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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.
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?
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.
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.
Also spoke to a neighbor about this place. The house before was basically rotting and they just covered everything up with the work they did to it.
Also, I will add that for some reason they photoshopped a bunch of furniture into the pictures.
Carlyle Ebanks is listed as an owner of this home. See article on him below.
Not sure if there is a connection, but a lot of names pop up on ACRIS for this property. Not clear who actually owns this place.
Apple is building a retail store on Bedford Avenue, announced today.
I'd have to agree with KeithB: "Who knows?". The rise in prices has been breathtaking, but supply remains limited and demand high. Apartments in my building from studios to penthouses seem to move within a month of listing at prices I think are unrealistic. Very few condos are being built. Most new developments are rentals. At this point I would say that as long as prices don't exceed Manhattan condo prices, there seems to be room for more increases.
I do like the restaurant scene on the south side. Domino will anchor S. Williamsburg. If prices are much lower than N. Williamsburg it would be where I would look at this time. Once Domino is up I see it rivaling the north side in terms of services. Transportation is a concern.
I've been wrong about this for the past, oh, 3-4 years, but I still feel pricing in the northside is maxed out or close to it. And if you check the archives of this lovely (ok, formerly lovely) site, you can find plenty of people excoriating/mocking me for "pumping up" the 'hood when I bought here way back in Q3 '08. I'm in no position to retire as a result of my somewhat fortuitous RE decisions, but at least some of those yokels got a little egg on their face :) That said, I'd be super cautious to buy in this climate.
@alanhart, as a native Bostonian and current Williamsburg resident, I must be your evil twin, no? Archnemesis at least?
Any opinions on the best type of deadlock? We are looking at some of the more basic units (Kwikset) vs Medeco.
Thanks everyone for your help!
Changing the cylinder is exactly what I did when I moved in. Five dollars plus five minutes with a screwdriver plus a couple of sidecars.
Use a solid screwdriver so you're not mixing vodka with brandy.
We recently learned that when you "change the locks" or "rekey the locks" that might mean that anyone with a master key can still use it to access your apartment. What our locksmith did instead was "change the cylinder."
If you're even slightly handy, you can save a lot of money by not having a locksmith come to you:
Good landlords will do a walk through, discuss in professional manner, etc. - essentially behave as Consigliere describes. Bad landlord will completely ignore requests for walk through, etc. Any landlord who is inclined to behave badly may also have no problem lying in court or could go so far as to have crony contractor falsify invoice and testify on LL behalf. I have heard that small claims court can be great and cathartic, and for somebody who really wants to fight for the principle, more power to them; I always root for justice to prevail. However, I recently was involved in a case that I handled pro-bono for a friend of a friend because no attorney who specialized in the area of law in question would take the matter on because there were too many disputed issues of material fact and damages were low. Were the matter to proceed to trial (which it did), it was going to come down to a "He#1 said" vs. "He#2 said." In my previous litigation experience, lying witnesses were ferreted out in the discovery phase and cases settled accordingly; I have always represented businesses and emotion was never a factor. However, this case was different because emotion was involved, and neither side was willing to settle (lawyer's dream if client is fee-paying; not so much if it is probono or contingency client). At the end of the day, the jury credited the version of "He#1," and I cannot blame the jury for not being able to figure out which witness was lying. Frankly, I, myself, cannot even know for sure that my client was telling the truth because I did not witness incident that was being litigated, though knowing everything that I know (rules of evidence precluded jury from knowing everything I, opposing counsel and judge knew), I tend to think my client was telling the truth. Horrible outcome is that my client was not only victimized by initial incident, but now also has to live with fact that person who wronged him (in his mind) won again. This judicial loss was worse for him than the initial incident. So again, for any tenant who wants to fight here, my sincere hope is that justice will prevail, but they do need to be aware that system is not perfect.
I've had about 6 and all were proper with the security deposits.
Both with large rental buildings and individual owners.
Hamptons rentals however have been the polar opposite.
3 out of 8 times, and each time was downright thievery.
I don't condone it but people wonder why Ts don't pay the last month of rent.
The system is messed up. No matter how big or small, send a representative the day of the move out to turnover the keys and tender the security deposit. That day everything can be discussed in person.
That is what we do.
I wonder how many landlords make withholding a small percentage of security deposit a profit center. I rented 7 different residences between 1989 and 2002 and never had a dime wrongfully withheld from my security deposit. My NYC rental was the first time I encountered suspicious landlord conduct in this respect. It was particularly telling when my landlord's executive assistant called me after multiple attempts to get security deposit back and thought she was delivering good news that I was getting more of my security deposit back than most tenants do! She is a truly lovely woman, and had no of the import of what she was conveying to me. In any event, I do think landlords have the upper hand here, and unless the money at issue is essential to the tenant (I think this is what HB is getting at), I would go with NWT's approach. Every once in awhile you are going to encounter a bad landlord, but I do think that is the exception rather than the rule. Unless you really need the money, just move on.
Lease ends in 2043. Buyers are still getting share loans, presumably for terms of less than 30 years.
A few years ago the landowner tried to force the co-op into default, saying the windows weren't being maintained, and tried to stymie the co-op's financing for the new windows. http://decisions.courts.state.ny.us/fcas/fcas_docs/2010AUG/2300212662010100SCIV.pdf
The land lease expires in approximately 25 years; that is a problem for people who want a mortgage.
An additional concern is the maintenance being raised to cover the new lease.
The lease here is not merely a simple land lease; it includes the building as well. Buyers therefore own only shares of stock in the corporation which is the tenant on the lease. As stated in the offering plan from 1984, the year the co-op was created, "the Apartment Corporation will not be the owner of the building and the land on which it is situated, but will be the holder of a long-term lease."
Any updates on the building? Any issues other than potential difficulty selling because of land lease expiration?
any updates on the lease at 100 remsen? really dig the building - but with 29 years left on the lease, resale is a huge issue.
Now our 14th unit sold out of 23 .I believe justice is closing in on the grogans and our present board m at beekman our board president is a attorney not being a lawyer I believe he is held to a higher standard Thank You
Have the lights come back?
Went out 10-30-14 930Pm super spray painting the metal work pitch black out no lights
13 units have sold PHB is now for sale 6e is rented out of 23 included me in the unhappy the way are going that makes at least 16 out of 23 Grogan and ass and M at beekman the present board in my opinion are going to be famous for what they are doing to this condo building
Wow, this is worse than a meltdown because a toilet seat is broken.
I paid $ 1250 to Storm ny as an advance on a virtual tour of apt 8B and 8C on september 30th
Mr Odd Einar met me at the apartment, after a long time came back with the photographer, after he stood me up once . then disappeared - never returned calls, text messages, emails
also if you call his office, nobody ever answers.
Be careful probably hi is a scam ... If you had a similar experience please write me Guido@vivaldirealestate.com