303 East 33 St.

audreyn: about 4 weeks ago

Discounts? You have to make an offer to get discount info. They were running a special in September to pay closing costs for 4 days but they wil not honor that anymore they could have kepy it longer closing costs are 4 % of the deal. I have a 669 one bed there for 685,000 asking I think that is fair for new hi end construction. Trump sold from a model at 200 riverside Houvanian can do it as well. I have seen better deals
Audrey N www.greenpropertyny.com check out deals onm my site and my auction page w short sales etc

NOT ALL BROKERS R THE SAME!

audreyn: about 4 weeks ago

This building at 303 E 33 street has since reduced its price the one bedrooms on low floors are approx. 1000 a sf which is correct. As far as comparing it to the Charleston they have actually raised their rates to app 1200 or 1100 a sf. The really nice layouts w wrap terraces are 1400 a sf now. They were 1000 sf in the summer @ I wish they still were its a nice building but too pricey abnd anyway 303 has a swimming pool that makes a big difference to me. It is hard to market the apt building since it is only renderings but I have confidence in Toll Bros they will pull thru the prices have been lowered as have 340 e 23 street. I reccommend a large 2 bedroom 1300 sf for 1250 in htat building. Yhe finishes are great the views nothing to speak of. What about the subway on 2nd ave is it happening or not, I had a client tell me last night nothing on second ave for him he heard the subway is being built did you hear they started it? I did not
audreynnj5@gmail.com Broker of Greenpropertyny check my site for the latest new dev. www.greenpropertyny.com or VALUE PROPERTIES as Auctions Short sales etc Prime Manhattan Maven Always
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OldWest: about 4 weeks ago

dardeleano: Your math and logic is faulty

1. Your price conclusion has no basis in any usual real estate valuation metric. Dividing your guess at rent by your calculation of financed carry cost for an owner has no bearing on "value."

2. do not include financing in your cap rate calculation. Everyone's financing is different. Cap rate is net operating income/sales price. I get a 2.3% cap rate using your rental number and cc/taxes and ask price. I'm not judging your rental guess, just using it to calculate the actual cap rate. The cap rate might be low but it is no negative.

And using purely a cap rate to assess whether something is a good investment is like using dividend yield for equities. Perhaps that stock currently has a 17% dividend and another has a 3% dividend but only a moron would use that as the sole basis to determine which is the better investment. Like everything else, a cap rate is just one metric used to help assess valuation. It is not the bible metric that answers all questions. And it helps to calculate it correctly.

3. This statement makes no sense. Why should the long-term cost of ownership equal long-term rental. Ownership has appreciation or depreciation (Detroit) and renters don't always use opportunity cost correctly and invest wisely.

Not making any judgments on this building and valuation. But let's keep it real.

NB71: about 4 weeks ago

Anybody have any insight on what type of discounts they are offering?

buba: about 4 weeks ago

Dardelano .. According to your Quick Math, the unit is 57% overpriced. Why dont you email us all listings for New Dev. 1 bedrooms same size priced at $510,000 IN MANHATTAN? (and not harlem)
Also, FYI the building has low Maintenance and 421-a tax abatement. I know bc i purchased there!So get your facts straight!

Nut: about 4 weeks ago

I agree with dardeleano. Way too overpriced. One must always seek an equilibrium between renting and purchasing (assuming a reasonable downpayment, cost of capital assumptions, etc.) Whether ny31 realizes or not ALL people will ulimately do some sort of "rent" vs "purchase" assemssment -- even if it not so formal. For the record, I have had terrible experience with Toll Brother's quality in the past. I have lots of friends in Pennslyvania that have also had a terrible experience with them.

ny31: about 5 weeks ago

The numbers used in the math above is inaccurate and it is also based on many assumptions. It is merely an opinion, which we are all entitled to; however, I am not sure it helps people seriously interested in buying in this building. If there are serious buyers interested on this discussion thread...I encourage you to go and check out the building and pricing out for yourself.

dardeleano: about 9 weeks ago

To Buy vs Not To Buy
1. Buying a 779 sqft 1 Br for $885,000, assuming a cost of capital of 6% (approx $5200/mo) for 30 year mortgage, plus Taxes ($400/Mo) and Maintenance ($900/Mo) gives you an approximate economic cost of ownership of $6500/Mo - for a 1 Br. apt. Considering the tax-deductibility of interest and taxes you get a approximate net cost of ownership of $5200/Mo;
2. Renting the same apt. would cost approximately $3000/Mo
3. The long-term cost of ownership of any real-estate property should be approximately equal to the long-term cost of renting it;

Conclusion:
1. This apt. is overpriced by approximately 57% - it should sell for no more than $510,000;
2. The apt also has a negative Cap rate (is a poor investment) if you are an investor;
3. Remember 1990-1994 back then, Manhattan apt with a positive Cap rate were plenty (2Brs for $200k range, and 1Brs in the 120k range that could have easily been rented for a profit, despite stringent mortgage requirements and higher interest rates than today;

tan: about 10 weeks ago

what are some of these "very felxible" discounts? anyone in contract want to share?

alanhart: about 10 weeks ago

Tree O'Tree East Toidy-toid lowuhed its prices by toidy-tree puysent? And so close to the best intuhsection in awl of Da City: Toidy-toid and Toid!

I wouldn't be suhproized if a toid unit was in contract!

aboutready: about 10 weeks ago

well, it is the national Toll Bros. sales event. ending October 4th, i believe, so speed on over.

braz32: about 10 weeks ago

the prices that are listed here are negociable!

braz32: about 10 weeks ago

when i bought mine they were very flexible, it is a good expericence and they are selling more and more units......i love the building, it is a modern and clean style. so it is worth to go there and check.

coogie: about 13 weeks ago

any one know what percent off asking they are going for?

nyc212: about 3 months ago

Jerkstore, does gmafb stand for "Give Me A F***ing Break???" That's not nice!

As I said in another thread, let us not forget that, for the market to recover, we need these developments to do well. So, in that sense, this bldg. has my support. Sure, it's grossly over-priced as advertised, but ny31 says they are open to lower offers.

I like the eco-friendly zen concept. It has parking in the basement, too, don't forget! Most important of all, the sales guy--a big old queen--was so nice, and I want him to be happy.

Jerkstore: about 3 months ago

gmafb.

ny31: about 3 months ago

They are having a "pre-sale" that differs from the prices listed on this website and they are slightly negotiable. I suggest going to check it out and talk to them if you're seriously interested. Don't just go by what street easy says.

ILoveMuayThai: about 3 months ago

what % discounts are they giving?

ny31: about 3 months ago

I am not a Toll brothers rep. You are all entitled to your opinion but I bought in this building and they were very fair and willing to negotiate. I bought pre-construction at another building in this area 2 years ago and everything worked out exactly as planned so buying from a floor plan is not bad at all and definitely the way to go if you're looking to get a brand new place for slightly cheaper than when it opens. I am confident this building will be the same experience I had in the past and be a beautiful building to live in. I encourage anyone to buy in this building! Now is the time to buy and I was interested in the Tempo and went there numerous times to look and they were NOT flexible one bit. The reps here at 303 are flexible and extremely fair.

ph41: about 3 months ago

Be careful when buying from looking at the floorplans - in the old days, room sizes (eg bedrooms) didn't include closets- here, they definitely do,and sometimes hallways as well. And once you realize that the rooms are small (like the master bedroom that is actually smaller than the second bedroom, though the floorplan says its 4 ft. longer). Have a feeling you'll be surprised walking into the finished product, as many buyers did in the last few years buying pre-completion.

ILoveMuayThai: about 3 months ago

they recently raised prices on a few of the units...

http://www.streeteasy.com/nyc/sale/440112-condo-303-east-33rd-street-kips-bay-new-york

raised by $300K.

that's a proven strategy. just ask the brokers at the tempo.

stash17: about 3 months ago

how many toll brothers brokers are in this thread? Jeez. I lived in a rental on 34th for a while so I know the area and if you actually are a purchaser and you're happy, then Godspeed. However, this building is still WAY overpriced and I haven't seen any comp sales of units that reflect the current environment. Get real Toll, this is in Kip's Bay, on a desolate street, next to all of hospitals on 1st avenue.

braz32: about 3 months ago

i love this building just bought one unit last week.

the area is amazing close to restaurants, shops, farms mkt and movie theater.

i have been living in the are for the last 4 years, it is very safe as well.

i recommend buying! especially now that it is a good time to buy with the prices lower.

ny31: about 5 months ago

I appreciate your opinion but completely disagree with your comments. I lived in this area for a while and absolutely love it. It is close to everything and filled with good restaurants and shops. I just decided to buy in this building and am looking forward to living there. The building is filled with amenities and floorplans/space is very appealing. I recommend buying in this building.

nyc212: about 5 months ago

I love my Toll Brothers, but we all knew this one was a bad idea... The area is questionale (sorry... I don't mean to offend anyone) because: (1) there are huge low- and mixed-income rental bldgs. in the immediate areas; and (2) the lot's placement isn't ideal, in that it is sort of buried in a sea of ugly and big bldgs. The $1,200 pf pricing is a bit ambitious for the area and for the finishes I saw in the model unit.

The sales guy was SOOOOOOOOO nice, so I'd hate to do this to him, but I personally saw absolutely no redeeming qualities in this bldg.--at any price... There. I said it. I usually don't like to be so unequivocal about anything, but I just don't know what they were thinking... Sorry...

NWT: about 5 months ago

"Turning rental" means the developer doesn't sell the units. You'd get your deposit back.

satc75: about 5 months ago

what happens if you buy an apt in a building like this and they turn rental? do you lose the down payment and whatever mortgage you've paid?

coogie: about 5 months ago

im a first time buyer so excuse my questions....so you think that they won't be able to sell enough units and so will convert into a rental. if a unit is listed at 1.25 i'm trying to figure out what bid to make (if at all!)

lr10021: about 5 months ago

This building already looks like a rental. Can't imagine that it will be anything but.

coogie: about 5 months ago

how much leverage do you think one has with this building? how much should i offer off the listing price. i dont mind the location and look the unit layouts.

chuckufarley: about 6 months ago

and murray hill is snoozeville.

mightyginger: about 6 months ago

The building is sandwiched between two huge buildings to the north and south of it. I would stay away as I think it's grossly overpriced.

Jerkstore: about 7 months ago

Tool Brothers

aboutready: about 7 months ago

New development lowering prices during construction. By 33, yes that's 33%

http://www.streeteasy.com/nyc/sale/355093-condo-303-east-33rd-street-kips-bay-new-york

Matrix: about 8 months ago

Boss 77 - we were able to negotiate our rent down around $200 but opted to move to a much larger unit and negotiate that rent down around $400

Boss77: about 9 months ago

Matrix,

I live in the exact same building. Off topic, but on your most recent rent renewal were you able to negotiate down or do you think you'll try soon. I resigned in October but didn't.

tan: about 9 months ago

it seems like there are 2 units in contract.. i wonder how much it went for.

AbatementBS: about 9 months ago

I agree with missyrob--buying in this building this early before completion is too risky. I assume most of the people going to the show room would agree as don't seem to be able to sell/contract out any apartments yet

missyrob: about 9 months ago

The price seems a little rich but what would concern me more is buying something that is not completed. Too many things can go wrong and or change. There are lots of "new" developments that are further along so at least you know what you are getting. Just my thoughts, best in your search!!!!

OTNYC: about 9 months ago

Troubled developer in a less than prime neighborhood. I think it's a good time to buy but take your $$$ elsewhere.