We went into contract with a unit in this building in the fall of 2008 with the declaration of be@schermerhorn's agents that the developer would base his reputation on this building not going rental. The contract still stated that they could, but we were repeatedly assured that this was only in case they needed to rent the last few units once the building was locked in as a condo. Well, when they... [more]
We went into contract with a unit in this building in the fall of 2008 with the declaration of be@schermerhorn's agents that the developer would base his reputation on this building not going rental. The contract still stated that they could, but we were repeatedly assured that this was only in case they needed to rent the last few units once the building was locked in as a condo.
Well, when they changed real estate agencies and law firms a few months ago, we found out from a now-former insider that the developer fully intends to go rental with the building once they have sold the minimum number of condos that will allow them to avoid being rent-stabilized. And I hear that the new agents are _still_ telling prospective buyers that there is absolutely no intention of going rental!
The values of these apartments once the building is rental will diminish significantly. Supposedly they only need to sell about 15% of the units in order to avoid being rent-stabilized. That means that 85% of your neighbors will have no concern whatsoever for your investment. And with the number of shared amenities this building has, that is a nightmare waiting to happen.
Also, we were given an estimated closing date of January 2009 ("February at the latest"). And every month since then, the date gets pushed longer and longer into the future. Apparently, their latest scheme is some sort of pre-closing move-in in August. But they admittedly have no plans of closing then and who knows when they'll sell the minimum number they need to do so. Every month of waiting brings some new BS from that selling office.
These people are unbelievable! They will tell you whatever you want to hear to get you into contract. I would do anything to have had this knowledge before signing away my hard-earned deposit money. Do yourself a favor and put your money and your future elsewhere.
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