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Right, it's a land lease, but the landlord isn't the diocese. It's an LLC whose care-of person is a member of the family that's owned it since at least 1966. She lives in Lincoln Towers.
The lease is for 157 years, ending in 2163.
Trinity Chuch, or the Episcopal Diocese of New York, or something like that, owns massive amounts of land in that area, so landlease might indeed be what's happened. Although I'd think it would be widely reported. I'm too lazy to look. NWT?
This has a better explanation: http://therealdeal.com/blog/2014/02/28/extell-plans-hudson-square-project-with-affordable-housing/
The general idea is that the market-rate cooperators don't subsidize the affordable-rate renters ... instead, the tax breaks and higher-floor taller-building allowance made possible by having affordable rental units wind up subsidizing the market-rate cooperators.
REMom's explanation might be how it works technically for this Hudson Square new-construction building, with the sponsor paying maintenance for each affordable rental unit.
All of which is the only explanation I can think of for it being a cooperative and not a condominium. Unless it's a landlease.
For the rent stabilized/controlled units in a building that has units for sale, the sponsor would be responsible for the maintenance based on whatever allocation was determined at conversion.
I'm not aware of buildings with market and affordable rate units for sale. Brand new construction with both are rental. Existing building with both that convert to condo or co-op usually have a non-eviction plan so that rent controlled and stabilized tenants are permitted to stay if they choose not to buy.
What is going up in the huge vacant lot?
It turns out that any apartments which were decontrolled before June, 2009, were improperly removed from regulation based on the owners' J-51 tax abatement. Thus, market rate tenants who were in their apartments then may be entitled to renewal leases and have been asked by the Tenants' association to call the DCHR to request that a copy of the rent roll be sent to them. 718-839-6400, option 1 for English and then 6, leave message requesting rent roll.
Here's the link to the Daily News article: http://www.nydailynews.com/life-style/real-estate/upper-east-side-towers-trade-500m-article-1.1837864
They did not fire Jenny, but since she works for Schneider & Schneider, her days are probably numbered. There is supposed to be an issue with improper deregulation of apartments, but as of now, there is only a single lawsuit by a single tenant and the DCHR has not commenced any type of investigation, nor has the attorney general. If they are able to get rid of the market rate tenants before a lawsuit is filed, the problem may not hurt them. Chetrit is not averse to gut renovations and dumping huge amounts of money into buildings--Flatotel, Sony, for example. The doorman report that there are now 140 apartments vacant and that the "sister" building at 160 East 88th Street is going to be converted to condos.
They're getting on the Stuyvesant Town bandwagon.
The building was getting a J-51 abatement for a while. In 2008, that was down to $907 on on $4,400,000 tax bill. RS had dropped to 300-odd units.
On the 6/2014 tax bill, the RS count is back up to 677.
Looks as if they've already conceded that none of the 300 apartment should've been destabilized while the building was getting J-51. If it's like Stuyvesant Town/Peter Cooper, there'll be a huge process to determine who were the during-J-51 market-rate tenants, and how much they get back. Big lawyer bucks there.
Hopefully they fired jenny
there is a waste station going up on 90/EEA
Looks like something is happening there. (Might be a block or to off. West side of ave.) I past the other day and it seems a bunch of small buildings were taken down and know id a construction site. Anyone know anything?
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Does anyone know if the "Hudson Boulevard" has been approved? Took a walk in the area the other day and there doesnt seem to be any progress change on the blocks north of 33rd st. How with this impact 34th, 35th, 36th in that general area?
What are everyone's feeling on the Hudson Yard project which now underway?
How will it affect North Chelsea and the surrounding neighborhoods?
Yes, NYCMatt "hit the nail on the head." He always does. Wish he were the President of my Board (now that I am no longer President)!!!! LOL
NYC Matt, you hit the nail on the head.
The problem with buying new construction *before completion* is that you lose most of your leverage once you've made the offer and put down the deposit. They've got you in the bag, and they know it; there's no longer an incentive to attend to the business of finishing your apartment with any degree of urgency.
I'm closing on a new development in a few days and I will say that it hasn't been the best experience. They are over 9 months delayed. We went on our walkthrough two weeks ago and the floors still hadn't been sanded, some appliances weren't in, and there were scores of detail work that hadn't been attended to. They are now saying that they are ready and are urgently pushing us to close (even after being delayed for 9 months) because they are cash strapped. They are really unscrupulous - saying that they sent us a time is of the essence letter when they didn't and can't produce the certified mail receipt showing that they did. Still, we would rather just close and get it over with than litigate at this point. The apartment building itself seems quite well constructed and once the apartment is actually finished it will be beautiful. I'll find out soon enough.
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There is no legal impediment to condo boards acquiring and
exercising powers similar to those of coop boards
The bottom line here is if you don't want to live in a frat house or hotel, buy a CO-OP.
If you don't like the "invasiveness" and restrictions of a co-op, buy a HOUSE.
You can't have your cake and eat it, too.
So many fallacies here it's hard to believe... the way a condo board can re'write' the rules is to have a 66 2/3 vote to change the bylaws- that's the only way. Condo Boards cannot impose a rule that limits the inside use of someone's apartment- get real. The rule says guests can be given permission to enter- that is the way your guest comes in. They have to complete paperwork and the right of first refusal only means something if they are going to find another suitable renter for you- they simply can't refuse renters or buyers in other words... but they can rubber stamp and see to it that they have their background check.
I had a dollar for every time I read this gem: "The added wear and tear on the building (amenities), security issues, and general environment make short term rentals a headache for owners/ full-time residents."... I'd have that house in the Hamptons. What extra wear and tear? If an owner uses an amenity once a week and the person who rents uses it once a week isn't this exactly the same? More wear and tear? Seriously? Every whiny board member who says this has no idea that when an apartment that can capture 10, 15 or more thousand per month the owner cares about their place and is not about to rent it to any Tom, Dick or you know who... there is a vetting process that is the same process that any rental building goes through.There are huge security deposits and If i had that extra dollar for every crazy long term owner I had to deal with in a given NYC apartment building I'd also have a place in Monte Carlo---
Short term rentals (more than a month) can be expertly managed and is no more a liability than a one year. In fact I'd argue for the short term rental any day over a year with a tenant from hell.
I love the building. I bought on the 5 line. Its so cozy, warm, , and such a great layout. I have 2 exposures, south and east. Its a perfect location, and their are great restaurants and retail popping up everywhere. I am so happy here. My unit is fabulous.
I love it! Perfect location. My apt facing Columbus on the lower level is quiet, bright and cozy.
For those who have closed, are you happy with your apartment? What about the building?
This is a very nice building : bright, cozy, open views even on the lower levels , surprisingly quiet for units facing Columbus. Perfect UWS location. Glad to become the owner of the 2 beds on the 7 line. I was debating myself before my 10% down payment early last year because of the no windows bathrooms. But I love it now.
does anyone have an update on closings? Thanks.
Are they working now?
They are working round the clock on it now....
The project has been delayed indefinitely, along with 56 Leonard and Beekman Place.
Has anyone heard any information on this development? There has been no construction there in over 10 days.It's being built by Silverstein and will be a Four Seasons Hotel with condos on top.
are these available ?
I would love to handle the financing for this project, do we have a sales team or management team. I represent a major lender , we would love to have a footprint in this development. Approved the development for conventional guidelines...Kieran Rodgers - 631-316-7272
Happy New Year !
Someone recently posted, "SOLD! One to Mission of Qatar, another to remain in possession of on of the Chetrits, lots of brokers buzzing around #118 with buyers." but later removed the comment I think. Does anyone know if any of these have actually sold yet? If so please post your source thanks!
I am noticing a tail of two worlds...and an emerging third.
There is obviously a renaissance occurring in Brooklyn.
Current rental inventory in gentrified neighborhoods have it all….from the walk-ups to the prewar elevatored buildings to the newly constructed.
In submarkets that are arguably no longer up and coming like Crown Heights and Bedstuy, there are NO new developments currently on line (only a few). However, there is a plethora of new developments coming on line in the next two years.
My question & concern is two fold. You have developers snatching up vacant land due to tax abatement programs (because you can buy the land for a price point that works) and they are developing much needed affordable housing (while creating jobs) that is well designed and going to be well managed.
The question I have is, do we need more new construction that is tasteful but not high end in Crown Heights and “lower” Bedstuy? Or do we find a fusion of both in these emerging (and in some pockets gentrified) neighborhoods?
Kind & Thoughtful Developer
I can help you with financing anywhere in the US. I represent a major lender, would love to get involved....
attorney is good.... apple is betterererer
There are a lots of ways to do investigation.
The problem is, us New Yorkers are not usually going to know of resources that are unique to Florida.
I personally would start with a well-connected real estate attorney.
does anyone know where to get information of the reputations of developers and builders? I'm thinking of buying a new condo in miami and want to do some due diligence. thanks
Falco, when I first looked at it, the highline wasnt really open yet and hadnt realized just how many people would be on it at any and every given moment.
When I walked by it last spring, I immediately thought of that Ray Bradbury story with humans as zoo exhibits.
"But when the market began to stumble, so did Mr. Shvo. Sales languished at 20 Pine, despite a sales office that he kept open 24 hours a day, and Mr. Shvo was soon replaced. The building did not sell out until earlier this year — some seven years after its inauguration. Mr. Shvo was replaced on other projects and was named in lawsuits"
Now that Im sure all lawsuits are settled, game back on and fleece again.
Just like the banks......wash, rinse.......repeat.
Well he only came here with $3,000.00
245 10th unit 2W
I always viewed this apartment as an exhibitionist's dream.
I would walk by on the highline and wonder who, in their right mind, would purchase this place?
You could make a small fortune selling snacks over the rail and still work from home.
New opportunity for lajeep405: http://therealdeal.com/blog/2013/10/11/kids-dont-really-see-sheep-in-the-middle-of-new-york-at-a-gas-station-shvo-says-video/
nddd, check out this recent thread, and good luck:
nddd, if you find out any info on getting your money back, could you please post what you find -- for others in your position?
maybe i am naive but what is the allure for new construction. i just went to contract and this is for investment to rent out the cardinal sin on this blog for a gut renovated 670 sq ft condo east 70's gym pool 24hr doorman for 699,000.new granite kichen new bath with jaccuzi and a killer view to the north
thank you greeny gonna get it checked out again
Should had bought in LIC.
Not sure if there's a difference in how negotiable they are for different sizes, but I'd consider taking the price they're currently offering, subtract the 35 or 50k (depending the # of bedrooms) incentive they're offering and consider that the actual offering price. Then I'd negotiate from there. Maybe research how much off the asking price comparables are selling for and subtract that to find a target price? Then lowball ...
Yes, they are definitely negotiable, and highly motivated.
I'm not a broker, but I agree with NYCBKBroker above. I think I have seen literally every new condo development in Williamsburg/Greenpoint and honestly the quality here is among the very best. The Edge will be similar, and the second tower of Northpoint Towers will be too. But honestly I think the interiors and public spaces in tower 1 of Northpoint Towers are flat out fugly. The only selling point is the views.
But The Edge and Northpoint Towers are massive, which I'm really not into. They're going to be completely devoid of personality almost as if Battery Park City were picked up and dropped onto the Brooklyn Waterfront. Lame. 125 N. 10th may not have water views, but it's two blocks from where Bushwick Inlet Park is going to be along the Brooklyn Greenway, two blocks from McCarren Park, three blocks from the subway, and steps from everything Bedford and N. 6th has to offer.
They're also selling private rooftop spaces that have gas and water hook-ups for grilling (something you can't do on the waterfront), and have all the other amenities except a pool. But I'd rather not have a pool anyway. It makes things smell like chlorine and it's something I'd probably only use once a year anyway.
Total Sqft: 761,552 sqft
# of Units: 440 apartments (350 condos and 90 affordable rentals) a hotel
Developer: Elad Group (must be a partnership with Extell & Carlyle)
Architect: Goldstein, Hill & West
Looks like it's going to be a similar deal to 40 Riverside Boulevard (condo/affordable rental hybrid). Curious to see whether they'll pursue the same separate entrance scheme that's been causing such a tiff recently.
And Hedge Fund offices.
Midtown East is great for law firm offices.
AR and AH - thank you for insight.
Hi FC - your baiting of AR is always hilarious; she is a much better match for you than CC, but I am not sure she likes you as much as you like her.
about 1 hour ago
Member since: Oct 2007
ignore this person
I have been a big midtown east promoter also.
Really, is this a continuation of your Brick Underground gig?
I have been a big midtown east promoter also. There are new schools, new retail, it has always been underpriced given the convenience, The zoning seems to be high on Mayor Mike's list of things to get done before leaving office. Which could mean many things. It may very well be that if you buy here your unit will appreciate but you might not like the neighborhood nearly as much. Or maybe you'll love it. I don't think I would, but it's all a matter of personal taste.
NYCNovice, due to the zoning issues not many projects in ME got off the ground before the recession. There are a few blocks where developers had started the demolition process fairly late and a couple of them look awful. But change marches on, and real estate developers abhor a vacuum, so eventually it will resolve.
the good news is that interest rates have gone down in past month. you have to be patient as the city's bldg dept gets backed up during the summer and now is trying to catch up.
drdrd I started my loan in August per the sponsor's advice since the seller still needs to get the building to pass the inspection. As soon as it passed, that's when he told the first group of buyers to get the loan commitment.
What am I missing here? You were in contract in February & started your loan in August & wonder why you can't move in?
welcome to buying new construction. this is typical and there's nothing you can do about it unless you are able to get out of the contract with time is of the essence letter.
What do you do when your sponsor/sales agent is difficult to get in touch with? I have tried calling, texting, emailing my sales agent and he will not return any of my messages. I know he's around because I just got word from my banker that he got a new client from the same building I'm purchasing from. I have been in contract since February and have promised closing in May. I started my loan a little over a month ago. Now it's September and still no words about TCO, and also no response from sales person. The last I heard before I began my application is that the building passed the inspection. I'm running out of ideas how I can further get this closing going. My lawyer and broker has been doing what they can on their end to get this going but I guess without the TCO they really can't do much of anything. This so far has been costing me a lot of $$ moving around and waiting around. Any advice from the forum would be greatly appreciated.
lad, in my experience it's one bank in particular -- but yes, they're doing it to everyone!
Ali, what is going on with lenders these days?
I'm the Treasurer and de facto managing agent for my small building. A unit in my building just turned over, and I swear I spent 20 hours or more dealing with all of the bank requests. I filled out form after form, and I was getting requests for information at least twice a week for five weeks. In total, I think I scanned and sent this bank over 1,000 pages of documentation, including the co-op's complete tax returns (which I've never been asked for previously by anyone). All for a $500k 30-year loan, 80% LTV, buyer with 800 credit score in a very simple building with clean financials. (No sponsor units, no sublets, good reserves.)
This is the fifth loan I've been through as Treasurer (and third with this particular bank), and this was so far above and beyond anything I've experienced previously. In the absence of red flags, I can only assume this is some type of a new policy.
If lawyers and professional managing agents are dealing with this same crap, they're probably working for minimum wage.
ab, I don't know what OP's situation is, but let's imagine this hypothetical:
OP is a buyer who has a pre-qualification from one of the big lenders, a firm that is aggressively marketing itself in NYC. Makes an accepted offer on a co-op. A contract is written that provides for a board application to be filed with a specific time clock, dependent on the loan commitment.
Big lender, now with OP on the hook with a contract, is suddenly demanding 20 extra pieces of paper. They aren't things OP necessarily has to hand, and some of them must be gotten from the building's managing agent, who is trying to supply them on this deal ... and every other active deal in the building. (They aren't necessarily things this lender would have wanted two years ago, so it's a surprise).
Sellers, who want to buy something else, start to be beside themselves. What's taking so long? The brokers keep saying that everything is moving along ... but who trusts brokers?
In this scenario, it's good client service for the attorney ought to step up to the plate, communicate across the table why things are moving slowly, and keep the other side from freaking out. Pour oil on the waters. But many many don't.
That's just one scenario; I can imagine others.
if you're in contract already, what do you expect your attorney to do except come to closing?
they are not involved in the mortgage process except for a few pieces of paper the secretary files.