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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
Unit 902 went into contract for $1,097 psf at 1.15 million.
The LIC train is rolling. Anyone bought this building a few years back just had a cool 40-70%.
Hello, any news about this building? There are some recent re-sales. Just wondering.
I do live in LIC. 14 years.
I'm not sure about how to make the convo private though. I don't think there's a private inbox on this site.
I'd be willing to chat as I almost bought at both buildings at one point or the other. Looked at studios in The Yard too....the building behind the Powerhouse. And The Industry, down on 44th Drive.
Yeah, I felt exactly the same way, torn between Vere's roof deck gym lobby & "cold storage" vs 1VJ 2nd floor terrace and weird gym basement 1970's fridge, but the location is great.
Do you currently live in LIC? Is there an option to take this convo private?
I read about the leaks and other stuff in the comments section of curbed or the real deal.
I actually like both 1VJ and this building. I think Vere has it over 1VJ though in terms of a rooftop deck and the gym. The gym at 1VJ is practically nothing really.
On the other hand I really really like 1VJ's location, so I guess it's up to you in terms of which is more important, bigger/better gym or better location.
But you know what they say about real estate...location, location, location. Hope this helps, let us know which one you choose!
Has anyone heard further news on retail tenants at 670 Columbus in addition to Party City, or better yet when the construction will finish? The school is finally starting to look like it may be nice.
Any updates on this subject? Thank you.
"Its better than a buzzer, but worse than a doorman. ... Its not for me, but its like I said better than having a buzzer alone. At least there is a camera and a person on the other side of the camera."
As for the package room, that sounds to me like it's more trouble than it's worth. Missing deliveries is one thing -- at least your package is still in the custody of UPS/Federal Express/USPS. Once it's delivered to your "package room", however, it's YOUR responsibility if it gets stolen.
Seems to me that it's much safer to either:
-- have valuable packages delivered to your office
-- pick them up from UPS/Federal Express/USPS yourself
-- open up a box at a UPS or Mail Boxes Etc. (do they even still have these?) for future deliveries)
-- Arrange to be home to accept the delivery for really big important items
Yes, it's a pain in the ass. But if it's that much of a problem, spend the extra $$$ and just move into a doorman building. Or hire a full-time housekeeper who'll be home to accept any and all deliveries for you.
Or quit your job and just stay home all day.
But lots o buildings have this kind of stuff. In mine you can also wathc the doorman, in the elavotrs and outisde.
My friend lives in a building where they have a camera trained on the front entry, and everyone can see who is there on a dedicated TV channel. She keeps the "front door channel" on all the time. It's better than reality TV, and really freaks out visitors when they're greeted before they even ring the bell!
For the service provided it is grossly overpriced.
Technology has grow leaps and bounds with the ability to install computer/cellphone access by owner into buildings/apartments.
I was going to dive deeper into the systems for my building but got busy and have put it off.
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
Good evening. I am trying to figure out if this potential project makes sense. R6 zoning. Lot size is 18 X 80 = 1,440SF. Maximum buildable SF is 3,531. Corner lot. Would this work for a 3-unit walk-up condo? Is there a chance of fitting 3 parking spots there? I am estimating that in this area (undisclosed) I can get 315 per square foot (total SF, not usable). Based on the potential 3,531 buildable SF, the purchase price would come up to roughly $119 per square foot. What is the rough estimate of construction costs, etc. per square foot? Thank you,
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?
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.
The building I'm trying to purchase does not have a CO yet. The TCO has approved with two requirements not pass. 1. BORINGS / TEST PITS (TR-4) 27-720 2. Electric. The electric is pass before the TCO expires. Now the TCO has expired.
My question is what is BORINGS / TEST PITS (TR-4) 27-720 . And how long it take to get the co after everything pass?
I have a studio apartment I would like to post on street easy. please call me 212-396-8244
can i post my house on street easy? how?
I want to post listing from our website without filling form of "SUBMIT YOUR BROKERAGE". Is there any API available for post listing in streeteasy.I want to do everything from my website using api.
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