Chelsea Stratus Price Cuts

lol: about 7 months ago

how could you legit compare Stratus and Vanguard? One is a rental! One is a condo!

TintofRed: about 11 months ago

Puking? Well, do it in your own apartment, you weren't invited for Christmas dinner and you aren't invited to the New Year's Eve party. And I suspect you aren't visiting anyone at Stratus, so there's no need for you to comment in this discussion about your own beliefs.

stevejhx: about 11 months ago

"feel the need to impose their political beliefs on me."

No one feels a need. Feels like puking maybe, but not a need.

TintofRed: about 11 months ago

sophiap thanks for the insight instead of all the snarky comments by people who don't even live in this building and don't even want to but feel the need to impose their political beliefs on me.

stevejhx: about 11 months ago

Wow, wainley, you are excessively literal. The hallmark of someone with no sense of humor.

nyc10022: about 11 months ago

Oh jeez, is mitch 2 back?

Wainley: about 11 months ago

stevejhx, please post the link to the research. We know that unless you post the link (Wikipedia is allowed) that it is just you throwing a tempertantrum.

stevejhx: about 11 months ago

"has a designer lifestyle amenities package, and is very sleek."

That's very bigoted. I read some research that said that, apart from Macy's perfume-spritzers, percentage-wise there are as many slovenly gays as straights.

Eurocash: about 11 months ago

Hope we can maintain some level of style.. if you need a kick other then RE, plenty of chat rooms on anything, in NYC

sophiap: about 11 months ago

Hi Tintofred,

I live in the Chelsea Stratus, and the demographic in the building is very varied. There are twenty and thirty-somethings, young families (like myself and my husband - we have a 3 year-old), a few empty-nesters, gays, straights, and various races. I believe it being touted as "gay friendly" because it is in a popular Chelsea location, has a designer lifestyle amenities package, and is very sleek. But we chose this building beccause we loved it, both work on the West Side, and wanted to live near our son's schooling. Chelsea Stratus is just a condo, they are not "highlighting a certian lifestyle" (your words, not mine).

Hope that helps!

stevejhx: about 11 months ago

What is a family? Mother, father, 2.3 children, go to church every Sunday (Protestant, of course, but not black!)? I understand there is a whole floor of lesbians with children at the Stratus (13th floor, of course), and they all go to the Metropolitan Community Church on Sundays. In fact, the president of the board is one, too!

OMG.

"I suspect from the way your question was phrased you intended to offend me." I don't think you can be offended, because as you say, you're "used to it" yet you keep on doing it.

TintofRed: about 11 months ago

I'm not sure I understand the point you are trying to make, but I suspect from the way your question was phrased you intended to offend me. I'm used to it and people like you don't bother me anymore. But I would like an answer to my question from someone a bit more enlightened about families in NYC than you.

nyc212: about 11 months ago

TintoRed, I think they accomplish that by scaring people like you away. Living in NYC, how does one ask such questions?

TintofRed: about 11 months ago

How do they do that?

stevejhx: about 11 months ago

Actually, it caters to blacks. Does that make you feel any better?

TintofRed: about 11 months ago

I read recently that someone said Chelsea Stratus is gay friendly. Does that mean it caters specifically to gays or gays are just like anyone else? I have a family, I'm great with tolerance, but not if the place highlights or goes out of its way for a certain lifestyle.

masterd: about 11 months ago

hello alex123, it's no secret that the market has changed significantly in the past few months. A number of Stratus units scheduled to close in the 3rd quarter have defaulted. The official word now is that 94% of the building have closed with about a dozen sponsor units back on the market and another 10 or so resales. You can easily confirm that on streeteasy. The sales data is actually better than I expected given the current market conditions.

samename: about 11 months ago

There are more than 2 sponsor units listed on the Stratus web site.

as for 25C, interesting comparison even if the math is a bit simple (e.g. big miss not to count the down payment and purchasing and mortgage transaction costs, also unfair to assume there's no credit on the interest payment), but nontheless, still off enough that renting surely works out better, and then the tradeoff between flexibility to easiily move on after a year or two or whenever vs. the risk of non-renewal of a lease and not having the ability to make all of the types of improvements and decorations you might want.

alex123: about 11 months ago

hello masterd, "There were officially 2 sponsor units left"...

streakeasy: about 11 months ago

Take a look at 23C:

MORTGAGE CALCULATOR
Percent Down: 20%
Term: 30 yrs
Rate:6.25 %
Down Payment: $213,000
Mortgage Amount: $852,000
Mortgage Payment: $5,246
Total Monthly Payment: $5,964

Unit 25C being rented out at $4,100. This is a 45% premium for basically the same unit/views.

alex123: about 11 months ago

inventory is reappearing ...

http://www.streeteasy.com/nyc/sale/128829-condo-101-west-24th-street-chelsea-new-york

masterd: about 14 months ago

thanks skid123. I hope you'll reconsider the stratus when the dust settles.

skid123: about 14 months ago

btw - masterd, my atty tells me that "several clients" of his that were in the stratus have walked... i'd be a bit concerned about cutting of svcs, but hopefully we're not at that stage. I do hope i'm wrong on this b/c it means bad things for manhattan in general over the next few years, but it had to be done... fingers crossed for you guys. who knows? maybe i'll be back in 6 months...

MMAfia: about 14 months ago

skid123, what your did was very tough to do, but it was the right thing to do.

emotions aside, when you look back at this 5-10 years from now, you will smile and say, dang, that was a smart move I made back then.

masterd: about 14 months ago

skid, I live in the Stratus. Many of us have closed as you can see on streeteasy. Over half the building are occupied now. I heard there had been a number of defaults but more buyers came on board in the last few months. There were officially 2 sponsor units left. I guess that number just went up by at least 1 now. I'm sorry you had to forfeit your full 10%, but good luck to you..

stevejhx: about 14 months ago

"i think they're in denial a little bit"

A little bit?

skid123: about 14 months ago

walked from an A-line unit. tried negotiating, they weren't interested. offering to delay my closing a few months, but that wouldn't have helped me. i think they're in denial a little bit... the mkt looks to be set to crumble (like it is in London, another supposedly "bulletproof" real estate mkt). The salvation might continue to be the collapse of the dollar, which is likely to continue after the events of this week... Whatever... if anyone else is able to get anything out of them or has a similar experience, i'd appreciate the color knowing i'm not alone.

mrsbuffet: about 14 months ago

I am curious about the stratus, too - especially watching the amount of rentals that come onto the market. Do these new owners really think the rental market now will tolerate 8K a month for 1100 square feet plus pay a broker fee? Hmmmm....

masterd: about 14 months ago

skid123, which unit did you just walk away from? did you try negotiating?

skid123: about 14 months ago

3 of the top 5 paying (large) firms in the city are out of business. the other two are on the ropes. i can't believe more people aren't walking away from their deposits. its only 10%! I just did...

uwcider: about 15 months ago

Charleston ... people who buy in that area deserve what they get

mmm33: about 15 months ago

They want to keep control of board for various reasons-they do not want residents to form an association and get organized. Charleston is all sold out, every sale has been closed and commercial units are sold.Historically there have been numerous instances of residents filing lawsuits against sponsor after getting control of board.Typically residents want to get the building inspected in detail by an engineering firm . But again LCOR is just managing the development and every part of construction was outsourced, so not sure why they want control. Maybe they have nothing better to do in this RE market

In Charleston Super's Unit does not come with a terrace.

masterd: about 15 months ago

The super's unit described in the Chelsea Stratus offering plan is a 2bed/2bath unit with a terrace area of 323 sqft on the third floor. The terrace is partitioned from the common garden and is consistent with the terrace layouts in the adjacent units. Again, I'm surprised that the Charleston document is different. But I do agree that it's too generous for a super's unit.

masterd: about 15 months ago

The Chelsea Stratus offering plan states "not later than 30 days following the second anniversary of the First Closing..." I'm surprised that it's different for the Charleston. LCOR has also sold the retail space of the Stratus last month, so they would have no vested interest in the building after the last closing this year. I wonder if they even want to control the board for up to 2 years.

mmm33: about 15 months ago

Stratus/Charleston docs should be similar-all appliances are same, layouts are similar etc and same morons from LCOR are managing the building, same legal team, same managing agent....
There is a common element terrace which is classified as "Outdoor Recreation" in front of the gym. Super's unit does not come with any terrace per the offering memorandum. LCOR has decided to give half of the common terrace to the Super by putting a partition in the middle of the terrace. It took me a while to find the "law" and am complaining to the NY Attorney General's office. LCOR was sent a memo by residents expressing concern and they refuse to give the terrace back to the residents. The super also gets a 2BR, plus being new cons plenty of opportunity to make side cash. On top of all this the super claims the terrace was part of his contract(he does not have an employment cointract of any sort) when the residents asked him to leave the terrace

csn: about 15 months ago

masterd, it was in the Charleston "the fifth anniversary of the first closing of title to a residential unit" and would not be surprised if it was in the Chelsea Stratus also.

masterd: about 15 months ago

csn, which offering document were you refering to when you mentioned the 5 years of condo board control by the sponsor, the charleston, chelsea stratus, or both?

masterd: about 15 months ago

mmm33, is the 300sqft terrace connected to the super's unit and is it not documented in the offering plan? what legal actions if any are you and other residents taking to reclaim the common area?

mmm33: about 15 months ago

300SqFt terrace in Charleston. They will have to give that back to residents because per the NY Condo Act no common element can be taken away from residents

csn: about 15 months ago

mmm33, which common area is being taken for use by the Super? Unfortunately the control of the condo board is in the hands of the Sponsor, LCOR, for 5 years as per the offering statement. Not a good thing.