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Talk » Sales » Discussing '268 Wythe in Williamsburg'

268 Wythe in Williamsburg
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Visited the open house and I liked the layouts. Sprawling living room/dining room/kitchen space surrounded by sliding glass doors giving a light and airy feel. 2nd BR's are small. 2 balconies each but the rear balcony is more an extension of the landing of the stairs.
Exterior is ugly with the slats. They don't move. Fairly nonfunctonal, the explanaton was something like: you can see out but it's harder to see in?
The location sucks...in the middle of nowhere. It's very lonely right now. If 80 Met ever starts closing and sells out then this corner of Williamsburg may become alive. But not right now.

Those slats look ridiculous, there's probably a pretty good reason no other bldg uses such a design. I saw this bldg going up and subjectively the construction quality appeared low.
80 met should start closing in 30-60 days.

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LookPied, thanks for the update. Disappointing about the slats - I thought it looked ok, provided they were functional, and it's very weird they didn't set it up that way. I don't think the location is bad as you say though, even if it is pretty quiet - Zebulon is on the same block, that section of North 3rd is great, and you've got Grand St (including the small park) a block away. I much prefer this to anything on the other side of the BQE.

It is also nice to be a little away from the noise of the bar scene, but yet a very easily walkable distance to it and the train.

OK, maybe "sucks" was a bit harsh. I'll stick with "lonely".

I really did like the layouts though--unique , not simply rectangular layouts. I think they would sell more quickly if they were in a busier spot.

Building just cut had a bunch of price cuts, but I still think that they are priced way too high. They also just delisted 5 apartments.

Layouts are cool and work well and the slats aren't my favorite. If there are more cuts I may be interested, and considering they have had one apartment go into contract in the last 6 months, I think there will be more.

Whats happening hey just delisted all the apartments again? When I saw them last week the acted like they were all under contract except 2. Was that just a sales tatic?

There's only one in contract out of the 13. Not sure why they delisted the other 12 units. Holiday weekend strategy?

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anyone at the open house notice that some apts have sliding doors where there should be windows? (ie where theres no balcony outside) seems like they screwed up the window order and just used what the had? Says alot about the construction quality. Also the exposed steel columns at the ground floor are already rusting. Some really crappy construction here.

I got the info on this: delisted b/c all the listing agents are out of town for the long weekend. Hope the weather's good. Wish I was at the beach too.

Sounds like a winning formula

So can we talk about this... they suddenly have another three units in contract. Good product? Sign that the area is still kicking? Dumb luck?

I find tracking activity through streeteasy can be difficult. Reporting is agent dependent. Some agents are more diligent than others. Some agents take them off immediately when offers are accepted but then have to put them back on when contracts aren't signed.

Williamsburg in general is still kicking. Northside Piers have moved many of Tower 1 listings to the unavailable list. 90 N 5th has a unit going under contract almost once a month. 14 Hope has a few under contract and they just sent out an email announcing a reduction in their maintenance fees. NV seems safe. Nforth seems sold out. 80 Met MAY start closing soon. ALL this during a slow summer.

How can they reduce maintenance fees without reducing amenities?

I was there this weekend. Agent says contract is out on apt 3B also.

HH11231,

Actually 14 Hope St doesn't have much amenities to start out with which is why the most notable thing about it was/is its high maintenance fees. 268 Wyeth doesn't have much amenities either, but at least you're paying nothing for nothing.

anybody have any updated info on this bldg;
why haven't they started closing--bldg looks way done

Anyone knows about the noise situation in that corner? It appears pretty quiet but Metro is a minor truck route and apparently there is some truck traffic in the mornings.
The one-way change to Kent also seems to have re-routed a lot of north->south traffic to Wythe.

What's the scoop on this development? Why hasn't the builder been able to get a CofO? When looking at it in earlty 2010, they were very confident that closing would start in the immediate future. Anybody in contract with details on what's up here?

Building got its CO last week

Anybody in Contract here?

The building has been empty since last fall and the place just got it's CO. I hear something is going on with the developer.

yes - also heard that closings are delayed yet again despite the CofO ... something about the developer negotiating with the bank??? at THIS point in time?
can anyone add color to this?

Looks like at least one unit now occupied

The units that are occupied are because of a 'pre closing possession' agreement. They are not allowed to close yet. I've been in contract since December, when they told me I would be able to close in a few months. It's endless problems. Not sure what exactly is going on; if these delays are just part of the new real estate landscape and will be sorted out or if there is true trouble here. If others are in contract, should we start on email list to keep everyone informed any developments?

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i had this "pre closing possesion" at another building which i was in contract, delayed closing allowed me to pretty much rent at a rate of about the tax and maintenance charges. i would have stayed like that forever but the seller (developer and owner) disolved so the contract dissolved and after 2 years, the rent was going to shoot up to market (2.5x what i was paying)
gurgle, if they are not giving you some sweet deal you may want to talk to a lawyer, or the ny attorney general, the nyag was involved in my experience which allowed the sweet deal, though temporary.

a

i am not living there yet; was offered the pre closing possession that included a high rent rate, much much above taxes and maintenance; thus just increasing the purchase price. i found the agreement unacceptable. square foot; that sounds like a pretty great situation, however this sponsor is not willing to negotiate. i think four or so units are occupied, not sure what agreement those parties came to.

So far three people have moved in with a pre-closing agreement. The "rent" is used to lower your final sales price and it's not an offset to maintenance and taxes. Make sure to clarify that with the sponsor.

In terms of closing - has he told why it's incredibly delayed?

in the arrangement, i had to give a lot of money upfront for several months and if the closing was delayed past then, that money really just went to the purchase price. it costs a certain amount per day before the interminable close which would add to the price. the information i'm getting is they are short on reserves.

sounds unusual. is this a conventional arrangement?

I don't think pre-possession agreements are common in the first place.

Ok I see. So either, the so-called "rent" would be used to lower your purchase price or it would go to pay rent if the whole deal falls through. Regardless, you'd have to pay to live somewhere so wouldn't it be a wash anyways even if the deal falls through?

If they are short on reserves - does that mean that the banks could take pocession of the building and why this is not closing? I'm trying to close myself in this building.

Burgres, maybe we could just email? are you in the building? I would love to speak directly and hear if you're facing the same obstacles.

Gurgle - Totally. I am in the building. I'm at work and don't have access to my yahoo email. Can you give you me your email and I'll email you from work?

burg res -- sure, it's sue@susanwalsh.net

BurgRes, how do you like living in the bldg? are you happy w/ how it came out?

Hi Kiz - Yes despite the major delays so far we are happy with it. I will comment on the slats. At first we though it was quite silly having them in the front of the windows but now we realize how convenient they can be. If you walk by other new construction projects with "beautiful" large windows they tend to be covered with huge curtains and become the storage areas for bicycles and the rest. With the slats they act somewhat as a privacy shield.

anyone know whats going on with this building now?

fuzzyjza,

It's unclear exactly what's happened - I can't find closed sales in ACRIS (though I didn't look too hard to be honest), but there are definitely people living in the building. They could well be renters, but I don't remember seeing rentals being advertised anywhere either. Either way, it's a bit weird. Not a terrible looking building, but I still don't understand those slats.

I happened to be in Zebulon bar last night, and at 1:ooam you can definetely hear the music coming out of the place on the street, which means that this building can hear it too, certainly if the windows are open. I would think that would dampen some people's demand for the place. There are definetely some people living there, as you can see through the..slats.

what happened? It looked like the bldg was significantly occupied but now it appears that many of those residents moved out and still no closings?

Its now listed as 91-93 Metropolitan on Yahoo. A search on SE gets a generic "building on Metropolitan" but there is a discussion:

http://streeteasy.com/nyc/talk/discussion/25929-building-at-metropolitan-avenue

Looks like the sponsor was renegotiating its mortgage, blocking closings. Now it has been remarketed, people have changed plans, and units are back on the market.

We looked at this building back in February and were told that a number of units were coming back on the market that were previously under contract because of the delays and people's financial situations changed. Not sure if that's true or there was a clause that let them back out. They are large inside except for the bedrooms but the living room space is kind of awkward from a layout perspective in the smaller units (i forget what line that was)

Everyone's financial situation changed? Yeah, right. I'm sure there is more to the story than that. I was told the same thing when I saw the building a few weeks ago. That building smells like a mold factory and the outside looks like a trash dump.

Almost bought there 20 months ago, but backed out. The budget for the condo in the first year was a joke. Love the location though, despite what the haters say.

We bought an apartment in this building because we loved the layout. We closed in under 60 days and so far so good. Just as with any apartment purchase - do your due diligence, read the offering plan, get an inspection, get a good lawyer who will check things out for you.

I highly recommend that anybody looking at apartments in this building asks for the last Inspection report performed by Mr.Turetsky and tries to speak to the tenants in the building - the ones who bought, not renting there.

bburg_curious: What will the report reveal? Not as bad as publicized? Or as bad as reported or worse? Apparently you're a homeowner there - can't tell if you discovered a number of issues or are proclaiming it's all negative hype.

Any updates on the units in this building? I was looking at buying when it was on the market a few months ago, but was hesitant bc of the reports. There's a unit available for rent now, seems like it never sold. Anyone have insight?

I think it is important for the prospective buyers to have the full information about the building they are interested in. From my experience neither the seller nor the brokers reveal the whole truth, which is why I recommend speaking to the tenants.

As far as the reports go – there are several that the seller has copies of (including RAND) that each buyer should request to see. Mr. Turetsky’s report is the latest INDEPENDENT report, which neither caters to the seller’s rosy idea of the building, nor to the tenants trying to break out of the contracts. It assesses the problems and suggests specific ways to resolve them, so yes, not as bad as publicized.
The obvious problems this building has, according to the report, can be addressed. The developer is addressing them, but could use a push to accelerate him in the right direction. For example – the balconies are sloped towards the building, they need to be re-pitched to avoid water pooling. The back balconies have been mostly done, the front ones have not. This is something that will most definitely come up during your inspection – add it to the punch list, get a commitment by the seller to a date by which it will be completed.

This building, like many new constructions in the area, requires some work, this developer is addressing issues to his best ability. Look at the reports and see if you are willing to wait for the issues to be resolved. If so – get a written commitment by the developer to do so. It is a risk that was worth it for us because we loved the layout and the location and did not see a better alternative (quality or layout-wise) in this area. It is obviously not normal that there is so much drama around this developer and around this building and that there are still problems to get fixed years after they have been identified, however, the situation speaks more about the developer’s business ethic, rather than the quality of the building. The buyers can ensure the fixes are completed and the developer shoulders the costs, so assuming your inspector and your lawyer do their job, I see no reason why this couldn’t be an amazing property.

In terms of rentals – 2A was bought and rented out immediately (income property). The second rental is by the developer – that is a risk one runs when closing in a new development. We have reasons to believe that the developer is highly motivated to sell, so we hope this building will not be converted into rentals.

Hope this helps.

It was my impression that each and every original unit in contract broke out based on the results of the Rand Report, not actually using the report in order to get out of contract. Everyone originally involved wanted to stay (after finding an apartment, negotiating on a price, getting offers accepted, securing a mortgage commitment, extending those commitments while waiting months and months for closing, actually moving in or sleeping on friend's couches waiting to close, etc, getting more mortgage extensions and paying fees, paying lawyers, waiting longer to close, etc) and see if the developer could have fixed the repairs. No one wanted to start over at that point and find another home. However, the quantity and severity (from non-drainage EIFS, to fire hazards, to rusting support beams, to the full length glass windows/walls not being installed properly, to electrical problems, and on and on) were so extreme that closing became impossible––it would have been a financial disaster as well as a huge risk in terms of personal safety to close on a unit in that property.

Henry, if you have some information that I don't, please do share. I read the RAND report and suggest every potential buyer does, and there is no mention of windows not being installed properly, electrical problems, etc. The rusting supporting beams have been cleaned and repainted with a rustproof paint. You can find and exaggerate faults, but the main concern is - can they be addressed to your liking or not and that is what I say prospective tenants should watch out for. I just want buyers to be informed and protected.
I feel very very sorry for the tenants who organized and broke out of the original contracts, I can't even imagine what hell they had to go through dealing with Mr. Gold. However, it is probably more productive to report your facts to the attorney general rather than keep condemning the building on message boards. Anyway, if you feel like you'd like to chat about Mr.Gold -I'd be happy to do so, I have a feeling you know where I live.

Just when wiliamsburg was coming up, now its Bushwicks turn!!....hopefully they dont ruin it with gawd awful new construction like they did Billy Burg...those architects need to be taken out back and buried...

http://therealdeal.com/blog/2012/03/08/bushwick-poised-to-take-its-place-as-williamsburgs-heir/

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