building at 30 West 63rd Street

How do you know this and where can I find out? I'm part of the 15% purchasers needed in order to condomniumize and have not heard anything.

Hello there! Does any of you have news on this building? It has been a LONG time for them to get an approval from the attorney general. Is there any problem that buyers should know? Thank you for shedding some light on this and much appreciated your information!!!

Lost ball high weeds....

ah.......

Any updates, guys?

Just heard that the approval is probably going to be delayed till October...

I have been waiting for the approval too! Seems like not so many people here are interested in this building...

I am buying too and just wondering if I can close in time before the end of the year to get that 8000 dolllars tax credit...anyone has news?? PLEASE SHARE! thanks!!

Same here!! i bought a unit there and heard nothing! Isn't there an expiration date on the contract that states if the seller can't close we'll get our deposit back? Anyone know how many years that is?

By the way, anyone care to share their $/sq ft they bought it for?

I am in at $1,007 psf for a 4th floor studio. I took the fully renovated option instead of the credit for as-is. Trying to decide whether or not to walk at closing if in fact the plan does get approved. Would prefer to get my deposit back. Anyone heard any news?

BangOlufsen if you make enough to buy in this building then you make to much to get tax credit

The plan is tied up at the Attorney General office,dont count on conversion any time soon and JBH how did you get them to 1007 psf they want 1800 psf for mine on 11 floor

I want my tax credit too!!! lol...didn't know there is a restriction on how much you make. anyway, thanks chris! The price differs b/c the 4,5,6F studio/apts have lower end appliances and materials. Also some of the one-bed apts have irregular shaped bedrooms. But still, for 500k-550k, it is a great deal~~ Thanks for sharing everyone!!! I am really tired of waiting for this approval too!!

I lived in a larger unit in the building but could not afford to buy the one I rented. They let me apply the $500K resident credit towards any unit, so I picked a much smaller unit. "Outsider" asking price of $930K (which is ludicrious), but I have under contract for $430K after applying the credit. I am still not sure if it is a good deal now or not....

$1000psf... you can do GREAT GREAT trades at $1000psf... didn't anyone get the memo, $700psf is the new $1000psf... ( on a 1000 sq ft apt... just a matter of $300K)... but if you make $1MM, what's another $300K? -shrug-

look for a typo on the dates if the offering plan was done by Stroock... it's seems like that's how all the COOL kids are getting out of the condo contracts.... keep it on the down low... its a secret..

Should we try to get out of the contract? I think you did really well, JBH~ 430k for the studio at this location?? you can get back your investment under 15 yrs. Just rent it out~

operagirl.. you got nothing to lose by gaining more information... go put crazy lowball bids on comparable apt for $50K (whatever floats your boat) lower and see if anyone bites... then you can make the comparison "real." Good luck, just think w/ market falling so quickly what might've felt like a bargain ceases to be so.. ask the rushmories....

They are now trying to rent lots of apts - not sure it is 20% or more of the total apts in the building. They are trying to be as subtle about it as possible - only 1 public listing (for rental) with the address, but lots of ads on craigslist.

hmm...thank you guys...now i should really RE-evaluate this investment. Did anyone get their deposits back? I really LOVE the location but I just got really worried that something must be wrong as the approval is taking so long to get!! Thanks, ZBE, i will check out craigslist. sneaky milford!

didn't get any search result from crigslist...would you please post some listings here?? Thank you so much!

Here's one..
http://newyork.craigslist.org/mnh/abo/1331191421.html

and they lie about the street - 64th (on the bottom of the ad), but from the pictures (and the name of the health club - oasis), it's obvious.

oh gosh, YOU ARE THE BEST, ZBE~ No wonder i couldnt get any search result!!! THANK YOU!

Have others received the 8th Amendment? They are claiming they are going to be sending out the 30 day closing notices soon and that closing will start in October. Despite my basis of $1007 PSF I still am looking to get out if I can find a way.

chris13, $700psf. Do all the analysis on a square footage basis... we all live in a box and it's the truest measure of space... don't let the brokerage industry try to fool you...ALL RE transactions can and should be whittled down to $psf, the ones that don't just want to confuse the mkt so as to make consumers pay more and make the transactions less transparent... the OPPOSITE of efficiency.

JBH I received that also now it shows that 4 apartments are in contact on my floor. As for October they are just assuming it will happen then. Wish we could buy our unit for 1007 psf but at this time they want 2292 psf. They are crazy, if you do a search for 10023 average PSF is 1000-1400 in our zip. Still the walls are thin can hear everything from the apartments around us. They need to sound proff the walls in a bad way to make it worth 1000 PSF, but if you buy you can do it yourself.

Gosh, you guys are more informative than my lawyer and the sales office. I haven't received the amendment yet but I will look into it when it arrives. Are there any major changes in this amendment other than letting us know the closing date? THANK YOU GUYS!!! :)

anyone closed yet?

No, and here is more info
an obscure loophole in guidelines by the Federal Housing Administration: Loans insured by the FHA currently cannot be issued in a condo conversion until at least one year after the condo has been declared effective. ( So October 2010)

also again
8,000 Home Buyer Tax Credit at a Glance

The tax credit is for first-time home buyers only.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

So if you can afford to buy here you must make much more then this

Thanks for posting, Chris!! You are always so informative!! :) Btw, has anyone received their closing notice yet?? I haven't. Now the plan is approved, why can't they speed up a little and have us closed the deals?? Hmm...it has been over a year!!! unbelievable.

Operagirl, I do not think they have heard from the state yet. The can not move forward till they hear from the state.

Anyone know how i can find information on people looking to assign (get out of) their contract? i am looking for a 2 bedroom?

If interested, I have a studio under contract at an insider price that I would assign to a new buyer.

JBH- can you email me at etieh@yahoo.com?

what's up with the new listing? 3M dollars drop???

JBH, I am interested in getting a second unit too...hm, which side is this studio facing?? south?? is it the lower level G line? It is renovated?? Thank you so much... :)

I wouldn't mind info on an assignment either. Email details to bullsfan@gmail.com please.

I had my attorney call the sponsor's attorney and unfortunately they have said they are not willing to let us assign the contract as they do not want to give the price reduction we received as tenants to others outside the building. Was hoping that would be a way to recover my deposit but doesnt look like it....

sorry to hear that JBH...but I think you have made a great investment still. Look at all these people who are interested in your unit. I am sure you can easily sell it after closing or renting it out. :) Don't worry.

That's weird, JBH. I know outsiders who got very good prices which I'm sure are competitive.

JBH,
I saw that they sold many units for less the the insider price so they ae not being truthful to you. I beleive 7R sold for 550,000 to an outsider and was being offered to insiders for over a million. They sold many other units for less then insider prices.

JBH, shoot me an email please? Bullsfan@gmail.com

Chris,my dear informat, do you by any chance know if they have heard from the state yet??? This thing is dragging so long and I am almost running out of patience. Anyone closed yet?

Btw, how did those outsider find out about those 500k-550k 1-bed apartments?? through their RE agents?? I wish I got that~~~

please share your information...appreciated.

anyone closed yet?

chris: I guess you didn't get the memo about the $8,000 credit. All those rules, they were actually suggestions, they didn't really matter.

Fraudulent Claims

The first-time homebuyer credit, while popular with lawmakers, came under scrutiny last week when government officials said millions of dollars in benefits were erroneously or fraudulently claimed.

The Internal Revenue Service has identified 73,799 claims totaling almost $504 million that may not be from first-time homebuyers. They also found that 582 taxpayers under 18 years old and ineligible to buy a home claimed almost $4 million in credits. Children as young as 4 years old received the credit, Treasury Inspector General for Tax Administration J. Russell George told a House panel.

I don't think anybody closed yet. They haven't filed all their papers from what I've heard.

all of our closing dates are postponed to December per my attorney's email. So I guess we will NOT be getting the tax credit after all. BUMMER!!!

operagirl, i'm fairly certain the tax credit will continue. currently the word is that it will be extended for a couple of months at $8000, then reduced over the next four or so months incrementally. i think it is horrible policy, but i'm happy for you personally if you can avail yourself of it.

:) Aboutready, thank you so much for the information. I thought I was out of luck because the delay in closing. YEAH!!!

I've been looking into renting in this building. Does everyone pay for the gym, and why is it so expensive? Any other thoughts on renting here would be appreciated. Thanks.

As to patient09, just wait till the government is your health care provider, as to Operagirl, you must have an income greater then what is allowed to get the tax credit, also you can not get a first time homebuyers loan for a building until one year from oficial conversion which would mean December 2011. Be careful here looks like their friends get apartments on the cheap, and everyone else will be left holding the bag, just MHO. http://www.prudentialelliman.com/Listings.aspx?ListingID=1062701&rentalperiod=
Last year they sold several undermarket. This past year they prudential deleted many but one can still find a trail. Can not wait for the closings so we can all see what was paid for each apartment. You might want to ask if you can get the same deal on a one bedroom, sold for half of what an insider paid for a studio.

http://www.nyc.gov/html/dof/html/jump/acris.shtml

http://www.prudentialelliman.com/MainSite/Search/Search.aspx?Search=Like&ListingID=1062701&CallingPage=/Listings.aspx?ListingID=1062701&rentalperiod=

make sure and copy the = also

wish i got those 500k deals. :(

update from some insider purchasers, they've got the condo. declaration. so we can close now.

that's good news, operagirl.

How come they have not posted it operagirl??? I have not seen or heard anything

I dont know, chris~ I heard it was last week.

I think the condo dec is filed.

It was filed on th 5th you can check at http://www.nyc.gov/html/dof/html/jump/acris.shtml
Block- 01115
Lot-0017
Will see who got the apartments at the fire sale price's last year when the closings start. Has anyone seen that horrible looking thing in the lobby, looks like a 1st grade art project?

lol~~~ i thought it was just me who hated it~~ it would make a nice full skirt though!! ;)
fire sale price? most lower floor units!!!

What would be considered a fire sale price for the 1 and 2 BR's on the lower floors (3-12)?

Do we really think the 500-550k for 1 BR is that much lower than current market?

could you please tell me how to search that website, Chris??? Thanks.:)

Go to the acris link I gave you above, go about a 1/4 away down the page
Click on BEGIN USING ACRIS.
Another page will pop up (make sure pop up blocker is off)
On this page click (search property records) then (click on parcel identifier)
In this screen select Borough then eneter the block# 01115 and Lot# 0017
No need to put dates in, next you will see all the documents related to building and when closings are filled you will be able to see those also

Current Search Criteria:
--------------------------------------------------------------------------------
Borough: MANHATTAN / NEW YORK
Block: 01115
Lot: 0017
Date Range: To Current Date
Document Class: All Document Classes

WOW! Thank you, Chris!! Your description is SOOO wonderful!!! You are THE BEST!! THANKS AGAIN.

Quick Question - I have spoken with a mortgage broker who said the building was on a "cannot lend" list for a major lender due to the sponsor still owning more than 50% of the units. I know that this is an issue with Fannie and Freddie backed loans. Has anyone found a bank willing to lend for this building?

Also - has anyone looked into the seller financing being offered by the Sponsor? I believe they are offering up to 60% leverage but I wonder if that is negotiable and if they would be willing to go higher? Any thoughts or feedback is greatly appreciated. Thank you.

JBH, Wells Fargo is doing mortgages for the building.

Chris13, if by "that horrible looking thing in the lobby" you mean the chandelier, it looks a lot like a Chihuly and I think it looks pretty good in the space.

So now that it's a condo, what do we think current market value is for a 1br/2br in the building?

Lsossen, Like they say, you can put lipstick on a pig but it is still a pig. Yes it is a Chihuly, but you understand he only has one eye and has others blow the glass for him becuse he is unable.

I kind of like the chandelier.

Looking at closings, all are selling about a million dollars under last published price for units even to outsiders for example last price for the unit on 17 that sold for 725,000 it was listed at 1.7 million

does anyone know what percentage of renters are left in the building? My wife and I rent one of the "apartment" finished units and we're unsure what their plan is for them, whether they intend to try and sell them in the short turn or continue to rent them. I can't see anyone paying what they are asking for a unit with parquet floors

I thought it was their intent to continue renting out a majority of the units in the bldg. I'm not sure what their 'real' asking price is, but they're clearly priced above market.

I asked a few posts ago what we think real market value on these apartments is. Any thoughts?

They'll only sign one year leases so it's unclear what their intentions are - I would say the current market value for a 2br/2br would be around $1mil on a lower floor.

did they used to do multi-year leases, squash?

I don't know - still new here. Quick question way off topic, how does tipping the doormen in this building generally work (i.e., collection and average amounts)?

Not sure, squash. There are about 30, right? That's a lot of tips...

For Christmass or in general? 5-10 dollars for bringing cart up or down, Christmass 200 to general fund then 20-50 for doormen who treat you right.

Bullsfan I wouldsay onebedrooms are worth between 500-600K unless on 17th floor and above with better views

chris, I'd guess about 10-20% higher, given the recent renovations, the location and the fact the building is a condo... but I think that's generally the ballpark. Makes you wonder what they're thinking with their current asking prices.

As for the tips, in my old building, I would give $35 to the porters/$50 to the doormen and $100 to the super, but there weren't 30 people there. Is there a general fund collection at some point?

yes they will put a box in the lobby for general fund and put out a list of names also

Look at the last 3 closings bullsfan 500-550,000 for one bedrooms with insider asking prices of 1.5 million and more for outsiders. Wonder why insiders could not get these prices. All these units have open city views.

Yeah, chris. It makes no sense at all.

Those 500-550k deals are great. It's still better than market now, and there's not exactly a ton of availability in the condo/lincoln square/luxury building area right now 'at market'

is anyone having trouble getting a loan from wells fargo?
They're giving me a hard time even with 50% down. What the hell is going on?

Any news if the closing is going to be delayed again?

Closings have already started with Wells....

Is anyone else having trouble with construction noise in the building?

Construction noise will be a problem for years to come so get use to it

What times of the day and what floors?

Anybody having problems with their heating?

no problems with heating, may be your unit. Bullsfan did youbuy or are you trying to work a deal?

chris, trying to work a deal.

So for tipping,

I'm thinking a total pool of ~800 bucks.

I'd do 100 to the super, 50 to a few of the doormen/lobby guys who help me out a lot, and the rest to the general fund (probably around 400).

Sound right?

After visiting the building, I am confused about a few things. Hopefully, you guys can help. I was taken there by a broker who listed on craigslist and wasn't attached to a large brokerage but then told I would get a few months free. The 1 bedrooms looked decent sized and the views were nice.

1) Should I be concerned about the broker? Was this a no-fee building and I just got hoodwinked?
2) Is 3K (not including incentives) for a 600sf unit with a nice view, in a building that looks very nicely renovated and in a nice area too high there? I am comparing this to rockrose buildings downtown and this seemed like I would get much more - but this discussion has me worried.

Thank you.

wad:

not sure about your broker q. it's 2 months free but you pay a full broker fee for the 3k/month? sounds somewhat reasonable, depending on floor/view. what floor is it?

is the whole apartment renovated?

bullsfan, the whole apartment was renovated. I don't pay any fee and still get the 2 months free - which makes me wonder if I would have gotten a 3rd month had I not had a broker. By the way I did a google search and found the broker's firm - he also advertised it with a different address.

bullsfan, the unit i saw was I think on the 16 floor and had a south view (of the circle). There was a unit with park views but it was around 3500 I think. what do you think? also how bad is the noise and why is there so much hate for this building?

Wad,

Don't know. I love the building and have experienced just about no noise in my few months of living here. I imagine there is noise during the day on floors where the hallway is being re-done, but that's to be expected (and was true in my old building too for a few weeks while they re-did my floor).

So 3000/month with 2 free months on a 12 or 14 month lease?

14 month lease.

So were people complaining about the noise only or was there more to it?