What's up with Georgica East 85th

streetview: about 12 months ago

Anyone want to share their 2nd Avenue subway construction stories here. Looks like the Georgica is getting a erector set built next to them. It's only the beginning...

deanvlajos: about 2 years ago

Is it true... Just one left?

sidelinesitter: about 2 years ago

I was also wrong on this building (or more accurately wrong on the market and therefore bearish on this building given the time at which is came to market), having called it 'toast' earlier on this thread.

I agree with printer that the developer managed this well. One more has closed since printer's post and I believe that the super's unit counts in the 58 so that's 46, with 12 to close. Five of those are in contract, 4 of them having gone to contract in Oct/Nov, which indicates that there is still some momentum despite only having managed 2 closings in the last 3+ months.

As noted, the remaining listings are mostly (6 of 7) larger, higher floor and more expensive units. The developer cut prices on 4 of the 6 by between $350k and $600k last weekend (still asking between ~1,500 - $1,800 psf), so it looks as if they are now trying to locate the market clearing price for the larger units in the same way that they met the market for the rest of the building. The new cuts get the asking prices about halfway from the previous ask to the closing prices of the same line comps for these larger units, which went for more like $1,300-$1,400 psf. This suggests more negotiability below the current asks, but at the end of the day no one goes bankrupt selling apartments for $1,300+ psf on 2nd Avenue in the 80s, so back to the conclusion that the developer did well here.

streetview: about 2 years ago

It will be interesting to see where the resales trade. You know, once they have been driven off the lot.

printer: about 2 years ago

georgica developers did a great job - I think they just started sales around the time Lehman failed, which means nothing sold. They cut prices appropriately once the units were viewable, and if you look at the chart, they've sold them at a very steady pace. Using SE's numbers, looks like they've closed 44 of the 58 units (75%), with another 6 in contract, which would take them up to 85%. Lower on a dollar basis as it is their more expensive units which remain, but nonetheless very impressive, and very much counter to what most on this board thought possible. It is a good portent for Isis - I think they are relatively comparable buildings.

Much to my surprise, Lucida sales also seem to be creeping along.

marco_m: about 2 years ago

yup....yorkville rocks!

printer: about 2 years ago

cool - did you buy in the neighborhood of the Georgica?

marco_m: about 2 years ago

I was wrong. thats how it looked back then. I also got long manhattan re myself a month and a half ago which was a hell of alot better than buying a year and a half ago. I put my money where my mouth is.

printer: about 2 years ago

marco_m
about 17 months ago

stick a fork in it.

marco_m
about 14 months ago

place is toast

Great call Marco - looks like the building is getting close to sold out - just some of the more expensive units left.

marco_m: about 2 years ago

Im seeing more and more apartments with lights on at night

streetview: about 2 years ago

Hey when did the MTA move the containers and the accompanying fencing to the front door? Looks like the move ins will have that as an issue.

LOOKING4CONDO: about 2 years ago

It is in my price range. How is the developer?

streetview: about 2 years ago

2nd Avenue subway construction is a mess there at the Georgica. Keep looking...

LOOKING4CONDO: about 2 years ago

Looking at Isis and Georgica but having been more focused on Isis because of price. Any thoughts?

sidelinesitter: about 3 years ago

"AZURE is a better value" Hard to imagine the Azure being better value than anything, given all its gruesome issues, but feel free to state your case if you think you have one.

alijafri: about 3 years ago

AZURE is a better value

aboutready: about 3 years ago

sls, just noticed your repsonse. no, i was thinking of 300 east 79th, about half of the units closed, i believe. for the longest time i honestly thought that it was a commercial building, not residential. i thought it might be affiliated with one of the hospitals. it looks like it should be on madison in the mid-50s.

EZrenter: about 3 years ago

"Why on earth would anyone pay that kind of money to live of the upper-east side?!?"

because Fish don't fry in the kitchen; Beans don't burn on the grill.

urbandigs: about 3 years ago

nothing

blogo: about 3 years ago

WOW! Why on earth would anyone pay that kind of money to live of the upper-east side?!?

sidelinesitter: about 3 years ago

Might be this one. Disaster in the making.
http://streeteasy.com/nyc/building/isis-condominium
http://streeteasy.com/nyc/talk/discussion/12383-isis-303-east-77th

aboutready: about 3 years ago

less nice. wasn't there a new building going up on 2nd avenue, just south of 79th street? horrid thing? i can't seem to find it in the new developments and i can't recall the name.

sidelinesitter: about 3 years ago

"they managed to close four units, so that too is nice" One of them is the super's unit. "Sale" was transfer from the developer to the building. So they're at 3.

aboutready: about 3 years ago

degrees of loss, nwt. degrees of loss.

NWT: about 3 years ago

14B went to contract in July 2008.
12B went to contract in July 2009.

Patience won out, if anybody can be said to have won.

aboutready: about 3 years ago

sls sorry, missed your earlier post.

aboutready: about 3 years ago

ok, ok, for all of you who aren't forking over the $10 a month, or who hate ACRIS like I do, here's the deets:

14B 12/09 $1,870,000
12B 11/24 $1,450,000

that's just got to hurt.

aboutready: about 3 years ago

they managed to close four units, so that too is nice. wonder if 14B is aware of how much 12B paid?

apt23: about 3 years ago

Tromp. You assume too much and you are judgemental. For all you know it could be some ingenious money laundering. Other than that, it would be difficult to come up with any rationale. Looks like this building is cooked. Put it on the dumdedumdum list.

sidelinesitter: about 3 years ago

I walked by the building last Wed or Thurs AM and the second avenue side of the building had graffiti scrawled in big letters in black marker in two places. I didn't note it down verbatim, but the gist was, "Built with non-union labor. Buyer beware." So they got that goin' for them, which is nice.

sidelinesitter: about 3 years ago

Tromp - I like where you're going with this theory, but I don't think that people of the upbringing and financial means you describe buy apartments at 85th and 2nd!

Trompiloco: about 3 years ago

I wonder whether it is considered very genteel and a show of proper upbringing to show absolute disregard for money, especially when you have 400K or so in down payment to plunk into a Manhattan apartment. It would be shocking to learn that the moron didn't inherit the money but worked rather hard to amass it. Mind boggling!

sidelinesitter: about 3 years ago

Wow. Check out the rocket scientist who just closed on 14B at full ask. Same floor plan as 12B. This buyer clearly lost in the poker game with the developer.

12/09/2009 #14B $1,870,000 $1,870,000
11/24/2009 #12B $1,450,000 -21.6% $1,850,000

nina15: about 3 years ago

Does anyone know what is going on with this development

sidelinesitter: about 3 years ago

They finally closed the first one (other than what looks like a transfer of the super's unit from the developer to the building) in mid-Nov. Hit ACRIS end of Nov. 15% below published ask but $1,128 psf. Would have thought lower psf, but it's early days yet.

Clearly sales office was lying when they told marco_m in August that people were moving in the following week. Imagine that.

ralphmon2: about 3 years ago

westsider3: Can you share details offline?
ralphmon2@gmail.com

westsider3: about 3 years ago

Only familiar with Chelsea building. Don't know if builder on both are the same, but builder on 133 is very good. Sponsor is the problem! Beware of Ascend!

rogerwilco: about 3 years ago

westsider3: have you dealt with them at A Building or 133 West 22nd? can you give some detail as to how the developer failed you? quality of construction/materials?

nyc10022: about 3 years ago

85 and 2 isn't awesome, but its decent. You're a couple blocks from the express station. 2nd avenue up there has a lot of restaurants.

91 and 1... you're closer to projects than anything good.

westsider3: about 3 years ago

I have had experience with this sponsor and I would never buy anything from him at any cost. Well, I take that back. Maybe at 500.00 a sq ft. Beware of this sponsor.