Apex Condominiums

MidTownWGeek: about 21 months ago

For sale, but I think they've only sold 2 spots, so they might be open to renting, who knows. Alternatively, there are three rental garages very close-- one at 2280 FDB (a little expensive for the area, but very convenient), one where St Nick crosses FDB (about the same price and a little farther) and then a real cheap one on 124th between ACP and Lennox.

ms123: about 21 months ago

Is parking for sale or for rent?

gsanselme: about 23 months ago

I'm also looking to rent in this building. Is anyone considering renting their one or two bedroom condo. If so please let me know (I'm a potential renter, not a realtor!). I can be reached at this username at gmail.

Thanks!

MidTownWGeek: about 23 months ago

We've been in since we closed on Wednesday, and we love it. The building staff is great-- very helpful.

tobuyornot: about 23 months ago

Congrats - right before July 4th...so maybe you can have a roof party! How are the new digs so far?

MidTownWGeek: about 23 months ago

Woo! We're closing and moving in on Wednesday!

moette: about 23 months ago

Is anyone considering renting their one or two bedroom condo in this building? If so please let me know (I'm a potential renter, not a realtor!). I can be reached at this username at hotmail.

Thanks!

Shadow: about 23 months ago

Couldn't agree more. You can also ask for them to cover their attorney's fees or provide you with a closing credit. However, as several of us have stated in earlier posts, we were early movers so my guess is that they are giving less and less as they approach the 50% sold mark. Once they hit the 50% mark more financing options will likely open up and then it will probably be VERY difficult negotiating.

No pressure, but I would move sooner than later, the spring summer is prime home shopping time and if you look at the buildings in the immediate area (88 Morningside, 2280 FDB and Apex), sales aren't too shabby price or volume-wise.

harlembuyer: about 23 months ago

Artina, Shadow gives some good advise. When we negotiated our Harlem condo we put in a low bid and they countered. Eventually the sponsor will say that the price is their final offer. Then you state you'll take it if they give you storage and/or parking at a significantly discounted price. Usually the sponsor is most interested in the highest apt sale price being listed on streeteasy and will give in on the rest. Also we had the sponsor pay the transfer taxes which resulted in another steep discount not reflected in the posted sale price.

MidTownWGeek: about 23 months ago

The way that we did it was spending a lot of time on StreetEasy Insider, running price comps on recent closing prices for similar searches-- condos in elevator buildings with doorman in central harlem of the same #BR/BA, same approximate size and so on. That helped us determine where we'd feel comfortable ending up. And if you look at the low end of that data, maybe you could consider that a non-insulting starting point.

It's really up to you. There's no right way to negotiate, but keeping yourself informed with data is a huge help no matter what.

Antina: about 23 months ago

I just visited apex today and I loved it! The kitchens are gorgeous. Thinking about buying a 1 bedroom does anyone have any advice for how to make an offer?

tobuyornot: about 23 months ago

MidTownWGeek - thanks for all your help...no need to pull the actual prices of storage units. I was just trying to get a sense of negotiability. Will keep you posted on how things go - if well, look forward to seeing you around the building!

MidTownWGeek: about 23 months ago

Thanks, tobuyornot. Hope things go well for you, and we see you around the building soon!

Agreed with Shadow, it's hard to tell how much they'll come down on storage units. In general, I'd say they show evidence of having SOME flexibility.

On the storage units, it's really going to depend on how well they are moving. They've sold about 35%-40% of the condos... how many of the storage units have they sold? If it's something like 50%, then I doubt they'll be too keen to come down much on the storage. If it's 25%, they're probably happy to use it as a negotiating point.

Or are you looking for the list prices for the units? I can pull that from the offering plan tonight, though you can just ask them-- they have to give you prices no higher than those from the offering plan. They've got a few different sizes of units. IIRC, they range in list price, starting at 12K or so. Can't remember how much the biggest ones are. Probably well over 20K. I think a 5x7 full height unit listed at 15K.

Shadow: about 23 months ago

I suppose I am stating the obvious, but early on they seemed incentivized to include extras like parking and storage at a substantial discount or part of the overall deal. We purchased a parking spot and included it in the overall price without allocating a portion to parking vs. the condo purchase price. As was the case with many of the early purchasers I was pleased with the overall price and terms. From what I am hearing now they are a bit more stingy so I don't think you should expect it at this point, but that being said I have to admit I found the sponsor quite reasonable during the negotiations (I've negotiated several condo purchases over the past few years and this was by far the most pleasant experience). The closer you are to their asking price the more likely you can probably get the storage for "free" (obviously it is baked into the real price). As more units sell the chances of you getting any sort of discount diminishes. Bottom line is you should definitely ask and make it part of your negotiation and I would probably hurry as prices have increased twice already and units are moving (as MidTownWGeek mentioned there have been some bidding wars and in addition to the 13 listed in contract now there are a handful of contracts that are either signed and not posted or that are out the door). Good luck and hopefully we will see you soon!

tobuyornot: about 23 months ago

Question for those under contract: how much are they charging for the storage units & how amenable have they been to throwing those in at a discount?

tobuyornot: about 23 months ago

Congrats on the upcoming nuptials and good luck with your closing!

MidTownWGeek: about 24 months ago

We got our notification for closing today-- currently scheduled for July 5.

NewHarlemRes: about 2 years ago

Thats great news. I emailed KH this morning to see if she knew when the closing notices were going out. I have not heard back yet.

MidTownWGeek: about 2 years ago

I learned yesterday that they currently have 3 units in contract that have yet to make it to StreetEasy, and a few more that have contracts out. They've also got lots of interest -- multiple people are bidding on units, I think #12D in particular.

They don't think it'll be too long before they get up to 51%, at which point it should be a lot easier for people to get financing in the building, since that's when it becomes easy for them to get Fannie Mae approval.

MidTownWGeek: about 2 years ago

My pleasure! They're about to send out closing announcements, with closings starting at the end of the month. We're getting married in June, so we will close, but might not be ready to move in until the end of June.

tobuyornot: about 2 years ago

Thanks MTWGeek - realize you folks who got in before the cc's went down got a really good deal and the rest of us will not be so lucky...however, the intel you've provided is invaluable so thanks for sharing! Have closed/moved in yet?

MidTownWGeek: about 2 years ago

I just read my last post and I should clarify-- I still think the 2BRs are a very good deal. The PPSF is still very competitive with the list prices of other buildings in the area, even though the Apex is a lot nicer. It's just that, as is often the case, those who got in early enough got not just a good deal, but a STEAL. And I think it's still possible to get a STEAL on the 1BR apartments.

MidTownWGeek: about 2 years ago

There are only 8 units with outdoor space:

7F, 1BR, 1BA, 61sq ft terrace.
7G, 2BR, 2BA, 90 sq ft terrace.
9A, 1BR, 1BA, 25 sq ft terrace.
9B, 2BR, 2BA, 600 sq ft terrace.
9D 2BR, 2.5BA, 281 sq ft terrace.
9F, 3BR, 3BA, 559 sq ft terrace.
10B, 2BR, 2BA, 421 sq ft terrace.
10C, 3BR, 3.5BA, 147 sq ft terrace.

Note that I just got a final amendment to the offering plan before closings start (at the end of this month!). It bumps up the prices of all the 2BR units a LOT. They have had such demand for them since lowering the common charges, they sponsor is obviously feeling very bullish. So if you didn't get in early, it's no longer a great deal (some units were originally around $500psf, now it's more like $700psf).

The 1BRs have not gone up. From what I can tell, most of the people who are looking for 1BRs require FHA financing because they can't meet the down payment requirements for traditional financing. And, the building isn't FHA approved at this point. So if you happen to be in the market for a 1BR or a studio and can do 20% down, you may still be able to get a deal in the Apex.

tobuyornot: about 2 years ago

For those of you under contract (and assuming they provided the offering plan), do you know if they have any unreleased terrace units? The floorplans and in contract listings only reflect 3 units with outdoor space: 9D, 9F and 10B. Doesn't it seem as if there should be more than just 3 out of a total of 44 that have outdoor space?

MidTownWGeek: about 2 years ago

The ones in contract haven't been updated, but the rest have. For instance, #11B is 1242 sf, and the common charges are listed as $945, which is .759 psf.

magicman: about 2 years ago

I just looked on streetesy and they still present the apartments with the old common charges. Where did you see that the common charges reflect the new lower number?

MidTownWGeek: about 2 years ago

Wow, they were fast to lower the common charges on the open listings. I'm not too surprised!

MidTownWGeek: about 2 years ago

Mikev: Originally the building was expecting to be ultra-high end, which you can still sense based on some of the finishes. They originally had full time valet parking and 24/7 staffed coverage. The main change is that there's only 12 hours of doorman coverage and no valet. But they've also moved from having a full-time super to an on-call one. There's a $30K budget for maintenance and repairs, a separate large budget for services and supplies, plus a retainer for the super, but he's not dedicated.

Mikev: about 2 years ago

Glad they got that settled for you. Out of curiousity how were they able to lower the psf amount by 35%, unless they killed a ton of amenities? Did they kill off additional building staff? The curiousity is not a knock against APEX, but a common problem when Sponsors try to keep the CC low and then leave it to the owners to realize they need more staff and cause a rise in the CC to keep the building operating well.

MidTownWGeek: about 2 years ago

I just got the ratified amendment (has cleared the Attorney General's office) that covers the reduction of Common Charges. They're now at $.755 per square foot with the 5-year subsidy. The unsubsidized rate is $.932 per square foot. That's very far down from the original price of $1.44 psf (which is still indicated in the listings).

They now have their TCO. They're about to declare the offering plan effective. Closings will probably start this month.

MidTownWGeek: about 2 years ago

Thanks! I've heard much worse horror stories. Sometimes sponsors have every incentive to drag their feet for a very long time... even a year or more. I think we're likely to close in May, but we'll see.

Mikev: about 2 years ago

Good luck with that and I hope it works out. I honestly did not realize how much of a pain a new condo could be. Hopefully with the TCO in place you will be able to close sooner than later.

MidTownWGeek: about 2 years ago

Mikev: They did hit 20% (9 units), and they claim that when contracts that are currently out are returned, they'll be at 25%. They've also got their TCO.

But one thing they haven't done is finalized the common charges. They claim the AG had some comments and asked them to modify and resubmit, but they claim that doesn't impact the charges. They are now claiming that the new common charges will be more than $.10 less than the $1.05 they were previously saying, and there's still an additional buy down being offered.

They claim the revised amendment should clear the AG in the next week, and at that point, they should be about ready to start scheduling closings. We'll see.

Mikev: about 2 years ago

Midtownwgeek just curious as there were a few entries in blogs i read including harlembespoke today that Apex crossed 20% in contract. Have they officially reduced the common charges?

seriousthinker: about 2 years ago

@shadow, @midtowngeek and @magicman, I'm buying 10E. E-mail is juanmanyc@gmail.com. Thanks!

magicman: about 2 years ago

@Shadow and @midtownwgeek I agree. Let's move this to a less public forum. Email addy: harlemmagicman@gmail.com

MidTownWGeek: about 2 years ago

Shadow: good idea. I don't mind giving my email, it's already all over the Internet. I'm: john at list.org.

We're buying 9E.

Shadow: about 2 years ago

Any interest in starting this discussion in a less public forum? I'm happy to try and coordinate - I can set up a dummy mailbox, and those who are interested can send their apt # and e-mail and we can take it from there. I wouldn't mind getting to know some of my new neighbors if others are interested.

NewHarlemRes: about 2 years ago

I agree. We should tackle this as a group. The reduction in CC was made the apartment more appealing.

MidTownWGeek: about 2 years ago

Well, after they give you notice of closing, you've got a 30 day window in which to close. They told me last weekend that they've already filed the amendment. So even if they gave you notice Monday, the amendment would almost certainly have worked its way through the AG's office.

If it hasn't gone through, yet they still feel that the common charges will be brought down, they'll probably delay the closings.

And if that doesn't happen, I'd say the group of us affected should coordinate on how to respond. If we all refuse to move forward as a group, we should have a lot of leverage.