80 Metropolitan

rivas77: about 3 weeks ago

"informed" the price you quote on rooftop cabanas is off 3-6 fold.
I do however agree with some of your points, but not of your support of current pricing.

informed: about 3 weeks ago

Apt 1-O closed. Asking: $895,000. Closed: $915,000. A parking spot was included in the sale. The apartment also has a 504 square foot private garden.
2M has closed. Last asking price: $799,000 Closed: $841,559. The sale included a parking spot and a roof cabana. Parking spots started at $40,000 and were raised to $50,000 by March or April 2008. Cabana's were @ $25,000.
Also, records will not indicate if any closing costs were picked up by the sponsor or if common charges and taxes were paid by sponsor for any period of time after closing.
3F closed at $385,000 original ask was $415,000. ALL closing costs (except for the buyers attorney) were paid for by the sposor as well as 2 years of common charges and taxes. This I KNOW is a fact.

I believe 80 Met is definately the best development. Well contructed, well thought out in regards to noise issues, materials used and finishes.

milkmanjones: about 4 weeks ago

lofty, i'm with you on the pool. even if i wanted to do laps, it's kinda small.

LoftyDreams: about 4 weeks ago

oopes 229 N 8th -- actually that's the name of the building but the address is 63 Roebling. Go figure.

LoftyDreams: about 4 weeks ago

I just took a rental at 220 N 8. Great location but the roof is already leaking. Been looking at 80 met and 125 N 10th - 80 met still tops for finishes I think, and I have no use for the pool and the expense that will keep climbing as it ages.

N77: about 4 weeks ago

i think the problem is the high common charges. Prices will have to be more flexible eventually (hopefully), but cc will stay high and in WB i feel amenities aren't that much of a priority.

BillyRes: about 4 weeks ago

If you want to be closer to the L and the Park then 125 N. 10th is your place. If you want to be strategically positioned between North and South Williamsburg, near Grand Street, and the water, 80 Met is your place. I'm somewhat biased but I feel 80 Met's overall quality is superior to most of the new construction in Williamsburg. One simply needs to visit the building to get a sense of the quality of the construction - very solid, corners were not cut. All other buildings went up in less than a year compromising the quality. There is a reason it is taking almost 2 years to complete this development. Biggest negatives - high common charges, high cost per square foot, low sales.

rivas77: about 5 weeks ago

it also seems that 125n10th is being a little more realistic in terms of offering price discounts

rivas77: about 5 weeks ago

125 n 10th has 80 met beat in terms of location
but i think the quality seems better at 80 met
The edge looks nice as well, to me its just a little bit of a turn-off to live in such a massive metroplex,

milkmanjones: about 5 weeks ago

I really like the building. I am a little bit worried about the walk from the L at night. Finishes in the units are great (probably the best in Billyburg along with 125 N 10th and the Edge).

Common charges are a little on the high side, particularly since I would only use the gym.

That being said, definitely not worth current asking prices.

rivas77: about 5 weeks ago

http://curbed.com/archives/2009/10/26/curbed_inside_williamsburgs_80_met_comes_out_to_play.php

Pictures of completed bldg on curbed
place looks amazing
not sure its worth 800-1000psf
but it looks gorgeous
views look great and seem to be protected to north and probably to south if the domino compound doesnt get built
outdoor common space and pool also look great

newbrooklyn: about 6 weeks ago

Yes, a few people have.

les07: about 6 weeks ago

so now, people moved into this building??

rivas77: about 8 weeks ago

Yes, further I want to see what becomes of the bulk of the signed contracts, if the majority of them close (assuming with some price concessions) that would suggest to me that steiner is realistically accepting of the current market conditions and would bode well for the success of the bldg. If a good number of contracts do not close I would think either they are greedy or in a highly leveraged position where they can't negotiate too much, and I would question the future of 80 met

bjw2103: about 8 weeks ago

rivas, I would think so. It'll be interesting to see where the next few closings end up.

rivas77: about 8 weeks ago

I had not heard of any discount being offered. It is something, but my point was it is not enough. Yes clearly it is in their best interest to get to 50% sold. But I think to get most of those contracts closed they are going to have to offer more than 5% off. No?

bjw2103: about 8 weeks ago

rivas, still, that seems to run counter to what you were saying before. Frankly, it's in the best interest of the building to do what they can to get to at least 50% sold.

rivas77: about 8 weeks ago

So they discounted about 5% from contracted price, they're probably going to have to do a lot better than that to get others to close, and even more to get contracts signed on the 60 apts left. Even if they close all the outstanding contracts which would seem quite unlikely the bldg will still be <50% sold.

informed: about 8 weeks ago

3F closed at $385,000. ORIGINAL asking price: $415,000 That's a "hair" over 7% off the original asking price. See my comments regarding an apartment closing for 7% off asking in one of my previous posts. They also received incentives>>>>>>>>>>> 2 years of cc's and taxes paid as well as all closing costs except the attorney fee for buyer.

rivas77: about 8 weeks ago

It appears there is one sale recorded. This was one of the lowest priced units in the bldg at <$700/sf.

N77: about 8 weeks ago

i feel new buyers may, maybe, get some concessions, probably for the most expensive units, that doesn't seem to be the case for contract holders.

rivas77: about 8 weeks ago

Maybe things will change when they are nose to nose at the negotiating table, I have asked and been told no.

bjw2103: about 8 weeks ago

rivas, no concessions at all? And are they really that off-putting in their response (I don't imagine they're literally telling you to f off, but curious as to how they're handling this)? I find that a bit hard to believe in this market.

rivas77: about 8 weeks ago

The reason why some are skeptical is because:
Fact: contract holders are asking steiner for concessions and threatening to walk and have been told to f... off

bjw2103: about 8 weeks ago

informed, that's helpful stuff; I can understand why others might be skeptical, but you're totally right that it doesn't hurt to ask. The building looks great; I really like the entrance - just the right balance of looks and low-keyness that fits the neighborhood well.

informed: about 8 weeks ago

Don't shoot the messenger. I am just trying to help out some people that may/could be in a bind. believe me, don't believe me. both are fine. Here are the answers to the above questions. I am answering tham as thorough as possible without divulging my source. I am only writing to lend a hand. No harm done...just advise that you may or may not use. Here goes:
A mortgage broker asked the sales office to fill out a questionnaire. All mortgage brokers/banks ask certain questions about a building as part of their due diligence to see whether or not a bank will lead money for a mortgage. One of the questions was 'How many units are currently in contract?". The representative for 80 Met that was complying with the mortgage broker and answered a number that was under 40.
Also, I already know of someone who has closed (there have been a few already) This particular buyer was given 7% off the marketed asking price as well as free common charges and real estate taxes for the next 24 months. These buyers paid for their attorney but all other closing costs were picked up by the developer. I never said everyone could get this but there is nothing wrong with asking. This developer needs the sales and needs contracts signed…as do all new developments that are less than 50% sold. Most buildings that are under 50% sold will/are finding it almost impossible for their buyers to get financing. Most banks will not take the risk. No bank will take a risk if a building is less than 25% sold and closings have started (unless someone puts down 40%-50%)

Since most new developments (not all but definitely a majority) are struggling to get things in contract, they have given great concessions to people who actually ASK and negotiate for them. No developer will GIVE it to you.
650 Sixth Avenue in Manhattan on 20th Street in Manhattan (this is another example) may seem over priced when you look at what is offered and what they are asking in price. A closing took place within the last 4-5 months where a unit was listed at @ $1.75 million and closed for under $1.35M.
The point being, do not take anything for face value. Do not be afraid to ask for the proverbial "mile" as you may end up getting more than the "inch" you expected. You may just get that mile.
Good luck to all.

rivas77: about 8 weeks ago

Informed, can you share the source of your facts, that seems contrary to what this and most other developers have been willing to do

BillyRes: about 8 weeks ago

By claiming everything as fact without any evidence or indication on how you obtained this information, you lose creditability.

What type of survey was conducted to determine less than 40 contracts were signed? Was the survey distributed to developers to report how many contracts were signed? Why would Steiner report anything less on the "survey" than what they are communicating to the public? Or was the survey distributed to the world and only 40 people responded to say they were in contract?

I agree that 80 Met is a great development. I could argue it is one of the best in Williamsburg. If you're interested in the building, then have a conversation with Halstead or Steiner. But manage your expectations. If you expect all the concessions listed by "informed" then you will be setting yourself up for disappointment or bitterness.

informed: about 8 weeks ago

Fact: Prices have been negotiated. Fact: Closings have taken place Fact: 2 years common charges and two years tax have been paid by Steiner to get a signed contract Fact: Steiner has also agreed to pay ALL closing costs except for the buyers attorney.

All above is fact. Steiner WILL negotiate. They do not have a choice. A recent mortgage survey taken less than two weeks ago had 80 Met reporting less than 40 contracts signed. They have been exaggerating the amount of apartments in contract to get deals done.

The building is well built. The quality (on my opinion) is better than any other development in Williamsburg. Steiner did an A+++ job on building this project but he needs to close like evry other developer in NYC. This building is not an isolated case. It's happening everywhere. If you have not closed, negotiate your price or other perks as stated above. As for a parking spot or roof cabana. Threaten to walk or not close. They need you!!

rivas77: about 10 weeks ago

Are they giving concessions to those willing to close. It looks like most contracts r at around 800$per sq ft, will people close at that price? Can people get a mortgage for this kind of property with <<50% in contract?

BillyRes: about 10 weeks ago

Closings are scheduled to begin in the next couple of weeks.

rivas77: about 10 weeks ago

Anyone have any updates on this development

kiz10014: about 3 months ago

I think now in retrospect all new construction seems over priced, I'm not sure 80 met is that out of proportion to other properties. Clearly no one is buying anything at these prices and in these market conditions and something must give. Whether they will lower prices, go partial rental, be able to hold on for a while, or go bankrupt because the lender will not let them lower prices to meet demand remains to be seen. They play it very close to the vest and keep a smile on their face as if everything is fine.
As for people walking from contracts, I have not heard that. I can't imagine why it would make sense to declare that now. I'm sure many people will walk if there are not concessions made, but closings haven't started so that remains to be seen.

mutombonyc: about 3 months ago

BillyRes,

I don't mean to discourage anyone but heard less than five people backed out I don't remember where I read that information but remembered hearing some people backed out it could have been another development but feel certain it was 80 Met.

BillyRes: about 3 months ago

I'm a contract holder at 80 Met. A group of us had a conversation with Steiner, the developer. They informed us that they have a very good relationship with Wells Fargo and are in a decent position financially to weather the storm out a bit (of course what else would they communicate). Also, keep in mind this is Steiner's only residential developement and so they are not trying to keep other project afloat. As for closing dates, still unknown as the temporary certificate of occupancy remains outstanding. Mutombonyc: How did you learn about the people who backed out? That's not very encouraging.

mutombonyc: about 3 months ago

LD,

The developers of 80 Met may go under if they don't break even as with any new development during these turbulent financial times. I have heard some people with contracts have bailed out of 80 Met but it was only one hand full if that. I don't know if 80 Met had any closing this month or recently but someone on this board will be able to add clarifiaction to that.

LoftyDreams: about 3 months ago

Will the developer go under before they can break even? Are people with contracts bailing? They were supposed to start closing this month. Have they had any closings?

mutombonyc: about 3 months ago

LD,

80 Met was immensely overpriced. Price reductions don't have to be in order but will take place by order, dictation and naturally :o).

BillyRes: about 3 months ago

Just because 80 Met may be one of the nicer buildings in the area, doesn't mean it is immune to the overall economic crisis. With the exception of a few developments, most sales in buildings in Williamsburg and in Manahattan have been stagnant - 80 Met is not unique. If you plan to purchase now, I'm fairly certain you will be able to negotiate a reduction.

LoftyDreams: about 3 months ago

Was 80 Met simply overpriced - are massive price reductions in order?