Prima in Chelsea - Early Summer Availability?

I walk by this building every day and they have been progressing nicely on the construction. They have a lot of the facade up along with the windows. I doubt it will be ready by the summer, but it is a small building, so maybe they could wrap things up pretty quickly. I would bet move ins are in the Fall.

Since you brought this up:

- isn't this another sad case of people buying at peak and having to close soon when the place is worth much less than they will have to pay...so, are depositors thinking of walking?

- about 20% unsold, which is few enough i suppose that this building is a "success" so closers do not have to worry about paying disproportionate maint. fees

I don't know why anybody would pay so much for so little.

70% overpriced compared to rentals. Watch prices collapse.

stevie... buy NOW! NOW! NOW!... rents are going thru the ROOF!

jimmy boy irrelevant.... there are 80% of units that have 10% down.... nothing states even 50% will close or can even get financing.... what are the appraisals coming in at... 100% of singed contract in 2007?

ever been a member of a co-op or condo board? It's called foreclosure for "non" maintenance paying unit, its' quite awkward when you run into these unit owners as it winds its way thru the courts....

Well...let's see. Why aren't these people on here freaking out?
I would walk if i were them. They have small enough group, maybe they ould negotiate something (see my posts on what might be logical..).

HOW MANY BUILDINGS ARE LIKE THIS...WITH >50% NOT CLOSED, WHERE LOTS MAY WALK. POTENTIAL DEAD BUILDINGS. Until this is all played out, this market is a mess. How many are there? Can someone list them.....Also, of the 11,000 inventory...how much would it increase if you see units kept off markets by developers listed,,and how much more even if depositors start walking in numbers........

my guess: at least 10 and probably 1,000....eesh

Looks like they are planning on closing June 1st.

Purchased a year ago at approx. $1300.sq ft. Tried renegotiating to no avail. The best they could do was offer a lower floor with no real price reduction.

The plan is to offer $1000 per and walk away if not close to that. Assuming I can muster up another down payment I can easily cover my loss in another building. Any thoughts? Any other Prima people out there?

Good idea, although I have seen more traffic in these new buildings, especially ones with the 421A tax abatement. If you plan to be there a long time and this is not an investment property, then I would stay put! They are getting a pretty penny around the corner at 133 W 22nd. Where else would you go? If it is somewhere around 1,000 a sq ft then you might be best off walking away from this one!

Anybody out there close on one of these units? My closing was supposed to be this week, just walked away from a large deposit. Ouch. Just wondering if you did, how you did it? Price reduction? As is? All cash? Mortgage terms?

My guess is that a lot of people walked since $1300 per sq. ft. is just plain silly in this market. I could be wrong though. For people with a much longer time horizion than mine this could make sense.

Anyone got an e-mail from them this morning, claiming "over 50% sold?"

I must say I am VERY impressed. In this economic climate, they did pretty well--though central, the location isn't all that desirable (a questionable stretch on 20th), and the units aren't all that impressive given the price range. It was also hard to see what the bldg. will turn out to be in their off-site sales office... I honestly didn't think they'd sell at all.

But people apparently went for it! Good for them.

I ended up buying one of the two bedrooms in 2010 for about $1.6MM. We're currently having it appraised for refi, and it looks like it's going to come in at about $2.1MM (it's only been three years April.) The building is completely full.

I'm not sure any of the naysayers above ever had a clue about what they were talking about.

I heard someone bought the 4A at asking price. Whoever that person is, he/she is paying way more than the value of the unit. The two units sold this year went for about $1,500 per SF and this unit is asking for $1,700 per SF. Don't know what the person is thinking, hope property goes up for him.

I heard someone bought the new 550SF unit for $950K. If they did their research they would know that the building is going for roughly $1550 per SF and theyre paying $1700 per SF for that tiny unit. Good luck.