125 north 10th

I am in contract here, but what in particular are you asking about?

I am in contract too

also in contract. also curious what the original poster was asking about

Last time I checked, they were unreasonably pricey. Unless they're more willing to negotiate than in late 2008, I'd wait.

I'm in contract too. Any idea when they're actually going to start to close? First they said February 15th, then March 15th, then April 15th, no I'm hearing that letters will be going out in May. Anyone heard anything?

I'm in contract too. Hit me back if and when you close.

Streetstalker: since this is your thread, what are you asking about? You stated, "any others on here who are in contract?", which makes me think that you are in contract.

according to dept of buildings web site they have TCO. not sure what they're waiting for.

Since there are several buyers on this thread: I am a buyer, too, and I'd love to get some thoughts on the project from fellow buyers. Are you still happy with the purchase and sticking with it? Anybody trying to renegotiate? I was there a few days ago, and I think the building looks great. So I'm happy with the progress on that front and can't wait to move in. What really frustrates me is the lack of transparency, especially when it comes to timing. Just like blogo said: So many dates were given, and so many dates have passed. Any thoughts?

bcc514: I looked on the DOB web site but couldn't find the TCO. I see an old one from the 1980's. Can you provide a link? I am getting the run around on the closing date and so I'm finding it hard to plan. When I ask, they look at me like I'm the one with the problem. I don't think they will renegotiate, but that's just my guess. They are awfully smug.

not an owner here but this is my favorite building in w'burg.

Am having hell with my apartment building, as they just want an honest answer from me of how long I am staying here, and my answer is getting very old, "They said next month..." I just want an honest answer so I don't look like an idiot with my apartment building, and they don't kick me to the curb!

So Blogo, you're hearing letters are going out in May, meaning I should rent through June?

am having the same problem re: getting an idea of closing dates from the sponsors - all I want is an estimate! in feb i was told june for the north building, but as the south building has yet to close, that is looking highly unlikely....

They took the "estimated closing" dates off the website. I still don't see a TCO on the DOB site. Can anyone confirm that they have it? Is anyone going to try to renegotiate? I think I'm going to give them a call and try. I have nothing to lose. It seems like there is no way to know how many units will close and after reading the other threads about buildings that haven't filled, the potential drawbacks are scary.

just out of curiosity, it seems most people are in contract in the $800-1000psf range. Do you think most of these folks will proceed with closing?

Maybe this article will provide some bargaining power. I am prepared to walk unless they do better on the prices. 30% off what "is" beats "10%" down on what was. They are in complete denial of what those places are worth (or just putting up their :

http://www.nypost.com/seven/04302009/realestate/will_of_the_people_166822.htm?&page=1

Sorry - hit "send" by mistake, but...

(or just putting up their usual front).

Hmmmm ... so ontheloose, you'd walk away from your deposit? Is that what you're saying? You'd demand a 30% reduction and if they say no you'd walk and buy somewhere else. I guess it could actually save you money either way if you can get something comparable for that much less. Anyone else thinking of doing this?

looking forward to buying here next years at <$500/sq ft

I very much doubt that. They really are much nicer than most of the crappy condos in Billyburg, plus the location is right in the middle of the subway, the park and the upcoming waterfront park. But I can see them going for somewhere in the $600s/squ ft. vs. $800 to $1000/sq ft.

Blogo, I am considering walking away as well. Trying to figure out if cutting my losses at 10% is better than going through with the purchase and losing 20% in the next couple of years. Agreed that the building is much nicer than most in the neighborhood, but the listings are still somewhat overpriced. Will be interesting to see where real sales prices are once buyers start closing.

Blogo, I'm not "demanding" 30%, but I think there is room for negotiation and if it's not satisfactory in the end, yes, I will walk. It's just my perception that things will be much lower in the future. I'm also considering resale someday. There is a potential for huge inventory in Williamsburg,and those who paid more for the same type of condo will not be able to be as competitive in their pricing. Plus, I don't know who bought for what price in the same building, or what the developer may have thrown into a deal, so even pricing for sale within the same building could be a drawback. And it doesn't look like anything has sold in that building in months. How do they get rid of those units? Price them low? What happens to those who close if they don't sell the rest of the units? The place is nice, but it's not the end-all-and-be-all. If there's one thing I've learned, it's that if you don't get one place, another one will always come along.

I hear you ontheloose. I think eventually they're going to have to lower the prices. I just wonder how long it's going to take for them to do it. Maybe they're waiting to see how sales are through mid-summer. I'm guessing that if sails don't pick up by the time fall rolls around we'll see prices drop. Seems like 80 Metropolitan is another building that's stubbornly clinging to the pricing they set before things dropped ... at least officially.

Hi,
I am also a buyer in 125 north 10th. I am having grave misgivings about the building, given the pricing, and the current market. I don't want to be under water from the start, as I think is going to be the case. Also, I don't want to close on a unit then find that the building is unstable, with few buyers living there, and the unsold units rented out. I want to know how many of the people in contract are still able to close after the meltdown.
If you bought from abroad, does the currency echange now mean you will have difficulty closing? If you are local, have you got issues getting the mortgage you need? As I said, I don't want to close and be the only buyer in there. And if there are significant numbers of people (>15) who can't close for whatever reason, I don't think Core can close the building, and must return deposits. I'm basing this on them needing 15% sold to close. Does anyone have any thoughts on this? Can we sue to prevent closing if the number of buyers who cannot now close is large enough to leave them less than 15%?

once the plan is declared effective (after 15% are under contract) then it doesn't matter how many of those close. has the developer notified you that the plan has been declared effective by the AG

To kiz10014,
I think so. I got a letter that I think is the declaration. If there is less than 15% of the building that will be able to close. I think it is unlikely that the building will be viable. Is that grounds to sue?

If any other buyers in the building have similar interests, please email me at 125n10buyer@gmail.com

To my understanding, once the plan is declared effective, everyone else could walk and you would still be obligated to close or lose your deposit. What you are describing doesnt sound like grounds to sue grounds to sue.

One piece of encouraging news is the article in the NY Times this weekend that talks about brisk business in buildings in the neighborhood, like NV and Rialto. No mention of our building, but I am kind of hoping it means that it's not quite as dead in Williamsburg and prices haven't totally fallen off a cliff - though I am sure in all those cases the buyers got markdowns. But I still hope our building is doing the right thing and is willing to renegotiate.
http://www.nytimes.com/2009/05/03/realestate/03deal1.html?_r=1&scp=1&sq=rialto%20nv&st=cse

125: You may have grounds to sue if the building does go rental. I was going to rent in the Viridian in Greenpoint. The developer had gone bankrupt but the bank approved a rental conversion. However 6 people had already bought in the building. Those owners have successfully sued for an injunction to shut down the rental conversion. The rental broker said the owner told him they wanted the building to remain condo only. I doubt that. Those people bought at the top of the market. I think they want out of their deals and have quite a bit of leverage now. Tough luck for me as I really liked the building as a rental and had to go elsewhere.

Ena: Those buidlings priced their apartments well. Let's see how many actually close though.

Wouldn't we still have to wait out the year contract, so any deposits will be held until at least 2010 as the mess is resolved? I honestly just want to move in, and I hope other people do too. I am currently in an apartment building that wants me out, and I wouldn't be able to afford to buy another place if my deposit money is held up over legal issues.

I just checked out the building recently, and it seems great. It's going to be a wonderful place to move in to. I hope we can make this building a great community! I don't want rentals to happen, and that won't be the case as this is the high end building of the area if we go through with the close. No I am not a realtor; I just want to move into my new home, since that is what I consider it!

dawubee: I totally agree with you. I love the building, and I really want to move in asap. I only wish everybody on the developers side would be more forthright and cooperative.

As a 15 year resident of the neighborhood, we do not want the building to be rentals either. We would love for it to be filled with folks looking to participate in this vibrant North Williamsburg community that we call home. This building is a huge addition that has been created by some very respectful (to the neighborhood) folks. Unlike so many of the projects in what is now a bit of a constructions zone here in North Williamsburg, the way that this project was handled was a dream. They finished and started work during reasonable hours. Kept the road and sidewalk quite clean. To give you a charming anecdote: An elderly lady that lives across the street has an even more elderly small dog. He ran off the leash straight to the site one day this winter (I heard her yell out). And all construction ceased while a man in a collared shirt (may have been one of your contractors) assisted her in retrieving her little guy.
Hang tight. We don't want a mess on our hands here with a large project going south and it really is quite a sophisticated/great looking place that we are pleased to have.

It's good to know that people in the community are being supportive. I also really believe in the area. I lived in Chicago (Rogers Park) for a period of time, and I've always desired that community/neighborhood feel where artists would hold festivals, or there would be competitions along the lake once a year to repaint the concrete benches. Where you don't walk down the street and see bank after bank after Gap after Victoria's Secret after McDonalds after Starbucks... if I wanted to live near a strip mall I'd be back at my parents' house in Cincinnati! I know a lot of people are going to try and negotiate at the table, and it's completely understandable... just don't let it stop you from being part of a completely amazing community. The choices we make do affect others... Okay now I'm being preachy so I'll stop. I'm just glad to see some positive comments. I think as this gets drawn out more and more everyone is getting anxious!

I think anyone who bought here wants to close, but the question remains, at what cost? I don't just mean the price per square foot, I mean the potential for disaster for those who do close. I'll ask the question again: Where are the buyers for the rest of the units? I doubt the developer has the cash to continue to pay for empty units. My guess is that they will either be forced to rent or sell them on the cheap. Either scenario is not good for those who purchased. I don't trust the sales people because they haven't been forthright to this point and will say anything to make sure they secure their commission on what has sold. So, asking them for information like, how will we know how many units are closing is a waste of time. How do the banks know how many units will actually close? Doesn't this impact the loan issue?

Ontheloose, I believe banks look at signed contracts to determine if they can lend, not closed units (but someone please correct me if I am wrong). Agreed that the question of what happens to the remaining unsold units is troubling, especially in light of the fact that 125 seemingly hasn't benefited from the increase in new signed contracts that have been in the press lately (ie Mason Fisk, NV, Rialto). Although I don't want to purchase an underwater unit, I would rather have the developer bite the bullet and lower prices if that means more units will sell, making the building more stable overall. Did anyone use a broker other than CORE who might have a more un-biased view on the situation at the building?

i bought a condo in north williamsburg in 2006, and have been really really happy here. love the area, love the convenience and love my neighbors. it's a great place to live - good luck to the buyers.

i just looked at some units this weekend, sure they are nice, but there are so many really nice units in willy b, and they are priced closer to 500psf. the proximity to the L is great, but most dont have much of a view. i cant believe i'm saying this, but those ones on the water are much better priced.

broker said they were 45% sold and he seemed trustworthy (did i just call a broker trustworthy?) so if you're in contract, your not alone. i dont think they'll meet the completion date the broker quoted in the summer for the first building, so you may have more time to get out of your contract and the developer will probably start offering more concessions (current 50k back at closing for 2B). personally, i think the 3 units i looked at were not going move with out at least a 10% drop in prices, and i wont be interested until its more like 20%.

squarefoot: What exactly did the broker tell you about closing/completion date? Just "summer"? Last thing I was told was that the closing notices should be imminent (and yes, I know, we've all been told that many times)

My broker is not with CORE.... I will ask. We did talk about the issue of price already and units not being sold. Honestly what I think is going to happen is as soon as we who have already bought in the building do close, prices will then be lowered. If they lowered them now, we would all be asking for bargains, which many of us already are. And then the others will close, and we (hopefully) won't have anything to worry about next year in this regard. But, if I were a betting man, I would think prices would logically drop after they get us through. I don't blame them for that. And they wouldn't put them out there for a steal either. Why does this scenario bother you if you have bought into the building? Does it bother you that you paid somewhat more, or do you think you won't get your value for the unit when you sell it? I plan on staying for awhile, which is maybe why it doesn't concern me as much. I guess if you were planning on staying a couple of years that's a different story.

Ena: I sent in some friends to do some spy work for me this weekend (does anybody else do this? Because I've done it twice) Here's what they had to report... the south building will close in June. The north building will be longer, but apparently we in the South building won't have to worry about any outward construction on the North building. Noise and all of that will be greatly diminished, as all the construction will be in the interior. So the north building will have progressed pretty well also. The broker would not specify more than that, but they said summer for the North building, and a little more than a month for the South.

Well, June would be just fine, but of course we know the brokers have fed us a lot of crap. But I'm staying hopeful. What is true is that the North building has made a lot of progress lately.
It's a little disappointing if it's true what squarefoot says, that the building is 45 percent sold. That would mean not a lot of units sold lately, and we've done much worse than NV (which now has passed us and is over 50 percent sold). I find that puzzling, because our building is clearly so much nicer than NV. I only have two explanations: 1. The asking prices are too high compared to the competition. 2. The marketing in our building sucks. Probably it's both.

dawubee, I think you're right - if they are going to lower prices (which seems inevitable) it makes sense for them to do so after some people close. That scenario doesn't bother me - of course I would like the lowest possible price, but you can't time the market. I would rather have a higher percentage of the building sold in order to have more stability. Regarding a comparison to buildings in the neighborhood, I preferred 125 to the waterfront condos because I didn't want to live in a mega-complex....as for NV, I am very surprised that it is selling faster than 125, since I believe 125 is a much nicer building (quality, finishes, floorplans), but I suppose it really just comes down to price for most buyers...

sorry! i didn't save the thread to get email updates so i'm just now seeing all these posts.
the impetus for my original question is this: 86 units in the building, according to se, 25 in contract.
terrible at math but 25 is 29% of 86, which does not equal 45%. also according to se, all units in contract became such pre-crash, some in late 08 but most in spring 08. so of that 29%, 100% went into contract assuming they could get 90% financing. now they have to cough up another 10%. is 100% of that 29% still in the same financial situation they were in last spring or fall? do they have the cash or are they even still employed? the fact is none of the units are going into contract right now bc they're not priced for today like nv and rialto. and the developer can't price them for today because if he drops them down less than his measly 50k and the apts start going for more than 10% off, any of the still loan eligible 29% will walk. it's a standoff. so. there are six supposed buyers on this thread. i assume you're all still willing and able? i wonder about the other 19...

Streeteasystalker, I understand your points. For what it's worth, I was planning on 90% financing and obviously that is no longer a possibility - I was trying to find a bank that would do 90%, and in my conversations with Preferred Empire (the mortgage broker recommended by the development) was told that most buyers in contract had put down more than 10%, so were not in the same boat that I was. If that is the case, it would give a bit more stability to the 29% (or 40%?) in contract. And FYI, though I had planned on 90% financing, I would be able to do more. It would be tight, but do-able, though if I feel it is a bad investment (which I have yet to come to a conclusion on), I still would rather walk away from my deposit and cut my losses.

Let's not get the numbers confused: StreetEasy actually says 38 units are in contract and not 25 (the 25 number is for the active listings). Still not amazing, but not quite as bad...I also think that people in contract would not necessarily walk away if the asking prices would be lowered, provided the sponsors would show some willingness to renegotiate with them at the closing table, as well. And they should lower the prices because apparently the market has gotten more active again (NV, Rialto etc.) and they seem to be missing out on it - which is a damn shame, because it is a great building.

i stand corrected ;-) 38. which does in fact add up (not to 45%) but to 44. something still smells tho.
and ur still only 6. have to wonder about the 32 others. this is not sick schadenfreude speaking. i wAnt to pull the trigger on this place but it's just so iffy.

let me ask you. of those in contract on this post: did u all use the same mortgage broker and attorney?
i was told they wouldn't consider my offer unless i spoke to a certain broker. that certain broker, of course, convinced me the only way i could get a mortgage was to go through her, and then recommended me to her attorney, who was, of course, the one attorney who had negotiated all the other contracts. so they said. good thing my broker looks out for my interest. as much as i love this place, he told me at this point, it's a no way.

FYI, I wouldn't rely on the streeteasy numbers. The unit I'm in contract for is still listed as for sale, and when I looked into financing the number of units they disclosed as under contract was 33 (38%), not 38.

Anyone know if anything has gone into contract recently? Do they have to hit a certain percentage of units under contract before they can close? Is that the hold up? How about the T C of O? Maybe that's the hold up?

Oh, and I heard that letter are going out soon. Although I've definitely heard that before ...

If anyone has luck renegotiating let us know.

streeteasytalker: Interesting they wouldn't consider your offer if you didn't go through their mortgage broker. Hasn't happened to me, but I've been in contract for a while so maybe that's changed. I don't want to put too many details on the forum, but shoot me an email if you want to know more: ena125north@yahoo.com
Also I would love to get in touch with more buyers outside of this forum (just to allow for a more open discussion to which the sponsors or the brokers don't have access). So it'd be great to hear from others via e-mail.

I think there are brokers writing on this page (wisco and tulip at least I reckon). I am wondering is there is a possibility of a class action suit to prevent closure of this nightmare 2/3 empty building with who knows how many buyers unable to complete. Any lawyers out there?

Keep in mind that if the South building closes in June, but the North building can't close before September 1, 2009, those buyers in the North building can walk and get their deposits back. Considering how long it's taking them to complete the South building, this is a possibility. I am told that this won't happen because the North building is making so much progress, but how many months have we been told the same about the South building? There are 10 units that I see (on SE)under contract in North, with another 7 that don't have numbers associated with them. If North buyers walk, the South building people who closed could be left with some hefty carrying costs.

Not a broker '125n10unhappy'. I understand/excuse the cynicism. It's tough stuff to settle down and buy a home. I really am just a neighbor that has watched this building (along with several others-ha!) go up in these blocks and was looking to assure the folks on here that this was a great building. I am not looking to sell or buy anything. Moved here 15 years ago and we are not moving anytime soon. Just wanted to send a 'hello' and handshake.
Are you a broker Mr. 12510unhappy? There is so much crazy broker-jockeying going on on these sites (to be honest that's why I first tuned in after reading the New York Times article). Seeing this building (that I know) on here is what brought me to respond.

tulip: Thanks for your encouragement. It is nice to hear, and despite all the frustration with timing and everything I still think the building is great and has a chance. Also things could be worse. The "Urban Green" a few blocks down was supposed to be finished by Spring/Summer 08 and is still nowhere near done.

Ontheloose: Are you sure the North building has the same outside date than the South building? I know it's September 1 for the South building, but the North building was always supposed to be finished later. Also: Even if South and North building would be considered as one project with the same outside date, the people in the North building could probably not walk away with their money anyway, as long as the South building closes before September 1. As far as I know, if they manage to close just one unit before the outside date, nobody can walk.

ena, you are correct, even for buyers in the North building, the developer just has to close at least one unit (even if in the South building) by September 1st.

So we have the TCO...FINALLY!!!! Can they send out the letters now, please????

http://a810-cofo.nyc.gov/cofo/B/301/783000/301783185-01.PDF

If anyone gets a letter please let us know.

Hello,

I am in contract with this building. I still like the building and the amenities but like others on this board I want a reality check from the sponsor. I bought into the building as a place to live as well as an investment. Its placed well, short walk to shops, subway, park and no oil lake although that's a short walk away too :)

I really really wanna live there but if the numbers don't make sense then I'll have to walk away. If you bought at $800,000 but other like apts are at $650,000 how long until you've recovered from your loss if you ever recover? So in the end you're choosing between potentially losing $80,000 vs $150,000 as well as possibly your home.

I've heard the typical sponsors' argument about "if the value of the apartment increased you wouldn't be negotiating a higher price". This ignores the primary issue to us buyers. Is this major life investment worth the risk *still*? Personally I'm smack in the middle. I can see us surviving but any small financial issue comes along and I'm screwed. Emotionally if I don't see any acknowledgment of this risk from the sponsor I'm going to feel even more negative to this investment and I'm gonna walk. I have hard earned cash sitting in the bank, I could be using it for something else with less risk. The rental market is pretty awesome right now.

If you would like to exchange emails send me an email to johnsmith.streeteasy at xemaps.com

ShamWOW

When I read articles like this:

http://www.businessinsider.com/henry-blodget-new-york-city-real-estate-prices-to-fall-at-least-another-35-2009-5

I would not want to be a recent buyer. An asset that falls 50% in value has to rise 100% just to break even. Factor in what your money could be doing elsewhere and inflation and even if you get back to break even you've suffered a big loss.

I think owners here should be banding together and present a united front to the developer.

Shamwow, I think whether you move forward with your purchase is a personal decision - it really depends on how long you plan on being in the building. I also am in contract, and do I think this is the bottom of the market, no, but I think this is pretty low historically. So, if I were to sell in the next year, I would certainly be concerned about recovering my money, but I plan on being in this apartment for a longer time, so I don't think that will be an issue for me. I am sure the developers will discount prices at some point, but in my mind, I am happy with the deal I got and the home I am going to move into shortly. My opinion is that you can't time the market, and the deal I got a year ago is much better than the deals people got two years ago, and if someone gets a better deal in a few months, then that's great for them, and I'm only jealous my timing wasn't so lucky. However, your situation might be a bit different, as I do not have cash in the bank to purchase something else with less risk. If you can purchase another condo for less money now and it won't be a cash crunch for you and you are willing to forfeit $80k, then that might be a good option. Just my two cents. Good luck!

Hey jpa,

Appreciate the comment and getonyer for being prepared. I also planned on making this my home for several years. However I highly doubt that pricing is ever going to come back to the absurd levels of the last few years and I feel particularly foolish for buying in at that time. So I might have to pay the price for that foolishness. Also remember that I'm comparing my options to renting not buying elsewhere immediately.

If I do complete this purchase and things go south for me I won't be able to sell this apt anywhere near what I borrowed. In fact, I won't be able to sell it at all. So I'm not that risky, but if the developer works with me and makes the deal more like current market conditions then that's a risk I can take.

BTW, in regards to tax abatement according to my lawyer if it doesn't happen immediately we are responsible for taxes (obviously). If and when it does happen the state supposedly will credit us. Does anyone know what is going on with the tax abatement with recently opened condos?

shamwow, did u buy a one bed for 800? the only listings at 650 right now are one beds. the next closest is a 2 bed for 690... i heard they're sending the letters out this week...

blogo, they said they had three new contracts out. of course it's unverifiable until those contracts close, but that's what they said anyway ;-)

also shamwow or anyone else, do u know what the taxes would be if the abatement doesn't pass?

streeteasytalker, thanks for the update. I took a stroll by the building this weekend and it seemed like there was quite a bit of foot traffic going in and out. Not that this necessarily translates into sales, but hey, it's good to see none-the-less. Hope it's true about the contracts and the letters.

In terms of what the units are listed for, I'm not sure anyone actually takes that price remotely seriously anymore. I'm guessing they're just reluctant to lower prices on paper, but if you were to go in with a lowball bid you be able to negotiate a DAMN good deal. I think the developer is HIGHLY motivated. Sure, maybe value will drop a bit in the near future, but you can't time the exact bottom of the market.

I also walked by Warehouse 11 just to see what was going on and there wasn't even an open house. Makes me wonder if they're going to go rental. I think they've sold hardly any units, correct me if I'm wrong ... which makes sense given the bad oil-related press out there online for everyone to see.

blogo, yeah a few calls into w11 went unreturned. i think you're right about them going rental.

what is it that happened recently that dredged up the oil media?

Nothing, recently. It's just that any time anyone does a google search on the building they're bound to run across all that bad old oil-related press.

Hello all,

I used the $800,000 as an example. I'm happy to discuss more details off-board. Just email me at johnsmith.streeteasy at xemaps.com. I visit the building pretty much every other weekend as I like walking the neighborhood. I rarely see that much traffic in and out of the building and honestly I think the developer is still in denial. They also really really need to get some friendly faces in there. I've seen some people turned off by the security guards and they just walk out. Clearly they are not that interested in buying but it certainly isn't helping. Other buildings have essentially changed their prices and will actively negotiate, I know because I've tried just to see what's going on.

BTW, is anyone else getting a mortgage outside of Preferred? I'm not having much luck, would you like to compare notes?

just spoke to my mortgage broker and he said banks across the board upped the requirement: building has to be 70% closed now. it's the first unit of five he shut me down on. seems like the letters won't come til the 45% in contract hits 70%? i don't really understand how they can close anything (given they've closed nothing) when the rules are what they are. by the way, glenda and doug go way back..

oh also, question to ena's point about walking from contract if completion date's not met:

if they can't close bc they don't have 70% closed (or at least 50% in contract if glenda is forthright) but they only have to close one unit to keep everyone locked in, all they'd have to do is find one cash buyer or buy one with cash themselves and then everyone would be stuck, right?

I believe there is at least one cash buyer so essentially we'll all be locked in within a few days.

I've been told that at least one bank is willing to work with the building even if its under 50% sold. Anyone else can verify?

Hmmm, I believe Preferred has an arrangement with Citibank to provide mortgages once the building is 50% in contract versus 70%. I wonder if that has changed.

Shamwow: I feel the same. I have enough money to buy something elsewhere or just continue to rent if they don't make the numbers work. Unfortunately, I don't think they are going to negotiate with current buyers. I am waiting to receive my letter before contacting them.

jpa91364: I appreciate where you are coming from, but I will probably sell someday and with all of the inventory that may eventually come to market in Willimasburg and my inability to compete with buyers who bought at a deep discount and may sell at the same time I would, it doesn't make sense for me to buy at my current price.

I was under the impression that Preferred had agreements with a few larger banks to work with the building at the current level of contracts - is that not the case?

For what it's worth, I would be really surprised if the developer didn't negotiate with current buyers. I understand they don't want to open a can of worms and lower prices across the board, but I have to think that it's in their best interests to negotiate rather than risk purchasers walking away, especially at only 40% sold.

yes that's what they told me too. that they have four or five banks lined up willing to finance as long as they stay a certain percentage in contract. but since i haven't spoken to these banks directly, i can't really assume it's true..

Hi jpa,

I would push the mortgage broker one this one and get a real statement from him or her. Several banks having the paperwork on the building is different that banks actually approving it. As far as I know nothing is set for below 50%.

I was told that we are currently approved by BofA/Countrywide and Citi (this from Preferred Empire)

Please keep in mind that potential buyers read these posts. If you love this building and want to continue with your purchase or think you might why post all of these disparaging comments? The goal is to get your building sold not scare off buyers.

NYCBKBroker - I would read the posts again - these are hardly disparaging comments. I don't think any buyer on this thread has said anything but wonderful things about the building, especially as it compares to other new construction in Williamsburg. Buyers have concerns about the ability to get mortgages and the number of unsold units in Williamsburg - broad issues tht would in no way qualify as "disparaging" comments. I think that this thread has been very helpful for buyers trying to figure out the best plan to move forward.

right on jpa91364. none of this is meant to be disparaging in any way. the building is awesome. anyone would be lucky to live there! but there are legitimate questions and fears that arise in this kind of market and everyone on this thread is simply addressing them ;-)

Word.

It would seem to me that this is discussion board to discuss thoughts; good, bad or indifferent, with the goal of giving people as much info as possible to help them make an informed decision.
I'm in contract in a neighboring bldg that should start closing in a month or so and we have the same concerns as you guys.

I am one of the buyers in contract as well. I am happy to discover that there is actually a small community of this building's buyer in here as well with overwhelming insights.

Streeteasystalker: Your comment on your mortgage broker regarding the closing requirement "upped to be 70%", is that a fact? And if so, it would be a very bad idea for sponsor to send out the letter to us requesting to close as financing for most of us is still an issue no?
As much as I love the building and would certainly like to move in already, I also hope that I won't be getting the letter just yet simply because I still couldn't secure financing at this point. Sadly to day, I need more time.

i'd be curious to learn why you don't think you're ready to secure financing at this time. if you don't mind sharing, shoot me a line at beverleyonberry@gmail.com -- if not good luck with everything!

cloudnine, blogo and ontheloose, would love to chat, hit me with an email to johnsmith.streeteasy@xemaps.com

Thanks for your concern Streeteasystalker, long story short, I was approved for an amount that come short with what I initially asked for. Lender is only able to lend 60%, I already have 20% down. So I need more time to come up with the rest, another 20%!!! Only if sponsor is willing to pay for closing cost.....

oh ps. on warehouse11, look what just hit today:

http://curbed.com/archives/2009/05/19/warehouse_11_your_latest_williamsburg_nondo.php

i looked at w11 and put a bid in after northside piers lowered their prices. they would not even counter but got a call from the broker after they lowered prices 2%! this bankrupcy will get people's attention. i fear many small developers are going under.

that sux cloudnine! hopefully they'll work with you ;-)

CloudNine, have you tried other lenders? Even on a jumbo loan, 60% is a fairly conservative LTV limit - my guess is there would be someone out there willing to do 80% still. Good luck!

Regarding the Warehouse 11 situation, I think one thing 125 has going for it is a financially stable developer - from what I heard Warehouse 11 was their developer's first project, so I think they were particularly vulnerable.

Hello, any buyers wanna discuss in private please give me a shout at johnsmith.streeteasy@xemaps.com.

btw, I should re-iterate, we do love this building and we do wanna move in. Perfect location and for the most part the amenities are what you expect from a luxury building. Its also one of the very few doorman condos available and the only I can think of that is within 3 blocks of the L station, billy nightlife and the park. And its not an eyesore.

Cloundnine/jpa91364, maybe the bank thinks the property has gone down 20% from the time you signed the contract. Sounds about right. Did you put 20% down with the developer?

cloudnine, why haven't u tried to get financing thru preferred empire? seems like they're helping everyone else..

Hi everybody! I'm in the building too and can't wait to be live there! My concern is monthly cost. Shamwow, is it true about the abatement? how quickly after a building closes do the abatements occur or does it just depend on how the city officials are feeling any given morning? btw, my experience with the brokers has been for the most part positive. I'm not exactly a huge fan of "one who shall not be named" but I think they've been pretty professional.

Has anyone received the letter for close yet? My mortgage broker said that it has indeed been sent. I am so excited... I can't wait to move in!

what floor are you on? heard they are going out from top on down.

The brokers haven't been honest of the number of units sold. You should all really talk to your lawyers to make sure you get the exact number of units that are sold directly from the developers NOT Core.

I know that sadly I don't think I am moving forward with purchasing here and i do know of one other person that I think has backed out too. It's just too risky!

HOWEVER, it is a great building in a great neighborhood. Good Luck everyone!

I am a little disappointed with some of the instigators on here who just make comments to start issues (like the person who started this thread...), but this is not a risky move and it's going to turn out great. I just got a letter today (Did anyone else get it?) Floors 3-6 will close first in the South Building, then 1-2. The North Building will be in the Fall. And it said end of June IS when it's going to happen... so congratulations everyone! We're almost there... don't let these naysayers take away from us moving into an awesome, and, more importantly, stable building.