enough for me to remove this bldg. from my shopping list...

Are you set on this bldg.? There are others w/ comparable or better finishes and amenities, offering lower prices...although 88 Greenwich is probably more financially stable because they can simply keep the current renters (it's a rental conversion, unlike most others in the city).

moving_in: about 4 months ago

Thanks for the advise,NYC212. How can I find the information about the foundation problem? I did from the internet, but I could not search any of it. Is the problem for this building or for this area?

Jerkstore: about 4 months ago

Darts.

katyalibin: about 4 months ago

I AM NOT AN AGENT>> just a buyer there who is defending my soon to be new home for 5 years or so.. Where can I find more information about the Foundation problem??

I do agree with @nyc212 on being more aggressive.. we are currently in-contract on a unit at this building that is amazing, with Western views of the water. yes, there may be a Mandarin Oriental going up at somepoint and the MTA building (when is that planning to go up - 10 years??)

The apartment has Western views, we turned down an apartmen tiwht northern views because we were worreid about the HOliday In going up. Our unit has a 280 square foot terrace.
The maintenance is actually REALLY low for a building with those kind of amenities and although some may not be impressed with free coffee in the morning, I'm impressed with the full time personal trainer at the 4000 square foot gym, the free classes, the international news stand (not like im going to use it) but it's nice that its there, the beautiful harbour room, the concierge and the darts!! i love darts and that kinda sold me too.

i guess to each their own and to some the building's amenities are not OMG but based on what i"ve seen, they stood out on the beauty of the building.

I am worried about the dark floors scratching.. i am since i wear heels and this may be a problem but I can't really change that now.

I really hope as a new buyer and a first time buyer that the neighborhood will grow and once WTC goes there, it will be a wise investment.

nyc212: about 4 months ago

moving_in, that's no "deal" you are getting! Don't sign anything! You seem to be new at buying new constructions, so just FYI, yes, ordinarily, buyers pay seller's atty fees. Ordinarily.

But, most deveopers are offering to cover not only seller's atty fees but also ALL of YOUR closing costs in the current climate. "BB Gr33nwich" (to ensure their anonymity) was long offering the waiver of fees, and they are't doing well. So, I'd be surprised if you can't get them to cover seller's atty fee. In particular, they are anxious with resales and rentals popping up like crazy throughout the bldg., crowding the market.

moving_in, maybe you should be more assertive? Did you ask for at least 20% off asking? Did you ask them to cover all of YOUR closing costs? Did you ask for free storage space? Again, "BB Gr33nwich" has been trying to get rid of their apts for over 2 years with a LOT of unsod units, and it hasn't been doing well, so BE ASSERTIVE. Be ready to walk away. If necessary, do some internet search on their foundation problems and the proposed/approved MTA highrise to cover most of the Southern side of the bldg. You can use them to bargain, I am sure.

Also, the dark wood finish really impresses some people, but the amenities are MINIMAL (lounge, "library," and a concierge desk--oh, and free coffee!!!), and the $1k pf price tag and the CCs seem waaaaaaay too high to me.

I don't know what to make of the 21-day stipulation... I wonder how that would benefit them...

moving_in: about 4 months ago

Just got an deal with the sells office. I read the contract and it needs only 21 days for closing.
My attorney said it is very strict. I have to get loan from their specified mortgage broker (that is very unusual), the the buyer has to pay the seller's attorney fee $1,950 (that's so high, very greedy).

duvravcic: about 4 months ago

I think the last three or so posts in this thread include "agent input." Or, maybe it's cognitive dissonance after having over-paid for TINY units in a bldg. with minimal amenities, located in a deserted area. Also, dark finishes often conceals flaws, but they are easily scratched... If you are considering buying there, don't forget, virtually all of the South-facing windows are scheduled to be blocked by MTA, and your north-western views will soon be blocked. In addition, the bldg. may have a foundation problem according to some reports. Be sure to ask your agent about these issues--and if they deny them, ask them to put that in writing.

If you are actually happy w/ your purchase @ 88 Greenwich, please disregard my comments here and enjoy your apartment.

gc1: about 4 months ago

I've recently moved into the building and I'm pretty content with the amenities and the staff working in the building. However, while all the appliances are new, most of the equipments (such as a/c units and pipe system) have been kept from the previous era. Also, the floors are thin so I can hear my upstairs neighbor walking around.
Having said all that, I still think this building has one of the finest design details compared to the rest of FiDi condos I've visited and the location is just perfect.
Recently, a new Korean restaurant and a grocery store have just opened on Greenwich St., so I believe that things are slowly happening.
In terms of safety, I've walked home from the trains very late at night (like 2am) and I never felt unsafe. I'm female by the way. The folks at Pussycat lounge tend to just mind their own business anyway.
Hope this helps!

Jazzman: about 5 months ago

Wait, wait, wait. Prices are falling not rising. The trend is your friend.

25 Broad will dump 300 more units on FiDi, then Beekman will dump 700 more (rental). There is plenty of inventory. My guess is that FiDi will only put a few hundred units in contract over the next 12 months and most of them will be bought directly from the bank (like the units at 45 John perhaps.)
Those units at 88 Greenwich have been for sale for 3 or so years now - there's a reason the one you like hasn't been sold in 3 years. Don't be the sucker.

katyalibin: about 5 months ago

We are currently looking to buy an apt in 88 greenwich and have fell in love with this building for a few reasons. 1) the amenities are better than any other building we've seen, ever. they spared no detail on the finishes 2) i love this part of the financial district and feel it is a million times better than any castrophic space on john and fulton streets. this part of the downtown area is right near the water which i love and feels much safer than other areas i've been in. As for the pussycat lounge, i think it gives the hood some character. i'm really excited to buy in this building and think it's oen of the best deals in the area. any other feedback anyone has is appreciated though. thanks.

stash17: about 7 months ago

Thanks for the insight everyone.

jason10006: about 7 months ago

You are right. Its just empirically true that the crime rate is extraordinarily low in the area west of Broadway below chambers. Like 1/5 he NYC average, and like 1/6 that of Lenox Hill or Lincoln Center.

nyc212: about 7 months ago

That's fine; it's just semantics. Still, I do feel unsafe walking around that area at night, and I am a big Black man.

I am sure, though, you won't dispute the rest of my point that most night-time/weekend scenes appear to take place along the "other side" of FiDi between South Street Seaport and B'Way.

lajeep405: about 7 months ago

"Sketchy" means the Pussycat Lounge and the Adult Bookstore a few doors down.

jason10006: about 7 months ago

Per the last point - used to live right near there, and I would hardly call the area "sketchy" at any time of day. Its empty, yes, as is BPC across the way...but the crime rate for those three zip codes are literally the lowest in the city by a mile as a result.

nyc212: about 7 months ago

I almost bought before the financial crisis but never signed the contract (THANK YOU JESUS! a la Kathy Griffin). Here are the reasons:

1. The foundation/land sinking problems in the immediate area, which our attorney felt will be exercebated by all the major constructions in the immediate neighborhood.

2. The units are tiny.

3. The complete lack of any air rights. The South-facing windows may all go in the future, as there is an approved plan to replace the MTA garage w/ a 20-plus-story office bldg.

4. While some of the amenities sounded good (breakfast, DVD library, etc.), I am likely to even use them.

5. The dark hotel-like finishes actually show the flaws more. The new units I saw had numerious scratches on their dark-wood floors, and the dust was visible throughout. It's higher maintenance than light-finish bldgs.

6. All in all, most of the "hip" residents in FiDi seem to be around the area near the John-South-Stone-Broadway-William area at night/on weekends, and things can get really sketchy around 88 Greenwich at night. When people make a false assumption that "FiDi is empty at night/on weekends," they must be talking about 88 Greenwich. That immediate area, for some reason, is very low traffic.

lajeep405: about 7 months ago

I looked at it last year and passed due to thier refusal to negotiate price. You should be able to get a good deal now. Everyone who bought from the sponsor is now underwater.

stash17: about 7 months ago

Any current or prospective owners with some recent feedback on this building?

bukharin30: about 19 months ago

Jordyn:
Well, everything is relative. Being in the financial district, I don't expect to find that many families and older folks. And to echo the real estate agent above, yes, I've seen a number of corporate pied-a-terres. Certainly, there will be a somewhat younger crowd. There will be some owners that sublet, no doubt. But I don't see it turning into a rental apt atmosphere overall. Sure hope not. The sales office told me that approximately 75% of the units are now under contract. My understanding is that some 6 month leases are still being rented.

Can anyone confirm this?

RE: the amenities. Common areas have a 4 star feel: lobby, roof, gym, library, billiards area. The hallways on each floor are quite remarkable for this category of condo. There is a feeling of calm and comfort when you arrive on your floor. Apparently, they really renovated and spared little expense on appliances etc. in the units. The drafty windows that renters complained about have been replaced. You could buy a bare unit elsewhere and renovate--probably for much less--but it wasn't worth it for us.

*I am not an agent*

front_porch: about 19 months ago

Disclosure: I'm a real estate agent.

That said, I like 88 Greenwich. I feel like new construction is always a risk, and I therefore prefer to skew towards developers I trust, and I trust these developers more than most. (The force behind Buttonwood is Andrew Heiberger, who used to run Citi Habitats). The finishes are definitely lovely, and it's always one of the buildings I show my clients when they want to see downtown.

The buliding does have a little bit of a hotel-y feeling (given the price point and the location, I'll bet you see a lot of corporate pied-a-terres) but after watching the enthusiastic adoption of the Orion -- which I think has a similar feel -- I'm not sure everyone considers that a bad thing.

Cons are definitely the ragged area right around the corner and the fact that you're going to be in construction-land for the next years.

ali r.
{downtown broker}

jordyn: about 19 months ago

bukharin: I'm curious about a couple of things. Based on my initial look at the building, a lot of the residents still seem to have that frat boy, NYU feel. Did you spend much time figuring out that this wasn't the case at 88 Greenwich?

Also, you mention that the quality might justify the high-ish prices. Are there specific things that convinced you of the relatively higher quality? What else were you looking at?

bukharin30: about 19 months ago

I lived at 45 Wall Street for 3 years (2003-2006). Nice building, nice roof deck and gym. 45 Wall St (still a rental) has more of that frat boy, NYU feel. It was alright, but I think Greenwich is better and preferred for a slightly older and mature homeowner. Just my two cents.

bukharin30: about 19 months ago

Just purchased a lovely studio at 88 Greenwich. After an exhaustive search that took us from the upper-east side down to Williamsburg and Brooklyn, we found the overall profile of Greenwich to be the best for us. We got one of studios with two windows: one facing west and othe other south with water views. Incidentally, our view of the water follows a street which most likely will not be obstructed by any future construction. Here is a breakdown:

Pros:
-Low CC and tax abatement
-Excellent quality and amenities
-Long term investment opportunities with projected growth of entire area (yes, even Greenwich St.)
-Easy access to subways
-Off of crazy Wall St (which can get old,real fast Mon-Fri)

Cons:
-priced a bit higher than comparable market prices (but the quality at Greenwich is perhaps better than other condos in this category)
-Construction for a long time
-Uncertainty about retail/restaurant offerings in two block radius in the short run

questions: about 2 years ago

Can anyone tell me what the average price/sq feet is in the FiDi district? Inclusive of those bldgs a bit out on the peripheries- ie. Greenwich Club, ones on west street, and Fulton area?

down1234: about 2 years ago

My fear with Greenwich Street is there is a lot of buildings that are unlikely to change and convert to good retail/services - for example, the AMEX building; also I know there is some talk of tearing down the battery park garage, but it seems like it is stalled in the usual government pipeline. Also there eventually will be some great buildings in the area but the construction of 4 50+ story buildings means it will be a construction zone for a long time to come.

cykang325: about 2 years ago

also, does anyone know if you can put in a w/d in the units yourself?

cykang325: about 2 years ago

Thanks for your info down1234.
I fear to respond that I am one of those studio purchasers. My budget is not that low, but I am strictly looking for alcove studios. One beds have been on the higher price range for me. In any case, alot of what you've said makes sense, but for studios, i thought greenwixh had alot of larger studios.
The district was ok (not so sure about light factor) but i too hated their amenities (kitchen didn't make sense).

I just would like to know- don't you think that Greenwich street too will develop with more convenient stores and shops/restaurants?

down1234: about 2 years ago

I had to make a similar choice a few months ago. Ultimately, I went with 45 John St. I’ll tell you what influenced my thinking, for what it is worth:

1) 88 Greenwich – I loved the common areas and the amenities are great; common charges seemed very reasonable, given the amenities. I also really liked many of the layouts. For me, 88 Greenwich had several downfalls. First, there were very few 1 bedrooms over 800 square feet and 800 square feet was my minimum. Also, I was fearful that a large number of small apartments (studios and small 1 bedrooms) would bring in too many younger, ‘party’ type kids who couldn’t afford a bigger place. I live in the neighborhood now and it is a total construction zone and will be for quite a while. Finally, there are next to no amentias in the 2-3 block radius.

2) District – Loved the building, loved the finishes, loved the roof deck. Price per square foot seemed good. Problem for me was the apartments were way too small – the largest 1 bedroom (other than the penthouses which are well over $1 million) was about 740 sq feet. Also, I couldn’t deal with the half-size oven, half-size dishwasher and small fridge. Even if I don’t technically need full size appliances, I still want them – total deal breaker for me.

3) 75 Wall – this was my second choice. I don’t have much bad to say about this place, other than on-site broker (who I’m not sure is there anymore) was awful. I generally dislike most brokers, but this woman was so bad as to make me refuse to buy there.

4) 45 John – As I said, I ultimately bought here. I liked the price per square foot (although there have been some price increases since I bought); finishes are great. I also really like that there are very few studios in the building. Most 1 bedrooms have 1.5 bathrooms and many 1 bedrooms have 2 full bathrooms. I also liked the location – it is near all subway lines, within about 500 feet of 3 grocery stores, including 1 that is open 24 hours (Jubilee). There are also other basic services nearby; front street is much more walkable for a easy dinner out (if you haven’t been to the restaurants on Front Street, definitely check them out – I like the Cuban place (Salud) and the Italian place (Acqua); The sushi place (can’t remember the name) is also good. It also about a 20 minutes walk to SoHo. Downside is that most apartments don’t have much in the way of a view.

Good luck – I think any of the above are good choices – it just depends on what is important to you.

cykang325: about 2 years ago

I am torn between 99 greenwich, which I also agree had great amenities, and the condos near Fulton (The District, 45 John, etc).

Price/Sq Ft is great at Greenwich, at least for the units I'm considering.
I feel that it's still close enough to everything, but not crazy chaotic...but as a LT investment, not quite sure if it's better to go into smaller, boutique condos near Fulton or to a larger one- such as the Greenwich Club.

I love the little details put into Greenwich and the view is great (despite the garage, yes, but they are locked in for 20 years and I plan to sell it prior to that, should I go forward). I'm not sure how much growth that area will have, being more west and south.

Any advice?

and I am also- not a broker... thanks!

I would appreciate opinions (true ones, please) to get more information. I am only several weeks into my research and have only seen a handful of properties.

aboutready: about 2 years ago

The NY real estate industry has its own magazine, The Real Deal. Obviously, it's by its very nature partisan, but it does cover the transactions, the parties involved, and their plans as they evolve.

temp123: about 2 years ago

The deal for the steakhouse fell through. 88 Greenwich is trying to find another restaurant to go in that space. A bank (no idea which one) will go in the space next to the hardware store (that used to be that cheap clothing store).

prada: about 2 years ago

The W Hotel and condos is being built on Greenwich Street right next to the Deutshe Bank building that is sooooooo slowly being taken down. It will do alot of the neighborhood.