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curiousbpc - Units are nice, finishes are great, biggest risk here is the ground release. Resets in 2021 to market value so common charges may go up substantially.
Not sure what the "BPC is over" comment means, but I thought the sales office (which shows what the units would look like) is very nice. The finishes are much better than those at the RiverHouse. Based on comments I have heard from different people, sales seems to be going fine. I know of a few people who either have bought or are considering buying.
that is really helpful thanks
Curious how sales are going at 212 Warren St and what people think of the conversion. Thanks
storage which is seriously lacking" is definitely an understatement, as 2 bedrooms don't even have a closet, and other than the master bedroom there are only 2 small coat closets.
This market is nuts.
At a minimum, the kitchen and master br closet were renovated since it last traded, and based on the listing, that renovation is still ongoing, however, the designer definitely did not optimize storage, which is still seriously lacking. Otherwise, it seems like it's in decent shape and it has a nice layout. Without any other info, I'd guess that it'll probably go for around $1.6-$1.65.
hmm, seems like SE wont allow link to be copied properly
https://urbandigs.com/comps.php?addr=123 WEST 93 STREET&unit=3G
try link again
My new urbandigs model says 1.513m to 1.55m if u select repeat sale and go to step 2. Any reno improvements since 2011 sale?
It's not the company, but rather the agent. The company is not the one selling your apartment, it's your particular agent, so finding an agent you can trust should really be your number one priority. I have worked opposite many firms, including Core, each of which have had good brokers and each of which have had bad brokers.
Digs Realty Group
They wouldn't be my first choice of broker. I've had excellent buying/selling experiences with both Douglas Elliman and Corcoran. I met with brokers within each firm and found ones with whom I felt I could work.
My have times changed!
Several years ago, one of streeteasy's most credible, experienced, and knowledgeable posters on this board since the talk forum started and whose opinion has merit without having to explain anything stated that Core was kind of oily with reps who were slick.
Core is a substantial firm. They handle a lot of high end properties and are shown on Million Dollar Listings NY.
You should always be concerned about pending lawsuits and assessments in new (or relatively new) construction. If you're financing, make sure the building is approved by your bank (many banks are reluctant to lend in buildings with open lawsuits against developers for construction defects). If you have a broker, before you make an offer, make sure your broker gets as much info out of the seller's agent as possible regarding potential issues with the building, especially if they know of any future assessments that are planned. Also, make sure you have a good lawyer who actually does his/her diligence so that you're fully informed and can make an independent risk assessment about whether it makes sense to move forward and sign a contract.
Am thinking of buying a condo in The Beacon, should I be concerned about lawsuits pending or assessments?
Sterling silver collar stays seem unnecessary especially since you want stiff collar stays and won't get that from silver.
Unfortunately, Brillopad, the apartment you're looking for -- in your price range -- does not exist. Or it does, but only in the rough -- the VERY rough. Or in the Bronx.
With $300K down, you say you want mortgage and monthly maintenance to be around $2200. Sounds like you're looking in the $500K range. In one of the most expensive cities in the world.
To be sure, half a million dollars is hardly chump change. But in New York City, that's like walking into Hermes with a $100 budget. MAYBE that'll get you a pair of sterling silver collar stays. MAYBE.
"Everyone I know who managed to buy, ended up significantly above their original budget. "
Not always practical.
Or financially responsible, for that matter.
Brillo -- you say "I thought I had a pretty good package" -- and you do, for an area where the buildings care about how much you have to put down. But in the East Village -- most of the buildings -- and therefore the sellers -- don't really care that much about how much equity you've got in, once you're past their minimum requirements. So -- you're the prettiest cat at the dog show. Your advantages don't help you here.
One strategy would be to look in a neighborhood where your advantages might help -- Midtown East or the Upper East Side, perhaps. Another is to settle for a property where you can live with the flaws -- because, as you've noticed, the unflawed properties are going to cash buyers.
I predict that there will be more inventory in the spring, but I don't think there will be so much of it that it will take away the cash buyer competition problem. You can wait -- and then when you see something you want to pounce on, bid high, preemptively -- but IIWY I'd consider exploring other neighborhoods as well.
brillopad (love the name btw),
Hedge against rising rates, have your docs/loan in order, & wait for the right property.
I think the mkt will be more favorable to buyers in 2015 (who know by how much and just my opinion). We sold most of our properties this year (still selling) and looking to buy when the mkt is more reasonable.
This thread is kind of creepy with c0lumbiac0unty asking someone who doesn't even exist what he or she is wearing three times in a row.
My word, what happened here. End of an era. In any event, I had not noticed that nada's high end rental example is now for sale. Encountered some prospective buyers outside waiting for agents. A mere 28 million to buy the whole thing, when one could have rented the penthouse for a pittance. At the high end, you get quite a bang for your buck if rent; I wish renting suited my personality because it does make a lot financial sense in NY. http://streeteasy.com/building/paul-rudolph-penthouse-apts/house
I agree. We lived in Parker Towers for a year. Couldn't wait to leave. Worse place I've ever lived. This was in 2001-02 and while the building may have been upgraded the walls are very thin and I don't think that has changed.
Time to move.
Agreed. Worst apartment living experience ever. Parker Towers is to be avoided. Not only are the elevators unreliable, but neighbors are noisy (loud music deprives me of the use of my bedroom), druggies (scent of pot wafting into my apartment from the hallway makes my dining area unusable) and the place is dingy, borderline unsafe. A cardboard box on the corner would be better than here.
The only building that may be worth living in is 104-20 as it has all of its elevators upgraded. Thankfully, I am capable of climbing 11 flights regularly, but if that's not your idea of fun or value for your rental dollars, then avoid Parker Towers.
It's great to see that you're starting with research on the architect before meeting with the general contractors. I also advise that you start collecting precedent images on websites such as Houzz to facilitate your conversations with prospective design firms.
Please do not hesitate to contact my office to discuss your project. We'd be happy to review the design, permitting, contractor selection and construction administration process with you.
Take a look at Shadow Architects: http://shadowarchitects.com/
Larry Cohn is the principal there -- he is well-versed in residential gut jobs here in NYC, extremely knowledgeable and does terrific work.
I know people who know Matt from Studio Labs. All I hear are very good things.
If you do want other recommendations feel free to email me at email@example.com
I would be interested in speaking with you further regarding your potential project. My office's work focuses mainly on residential gut renovations in the New York City area. Please visit our website to view samples of work.
We have an accepted offer for a 2400 sq foot loft in Tribeca that is basically a gut. Unfortunately we have to move the kitchen and redo 2.5 bathrooms. among other things. I think we have a realistic budget of about 300 per square foot. One of the things I have read is the recommendation to use an architect to come up with very detailed plans so you get realistic bids. The loft is one of those floor throughs with wood beams. We are looking for an architect who could both enhance the industrial quality but bring in some great design elements to make it feel modern. Any suggestions would be greatly appreciated
If you don't mind picking up the firewood yourself, and are willing to make a nice scenic drive up the Taconic in your extra-large Mercedes Benz, this is a good list: http://www.yellowpages.com/copake-ny/firewood-for-sale-in-columbia-county-ny
I highly recommend Frank's Firewood (google it). Fantastic quality, great price includes delivery & stacking in your apt. Wonderful bunch of guys.
Thank you @ph41!
>Matt. - so you're an expert now on firewood as you think you are on everything else?
Didn't know you have a fireplace in your walk up apartment .
For many years I used to order a half cord from Dimitri's when it was on 2nd avenue, and I found their wood to be good quality kiln dried hardwood and less expensive than The Woodman.
They have moved up to 116th and Park and now have firewood service called firewood2go.com.
Any recommendations for local (Brooklyn) glass contractors that install Tub Enclosures? We are looking to get a frameless (clip) enclosure with swinging door. At first we considered the Euro Panel but the reviews aren't great.
Alpine Hiker I would be grateful if you could say the exact brand of the "virtual doorman" system, as our building is shopping one. It is probably either: Virtual Doorman, Cyberdoorman, or Video Doorman. Thank you.
"Amenities" include a street door that never locks, has been wide open, day and night, for weeks; an elevator that rarely works, necessitating climbing 5 flights with packages, etc; a roof that leaks when it rains; a "virtual doorman" system that never works.
Almost bought into this building a few years ago. Very well run building, excellent staff, flawless management and good reserves. Renovation is highly encouraged as it brings up the comparables. There are some truly gorgeous units in this "white brick" building. The Vermeer was the first such building that had to completely redo the exterior because of faulty construction. Now other such buildings are having to do the same. Everyone I spoke with in the building had nothing but good things to say about the management, neighbors and board.
any new thoughts on this building?
is is quiet, well run, how difficult does the board make it to do work in apartments?
We are having a very negative experience with a Company providing after-market extended warranties. We bought our appliance with an extended warranty, that turned out so far to be at least useless, but we suspect to be victims of a sort of "scam" business, considering the way this Company is handling (not really handling) our request to send out a repair service. They haven't scheduled an appointment to repair our appliance after two weeks, no reason given, they say that they are working on it.. I don’t think that this is normal or acceptable. There are several complaints online (I didn't see them years ago when I purchased the warranty) and this seems to be a pretty common experience. It surprises me how they can still have an A rating by the BBB, considering that there are hundreds of registered complaints, by what do I know. At this point I am thinking to take legal action, if somebody who has better knowledge on how to proceed or can refer an Attorney specialized in this matter please post this here. Thank you!
Building is the ideal pied a terre with numbers that make sense - low common charges, low real estate taxes, premium rents with the ability to rent short term - sounds like an ideal investment to me!
There 's absolutely no comparing this property (used to be the old Taft hotel) and Parc Vendome, which has really beautifully laid out apartments, even the studios. Here, at best, they have combined two tiny hotel rooms to create a "one bedroom," lacking a foyer and any semblance of "home." Parc Vendome is a fabulous home -- this is a cheap conversion in a very touristy part of the city.
I agree with nforesto.. It blows my MIND that people don't try to take advantage and hire the most experienced broker in NYC for their search. ITS A FREE SERVICE! Maybe you could get away with going to the listing agent in any other city in the US.. you actually probably could. But why risk it? Purchasing a home is one of the biggest purchase/investment you'll ever make. The listing agent can't protect that or even help you in that sense. With 47,500 buildings, 25,000 agents, 10s of thousand of different co-op boards, legalities, taxes, this, that, etc etc etc!!! it should be a no brainier to hire the best buyer's broker NYC has to offer. Building looks alright. I'd rather go to parc vendome though.
If you are all having trouble contacting a seller's broker. Why not consider contacting an experienced buyer's broker?
Working together with a buyer’s broker to identify, view, evaluate, negotiate and acquire real estate in New York City is completely free of charge. A buyer’s broker is legally obligated to the buyer’s interests exclusively and an intelligent and diligent buyer’s broker will streamline your search and guide you through the entire purchase process.
Though it has become easier than ever to open your favorite search engine and navigate through countless real estate web sites and advertisements, it’s important to note that according to New York Real Estate Law, seller’s brokers are only obligated to the seller. Often it is the information omitted from advertisements that happens to be the most important.
Price reduced $50,000 about 16 months ago
610 days on market in StreetEasy
Above are the stats on apt 803. This is the cheapest one at 475K. If in fact it is difficult for financing, why paint yourself into a corner. IMO, not only does this not look good, would you want to actually live there? The fact that the agent does not respond to a potential client is a strange red flag. It looks like a dismal situation all around.
What the fuck marketing tactic is this?
Then check the rendered images for the building on SE. These guys must be deep in foreclosure to resort to this. Someone give those brokers a raise!
I beg to differ with #10 question. WE live in NJ have a small studio apt. in NYC that we do not rent. My husband works in NYC. We were just audited by NY State and they said that as long as my husband was in NYC for 183 days (even though he has not slept there for more than 30 days this past year) we have to pay the state and city taxes. We have gone to tax accountants, tax lawyers…and we lost..Even though we could prove that my husband didn't "sleep" in NYC for the 183 days, they did not care.!
This story came out the next day. Seems like the NY Post jumped the gun.
“I haven’t ruled out anything. I mean, we are putting together a legislative agenda for the new session in Albany that will start in January,” Mr. de Blasio told reporters at an unrelated press conference in the Bronx. “A whole host of issues have to be looked at.”
The NYPost (via the Observer ), says the idea of the pied-a-terre tax is dead.
"Mayor de Blasio is going to pass on the pied-a-terre tax, a proposal that would levy additional fines on non-primary residences worth more than $5 million because it has no hope of passing in Albany, according to the Post. But his office says that he is still reviewing the proposal."
As you may be aware, New York City is considering imposing an additional "pied-a-terre tax" of as much as 4% on some non-resident owners. Though it only applies to units valued in excess of $5 million.
Here is the text of the proposed bill.
I believe measure of 184 days applies in this case, but there seems to be some general debate over how "non-resident owner" is defined. The New York Times seems to imply that this is a tax on part-time vacation homes, but other sources disagree.
Don't know of any workarounds for getting the capital gains tax exemption without being a full time resident. The only think I would mention is that the tax rate differs a lot depending on whether the unit is owned directly or owned through an LLC.
I live in Boston, but am planning on buying a pied-a-terre in NYC. Asked my NYC accountant the same same thing (#10). Assuming I retain my Boston home as my primary residence, no need to pay NY city or state taxes as long as I live in NYC less than 184 days of the year. Of course, the bugaboo is that when/if I sell the NY apartment, I'll have to pay capital gains tax since I won't have lived there as my primary residence in 'two of the last five years'. If anyone knows of a workaround this, that'd be great.
Just to close the loop, I ended up going with Moving Man in the end and they were amazing. I had also bid Oz and Big John's. Moving Man wasn't the cheapest but they did an absolutely awesome job. Thanks - I wouldn't have known about them if it wasn't for this.
Divine Moving, absolutely reliable, I have and would continue to 100% recommend them, I have moved half a dozen times with them and have been very happy each time. Additionally I am not an easy move with large artwork and a lot of heavy architectural salvage and they did great!
I wasn't just looking for reliable and a professional job, I wanted a fair price and I got it all.
I have had very good experiences with Flat Rate and OZ. Don't just go for the cheapest...
We did 2 large household moves in the past 1.5 years, they also packed up everything, with All Star Moving and Storage, Inc. http://allstarnewyork.com/ Totally happy both times. First time was under budget, second time was over budget because the super wouldn't let them in the door after 4 PM, so they brought our stuff the next day. That wasn't fun but not their fault, they arrived on time but couldn't get it done fast enough.
Make sure the person giving you the quote sees everything, including stuff under the bed, all the books, etc.
Had a great experience with Oz. See lots of previous threads on this topic.
Our so called stabilized price is almost $3K. Anyway, since there is no formula for calculating our PCSTV apts - these are apparently the apts that were destabilized illegally, Rose is now not following the percentage set forth by Albany. Last year it was a rise of 2.25 or so for one year. This year 3.75% Rose instead is raising us about 8%. Until the courts decide how to deal with the churning issue we have no idea what the rents should be. They could be lower or all the way up to over $4K - which nobody will pay anyway for a 1 br. Last year they followed the stabilized numbers. Had I known they weren't going to do this again I would have signed a 2 year lease. Since I didn't, if I choose to resign, my rent will go up a few hundred which may not seem a lot to you but it is a lot for us. Not sure what we are going to do. Moving may be more expensive and if it does go Coop/condo it would be a shame to give up that opportunity to buy if we get a chance. I tend to doubt this will ever happen and if it does it will take years./
murray888: According to public records, the successor sponsor paid around $260/SF for the remaining rent-regulated apartments. (They told us their all-in cost was closer to $350/SF; our apartment was probably toward the upper end of the value spectrum, so call their basis for our unit $4-500/SF.)
They sold to us for $750/SF. A markup of 50-90% doesn't fit your description of "bending over really really low." We struck a deal that made sense for both sides. They booked a nice profit. We shed a lot of uncertainty, and gained the freedom to maximize our earning potential. We could have held out for a better deal - as most of our fellow RS tenants are doing. That's fine for them, and I hope they do better than we did. We'd just had enough of holding our breath every time the Legislature went to the brink on extending rent regulation, and of having to pass up potential income every other year.
The pre-2005 owners of the building were probably the clearest winners: they got a great price from the original sponsor, very near the top of the market. The loser was the original sponsor, who gambled on decontrol and lost.
I don't think the lottery analogy fits very well. We were certainly fortunate, as were the other "winners" - just not in the random manner of hitting the lottery. The successor sponsor was fortunate to buy the unsold units at the absolute bottom of the market. The pre-2005 owners were fortunate to sell near the top. The original sponsor was unlucky with market movement and a legislative stalemate; that was the risk they took when they bought the building. We all made economic decisions that involved certain risks and potential rewards, with much higher stakes than the impulsive "dollar-and-a-dream" imagery of the lottery.
I'm not sure what your basis is for saying that our rent was "absurdly low". The range of rents paid by stabilized tenants is enormous. At the time we bought, our rent was by far the highest in the building. It was still a good deal, relative to market rents in our neighborhood; but anyone with whom I share the number is invariably shocked that we were paying so much on a stabilized lease.
"Eventually i got rid of all food and stopped cooking, and I was able to get rid of them. If I cook and there is anything left on the burner, roaches come back. Now I only order take out."
One word: TUPPERWARE.
Everywhere. For everything. NO exceptions.
And for God's sake, do not let dirty dishes pile up in the dishwasher as you wait to "fill it up". Rotting food inside a dishwasher is dinner bell on the magnitude of Notre Dame church bells.
Yikes! According to the bedbug registry it has been an ongoing problem, with a few breakouts each year.
Cockroaches? Every day when I open the door of trash room, hundreds of roaches retreat back into the trash chute after seeing the light, like Red Sea parts for Moses, LOL.
The first few months when I moved in, there were roaches in my kitchen as well. Eventually i got rid of all food and stopped cooking, and I was able to get rid of them. If I cook and there is anything left on the burner, roaches come back. Now I only order take out.
I heard bedbugs are back in 20 floors.
I was reading the two threads about bedbugs in the building. We actually don't have bedbugs on our floor. Although we do have cockroaches, they don't bother me as much.
What bothers me most is the loud noise. We live on a high floor (20th ), but noises from Bway bounce between highrises and travel upwards. It used to be quieter in weekends, because few trucks and buses. Ever since the Harley Davidson store opened on the ground floor in May, weekends have become the worst. There are Hells Angels people hanging out in front of the building, making loud noise from their bikes till very late in the night. What the hell was the management thinking when it allowed a Harley store to open in a residential buidling????
We work close by and have been in the building for over 4 years. But we are moving out as soon as lease ends. The HD store really spoiled everything for building residents.