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building at 70 Berry Street--williamsburg

Started by cj2008
about 16 years ago
Posts: 77
Member since: Apr 2008
does anyone know much about this building? i just noticed some listings relatively recently. seems appropriately priced more or less. any thoughts on construction quality, design, amenities, etc?
Response by LoftyDreams
about 16 years ago
Posts: 274
Member since: Aug 2009

I saw it last night. Great location, rooms bigger than many (but not storage), windows nice (esp on 6th floor) Looked like actual wood on the floor, but didn't check - it was getting dark and building's not finished - not all apts have lights yet.

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Response by cj2008
about 16 years ago
Posts: 77
Member since: Apr 2008

thanks for the input lofty. i would love storage, but rather have parking, which it sounds like they have. did you visit an open house or something of the sort--or just walked past?

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

Pity so few units have outdoor space (if any,...maybe the top floors). Presumably people will compare to 72 right next door in terms of price.

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Response by anonymous
about 16 years ago

saw the building last weekend while going to other open houses. they were not officially open but the brokers were more than happy to show us units. liked the building quite a bit and the contract is now at my lawyers. i think this building is on par with 125 n10th, edge etc but priced much better. i like the fact there are not alot of useless amenities. the developer also built 72 Berry and 69 Berry. both of those buildings moved units very quickly with 72 being sold out and 69 nearly so. i love the location. have seen pretty much every building in w'burg and this one just clicked. some of the units come with outdoor cabanas(not attached to units). there is bike storage and a media/party room but no gym(fine by me as i find these gyms sterile, i need eye candy). not a doormam building either and there is parking for sale.

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Response by JMGJAG
about 16 years ago
Posts: 122
Member since: Jan 2007

wannabuy
the developer of 69 and 70 berry is NOT the same developer of 72 Berry

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

I walked by it. Like the location, and agree about the lack of amenties being a good factor. ....Makes me nervous that this could be a good buying opportunity that I am missing,,,but...I really think it depends on overall market direction in manhattan and wmburg, and there is still, probably, assymetrical risk. Getting in here at a good price probably means you lose less if market continues down, and benefit at some point after the inventory in wmburg really clears, but that could possibly be a long time.

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Response by bjw2103
about 16 years ago
Posts: 6236
Member since: Jul 2007

Love the location and the exterior, though simple, looks good. From the photos, finishes don't look particularly noteworthy, so not sure if the comparison to other top buildings is particularly apt, but I should probably defer to those who have actually seen the units.

jim, as I've said before, I don't think you need to be nervous that you're missing out here. What's your target market here? 2BR? 1BR? Larger? The 1BR market is very crowded in Williamsburg, so there's little to worry about there, and I think there's enough 2BRs out there not to panic either. It'll take a while to clear the available inventory, so I'd just keep doing what you're doing - follow the market fairly closely, and be ready to act if something really moves you. Otherwise, I don't see the harm in sitting tight. In the end, just make sure you can afford whatever you end up buying - that's the most important thing anyway.

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Response by anonymous
about 16 years ago

jim: are we the same person? these were my concerns as well. it just feels like a bottom to me.

JMG: i think the developers are different LLC's but some of them developed all 3 projects

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Response by JMGJAG
about 16 years ago
Posts: 122
Member since: Jan 2007

wannabuy
Adam and Justin Meshberg designed and developed 72 Berry.It is their first and so far, only building.
(as far as I know)
Armand Quadrini at KSQ designed 69 and 70 Berry for Essex Capital, the Developer.

bjw2103
please look at the 69 Berry floor plans and tell me where they get 938 sq.ft.
Thanks

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Response by LoftyDreams
about 16 years ago
Posts: 274
Member since: Aug 2009

I'd say you could definitely compare to 125 N 10th in quality - I didn't examine closely but will go back - wanted outdoor space and may look at the penthouses (gulp)

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Response by bjw2103
about 16 years ago
Posts: 6236
Member since: Jul 2007

JMGJAG, not sure why you're asking me to check the sq ft (I am flattered, but no expert) at 69 Berry, but it looks reasonably close to 938. It's essentially a rectangle with a small carveout. Looks like ~50'x20', but maybe I'm wrong. Do they look significantly smaller to you?

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Response by cj2008
about 16 years ago
Posts: 77
Member since: Apr 2008

wannabuy/lofty, do you know if the outdoor space is located 'above' the owners residence or is it just a large outdoor space subdivided and available for purchase?

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Response by prettyponey
about 16 years ago
Posts: 21
Member since: Sep 2009

I visited twice and think the layouts are nice. However, if you're looking for views, this isn't the place, unless you are looking at the penthouses. Outside of those, the G-line has the best view, but just from the bedroom. I was lookig for a 2 BR and that is only available in the F lines, which I didn't like too much again, because of the lack of views.

CJ2008, the outdoor spaces some of the units come with are subdivisios in the roof deck. I have the floor plans at home, but they weren't that large.

My friend just bought at 69 Berry and it is the same developer, as jmgjag said.

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Response by anonymous
about 16 years ago

CJ- the 7th floor penthouse units have some carve outs on the roof deck next to the common space. some lower floor units have cabanas not attached to the units in an interior courtyard.

JMG: thanks for the clarification

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

bjw..I expect you're right about not needing to panic.

Anyway, to me a key feature of much of Wmburg near the water is low density which makes it much quieter than Manhattan (less air processors, less buses,less trucks unloading at 6am, etc), and I really like outdoor space , and in a quiet place one could actually use it (in manhattan it is so noisy most people dont go out on there lovely balcony overlooking,say, 3rd avenue)..so I would like a nice balcony, particularly one that has a door that opens liberally off the living room area, so you don't feel cooped up on a pretty day. Out in America, they actually put sliding glass doors on living rooms that open on to balconies, but in nyc I often see a single door that swings open, which is not the same.

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Response by cj2008
about 16 years ago
Posts: 77
Member since: Apr 2008

thanks for the feedback regarding the outdoor space wannabuy and poney.

does anyone have estimates as to when this place might open? the broker mentioned completion in spring--that seems a bit aggressive given the condition of the space when i walked past this weekend. maybe summer instead?

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Response by LAIL
about 16 years ago
Posts: 19
Member since: Jun 2009

Anyone has submitted offers? Any room to negotiate?

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Response by anonymous
about 16 years ago

don't expect too much of a discount off asking. the price/sq/ft is already lower than similar buildings. they are offering to pay transfer taxes though. i think spring completion is a bit dicey too.

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Response by moxieland
about 16 years ago
Posts: 480
Member since: Nov 2009

i have an accepted offer. Was able to get a little over 3% under asking price. Don't know if that's woefully small? but i do really like the location and the building seems solidly built. As far as the views go I'm afraid prettyponey was slightly mistaken there are several units other than the penthouses that have city skyline views and several with wburg bridge views. of course most of those places r gone. Anyone else here buying as well?

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Response by sohfly
about 16 years ago
Posts: 22
Member since: Jan 2008

What's financing like for this building?

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Response by vis212
about 16 years ago
Posts: 18
Member since: Nov 2009

moxie, I have an accepted offer too. I'm a bad negotiator, so I ended up with zero off asking :(.
But I think the prices were good for the location, and I'm not planning on moving/selling anytime soon.

Did they mention how many units so far have accepted offers? Curious if it's close to 50% yet.

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Response by moxieland
about 16 years ago
Posts: 480
Member since: Nov 2009

Hey vis or should i say hopefully;neihbor..they said to me it is approaching 50%..it must be because i had quite a time getting a place that wasnt taken..i have noticed (as im sure u have) that of the 38 total units only 8 show as sold here and 15 show as available...by that math corcoran is still yet to release 15 more units..by my tracking they are mostly higher floor units..do u mind me asking which place you have an offer accepted for? or what line? i am in a c-line apt ..

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

so this place is like 650 to 750 psf; we have so many seers on this site, i wonder if they would tell me what the ppsf will be in this bulding or nearby in six monnths or a year

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Response by vis212
about 16 years ago
Posts: 18
Member since: Nov 2009

hi moxie, so I'm guessing they must have around 16-18 contracts out. Not bad for the holiday season.
Well, I'll be happy to tell you which unit I purchased, after signing. (still dealing with the lawyer back/forth contract thing, so nothing signed yet ). Hope they can finish in or around April so we can get the federal tax credit!

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Response by moxieland
about 16 years ago
Posts: 480
Member since: Nov 2009

understood vis..my lawyer is working up contract now as we speak as well..any particular items that you are wrestling with that i might be forgetting?...it is my understanding as long as you are in contract by april 30th they will have til june 30th to finish(our needed close date) to qualify for tax credit..my guess is they finish mid may..
oh and jimstreet i lost my crystal ball so i don't know prices in 6mos or year but like vis if i"m able to complete my deal i plan on living there for many years

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Response by LoftyDreams
about 16 years ago
Posts: 274
Member since: Aug 2009

what tax credit? first-time buyers'?

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Response by mimi
about 16 years ago
Posts: 1134
Member since: Sep 2008

Hmmmmmmm

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Response by teddy
about 16 years ago
Posts: 8
Member since: Feb 2009

Just saw the units this weekend. They look beautiful. We're thinking of combining two apartments on the D+E lines to make a three bedroom. Would love the large penthouse but alas it is out of our budget.

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Response by anonymous
about 16 years ago

we sign our contract tomorrow on an F line apt. since we first saw the building one month ago they have moved quite swiftly to finish the building. been tramping through many new constructions this past year and am usually shocked by how few workers are on site. this place has a full crew 7 days a week. the developer seems serious about moving units here too. we got a 3% haircut on asking which puts us just below 600/sq/ft, which for this neighborhood, is good value.

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Response by LAIL
about 16 years ago
Posts: 19
Member since: Jun 2009

The brokers told me the ppsf for bigger units are generally less expensive than typical 1-BR units (even for other buildings in the market) when I tried to negotiate for an A line apt 3 weeks ago. They told me the units are priced to sell and many of the units are sold at full ask and there's not much room to negotiate. Any other potential buyers other than wannabuy, moxie and vis here can verify whether the brokers told you the same info? I understand different people have different tastes. To me, I think the look and the location of the building are very nice. I also like the fact that it doesn't have too many amenities that I don't need (which helps to lower the monthlies). You need to pay for car parking space in the building. However, they utilize the space between 70 and 72 Berry to build a free motorcycle/scooter/bicycle parking area for the residents of 70 Berry which is a plus to me. As others said, I hope they can convert some car parking spaces to storage rooms for the buyers.

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

They have 15 accepted offers, they say.

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Response by LoftyDreams
about 16 years ago
Posts: 274
Member since: Aug 2009

Broker is quite agressive - not for nothing she was Corcoran's Salesman of the Year. Says they'll get ask or close to ask... sounds like it's working.

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Response by anonymous
about 16 years ago

they are marketing this building well-no open houses, word of mouth, calls and emails to their client lists. we just happened to be driving by one weekend and saw the brokers standing in the doorway. it didn't take much cajoling to get them to show us the building. have dealt with deborah and sarah and they are both very professional and quick to respond to myself or my lawyer. so far so good.

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Response by moxieland
about 16 years ago
Posts: 480
Member since: Nov 2009

I agree that deborah is very professional. A nice change of pace from most brokers I have dealt with in the past. As far as there being 15 accepted offers I'm curious Jim were you heard that figure? I was under the impression there were more than that...also a side note for lail i'm pretty sure all of the a line apts except 2a are now spoken for

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Response by anonymous
about 16 years ago

moxie: here is my last email exchange with deborah dated 12-11, it seems nearly 19 contracts are out:

Hi Charlie,

I just wanted to give you a heads up that the 2nd Amendment has now been accepted by the Attorney General’s office. I’m attaching it to this email and I also sent it to your attorney via messenger for delivery today. This is the last necessary item prior to contract signing. Please email me an update as to when you think you will be able to meet with your attorney to sign the contracts.

And thanks again for everything. Things are really moving along, we have contracts out on almost 50% of the units already! We are very excited, and it seems like the neighborhood is as well. Have a great weekend!

Best,

__________________


Deborah Rieders
Senior Vice President
Corcoran
d: 718.923.8001

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

the corcoran office told me when i called this morning...15 of 38

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Response by rivas77
about 16 years ago
Posts: 127
Member since: Sep 2009

I don't really know broker speak, but "contract out" i believe means the contract is being reviewed by potential buyer but not necessarily yet signed?

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

i interpret offers accepted as meaning a price agreement is reached, that it is now either signed or in lawyers hands (so not firm)....but not sure

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Response by rivas77
about 16 years ago
Posts: 127
Member since: Sep 2009

I'm not convinced this particular bldg is such a great bargain at 650-700psf. i agree with bjw, although its a nice location the interior and finishes look pedestrian. Some units in some of the higher end wmburg developments are flirting with this price range and seem like they would be more negotiable based on the vibe that is described above.
http://streeteasy.com/nyc/sale/375625-condo-80-metropolitan-avenue-williamsburg-brooklyn

I think this is a nice place, but it seems that it is selling at a speed that is a lttle irrational based on value

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

rivas,,good to hear different views!

that unit you cite at 80 met is apparently less than 10% below what is was listed for in early 2008, which seems surprising

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Response by moxieland
about 16 years ago
Posts: 480
Member since: Nov 2009

hey jim i agree no fun to just have a love fest of agreement..one mans castle is another mans shithole..i looked at 80 met and in my price range (around 450k)..i could snag a 530 s.f place..yikes..850$ p.s.f..maybe i could have driven them down but when the comp in this building was 620$ p.s.f..was hard to believe they would take25% under ask?? 80 met is a superior bldg but for me the location being far from the train i need(L) was another downer..streeteasy has the active listings coming in at 652$psf and 826$psf respectively..hence 80 met is indeed a higher end bldg and pricetag

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

moxie''Is there anything else out there at this price range in that area?

Did you consider anything else...like walk 10 minutes to greenpoint or ...i dont know..an older 10 unit building or something

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

Just a thought:

is looking at these smaller condos selling fairly well now and saying "see, the market is ok, things are selling", while there are literally hundreds of unsold units five minutes walk away which will be ready to occupy within six months or so ....sort of like saying, that the tale can wag the dog?

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Response by moxieland
about 16 years ago
Posts: 480
Member since: Nov 2009

jim..i have done nothing else but "consider" for close to a year. I have spent countless hours searching online, visiting open houses, seeing brokers ect. Believe me this is the biggest purchase i have, or probably will, ever make.
Also I am the last person to think the market is "ok"..The market is balancing on the head of a pin BUT rates are incredible...so if ou plan on staying in a place a long time getting an overvalued place at lets say 4.75% interest is pretty close to the same place 20% less at 6.75% interest...just a thought

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Response by anonymous
about 16 years ago

we are getting our unit at $597/sq/ft. we are buying the F line, the only line that is 2bd. we just happened by on the first day they were showing. i believe we were the first or second accepted offer. easiest time to strike a deal. they are also paying transfer taxes which account for the bulk of the closing costs.
like moxie we have spent a great deal of time going to open houses and researching online. we looked at them all: 80 met, 125 n 10th, NSP, the edge, and even the bankrupt 20 bayard and warehouse 11. glad we dodged those bullets.
i also do not think the market is totally ok and am glad most people feel that way. most investors feel the same way about the current stock market but we've had a 60%+ run off the lows. nothing drives a market higher than climbing a wall of worry. yes there is shadow inventory but that bugbear has been with us for 18 months. unemployment is still too high and every economist is predicting a slow recovery. i believe these are the same economists who said the stock market would be moribund for another decade, china would implode(it came out of a shallow recession quickly and is surging economically), and interest rates and inflation would be double digits by years end. they are nothing more than crystal ball gazers and the public laps up every word. don't we all want someone who is going to predict the future for us? the fact we come to these boards to read and post is another indication of this age old yearning.
the fact is we are getting killed in taxes and need the deduction, interest rates are at historic lows and we just loved the building and location.
one last slightly off topic subject. spoke with an attorney about doing the closing. he was an asshole to me on the phone which is fine as i believe one wants that quality in an attorney. when it came time to discuss fees he would not quote me one. he also asked if he were going to represent my partner(we're gay) and i said of course. he told me there would a separate fee for him!. i asked him if we were a married couple would there be a separate fee and he bumbled and stumbled his way through a non-answer. needless to say we are not using him. so to our straight friends on this board-we just lost a gay marriage vote in ny. and we are not going to get one until you stand with us. the unfairness of it all should be an embarrassment to every ny'er.

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Response by anonymous
about 16 years ago

yes and thanks to rivas: i do want to hear alternate opinions. the fact is that 80 met and many other "higher end" buildings are chock full of useless and maintenance raising amenities, built for a different era. welcome to the era of frugality. i can live without yoga rooms, cigar and wine storage and basketball courts. now maybe if there were tennis courts i might sing a different tune. the fact remains the maintenance at 70 berry is 40-50% cheaper than these buildings.

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Response by LoftyDreams
about 16 years ago
Posts: 274
Member since: Aug 2009

And has been pointed out on these boards, purchase price happens once and you may or may not recoup it - but carrying costs are forever. I must say, I've been looking in Williamsburg since we toured Schaeffer Landing in hard hats (!) but haven't been serious until we sold this summer. The hundreds of unfinished or unsold units in the neighborhood will either resolve within a year or two, or be part of a longer trend, but meanwhile, it's a great neighborhood to live in. And even the 70's (Do you remember "FORD TO CITY: DROP DEAD"?) came to an end.

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Response by rivas77
about 16 years ago
Posts: 127
Member since: Sep 2009

Yep, monthlies definitely less, I guess its a matter of what ammenities you want, currently it seems everyone wants nothing, in 5-10 yrs the pendulum will swing back perhaps. At some point the developments you quoted above should become more realistic or go the way of 20 bayard.

I was just wondering if you had made any offers to these other bldgs that could get you close in price, but i think <600psf in that location at this point in time is pretty good, who knows where the market will go. It prob will go down in the near term but there are a lot of other things in life that need to be considered other than $$$.

Agreed on the social issue above, legal discrimination based on orientation is just as disgusting as having a "whites only bathroom". Our kids will be shameful that we tolerated such an injustice for so long a time.

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Response by rivas77
about 16 years ago
Posts: 127
Member since: Sep 2009

Sorry somehow that got all cut up and butchered, my point was that I stand with you on the social issue you raised above. It is complete bullshit that an american recieves different treatment under the law because of orientation. It's just as embarrasing as having a "whites only" drinking fountain

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Response by moxieland
about 16 years ago
Posts: 480
Member since: Nov 2009

i agree..Truly abhorrent that anyone gets treated different for race,creed, or sexual orientation. In nyc you expect this kind of prejudice to be less overt..Sorry to hear about that exchange wannabuy..The city is filled with competent lawyers (i have one) so just bring your biz elsewhere.

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Response by LoftyDreams
about 16 years ago
Posts: 274
Member since: Aug 2009

Wannabuy, your lawyer story is appalling. The culture has a long way to go - look at the health care bill. So...should those of us who are culturally advanced clump together in a building like 70 Berry, or should we spread out? Who volunteers for upstate?

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Response by vis212
about 16 years ago
Posts: 18
Member since: Nov 2009

I'm in the same shoes with wannabuy and moxie. I've literally seen almost every condo in n. williamsburg for the past 2 yrs. Last December I had an offer out on Nforth, which was rejected. The broker claimed they had offers for 50-60K more, which I thought was some broker tactic, but turned out to be true seeing the numbers now on SE. I'm now getting my new place, for the same price as that original offer. I told myself if there was ever a 1 bdrm for less than 500K in a prime area, I would jump on it. Most of the other buildings are way overpriced or over amenitie'd. I think the smaller fairly priced buildings will sell, (NV, Nforth, 72berry). The spa, pool, wii room & activities manager are superfluous to my needs.

As for the condos on the other side of the park, living 10-15 mins walk from the train now, I wanted something closer..(plus the G-line is suppose to be trimmed even more with the new MTA deficit.) so that was a no-no.

Beyond that, I like the look of this building, with the brick & beams, rather than that aluminum/glass miami-look, not that there's anything wrong with that :), just goes better with a palm tree.

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Response by rivas77
about 16 years ago
Posts: 127
Member since: Sep 2009

Whats the story w/ the PH's. is that outdoor space adjacent to the unit, it is hard to picture given what the outside of the bldg looks like. any idea on the pricing of those units, it looks like theyre not yet released.

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

It would be nice to have outdoor space on that relatively quiet street. Apart from all the bs amenities, a nice thing at edge and nsp is lots of balconies. There are balconies at 125 n 10th too on some units.

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Response by rivas77
about 16 years ago
Posts: 127
Member since: Sep 2009

NV and 80 met have great balconies on the upper floors too

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Response by LoftyDreams
about 16 years ago
Posts: 274
Member since: Aug 2009

there are 3 penthouses at 70 berry - a studio, a 2 br and a 3 br. The 3 br has a wraparound terrace big enough to farm, facing east and north. wow. the studio has a small terrace facing north - a totally fab pied a terre. the 2 br terrace faces north mid-block and has a living-dining-kitchen space with windows on both ends, north and south. we looked into duplexing the studio with the 1-br below - possible but expensive.

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Response by rivas77
about 16 years ago
Posts: 127
Member since: Sep 2009

Do you know the approximate pricing of those ph's

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

are the ph units the ones on 6th floor...its not clear from the listing

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Response by LoftyDreams
about 16 years ago
Posts: 274
Member since: Aug 2009

i think they may be gone.

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Response by rivas77
about 16 years ago
Posts: 127
Member since: Sep 2009

Interesting. High end stuff going early.
How is the view. Do you see the manhattan skyline while facing in that northward direction.

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Response by JMGJAG
about 16 years ago
Posts: 122
Member since: Jan 2007

ph's are on the 7th floor. set back from the street, thus creating the terraces.

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Response by bjw2103
about 16 years ago
Posts: 6236
Member since: Jul 2007

Is the listing up for the 3BR with the wraparound terrace? I don't see it. Curious what the price and size are.

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Response by LoftyDreams
about 16 years ago
Posts: 274
Member since: Aug 2009

huge and a lot

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Response by anonymous
about 16 years ago

just got back from lawyer's office. contracts all signed. this is my 6th house/condo i have gone into contract on and i must say my lawyer was the most thorough i've had. now i will probably haunt 70 berry on a weekly basis to see how it is progressing. i have been impressed with the speed so far and the amount of workers on site on every visit.

views from the roof deck are amazing. the lower floors, not so much but if you like w'burg street scenes then they're fine.

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Response by JMGJAG
about 16 years ago
Posts: 122
Member since: Jan 2007

wannabuy,
sponsor signed also?

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Response by anonymous
about 16 years ago

no contracts go back to sponsor for signing.

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Response by JMGJAG
about 16 years ago
Posts: 122
Member since: Jan 2007

sent mine back last friday

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Response by anonymous
about 16 years ago

let me know when you get them back and will post same

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

did you guys look at the penthouse studio?

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Response by LAIL
about 16 years ago
Posts: 19
Member since: Jun 2009

My attorney's reviewing the contract. I just found him online and had no prior experience with him. Anything I need to be aware of on the contract? Please advise.

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Response by JMGJAG
about 16 years ago
Posts: 122
Member since: Jan 2007

ph studio is in between two larger ph's. all share a contiguous terrace, which will have to be
divided by sponsor or buyer. nice manhattan views

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Response by JMGJAG
about 16 years ago
Posts: 122
Member since: Jan 2007

lail,
anything that has to do with getting a mortgage

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Response by moxieland
about 16 years ago
Posts: 480
Member since: Nov 2009

congrats wannabuy...i'm curious jmg and wanna did your lawyers go over the tax abatement and more specifically how it unwinds over time?...read a piece today that scared me a little concerning how taxes are increased every 2yrs throughout the life of the abatement..not sure how the particular abatement for the building works are u guys?..or your attorneys?

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Response by anonymous
about 16 years ago

did not see the ph studios.

lail: i agree with JAG

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Response by LAIL
about 16 years ago
Posts: 19
Member since: Jun 2009

I was actually interested in the studio ph unit (as it's under my budget). Since the residents can use the common rooftop, I changed my mind to stick with the small 1-BR unit.

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Response by moxieland
about 16 years ago
Posts: 480
Member since: Nov 2009

and yes lail as jmg said just make sure you have a mortgage contingency...in other words no mortgage approval means you get your deposit back

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Response by LAIL
about 16 years ago
Posts: 19
Member since: Jun 2009

JMGJAG, this's my 1st home purchase in my life, so any helpful info is appreciated. I'll make sure my attorney will write a clause to let me "out" if I can't get my mortgage. Thanks!

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Response by JMGJAG
about 16 years ago
Posts: 122
Member since: Jan 2007

starving
back after dinner

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Response by shamrock197
about 16 years ago
Posts: 22
Member since: Oct 2009

I'm viewing tomorrow and am excited....any comments on the 1BRs with outdoor space? I will likely jump on one quickly

I was hot on 1 Powers, but they're down to only one 1BR...that building sold like hotcakes. Any comments who have seen both buildings? Or any comparisons between this building and others nearby?

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Response by anonymous
about 16 years ago

lail: i agree with moxie. regardless of where you buy get the mtg contingency. the lending environment is still shaky. citigroup looks particularly ill. hoping the stock bottoms tomorrow as they've announced their secondary. selling off after hours.

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

shamrock,,,Just curious, why you decided not to do 1 powers if you apparently liked it. SE still shows some one bedrooms I think. Have you looked at 125 n 10th --

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Response by tina24hour
about 16 years ago
Posts: 720
Member since: Jun 2008

wannabuy,
I think that attorney should be reported to the bar association. I have never heard of such a thing - not with co-purchasers, nor unmarried couples, or even buyers with parent guarantors. The attorney is paid per transaction, not per purchaser. I might understand if it was a co-op purchase and the attorney had to prepare multiple board packages, but that's not what we're talking about here.
Tina
(Brooklyn broker)

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Response by shamrock197
about 16 years ago
Posts: 22
Member since: Oct 2009

hi jim, all 1BR have contracts signed or offers accepted (except the one). If I was going to buy into Lorimer stop the unit had to perfect (it was). That one is gone so I'm on to the next building.

I like S-5N(?) at 125 N 10th, but won't use the amenities so won't pay for them.

I let the tone of this board influence my offers at 1 Powers too much and it cost me. It's obvious to anyone active in the BBurg market (at least) that well-priced apartments are selling quick. Flame away!

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Response by moxieland
about 16 years ago
Posts: 480
Member since: Nov 2009

plz can anyone answer the tax abatement question?...

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Response by JMGJAG
about 16 years ago
Posts: 122
Member since: Jan 2007

15 year 421a works like this: if you're paying $67 a mo, you'll continue paying $67 a mo
for the first 10 years. then you'll pay 20% of the remaining un-abated tax in the 11th year
20% of the remaining un-abated tax in the 12th and so on. by the end of the last 5 years of
the abatement, you will be paying 100% of the un-abated tax. what the sponsor says in the offering
plan is just a guess as to what that will be, but for 120 months you'll pay $67 a month.

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Response by moxieland
about 16 years ago
Posts: 480
Member since: Nov 2009

thx so much jmg...i was not pleased to read the adjustment began after 2yrs..truly appreciate the help

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Response by JMGJAG
about 16 years ago
Posts: 122
Member since: Jan 2007

lail,
have your attorney buy you more time than the 45 days the sponsor is giving you to get a mortgage.
also, they've just released the 2nd amendment which includes a rider to have, or not to have, a
mortgage contingency. if you chhose to have one, then you'll have 10 days to prove that you would
be able to get a mortgage when the time comes (you'll have to submit your info to the sponsor's
preferred mortgage guy, who would inform the sponsor of your mortgage worthiness.

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Response by JMGJAG
about 16 years ago
Posts: 122
Member since: Jan 2007

my pleasure

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Response by vis212
about 16 years ago
Posts: 18
Member since: Nov 2009

Another thing I heard about the tax abatement is if the approval does not go through prior to closing, you will pay the full tax until it kicks in and will get a refund later on. This could be anywhere from a few months to a year, depending on where they are on the approval process.

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Response by condoburg
about 16 years ago
Posts: 3
Member since: Dec 2009

I'm buying here too, and in the same boat as all you all. I've been slowly looking for around a year. Aside from Mason Fisk, this is the best building for price I've seen in the northside. In fact its priced as well as other developments at Lorimer and Greenpoint. But the location is good.

Aside from the ridiculous CCs and amenities mentioned at other developments, bad design was also a major deterrent for me. This is one of the few new buildings I've actually liked. The floors, kitchen, windows, brick, are all quite nice - nicer than in pics.

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

I saw this today. I like the location, and feel of the building, and the lack of asinine amenties. The unit layouts seem generally ok to me. The top floor units say on sixth are like 750psf, so I'm not sure this is an ultra-bargain, or immunized if problems develop at some other places in the hood. The lower floor units are nearer 600, and for those who don't mind someone looking in as they walk by, it may well be good value.

Some specific reactions:

- the wooden floors are slightly rippled in an attempt to look rough hewn, I guess, but I think it looks unusual at best, and kinda odd at worst; i would use lots of rugs anyway so not a major issue for me

- i think the kitchen cold grey doesn't look very elegant and cool -- just a feeling -- and I especially think it is non-harmonious with the wood finish on some of the cabinets; if I lived there I'd eventually have to take out the cabinets....

- the sixth floor units have a kind of upper window almost sky-light thing, which is cool, but i like bedroom darkness so in that room i'd have to find something to do about that
- the windows open outward, and after you remove the child protector thing i don't know what would keep them from flapping open,...or off in the wind..; it's a pity the ny condo windows (and balcony doors, even more important) never slide to open, but i guess it must be some law or something..

- i'm not going to say it was really noisy..but the heating unit fans are not the quietest..or that was my initial impression

-there is not much closet space but they say they can rectify that by expanding a closet

- it looks right across to a residentail building which, fortunately, has small, old-fashioned windows, so at least it's not two fishbowls looking at each other...
- the lower several floors are easy to see into from the street, at least partially
- the penthouses are cool...but..the wall they look at is (after discussing and measuring with the workers) 55 inches above the floor level in the unit, which means, sitting on a sofa in the unit, you'd be looking at a lot of wall, and some blue sky, and would have to stand up for the view (once you step onto the outdoor space it is about 50 inches from the level of the flooring they are putting in on the terrace above the drain; the wall height is per ny regs

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

After seeing this I walked down by w11. It's just plain weird to see a nice, completed building all shuttered five minutes from a place that is selling briskly. Also, weird to note that units aren't moving to well at edge, 80 met, nsp, etc..Basically, excessive pricing at other prices seems to be allowing the 70 and 69 berry folks to sell quickly.

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Response by anonymous
about 16 years ago

already researching window treatments for our unit. i do like the grey in the kitchen and bathroom, very soothing and sleek. not crazy about the flooring but it jives with the industrial feel of the neighborhood.

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

Another thing, not a negative, just amusing: for all the talk of the old zipper factory, the building is 100% new. Maybe I am dumb, but I thought that talk about the old use of the site, the name Allan, etc, at least meant the facade or something was old. But, seriously, the place has a nicer feel than the plastic-land feel of pseudo-hip places.

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Response by moxieland
about 16 years ago
Posts: 480
Member since: Nov 2009

so funny because i am ok with the kitchen and bath but really dug the floors. my 2 main initial negatives were the ridiculous height of the rain shower fixture(about 5'9")which i was told was necessary per a.d.a requirements and the fact that there are no handles for any of the cabinetry in the kitchen(looks good but did you try to open them up?argh)...have been told that the shower head height is an easy fix with an extension..i hope so

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Response by vis212
about 16 years ago
Posts: 18
Member since: Nov 2009

Oh, the broker told me there would be handles on the kitchen cabinets, on the blue side, not the counter side.
I was trying/struggling to open them and then she mentioned it.

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Response by moxieland
about 16 years ago
Posts: 480
Member since: Nov 2009

thats good to know..not sure i understand your distinction though? blue side?

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Response by vis212
about 16 years ago
Posts: 18
Member since: Nov 2009

I thought it was blue..or maybe it was gray.. (basically the wall unit in the kitchen) is suppose to have the handles on the cabinets.

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Response by kiz10014
about 16 years ago
Posts: 357
Member since: Apr 2009

Jim, thanks for that review
as far as the wall of the outdoor space, i don't know what reg height is, but ive seen a couple of places that use glass at least partially so you can get a nice view while sitting on your expensive balcony-- think that is a nice touch.
From what it sounds like only the 6 and ph levels get any sort of clearance view-wise, otherwise you are facing a bldg-- and these go for 750psf+? so the bargains are really for what sounds like less desireable units, otherwise price not drastically different from other developments.

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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008

The 55 inches is distance from the unit floor to exterior wall height.

When you are on the balcony I think it will be like 48 inches or so (the difference being due to the drain under the balcony floor), but that will still mean chair seating view won't be as nice as with glass.

You step up from inside the apartment ontot he balcony.

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