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I just took a sales tour of this building and here's the skinny:
The pricing is absurd!! Asking as much as $780 per sqft when 1063 Jackson (which has a similar location) just sold a 714 sqft apt. at $595 per sqft. Yes it's online for proof! And a couple prominant realtors selling in the area say builders will drop to as low as $575 per sqft to close deals. Being that the average condo in the area is still 60% unsold this is realistic.
Pros: Beautiful Building with great Location, Fixtures, Bathrooms (except the smallish sink/vanity), Appliances are standard for the area, Huge Windows, Nice Floors, Nice Views from higher floors.
CONS: Very Small Weird Shaped Bedrooms, Strange Floating Door in 90% of the apartments that eliminates a whole wall in the Bedrooms and Living Rooms (you probably have to see it in person to understand what I mean), Besides the Tiny Gym and 2nd floor terrace there are no amenities to speak of what so ever.
Looking - I completely agree with all your comments. Besides the pricing, the primary cons for me are definitely the odd and small bedrooms (really only one or two floorplans were suitable for me), and the high CCs given the almost complete lack of amenities.
Unfortunately, this builder does not seem to be one of those who is ready to "close deals" as they have been completely non-negotiable off their asking prices. As of now, the building is a complete joke and a waste of everyone's time.
jcmil2 - did you try making an offer? I'm thinking of taking a look, but may opt to not if the developer doesn't realize we are not in 2007.
I did make an offer--a very reasonable offer considering the recently sold comps--and did not even receive a counter. I was very disappointed that the developer is completely unreasonable and that I wasted my time on the whole process.
One of the best build building in LIC (Hunter's point).
Is it worth over 700 psf? I would buy at the view for these prices.
The builder is not accepting offers lower than the 730 plus they are asking. I also put in an offer and was shot down. Murano is looking better and better.
I have several friends in both Hunters Point and Hunters View and both buildings are crap (straight from the residents)...great appliances and fixtures but built cheap.
Not shocking to hear re: 1 Vernon Jackson. We had a similar experience with 500 4th Avenue in Park Slope. We were told in no uncertain terms would the seller even consider a price below asking, but instead to request they pay the transfer taxes! We liked 1 Vernon (except for the pricing and echo the weird bedrooms), and have an offer accepted at HV, but are now having issues with the contract. Lookingtobuy1 - what's the skinny on comments from the current residents @ HV? Our lawyer had a fishy experience with Tauber and the sponsor's attorney, we are getting paranoid! :)
all of my friends went through the same issue...they offer concessions and then put a timetable to close or they pull them back. They are real assholes, especially the guy selling the building.
I am in the process of going through the contract and have had issues as well. Hopefully they will be ironed out asap. Definitely not cool!
Cabanagrl - we are moments away from signing the contract. To put your mind at ease, we are seeing a light at the end of the tunnel and hope that the next few days go well. Are you getting it all ironed out?
Accepted PSF offer?
"we are seeing a light at the end of the tunnel" ... that's from the volatile compounds off-gassing from the ground in LIC.
LICRenter-Congrats! That is great news! We are still in the process of working things out, but we are both positive that it will be resolved soon! We'll be neighbors :)
What was the PSF range that the sponsor accepted?
cabanagrl - good luck! keep me posted!
joseesq - the psf range was in line with neighborhood comps, we tried to go lower, but weren't successful...
I don't see why anyone would buy this over The View in LIC for about the same prices.
@CarolSt are you refering to 1 Vernon or Hunters View?
Thanks LICRenter. I'm curious as to PSF at 1 VJ because, as LookingToBuy1 stated, there was a 1BR at Ten 63 (down the block) that recently sold for under $600 PSF. Neighborhood comps are all over the place, varying from building to building, so tough to make sense of it all. Good luck and congratulations!
PSF at 1VJ is kind of nuts. The bldg is great, but they want something like $795 psf. They arent very willing to negotiate on price at all right now. Maybe once they are more settled they will be.
joseesq - below 600psf is rare (but I have noticed it happens - especially lower floors without decent sightlines), i feel like the true range is 625-675 (which is where we landed). You can go to the NYC property tax website and download the rolling sales report for any borough, then sort by neigborhood, square footage, and get a better idea in one place!
PSF is nuts and the maintenance is really high, it doesn't include anything, unlike some other places that include heat, gas, water. The gym isn't really an amenity, I think the gym is so small it's a waste of space and money.
If 1VJ is going into contract between $625 and $675, that's a big shift from when they first started. They didn't even counter my initial offer at $625.
Agree that maintenance is ridiculous given the amenities, but the construction quality makes the building appealing. Does anyone have an update on their sales progress? I'm thinking it's still a really good time to wait them out and see what happens.
I think LICRenter meant that he bought with in the 625-675 range, but not at 1VJ.
LICRenter is referring to HV. See above posts by LICRenter. Correct me if I am wrong?
OOPS - sorry - yes, talking about HV, not 1VJ. Think I got of subject a bit!
@cabanagrl9 and LICRenter: I recently signed a contract for a 2BR at HV too. would love to chat more - issues with the contract initally as was described but all was ironed out eventually. send me an email at yeang_chng at hotmail. would love to chat with my (hopefully) new neighbors! talked to a couple of residents who love it at HV.
chronos - sent you an email! :)
Any updates on pricing at 1 VJ?
Price INCREASES. Now close to 1k per SF.
Weird...thought they were already higher than others, pplayer which unit did you get what quote for?
Simply a case of supply and demand.
The number of units available in Hunter's Point, LIC have shrunk considerably over the past 15 months.
This is surprising to me if they are indeed near 1k/sf . The first two closings at the Solarium, which opened sales around the same time as 1VJ, are in at or near $700/sf . I imagine that if they were one of the first to go into contract, they probably got a better deal than the closings that will follow. Still, if the view hasn't sold for the better part of 3 years at 1k/sf, why would 1VJ?
They've increased all the prices since the initial open house, on everything. The PSF was already 700-800 prior to the price increases.
That doesn't make sense, but I guess I will have to go see myself since their website doesn't provide any pricing information.
Did you go to their initial open house? It doesn't make sense considering the current market conditions, or at least what I believe the current market conditions to be. At the Murano, they were quoting me flex as 5-8% when I would expect 15-20%. 1VJ is probably the best development I have seen in terms of the units. The amenities are atrocious and the maintenance is high considering. They shouldn't have bothered with the "gym" and the common terrace is tiny and on a low floor. The appliances are mid-tier considering the asking. Having said all that, the units are the most beautiful. What is that worth? Apparently they are getting ask so they felt like their prices were too low. I think it's bonkers. I'd give them a premium at 680-730SF. Murano at 550-600SF
Yes, I went to their initial open house. I thought most of their 1 BRs were tiny, but nicely designed to make it look more spacious. I agree on the gym and outdoor space. One of my concerns was that each time I passed by, I saw several guys drinking beer in the little triangle park next to 1 VJ. As most of the units I liked overlooked that triangle park, it was a turnoff. I'm sure that will change in the years to come, but it made me hesitate about this place. And if their prices have gone up, then it is all a moot point for me because I thought their initial ask was very high, as high as The View.
I see those guys hanging out on the benches every time I'm in the area, which is why I wouldn't consider buying here unless its on a high enough floor where they can't stare in. They most likely come from the shelter nearby. The finishes are nice, but layouts are not practical. I would rather get a larger unit at a nearby building and spend the money saved changing whatever I didn't like.
joseesq: I totally agree with you. The 1BRs are tiny but somehow designed in a way that makes them seem much more spacious. I also agree that their initial ask was very high. It's just very perplexing to me that they raised their ask. It also perplexed me that Murano was so inflexible. Two new developments and they either a)don't seem to be worried about selling b) are getting ask or close to it. Mind boggling considering the gentrification has flattened out and more developed "industrial" neighborhoods like Williamsburgh have taken a hit. We'll see how this pans out but I think people are crazy to pay a million dollars in LIC. Not because it's not a nice neighborhood, but because Manhattan is simply a better place to be for that money if the PSF is similar.
Average price per sqft for new development in manhattan is $1,500/sqft,
for 1 million dollars that gets you a dinky 667 sq. ft 1 bedroom....
In Long island city on the other hand, you can get a 1300 sq. ft 2 bedroom new dev. .
For my million dollars, especially with a family, I would go for the LIC condos
History Lesson: 3 years ago at the TOP of the housing market "Hunters Point" was selling one bedroom 690SqFt Apts for $429K on average...who in their right mind would pay the same amount, let alone more, during the lowest housing market in recorded history...
It's the Crack-Heads who don't do their homework that think making an offer at 10% off ask is a deal...that's the only thing keeping the L.I.C. market too high.
I'm shocked that they raised their asking prices. Are you sure about that? The price psf was drastically different depending on the floor and the direction the units faced when I was there several weeks ago.
I'll say this: If their asking had been 10% lower when I was there I'd be in contract and done with my apartment hunt by now. And I'd still think that it was overpriced considering the state of the market. The apartments are beautiful though, so I would have felt like it was a sound investment and a great place to live for a good while. The unit I was considering was just too small for the price though. I came to check on the discussion here to see if the prices had dropped in recent weeks, since I've just ruled out a place I was seriously considering and thought I'd give 1VJ another shot. If their prices have gone up, though...well. There's not a chance in hell I'd buy in there. Close to half a million for 600sf in a neighborhood that isn't entirely on its feet yet is just too risky. Very disappointing.
dirrtyburg: Where else were you considering? As for price increase, absolutely sure. You can ask them for price quotes.
I think 1VJ is very beautiful, but honestly too expensive even considering the quality (aside from the kitchen appliances, finishes) and beauty. LIC developments are being quite optimistic, Powerhouse raised prices, View is holding at 1k PSF, Murano is not showing much flex, etc.
LookingtoBuy, I don't think you are correct about the 1-bedroom prices. At the top of the market, they were going for much higher than $429k in Hunters Point.
LICComment: I am quoting actual closing price when I say $429K; the asking price was not much higher. I have 5 freinds in Hunters Point who closed on 1 bedroom apts. at that price.
LookingToBuy is referring to Hunters Point Condos I believe, not the neighborhood as a whole. It's true - there were some 1 bd condos on those buildings for sale. A few went for just under $400K as well. These were listed as 600 sq ft and were in One Hunter's Point building. At the time these sold for around $600/sq ft. at the time when the Powerhouse and 5SL were closing closer to $800 or $850/sq ft. HPC was the budget building of the neighborhood at the time. The finishes and quality of contraction were reflected in the price. If the quality at 1VJ is superior, then it's not an apples to apples comparison. That being said, $1000/sq ft is ludicrous, even by 2007 pricing. Recent closings in the Powerhouse has been around $650/sq ft. Solarium has started closing around $700/sq ft for 2 and 3 bdrms. ( overpaid IMO ) . Can't imagine 1VJ should be much above that.........
The average Per sqft for aprtments in the area as of last week is $563. This icludes a mix of low and high floors. 1VJ is a very well built building w/ mediocre appliances (JennAir...really?) BUT has ridiculous common charges w/ no gym and only a part time, yes part time, door man. Double the common charge of 80% of the buildings in the area with zero ammeneties (the gym isn't a gym) is really a turn off. Now, couple that with their insane asking price and you get a ton of walkers. They claim they only want a certain clientele living in the building; anyone who buys at this price falls under "Should be institutionalized"!!
Agree, 1VJ is very attractive, but unrealistic in their pricing. I thought their original prices were high and now they've gone up. Has anyone had any success in negotiating?
Any updates on pricing? What is PSF that has been accepted?
NOONE has closed in 1VJ, they keep saying the are 30% sold...they said closings would start in Dec 2010...now its March 2011 and no closings yet, not a single tenant is living there. Beware.
There are tenants living there. I see people moving about at all hours and the lights go on and off in several different apartments as people inside walk from room to room.
To my surprise, this building has reached the 50% threshold and prices have consistently gone up. I thought their 1 bedroom units were small (more like a studio with a sliding door) and their “insider’s” pricing and common charges were quite high, but it looks like other buyers did not agree. Good luck to them! It’s a great building.
Went last week after looking at One Murray, The View, Powerhouse, Arris. Pricing all over the place and maintenance is too high for no amenities (a small gym). Even though the sliding doors reminded me of arris they have nothing close to the awesome amenities there! There are already several resales here- that's scary isn't it? Crazy overpriced.