building at 101 North 5th Street (NV)

prettyponey: about 3 years ago

Hi Mayeenyc, I looked at 100+ units in the area (including 90 N 5, 125 N 10, 69, 70, 72, 55 Berry, 80 Met, 14 Hope, Rialto, NSP, Edge, Gretsch, Ikon, The Mill, Sevenberry etc. etc.) until I settled on this one. I do like the building and the location very much. But it is a new building so there are still kinks being ironed out. The sponsor is reputable and has been in business for decades so hopefully some of the outstanding items will be resolved soon.

I have to double check but I believe the 15-year tax abatement kicked in mid-to-late 2009.

I believe the sponsor is paying for transfer taxes and they just lowered the prices on the last remaining five units. One would thing he would one to wrap up and move on to his next project.

If you have any more questions, it's probably best to just give me your email address, and I can try to help and provide details.

mayeenyc: about 3 years ago

Thanks for the details prettyponey! How do you like the building? For the tax abatement, how many years are left?

I am also looking at 90 North 5th. Does anyone know if NV or 90 North 5th are offering any incentives? I've heard 2NSP recently offered a 10% off plus covering all closing cost.

prettyponey: about 3 years ago

It's a remote "doorman service." So you have someone off-site monitoring the building. They can actually buzz in people and deliveries when you're not home. For instance, if you have a UPS delivery, they will buzz in the carrier, instruct him into a secure package room (which is also monitored) and then you will be notified that you have a package. It's not the real deal but better than nothing and keeps the common charges down at smaller buildings. I have it set up so my cleaning lady can have regular access. They have a Web site you can check out to get more info.

Hope that helps.

mayeenyc: about 3 years ago

Does anyone know if NV is a doorman building? It says it has 'virtual doorman 24hr security'... which means a security camera and/or an alarm sort of things?

Green72: about 3 years ago

I like the location of this building and would be interested in renting a 2 bedroom. If anyone has an interest, please let me know. Thanks

soultasto: about 3 years ago

bjw- maybe some people actually like the smell of pad thai wafting into your apt 24/7...

bjw2103: about 3 years ago

Jerry, I'd pay more to be further from Sea, not that close to it. It's a zoo on weekends. The only good thing is how cheap the food is. I don't mind NV, but found the units to be on the small side. It did quite well despite getting off to a slow start though.

Jerry2323: about 3 years ago

You will get a loan on NV, layouts are nice, almost 11 foot ceilings, location is great. That close to Sea, you can't go wrong.

Jerry2323: about 3 years ago

NV but there is almost nothing left

jimstreeteasy: about 3 years ago

which one is preferable then?..and why

Jerry2323: about 3 years ago

I know people who purchased in the building, would not compare to W11

jimstreeteasy: about 3 years ago

jerry..what prompted you to make those comments?...how does it compare to w11,the quesiton of the day?...

Jerry2323: about 3 years ago

The sponsor gave parking spot and paid closing costs, so people got some great deals

Jerry2323: about 3 years ago

Location is great, but looks like only 2 BDs left. This is a great building.

cj2008: about 3 years ago

so, it sounds like this place is almost sold out. can anyone give me an idea of how they like the place? pros-cons? etc? aside from the color, which i think is a bit obnoxious unless you're in miami or something, it seems to have decent amenities, floorplans, etc

N77: about 3 years ago

Any one here moved in NV? They seem to be doing well. I've noticed also they did give little discounts. Does anyone know more or less how much are their unabated taxes here?

LookPied: about 3 years ago

spaceball,

My sense is things aren't moving at the high price ranges, certainly anything greater than 600K. If you don't get a deal, walk away and come back in 6 months. I'll bet it still will be available and you can try again. The 1 BR's we have been following had their price reduced a few weeks ago. I sense the developer is under pressure.

soultasto: about 3 years ago

Spaceball, this IS a buyers market, and you need to show them that you are able to walk away from the deal if it isn't to your liking.
Walk across the street after you threaten to back out, and head over to the new condo opening for emphasis!

bjw2103: about 3 years ago

spaceball, $1200 per month seems inordinately high, unless we're talking about joining two penthouse units or something. I would double check with your lawyer that this is accurate. If it is, you can do much better - most other buildings in the area have taxes under half that amount for ~1000 sqft units, as you suggested.

spaceball: about 3 years ago

I have been in negotiations with NV to buy one of their larger apartments, and quite frankly, I find them very aggressive, and not willing to compromise on anything. i thought this was a buyers market. Also, i think the monthly real estate taxes seem high (60$ with abatement, but approximately 1,200 a month without the abatement). Can anyone provide any clarity on whether or not they think this monthly tax is reasonable for the neighborhood. I noticed that the taxes for 125 N 10th were about half. Feedback is greatly appreciated!!

LookPied: about 3 years ago

Financing is not my problem. Just trying to get a feel of the market situation.

150BerrySt: about 4 years ago

Lookpied,
But then there is so-called their "preferred lender". They give you up to 90% financing, but their charges are expensive as you might guess.
Are you still interested in? I can share with you what I've learned so far, but I don't know how.

LookPied: about 4 years ago

150 Berry St,

No problem. I'll continue to hover and watch. It seems they are at a point where deals can be made as financing may be challenging if not enough apartments are actually "sold". If too many deals fall through the building may be in trouble.

150BerrySt: about 4 years ago

LookPied, I really want to discuss with you in detail, but I'm very uncomfortable to speak in public regarding somebody's property. I'm also wondering how other people are doing with the their closing. They reached about 75% sold, but what they say "sold" means actually "contract-signed". I'm not sure how your mortgage lender considers that as.

fredd: about 4 years ago

People have moved in.

LookPied: about 4 years ago

BillyRes and wburgbuyer:

No doubt quality is a must. Finish quality is important, but more important is the quality of the bones: mechanicals such as furnace, AC, electrical, plumbing; and the foundation and basic frame of the building, stuff that we don't see and stuff I wouldn't know how to judge if I did see it. As my lawyer instructed me a better judge would be an inspector/engineer (which I guess is standard operating procedure?). In terms of a warranty I am definitely worried if it is the standard to have one. BillyRes, what is the warranty stated in 80 Metropolitan?

150BerrySt:

Please keep us updated how closing is going for you. I'd be interested in what kind of financing terms are available at 50% and how things are actually going for NV. Qualitative judgement is fine if you don't want to give numbers (eg good, bad, shitty). I'm not sure why NV is making it difficult to find out how many are actually in contract, unless they're stalling to get more contracts signed to reach a threshold.

wburgbuyer: about 4 years ago

@BillyRes - Already did walk away. NV was unwilling to add language in the rider that made me comfortable.

BillyRes: about 4 years ago

wburgbuyer: Quality is an absolute must especially in a market when property values are dropping. Better built properties will hold their values. You do not need to be a rocket scientist to assess the quality of a building. If the stars align properly, I'll be moving into 80 Met (not to be confused with 129 Met). In my opinion (slightly biased of course), its construction is of very high quality. In constrast, check out the other all brick building nforth 161 N. 4th. A look at the brick work and cement will instantly reveal the difference in workmanship. Whatever you decide, don't compromise the quality. It appears you have already walked away from the deal. But if you have not, like the building, and would like to move forward with the purchase, then you should negotiate to get a warranty in writing. Good luck.

150BerrySt: about 4 years ago

I'm not the developer. Sorry, it's just my nickname. hhh
I don't think anyone moved in yet, but heard that, at least, one unit has closed already.
Speaking of closing, my mortgage officer has found some difficulties to find out how many actually sold.

LookPied: about 4 years ago

fredd,

You are right: 150 Berry is the developer.

LookPied: about 4 years ago

Actually I visited NV last week and as we toured the roof terrace, we looked into the 6A terrace and saw that someone had moved into the apartment (Clothes strewn around the furniture). A little surprising I admit -- possibly an all cash purchase or a developer's relative?

fredd: about 4 years ago

As far as I know nothing has closed in this bldg.

fredd: about 4 years ago

150BerrySt are you the developer? i swear that 150 berry llc is the developer.

wburgbuyer: about 4 years ago

Which building on Metropolitan? And why do you say that?

lr10021: about 4 years ago

Parden me folks, I have the wrong building...I though we were talking about the building on Metropolitan...

lr10021: about 4 years ago

folks, best thing that can happen is that the developer returns all deposits and turns the place into a rental...just like the future of Warehouse 11.

LookPied: about 4 years ago

Congrats! Except for the color, we liked the building and have been tempted to take the plunge and buy.

How's the financing situation with the building at 50% under contract? Do you anticipate any problems closing?

At least the broker was accurate in his statements.

150BerrySt: about 4 years ago

Dear LookPied,
I'm in contract, and schedule for closing next month.

wburgbuyer: about 4 years ago

I won't say which unit I was in contract on. I disagree with your assessment of the building's construction quality. There were floorboard gaps, issues with fit and finish, etc. that I all noticed and was willing to overlook until I saw that there was no warranty. I could not find ONE OTHER CONDO project in Williamsburg that was in no way warranted. Do you want to make such a substantial investment in a building the Sponsor won't stand behind? I wouldn't. I think this project is way overpriced and also, after reviewing their budget, is also way off in terms of common charges. Look out there for other deals, they are there to be had.

LookPied: about 4 years ago

wburgbuyer:

Are you saying that it's a disaster because they don't have a warranty? Or because it really is of poor quality? Which apartment did you have under contract?

We visited NV over the weekend and liked it (from a superficial standpoint...it's definitely better quality than 129 Metropolitan which we also visited and doesn't require a trained eye to tell that it's already falling apart!). 1A was available and I was told that 3F was available although on all the listings it was "contract out". The agent told me today that they both are now under contract. They have one closed and occupied (6A) and more closings will start soon (June). They told me 23 out of 40 were in contract (now 25 out of 40?)

Prices (1 BR) and location appealed to us. Maintenance, though higher than some, is not unreasonable. The fact that closings are commencing is attractive. We'll see how many contracted units will actually get financing and close.

Anyone out there scheduled for closing?