141 Fifth Avenue

I have been following this building. Seems quite nice.

My broker tells me that November 2009 is the earliest this building might be available. It was supposed to be done in early 2009. Sounds like a delay of 1 year.

I have a question -- if potential buyers want to exit their current contract...can they sell to another party as a separate transaction or this has to be done only after closing with the sponsor.

"can they sell to another party as a separate transaction or this has to be done only after closing with the sponsor."

It is to a large extent dependent on the language in the purchase agreement.

You must first close before you can re sell, which in this environment, would be impossible to do at a profit. Keep in mind, these buyers are likely paying the transfer tax, which is normally done by the seller, except in new construction. As a seller, they would again pay the transfer tax, plus a brokerage fee. You're looking at 10% above what they paid, just to be even. The better alternative is to check the outside date in their contract - this is 2 years from the time that the offering plan was first declared effective. If the building is already 1 year behind schedule, their outside date must be fairly close. Once they hit the outside date, the sponsor must have 1) a temp certificate of occupancy AND at least one closing from someone NOT connected to the project. If both conditions have not been met, they sponsor must offer the right to recind the contract - TAKE IT. You'll get your full deposit back and walk away clean.

closings have begun.

Hey, dallas_ny -- do you have reference for statute or regulation that provides two-year rule in New YOrk? If yes, please provide.

Does anyone have any input on this building? Any idea where the current units for sale are closing (approx how close to ask?)?

Any input from current tenants?

Thanks!

Would also like to know others' opinion on this building - location and building are nice, but seems to have a hefty premium over similar buildings in the area. not sure if others feel the premium is justified?

Building has sent e-mails to trenants about all sorts of issues -- A/C not working properly, windows very difficult to open (you need to be a wieght-lifter) and other matters. I had a contract and terminated, didn't want to close. Square footage measurements were misleading, which became apparent when we started to decorate the apartment. Building definitely has a premium price, possibly because it "presents well" and looks good on your first visit and has a wonderful location (despite the absence of a convenient supermarket), but take a very careful look before buying here.

Would be curious to hear anyone's thoughts as well - coincidentally, just posted on Madison Square Park earlier today...

Another_Buyer - sounds as if you have had problems. How were you decorating and not closed? It certainly does present well - I saw this the other day.

As for the windows, apparently the developer is replacing all windows throughout the building.

Another_Buyer - can you clarify your earlier reasons for terminating your contract? The building and units look well-made otherwise.

Prefer not to post details in a public forum. If you are wiling to post congtact information, I will get in touch with you and provide more information.

Another_Buyer - thanks for your thoughts. pls email: mts0609@gmail.com. Thank you.

I noticed the window issue when I went for a viewing as well, it was impossible to open. They said it was because of summer moisture, which is pretty much BS. I really doubt they can do much about the windows, since it's a landmarked building, and changing anything's appearance is not allowed.

CC also is pretty high for a building with almost no amenities. All in all, not much value going on here.

any updates on this building? have any of the penthouses sold?

Any new information on this building? I see that it has now had scaffolding on it for over 4 years. What is going on?

Another_Buyer wasn't kidding about "all sorts of issues". The circle jerk of litigation is up to $7.5mm in alleged defects ("widespread problems with water infiltration, heating, plumbing, electrical, façade, terraces and the roof") per TRDNY http://therealdeal.com/blog/2014/08/26/savanna-wants-claims-dismissed-in-suit-over-141-fifth-avenue/#sthash.LkhNGGDv.dpuf

I just read the amended complaint. Wow, what a nightmare! Those owners are the most unlucky people around.