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Another_Buyer wasn't kidding about "all sorts of issues". The circle jerk of litigation is up to $7.5mm in alleged defects ("widespread problems with water infiltration, heating, plumbing, electrical, façade, terraces and the roof") per TRDNY http://therealdeal.com/blog/2014/08/26/savanna-wants-claims-dismissed-in-suit-over-141-fifth-avenue/#sthash.LkhNGGDv.dpuf
Any new information on this building? I see that it has now had scaffolding on it for over 4 years. What is going on?
any updates on this building? have any of the penthouses sold?
I noticed the window issue when I went for a viewing as well, it was impossible to open. They said it was because of summer moisture, which is pretty much BS. I really doubt they can do much about the windows, since it's a landmarked building, and changing anything's appearance is not allowed.
CC also is pretty high for a building with almost no amenities. All in all, not much value going on here.
Another_Buyer - thanks for your thoughts. pls email: email@example.com. Thank you.
13 apts left . Out of 83
I saw this building; very nice but the bedrooms on many of the floorplans are tiny. This is ultimately what stopped us from buying here.
14 left i think , all top $ apts, priced 1300-1400 per sq ft. Great for the building value!
1 more sold.
Thanks, I always forget about that site. The photos show the courtyard windows of 342's D and E lines. The new building will be an L-shape in plan, with the full-depth leg right up against that courtyard.
The tenement building at the corner will also have its air shafts blocked, but they were never much to begin with.
Here's a link to the Toll Bros building. It's currently up about 3 stories.
Egad! Thank you both (RENY & NWT). Really appreciate it.
It'll be a new Toll Bros. building. 342's eastern courtyard will be blocked by a solid wall 26 stories high, instead of looking out on tenement back yards.
Thanks for that. You seem knowledgeable about the building - do you happen to know the plans for the empty lot to the east? A huge building seems more than likely, and would explain the low and dropping prices of the listings (construction noise in addition to blocking light)...
There is no bank fraud going on at all. I just need a good banker/adviser.
1. you need to be careful to avoid committing bank fraud
2. if you intend to sell your apartment in the near future you will need
to disclose that fact to all prospective lenders
3. as to a bridge loan, the reason they got that name is that their terms are often
so onerous and damaging that borrowers end up jumping off of bridges
Interested in purchasing an apartment which is slightly less from what I own. My apartment does not have a mortgage, we were told by my agent a Home Equity Loan would be best so we could approach the sellers prepared. I may need a banker or is creative, some of our income is *gifted* by parents and not sure if an underwriter will allow this as income.. Anyone have a good banker or advise?
>ITs BS that co-ops take more than a week to approve a sale
What does that mean it's BS? Go back to Australia if you don't like New York.
ITs BS that co-ops take more than a week to approve a sale....but the answer is yes, they can delay the closing ....sometimes by a number of weeks.
August does tend to be one of the tougher months for board interviews. Many people go away for part of the month. My board, for example, is not meeting in August. However (and I am on the board) - I can tell you that we are cognizant of commitment letter expiration dates when packages come our way. So if we did have a package come in wherein the commitment letter expired at the end of August, we would make every effort to interview a qualified buyer with time for him/her to close.
All in all, it just depends on the particular board and how they operate. There is not a whole lot a buyer can do in this situation with regards to pushing a co-op board. If there is time that has lagged, it may be a better idea to have the shareholder/seller reach out to management (or if they know a board member) and politely inquire about a potential interview. If it has only been a week or two and you haven't heard anything......chances are you need to wait a week or two more. Good luck!
Yes at this time of year with summer vacations it could be difficult to get the board together for an interview. This is not uncommon and par for the course.
Mortgage Master Inc.
It is summer and it's usually difficult to pull anything off until everyone returns from wherever they go at this time of year. Between summer and holidays at the end of the year, it can hold things up. Good luck to you
I seriously doubt that. You're credibility is shot to hell with comments like that. And I had a FHA loan for my first purchase in the late 80's.
In 2001, I think he put down like 1%. LOL
The appreciation could be up to 50% from 2008 to 2014 if it's a prime location in Brooklyn.
He also had money for down payment, closing costs, and liquidity requirements. Not everyone is able to save that much money when paying $25k a year in rent and $50k a year in taxes.
Friend in another city bought a prime location studio..
2001 for 209K
Put about 20K into it.
2008 sold for 355K
Would probably sell for about 380k today.
He basically got paid $1000/mo. to live there, while renters spent $25,000 a year in rent.
Thanks for the comment. Do they want more than the usual 28% of income & 24 months in assets after closing?
Lot of sf for your money? The one-bedrooms are merely glorified studios, plus it's one of the ugliest buildings I've seen. Can't imagine why anyone would want to live in that dump -- especially with that maintenance.
My impression: lot of sf for your money, but maintenance is too high, and two separate residents reported, unsolicited, that passing the board is a "pain in the ass" (more than average). Just thought I'd pass if along and pay the board back since I've gotten so much info here.
Between the agent and SE, it's all confused. It's a business for sale, not the land. The addresses are mixed up between LIC and Little Neck.
Confused... isn't that for a Cleaner's sale? The ad is for an empty lot, looks like....
The SE description gives a phone number for 'Angela'.
Can someone educate me as to how to find out more about this foreclosed land for sale? I don't see an Agent listed, nor size of lot , etc - ??? - Thanks!
I searched for older threads about the 80% rule. Some are quite helpful.
I'm sincerly hoping Ankur Mehta didn't move into my building.
'Karma is only a bitch if you are ' Mutual respect is the issue, not hypocrisy.
> it will reward the relatively less tolerant at the expense of the relatively more tolerant.
> The more important issue that is bugging me is one of hypocricy.
Ankur Mehta sounds like a real gem.
Thank you all for your thoughts.
Thanks for your insight. @Flutistic
I re-do the search for condos only, and find out that Prospect Heights and Fort Greene are comparable. Clinton Hill came out a bit cheaper. This pattern makes more sense to me.
A condo on Dean Street (between underhill and washington) sold over 1000$/sqft. That's hard to imagine just a couples of years ago.
I know these three areas very well. Review your notes and I'll bet you'll find you've mixed condos and co-ops. Clinton Hill has a lot of co-ops, Prospect Hts has mostly condos. The border of Ft Greene is to me the most fuzzy, but if you don't include areas I would rather call Downtown then you have co-ops there too. Also, check the condition of the properties--remember that appraisers use condition as one of their ways to assess as well. There has been a LOT of renovation in Prospect Heights and Ft Greene close to the park, less so away from park and in Clinton HIll. And no these things are never a "statistical blip," this market is too active and competitive for random variation, which is what I assume you mean by that term.
I am not sure if anyone noticed the price gap between Prospect Heights vs Fort Greene and Clinton Hill in Brooklyn. They are quite similar neighborhoods to me. When I was doing some research online today, I found out that the avg sqft price in prospect heights has been rising fast to 900$/sqft, while it is around 700$ for Fort Greene and Clinton Hill. Does anyone know what caused the price difference or is it just a statistical blip?
1) BoA, Wells, Citi, Chase.
2) Not sure what's going on with SE and Bankrate, but you should also contact a mortgage broker, who will have quotes from the non big 4.
Oops. Sorry. This thread should be in "Financing."
I finally signed a contract--just put in my 10 percent deposit. All this after a 13-month search, which included scores of Open Houses and 7 previous, failed bids in bidding wars
So I'm ecstatic and relieved and also exhausted. Now on to the mortgage application. Please answer the following questions, if you can
1)In another thread, someone alluded to the "Big 4 banks" in NYC (for mortgage financing). Which are they: Bank of America, Wells, ???
2)What's up with the Bankrate and Streeteasy (Zillow) mortgage search engines? When I go on bankrate.com to research typical rates for the loan I"m looking for, I get "sorry: no products are available for you." I get this message, even though I've selected many different loan products: 30 year fixed, 15 year fixed, 7 year ARM.
Here's the thing: I'm a fairly safe applicant (financially). Im looking for a non-Jumbo loan. 60 percent down on a 1.266m property; 810 credit score; no debts; stable job with salary in the top 3 to 5% for NYC; after closing, will have almost enough in liquid reserves to pay off my mortgage early.
I'm not too worried about getting a mortgage, because I've already been pre-approved for Wells, and my banker just quoted me a rate of 3.865 % for 30-year-fixed (and 2.875 for 7-year ARM). I'm just curious why no results come up for me when I go on Bankrate.com.
Similarly, when I check Streeteasy's search engine, the results that pop up for me are few and far between. Sometimes just 3 lenders, and the rates are much higher than what my banker at Wells Fargo quoted.
What's going on? I feel like I"m in the Twilight Zone? Does Streeteasy's search engine return results only from their sponsors--and that's why the lenders are names I've never heard of before? But why does Bankrate give me to total diss--no results! LOL
3)Also, how important is it to get a mortgage from a Big 4 or Big 7 or Biggie Big (may he R.I.P.) bank--as opposed to a Joe Schmo Small Village Community Bank?
I just visited another site, LendingTree.com, to research typical rates. The results that came up always include 2 or 3 banks whose names I've never heard of. If one of these smaller, less prestigious banks ends up giving me the best overall product, shouldn't I just go with them?
Thanks so much for any feedback.
No elevator. See the plans at page 116 of https://a836-acris.nyc.gov/DS/DocumentSearch/DocumentDetail?doc_id=2007060500213001
Does this building feature an elevator?
Thanks so much, everyone!
please contact Daryl Rubin Feinberg Bros Agency, Inc. 917-374-7050
The Burkhardt Group
I am trying to help a friend who is looking for something like 5,000-10,000 square feet of non-residential space in the Bronx. Is there a StreetEasy for commercial property? A go-to broker for Bronx commercial properties? With industrial space, is it possible to buy part of a building or are larger buildings typically rental spaces?
I'd be grateful for any advice--many thanks in advance.
maybe a C-, d is a little harsh
CEHN99: NO, NO, NO. You have it all wrong. See the source documents at the end of this comment.
IT HAS NEVER BEEN A HOUSING PROJECT AND HAS NEVER GONE THROUGH ANY SORT OF CONVERSION. This was the first cooperative set up in the city, opening in 1957 It was sponsored by the universities in the area for moderate income people. Many college professors, starting out in their careers, lived there in the beginning. I have older friends whose parents were educators at Columbia and independent schools in the city; they moved in when the buildings first opened.
What you are confusing is the fact that the Morningside Heights Housing Corp. changed their policies on sales. Originally, they set the resale prices for all apartments to prevent people from making huge profits on their apartments. They also did not allow residents to use outside brokers. Sales had to go through the Coop's managing agent's internal or external list. In 2004, they changed that to a "recommended" price closer to fair market value. If the Coop did not sell your apartment within 30 days, you could hire an outside broker.
I did not like the hallways myself. Since the black tiles in the hallway are asbestos, renovations would be costly. The Cooperative kept its maintenance low for many years by voting down capital improvements. Maintenance has zoomed because they were forced into façade and terrace repairs, boiler upgrades, etc.
I see that they have changed their website and are moving with the times to promote sales. Check out the following:
GO TO THE SOURCE, NOT GOSSIP.
A friend of mine bought one last year. It is a housing project conversion. Common area including hallways are not nice.
I think that when they go to outside brokers, it's because the residents have unrealistic sales prices. There was an "estate sale" of an apartment in very poor condition. It was on the market for almost 2 years. They finally dropped the price to a reasonable amount. We looked at it a few times over a year and finally decided to pass because we felt the renovation was too big a job for us.
You really should call Morningside Heights Housing Corp at 80 La Salle St and get on their external wait list. The managing agent show the apartments first. I don't think they charge a broker's fee. If the don't sell on the internal/external wait lists, then the residents may use an outside broker. We missed out on 2 really nice apartments there.
I'm curious about this too.
I'm still amazed at the number of agents, managers , brokers etc. who are unaware that competing models are not only viable and out there, but protected by law. This was actually posted on REBNY's website at the request of the AIG's office. In my opinion competition is always better than a monopoly, certainly better for the consumer. Technology made it less expensive to purchase airline tickets, stocks, jewelry and even prepare taxes; My old broker in the 80's at Merrill Lynch was not happy when I moved my account to Schwab, but I found I did much better with some assistance and my own participation and saved a few bucks along the way. There is always resistance to change, but in the end without change things stagnate and wither. We need dynamic thinkers to drive creative, efficient new models of change.
January 23, 2014
Contact The Antitrust Bureau
Participants in the real estate industry are closer to daily real estate activity and more
likely to observe anticompetitive conduct. We rely on reports from real estate lawyers, brokers, purchasers, and others in the industry. Please feel free to contact us with your questions and concerns.
State of New York
Office of the Attorney General
120 Broadway, 26th Floor
New York, NY 10271
What to Look for
Illegal anticompetitive practices in real estate transactions can include:
Agreements among brokers not to charge
commissions under a certain level;
Agreements among brokers not to work
with discount brokers;
Refusals to deal with brokers who offer
rebates to their clients;
Refusals to show properties that are for
sale by owner (FSBOs) or listed by a discount
Agreements among brokers or multiple listing services (MLSs) to prevent competition from real estate websites.
Agents and Fiduciary Responsibilities
Frequently, a real estate agent’s fiduciary duties are not well understood by consumers, and even by some real estate professionals. Consumers should receive full disclosure of all the information they need for a fair real estate transaction. For example,
Buyers must receive the required disclosure form listing the broker’s fiduciary duties and disclosing whom the broker represents.
Buyers should be informed if the agent representing them is going to be paid by the seller’s broker.
Buyers should feel free to inquire about how much commission their broker will earn on a transaction.
Both buyers and brokers should know that rebating commissions is legal in New York.
Many firms, many fee structures. The high payout firms (like mine), agents/brokers can negotiate their own fees. I've taken listings at 1.5% on properties > $2M or 1031 x-changes where I make most of my $ on the buy side.
I think, Broker fee is not same for all people. Some of the experts fee is more than the beginners in real estate field.
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I paid 1% in London, too! Much more reasonable...
How low can a broker go? Is there a legal minimum commission or is it all up for negotiation? In London, UK we pay 1.5% and I once paid 1% on selling a big property at 1%. Was 2010.
The link http://www.nytimes.com/2014/07/20/realestate/using-data-to-find-a-new-york-suburb-that-fits.html
The New York Times RE had a good article.
I%u2019m not sure what the Elmo reference is.
Senior living (which is most often not assisted living) makes it pretty clear that if mature adults don%u2019t want to be inundated by babies and strollers, toddlers, or teenagers, then it%u2019s not a moral issue, it%u2019s a personal preference.
As for the mouth foamers once again, the behavior is only so-called FHA-violating by the industry because the industry created its own problems and misbehaved in the first place. Nothing outside of the broker/realtor industry and real estate developers prohibits discussion or dissemination of information relating to the composition of building residents. So only the industry itself can violate the FHA. I%u2019m not in the industry.
If no one in the industry wants to or can answer, apparently they haven%u2019t, then they don%u2019t have to and/or shouldn%u2019t. But FHA doesn't limit asking the question or someone answering the question if they aren't in the industry. FHA is about as relevant to a buyer or information publishing company as the DMV is to a pedestrian who crosses the street or a mapping company. I%u2019m for freedom of speech and freedom of association, and my and my wife%u2019s preference for association is as few resident children in the building as possible. Perhaps it is unattainable, we know it is not guaranteed.
Lastly, the data I was talking about, and more, is available at a household and family level. Maybe not readily to the public which might only have access to public census data, but certainly to businesses that are doing marketing.
There was a recent TV expose about a firm in Arkansas that knows just about everything about every American, and they make their money by collecting and then selling the information.
Falcongold1 has the right idea, and as far as the employee of the brokerage with the brilliant idea, that is where entrepreneurs come from: they leave their stuck in the past business or badly regulated industry and create something new that consumers want. So yes I agree with inonanda when he says, God bless America.
Unless someone says that they have the information I was originally seeking, this will be my last post on this thread regardless of the replies to this post.
and eumendides is just ignoring the fact that all it takes is ONE toddler in your near vicinity to destroy your peace if that is so inclined to do so.
you could move to one of the almost entirely studio buildings in Tudor City and the man or woman in the studio next to you might have visitation rights two weekends a month, in a studio, and you might want to stick a fork in your eyes.
no guarantees, nothing, nada. if you are so disturbed by strollers move to assisted living.
Agents (more accurately, real estate firms) don't like to co-broke because it's like cutting your paycheck in half. Joining BLS or MLS is way too expensive to consider for just one client, or even a few, you'd have to have a lot of them.
Keith's point is a good one, if these are really open listings you'd be able to negotiate directly with the seller, but if they're on a real MLS they are not open if the address is provided.
I will never understand why agents dont co-broke.
To join the mls the whole firm needs to join not just the broker, and Keith is right it probably would not matter
Ali: Believe me, it would not matter!
As a Manhattan/Brooklyn broker, my first thought is: Why don't you just have your sponsoring broker join the MLS (presumably MLSLI?) Then you'll be covered by the MLS' universal co-broke agreement, whatever that is.
Appreciate anyone’s feedback on this one - moving into a smaller apartment where space is at a premium and we have been thinking about the possibility of installing a pocket door for the bathroom.
What is the ballpark cost for this type of installation?
Hello, does anyone have any recommendations for a great carpenter who can hang one pair of pocket doors and install one additional sliding doors? The glitch is that I have the doors, but they may not fit in the pockets. Had an incompetent/crooked GC who ran out of (my) money in middle of job and now I'm trying to finish up the reno. Need someone who can properly assess situation and recommend options. Many thanks!
How pretentious. And the first part makes no sense. A good host managing their time has nothing to do with guests showing up to a lovely plated meal without any effort by the host. And, not to be rude, although I am clearly going to be, you've never seemed like the type to have the funds or inclination to delegate things to the household help.
This is why a good host knows how to manage their time and/or delegate responsibility to the household help.
I think it's rude to serve people only tepid food. Seriously, 90% of food, particularly dinner items, are served warm. A cold buffet is ok in the summer, but only then. Matt, do you have a large supply of sterno? Or those tacky food warmers that desiccate the food. Great food is served freshly and usually minutes-before prepared.
I think it's rude for a host to still be cooking when guests arrive. Can't people manage their time anymore?
Does anyone else find it disturbing that NativeRestless feeds on felines?