50 West Street
Condo in Financial District
so will management give you a 3rd set if you asked them for it?
This thread is such a clever marketing ploy for the edge that I almost can't see through it.
Very few of these posts are genuine, the others are just forum schills (is there a word for this?) trying to keep the Edge at the top of the board.
In some small office somewhere is a 20-something English major who thinks she's now in marketing.
Resume line "Social Networking Expert"
Sigh . . .
You can get extra copies made, just ask the concierge at the front desk and they will order you a set. We did that to give family a copy. If I remember correctly it was $20 or $25 for the set, we did it back in November so I can't remember exactly.
Salvy, Nibur, couldn't agree more about the lawyers. Yes, I would have totally dropped this one a while ago, but we're basically getting him for free through my husband's company so that is why I kept him. But you know the old saying, you get what you pay for! The next time around, I will gladly pay full price in order to get some decent legal advice. dh423, sorry you've been in a similar, non-helpful situation. I usually shop around a lot for services and products (i.e. researched the insurance companies extensively) and will certainly do so the next time I am looking for a real estate attorney. Thanks again everyone for all your advice.
Needsadvice, I'm starting to wonder about that myself. Who writes things like "Wow! Look at all the closings in May!" Interestingly, I decided to check ACRIS and found that (unless I'm reading this wrong) nine apartments scattered across both buildings went to the same LLC (and two more in Northside Piers). And several of those units already showed up as being for rent.
while I'm not going to give out personal information, I am not an employee for the edge. I am a current resident in the South Building. The reason I posted about the sales is because I'm happy that the building is filling up quickly, and I think it's great news for residents like myself who purchased apartments back when the building was only 10-20% sold. I think it's kind of funny assuming that all of these posts are from Edge employees, most people are talking about insurance policies and something very specific that you would only discuss if you had signed a contract or already lived here. Anyways...
Here is how you access sales records:
http://www.nyc.gov/html/dof/html/jump/acris.shtml - click on "Begin Using Acris"
Click search property records, then select search by party name.
Select Business name, and type "Edge 11211 LLC"
Then you will see all of the deeds that have been transferred, I believe it was almost 40 in May
Believe what you want!
there was also some guy keeping a spreadsheet on acris closings. I don't know if he still updates it
Seizure, I haven't been able to update that for a few weeks, but I'll try to get to it this weekend
See articles below regarding the change in zip code:
Williamsburg Residents Riled Up Over New Zip Code: http://gothamist.com/2011/06/02/williamsburg_residents_riled_up_ove.php
Hip ZIP ripped! Williamsburg waterfront goes from 11211 to 11249:
I think this validates what I was saying about the amount of closings - http://ny.curbed.com/archives/2011/06/05/the_edge_is_the_most_popular_building_in_town.php
.I don't think anyone was questioning the number of closings seeing as how they are public record
Finally got the spreadsheet updated (As of today). May was indeed a big month for the Edge, although they still have a long way to go; the current closing count appears to be 38.41% of the available units.
Since I have to rationalize the time I spent doing this to myself, here's some analysis: Recall that they claimed to be 50% sold on 4/3/2011 as reported here . That may or may not work out depending on what assumptions you make about the time it takes between contract and closing and the delay in appearing in ACRIS. If you assume the report is accurate and 2 months from contract to closing, then we should see June double the May numbers, since we need another 56 units at least to get up to 50%.
OTOH the past few closings had:
Contract dates 4/15/2011, 4/14/2011, 4/15/2011, 3/25/2011
Closing date 5/25/2011, 5/10/2011 ,5/13/2011, 5/17/2011
Prep date 6/2/2011, 5/17/2011, 5/23/2011, 5/26/2011
Recording date 6/7/2011, 6/6/2011, 6/3/2011, 6/3/2011
These dates tell us a few things. First, since 3 out of the 4 contracts here have contract dates after 4/4/2011, they shouldn't(couldn't?) have been included in the 50% number. Which means either they were being optimistic, or there are a lot more contracts that haven't closed or recorded yet (entirely possible). Second, it also tells us that the delay for which properties are showing up in ACRIS continues to be anywhere from 2-3 weeks or slightly longer, which makes it somewhat harder to get an accurate picture.
that makes sense about the delay, ours showed up on ACRIS between 3-4 weeks after we closed.
Can anyone explain the insurance requirement to me? Are we suppose to get home owner's insurance and personal liability insurance of $2 million? Or is it just $2 million home owner's insurance? Thanks.
This has been answered many times in the thread already and it would seem there are many answers. The offering plan states you need a homeowner's policy that includes 1mm personal liability coverage, plus whatever you and your bank need for the physical condo. You need to insure the physical unit from walls in. The offering plan then states you need in addition to that policy a 1mm umbrella (excess liability) policy. If you read the thread you will see the different approaches people have tried. Myself, I went with the letter of the offering plan including getting the required statements on the binders.
Thanks, Ms Wildma.I was confused as I thought the $2 million was referring to home owner's insurance. So you need walls in and personal liability coverage. I got a bad referral for my lawyer and my banker was telling me all I needed was walls in. Thanks so much for clearing it up.
I've taken the East River Ferry the past two days and I'm happy to report that life is good. ^_^
On the sadder note, I saw from the corner of my eye as I was boarding my ferry this morning ambulance/police siren lights blazing from what I assume from another tragic bike/pedestrian/vehicular accident on Kent Ave. I pray nobody was seriously hurt. The bike lane IMHO, has had some disastrous unintended consequences. You gotta keep your head constantly on a swivel because you never know when you're going to be blindsided by bike or car. It's just so dangerous and with kids all around, it's not a place to be drag racing or flying on your bike 100mph.
While the bike lane probably contributes, as well as the large increase in people in the area in general, its not an excuse for poor driving - by cars or bikes. Maybe a traffic light or two would help.
the allstate and statefarm policies do not meet the requirements of the offering plan
the statefarm is the most economical offering 2 million total coverage however they do not provide a 'waiver of subrogation'
allstate will provide a total of 2 million which requires the addition of a 1 million umbrella at a further 600/yr but again no waiver
only chubb will provide the waiver with acceptable wording however the policy ranges from 900-1600/yr
depending an amount of personal contents insured
I know people in both NSP and the Edge have been looking for window treatments. We just had Nick from Superior Interiors do one of our rooms in NSP and they look awesome and it wasnt as expensive as all the other quotes we had. Also there was a slight manufacturing fault in one of the blinds (tiny hole in the fabric) and Nick is having the manufacturer replace the whole blind. Very good quality installation that doesn't mess with the warranty on the NSP windows. And he came round several times to consult on types of blinds, fabrics, etc and was very patient. We will definitely be using him for the entire apartment. Contact Nick on 718-343-6600 or 516-317-5091 and mention this post and he'll be very helpful.
Insurance: It seems that many have closed without finding a company that would offer insurance with the waiver of subrogation. Is the management company enforcing this aspect of the plan and requiring owners to switch their insurance? Is Chubb the only known insurer willing to offer this?
Most of us at the building closed without the waiver of subrogation, and it was brought to our attention by management the other week. My state farm contact told me the other day they have worked out an arrangement with the building so it seems like you are OK to close with companies other than Chubb.
Am now in contract and will be closing in 2 weeks--very exciting! I was wondering if anyone has info on installing additional kitchen cabinetry in the dark wood finish. I see a couple of spots to add them to get a more reasonable amount of storage space in the kitchen than what exists now. Suggestions?
Can anyone here refer me to an attorney that you have worked with before?
Thanks a lot.
siulobow: I highly recommend my attorney, Mr. Randy Chang. He is very popular with many Edge buyers because he knows how to close, knows exactly what type of concessions the sponsor will go/not go for, and will go the extra mile to hold your hand and walk you through the entire offering plan from end to end so that you are fully educated buyer. Plus, he charges an unbelievably affordable rate, can't be beat in my opinion.
Randy Chang, Esq.
7 Chatham Square, Suite 302
New York, New York 10038
Hi, wondering if anybody brought in a structural engineer for their walkthroughs (or whether we are even permitted to do so)?
Second question would be, did anyone else notice crack lines at the top of their walls, at the junction between ceiling and drywalls? Not sure if that is clear...essentially there are cracks along the ceilings where the wall of the rooms meet the ceiling. There appears to be multiple ones in different rooms in our prospective unit. We are told that this is common and because the dry wall and cement do not play well together.
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lucille, you should try this on columbiacounty. You'll need something like "the beauty of upstate new york" then you can get going on the beautiful scenery and how George Pataki's commercials used to be great (to lure alanhart in) and how we should get the Olympics again. Wait a couple of days (maybe Monday after a nice weekend) and use one of our other streeteasy posting names.
Hi Jib, you can bring anyone you want to the walkthrough, but they strongly request that you limit it to just your engineer/inspector (vs bringing your extended family or something).
I brought a home inspector who was a former engineer. [As an aside, In my opinion, it might be best to let your engineer/inspector focus on the big things (appliances, water, electricity, HVAC, windows) and you yourself can focus on the more cosmetic issues (paint, floor, cabinetry etc). Then review everything the engineer finds and ask as many questions as you can within the time you have].
I didn't notice any cracks near the ceiling until I went to paint a wall. The cracks are almost all along the ceiling-wall border, on the ceiling. They seem very minor and I can't see them unless I'm on a ladder close to the ceiling. It looks to me that its purely cosmetic as far as my unit goes.
@nce, thanks for the response. Any regrets on hiring the engineer---meaning do you feel it was a waste of time/money? Did they happen to find anything significant? If you are confident in the person, would you mind passing along the name? You can email me at firstname.lastname@example.org if you do not feel like posting here on the forum.
I don't regret it. He wasn't cheap, and he didn't find anything significant, but its the sort of thing where if you don't do it, you won't have the piece of mind that comes with it. Anyway, I used Heimer Engineering . They have mixed reviews, but I had a good experience. While I found many more minor/cosmetic defects on my own during the inspection, I was able to ask the inspector questions, and he did give a few recommendations that seemed reasonable.
Anyone know of inexpensive garage options in the neighborhood for monthly parking. Would be good to get garage location/rates etc
I believe the garage below the building is offering $149/mo to new customers, haven't seen lower than that in the neighborhood
Do you have a number handy i can call the garage?
Info is much appreciated
Can anyone here refer me to a 'buyer' broker that you have worked with on buying condo at the edge?
i started renting on berry a few months ago... considering buying at the edge or northside piers once i have a down payment ready. would be curious to hear of how management handles the zone A evacuation and if there is any damage or flooding.
be safe, be dry.
Has anyone else seen the following article? Would be great for the neigborhood.
"Whole Foods could replace W'burg art center":
@new2wburg, management did a great job and had personnel on site throughout the hurricane. No flooding in the basement areas and I am not aware of any damage.
what do people think would happen if the river had spilled over and poured into the basement? I mean, would it have been pretty bad situation, or just a big hassle of cleaning it out. During the hurricane, management had in place sump pumps (not sure if NSP had those already in place as did the Edge).
Did any purchasers manage to gt more than 2 sets of keys on purchase? For example, in purchasing a studio, 2 copies of keys may be appropriate, but for example, a 2 bedroom/3 bedroom, I would expect more. However, management appears to be resistant on this issue. Any experiences?
Hi everyone - my offer was recently accepted and now we're in the process of reviewing the contract. Is there anything specific I should ask/look for? For example, after reading through this thread, I see that I should include a range hood in my contract. Any other tips??
just go to any hardware store and get an extra set.
Tklfsa, im also interested in the bldg. How much are they willing to negotiate?
You should be able to get at least 5 percent off the list price.
msbrooklyn - I didn't have much luck. From what I've read, sales have really picked up at the edge, so they are not willing/don't have to negotiate like they did with earlier buyers. I also was involved in a bidding war for my apartment, so that hurt my chances at negotiating. Just be aware that when you make your offer, you are agreeing to pay all transfer taxes and the edge's attorney fees (unless you state otherwise). I was not made aware of that by my broker or the edge's broker, which made it nearly impossible to negotiate those costs after we had a draft of the contract. Good luck!
Sales: True they really got going this year but have toped out this summer. Williamsburg/Greenpoint has the most stalled condo projects than any other community in the city. Some of these projects are now moving forward thus supply side pressure to come for sure. Also consider the fact that the equity market topped out in May. The average investment portfolio is down 20-25% since and the argument today is not about the recovery its about whether or not a second recession is comming. Ask yourself do you think the employment picture is going to change anytime soon? Is finaincing all of a sudden going to become easier? I wish I had waited. Heading into winter and considering the bigger picture...wait you will get 10% off......
Agree with your comments about an LLC purchasing the units and then renting. Wonder who is behind the LLC????
I'm no expert but I don't think the Edge will need to cut prices or change their negotiating tactics. Maybe one could score a deal on a less than prime apartment i.e. courtyard view, low floor, etc. or on whatever is left when the building is mostly sold out. The articles about Douglaston taking over 3 Northside Piers says the Edge is 70 percent sold. I have no idea if they count a sale when the contract is signed or when it actually closes. If it's when the unit closes they could be even further along since the closings that show up on ACRIS now are for units that went into contract in late June and July i.e. there could be a lot of units in contract. Of course, they don't list what's in contract on Streeteasy nor do they list their full inventory of available apartments. They don't want you to know how fast things are moving and they want you to think they aren't many units left. I think they hit 50 percent in late March/early April so it took about six months to sell 20 percent more. Anyway, at the rate things were moving earlier in the year they could be done in five to eight months and the developer has deep enough pockets to wait.
It's 72% sold, 55% closed.
Has anyone been through negotiations recently at the Edge? Any haggling going on there at this point? What types of concessions is the sponsor willing to give?
I'm looking over there right now, and from what I've heard there's not a ton of room for negotiation. I guess they don't have to negotiate much, because it seems like things are going pretty fast ... I went in a week ago to look a studios with a home office, and of the three they had when I was here, two are now sold and one is taking final offers today (which is a bummer for me because I was very interested but had to get in touch with my out-of-state family first).
last I heard they are approaching the 85% sold mark, so they are probably holding out for the best offers since they have most likely passed their break even point on the property. If you take a look at the recent ACRIS closings they are getting well over $1000/sqft for water facing units.
Ya - some water facing units have topped $1400 /sq ft ... and while more inventory is coming on the rental side of things (a warehouse conversion, the Jardin, and the Driggs), not much is coming online on the sales front .. who knew this building would be such a hit?
looks like the sales office just increased some prices yesterday...
anyone know anything about rentals in the building? a lot of the rentals on Streeteasy have been listed for a long time, which seems weird.
FYI it has been confirmed that a grocery store will be entering the vacant commercial space at the Edge between N5 and N6 on Kent
It's funny reading the first comments on this discussion forum 3 years ago for the Edge...just sayin'....
Which grocery store?
From the signage it looks like a smaller organic market http://brooklyn11211.com/2012/02/the-edge-gets-a-supermarket/
rumor as of now is that it will be a spin off of the Foodtown that is located near Bedford, no confirmation yet though
hopefully this will shut down tops
Curbed now is reporting that the Edge is 90% sold.
Any thoughts on what they'll put in the vacant store front on North 7th?
Hi all that are currently living at the Edge - can anyone provide perspective on the noise levels of the apartment - more specifically, is the building constructed well enough that you can't hear the neighbors walking around on the floor above you/noise next to you?
We've always lived in brownstones so entering new territory on this, which is an unfortunate pet peeve to have when living in NYC. Thanks.
stroupl, in general Edge is pretty quiet but I don't want to get your hopes up. I think it will probably vary a lot between units depending on the location in the building and the neighbors. I never hear anything above or below me at all. What I do hear is, occasionally:
* sound through the bedroom wall from the adjoining unit's bedroom. Luckily that neighbor is very quiet though
* sound of someone talking loudly in the hallway if they happen to be passing my door
* sounds that travel through the bathroom vent. that's a little awkward.
Compared to my last building though - where I could hear every whisper from any unit in any direction and had loud neighbors - this place is an island paradise :) Also, while sound may be an important factor, there are so many to consider. Taking it all into consideration, if you don't mind the higher than average price, its a really good building.
I've lived in the building for a year, and have had almost no sound problems. I echo what NCE said, you will never find a completely sound proof building, but this is definitely the quietest building I've ever lived in. This largely depends on where you are situated in the building, but I find that most people who live here are respectful of each other.
stroupl: As noise level is an important factor in your decision, you may want to consider 80 and 58 Metropolitan. The buildings were specifically designed to minimize noise between (above, below, next door) units. Other than the occasional bowling ball dropping (and noise from the public hallway), I do not hear my neighbors. Good luck.
Thanks all. Much appreciated!
58 metropolitan has construction and maintenance issues. google it!
How does one gain access to the google group? I recently closed at the Edge.
Some retail. Finally. And nearly sold out it seems.
soopster: Googled and did not find anything significant.
I can't seem to get a straight answer regarding the NYC skyline view/waterfront units. I was told on two differnt occasions that a number of them were available....seeking a penthouse level....but they are very hesitant to show or discuss these units. What does it take to get a straight answer in regards to the more coveted units still left. They seemed to be pushing....and pushing hard....the inner units and lower floors instead probably waiting for bold faced names to buy these exclusive units.
Anyone else had the same problem.
Also, how are resales in the building going? ANy listings I might have overlooked?
Thanks for you info as it is nearing time for me to close on THE unit I chose whether here or at another building. Getting so tired of this search and have it down to 4 places I love but would let them all go in order to obtain a penthouse or view unit on higher floor. Price is of NO real concern I just want the best of what is left.
Ideas on how to approach this subject without getting them mad?
Buyer77: ask your neighbors after you move in, someone is bound to know how to contact the group...
For those in the process of buying or recently closed - I just agreed the purchase price on a unite at the Edge. All we were able to negotiate was the price, which they came down less then 2%. They did not agree to pick up the transfer tax, eventhough we did not have a broker's buyer. We are in the process of reviewing the offering plan and contract right now. Is anybody else in this situation? I'm guessing that now the sponsor is not really willing to give any concessions anymore, like the range hood. Does anybody know if they changed the insurance clause?
For those living there - with so many people/units there, do the common area (gym and pool) get too crowded?
I appreciate any answers!
Oxala, we negotiated our price in February and are closing next week. We were able to get the asking price down about 3.5% and got a substantial amount off the closing costs ($over $20k), I'm assuming that now they are so close to selling out they really don't need to negotiate much. It also depends on the price changes in the months before you put your offer in. Our unit price had just risen 2 weeks prior so for them to give us a little bit extra off was basically getting their original asking price.
The people we've spoken to in the building have nothing bad to say about the common areas and pools so far, who knows when summer rolls around and the buildings are substantially more full.
Thanks for the info klg120 and good luck on your closing!
Hi Edge Residences, has anyone experienced a water leakage problem through your balcony windows or window frames? Any information appreciated! Thanks so much.