The Powerhouse views wont last

There's a glut coming to LIC. looking at all the buildings breaking ground even now or in various phases of construction, insane. Do you think there are that many sideline buyers with the means like down payment and good credit to soak all this up even at 500-550 per sqft? The better buildings might go near this but once all hell breaks loose you will be looking at 300-400 I would say even as low as 200 per..... good jobs are gone and all must reset for the next 5 years!!!!

yes agree plus the project that is coming will be low income be a mix so considering this plus taking the view out the powerhouse is def going down in price.
But i still think that the price will still remain 500sss around the summer if not higher cause the developers are hoping to sell high to people that are not doing any homework on the matter then numbers will be in, jobs, economy etc... and it will be lower.
The more you wait the better will be your price, buyers to be fool and dont feel in a hurry there is hundreds of units in the area and 100+ at the powerhouse so dont worry you will find a place at the powerhouse if you really really want it after the summer at a good price.

Sounds like you are looking to buy into Powerhouse mike 77.

Yes I was looking then i did my research and decided it is better to wait and as said above because of the view going away maybe not anymore. At a good price i will invest in LIC most likely.

mike77, you sound like you are a broker at The View or for another project that competes the PH

mike77 why dont you do your research a little better... the real estate in LIC can be prurchased with no problem in the low 500's per square ft right now.

5sl is in the mid 500's and buying price with be in the low 5's
the view has a couple on low floor in low 600's and probably will sell in th 5's
10-63 dropped a couple as in the high 5's
Foundry dropecd a couple in low 600's
L house is in the 5's as well

The powerhouse also has droped only a couple, but they are high floors. THe low floors can be purchased in the 500's per square foot WHich are not listed. Which then if you compare to purcahse in the powerhouse in the low 5's vs the surrounding buildings not anywhere near the water then it ends up being a fair value for the purchase. You must ask your self if you can buy at the powerhouse at 500 per sq ft or 5sl or L house or 10-63 all at the same price which one would it be?

@james no am not a broker, i was a potential buyer so i did lot of research for that building.
About the View!! work there lol cannot happen cause I think the view is a bad building most apartments are shape like rental apartments. i guess what rockrose is good at rentals! Also the view had a bad team when they started I went there like most people and got a lot of attitude trust me the view and the powerhouse lost lot of buyers because of attitude and price. and again i am not a broker but was a potential buyer. most brokers i meet they still try to make you pay over 600 per sf and i do believe it should be well below that i am on buyer side not developers nor brokers.

@jh3476 i am trying to do my best on the research.
real estate in lIC can be purchase in the low 500s? can you provide an example building and apartment # cause i do the research go online too and do not see one place with such low price per sf. I do believe it should be the price so i agree but i dont see it nor get it when i talk to 5sl for example.

-5sl is not bad and 85% sold i am looking at whats available right now on 5sl.com and sorry dont see any such low price.
-the view mid 600 maybe but a friend of mine check a place there 2 weeks ago the price was 1.4mil for 1400 sf!? thats pretty high with limited view of the city so i think they are crazy.
-10-63 its a bad building quality is really bad i checked there too, kitchen are better if you make them from ikea trust me.
-foundry dont know did not check for months but i did not like the place too small units seems they build very narrow apartments. but feel free to provide me an example maybe i can go check.
-L house did not know it was open but L house has car traffic so probably some noise, hunters point has train train from 9 to 5 every day you cant even talk on the phone if you are outside even at 400 per sf i dont think i would buy. but thats my personal opinion.
-the power house please give me the units for low 500s cause as said before i am looking to buy. went there and nothing at that price so it seems you know something please give us the unit number etc. so we can go check or buy for low 500s that would be really appreciated.

jh3476@aol.com ....email me and i will explain in further detail

all very interesting

I'm renting in the Powerhouse and I gotta tell you this place is a dog. Classic signs of a project running out of juice and going cheapo on everything. Worst is sound insulation ... paper walls, hollow doors. There's a dog in a unit at the opposite end of the hall, maybe 8-10 apartments way. I can hear it bark clear as day wherever I am well within my apartment. One walks down the halls and confronted by voices ... you swear someone just snuck up behind you but it is just other residents speaking in normal voices behind closed doors, but you can hear everything plain as day. So much for privacy. You literly blush when your neigbors are making whoopie, and heaven forbid someone on your floor has a party. The website and promos talk about a fancy intercom system: not there and no sign of it but every apt has a big gaping hole in the wall with wires hanging out where it was planned to be. Nifty pool table finally was put up of the lobby ... too bad late at night it's used by a bunch of nonresidents who look like they belong in a real poolhall. The indoor parking is outdoor parking in a junk lot around the corner available at prices in excess of the indoor lots in the buildings all around there. To add insult to injury, the view is disappearing and fast. The block between the Powerhouse and the river is the first to be developed in the big planned public housing project. The owner of the tennis bubble that is now there shut down and was quoted in the press as saying that the city just told him it is "ready to put a shovel in the ground." That public housing project will probably be better built than this intended-to-be-high-end condo....

I'm not that familiar with the Powerhouse, but the above comments seems non-believable to me. First, no public housing project is being built anywhere in this area. Second, how can non-residents be allowed to enter the building and use the lobby facilities? Third, I never saw any assertion that the building would have indoor parking.

There's a few people on these threads spreading false rumors and hoping to drive away demand.
My guess is it's the same person (Mike77 & Nick) doing it.

Noticed this person (BERN) talks about the same issue as Mike77 with the same reference to the tennis courts. I spoke with Sales and they have about 8-10 units closing in August. Let's see if she's pulling my leg...

Noticed the above comment by Mike77...

"the power house please give me the units for low 500s cause as said before i am looking to buy. went there and nothing at that price so it seems you know something please give us the unit number etc. so we can go check or buy for low 500s that would be really appreciated."

Prices are not being priced in the low 500s. Only 1 unit sold in the low 500s and another 2 sold in the 540 psf. I think this Mike77 fellow is getting despite as prices are firming in the 600s.

not to nit pick LICC, but the Hunter's Point South building project slated to be built where the tennis court is will include 40% affordable housing for middle income. I know you know this as it has been stated here many times. Some would call this public housing since it is not true market value property. More than one poster here has mentioned the sound issue at the Powerhouse. Still others have said it's not a problem. I wonder if the units in the lower part of the building, which were converted from the original structure, have the sound problems since such issues are more common in buildings that are a conversion as opposed to being built from scratch. The top floors are an addition to the building, so maybe more noise-free? Any residents want to comment on this?

Some people apparently think rose colored glasses are in style. The sound insulation is absurd and the doors indeed are completely hollow. I've not met a resident who denies this. Anyone who says otherwise simply doesn't live there. Period. Anyone contemplating buying should sit in the lobby and ask whoever wanders by specifically about this intolerable problem. The concept that the view disappearing is speculative is wrong. The plans were finally voted on and approved by the city council after a major push by the mayor. The waterfront block between 50th and 51st is the first to be developed and construction will progress south from there. The fact that, at this starting point, the city is "ready to put a shovel in the ground" has been reported. (Oh, right, it's not a "housing project," which seems to offend someone's sense of marketing hype, it is simply a gargantuan development of "below market" housing - yeesh!) To say that the view will be only partially blocked is true, I suppose - you can still look up. What precisely will be on this oversized block and its height can be readily seen on the approved plans which have been on every RE blog covering LIC. The "spa" is not completed and the intercoms are big holes in the wall in every unit, including those that were occupied from day one. The developer's bankruptcy isn't going to help with these matters or the parking lot for which construction has not begun.

yes Erciho75 i was looking to find out how come 500 psf when i was told differently, all my friends paid a lot more and they are not happy about the price and on top of that what they actually got.
Yes it is real some people got units for lows 500 so my prediction 500 to 550 was right.

Noise yes a lot of noise from the train that are on all day long, hunter point is super noisy, ph is noisy only from the south side (the supposedly best side of the ph for now). with construction coming it will be at least a year to 4 years of construction noise.

agree with ivar whoever wants to buy should do their homework and then decide, i am not against the ph in anyway. i am against the lies and lies to boost the price and thats not fair.

I just bought condo in the Powerhouse and i love it!!!!Things people are talking about are false!! Such a gossip!! And talking about price, you can negotiate, but nowhere close to 500!!! I have no qlue why are some people so arrogant and negative? LIC is place to be!!!

sas117, it is good that you like your unit. however your claim that what was discussed is gossip and false is just plain wrong.

* There are 46 units currently being rented out in the Powerhouse as of today. If you don't believe me, go ask the front desk, they have a list! That means 25% of the building is now rental! That is a very high percentage.

* Several top floors closed around $600psf recently. This is from ARCIS. What does that mean for the low floor prices? You can use your imagination.

* There are several complaints of noise from current renters and also some owners. This is a fact.

* The front desk people seem to change on a weekly basis. I was able to walk into the building unchallenged to visit a friend just last week. What does that say about security at the Powerhouse?

* Parking garage was promised on the east side of the building. A year after the building finished, where is the parking garage? The builder simply paved the lot to the north while charging indoor parking prices. It doesn't seem too luxurious or fair.

Ultimately, the cheapened construction and the heterogeneous pool of residents in the PH will ensure the building will always be a second rate building.

Also, no other building in LIC stands to loose more - in the way of blocked views and disruption from construction - from the huge high-density public housing project that is starting accross the street. I'd really be curious about your opinion about values holding when any marketing pretense of "spellbinding" and "legendary" views totally evaporates.

Even though it has been explained that the apartments to be built near PH are not public housing projects at all, but will be privately built and managed, he keeps making the same false statement.

> * Several top floors closed around $600psf recently.

Whoah.

Though can't say I'm surprised.

Kindly explain what part of this is false:

- It is publicly owned land.

- It and subsidized housing (ie, at bellow market rates).

- Powerhouse will no longer have the advertised "spellbinding","legendary views."

You choose to engage in euphamisms. As has been stated again and again, The mayor calls it "public housing" and "the largest affordable housing development in New York City since 1974" and a responce to the "10-year waiting list for public housing" in the city. No public housing is literally built by city workers and managed by city workers and offered at zero rent. By that definition, NYC has no public housing at all.

NYC public housing projects are actually OWNED by NYC. They are not for profit. These will be privately owned, privately managed, and the private developers and owners will keep profits. The land under Battery Park City is owned by the state, so I guess you call all those apartments "public housing." If you can't figure out the difference, I can't help you.

Nice!

LICComment-A Liar and Sales Representative in the Powerhouse."I'm not that familiar with the Powerhouse, but the above comments seems non-believable to me. First, no public housing project is being built anywhere in this area. Second, how can non-residents be allowed to enter the building and use the lobby facilities? Third, I never saw any assertion that the building would have indoor parking."

This housing is subsidized. Battery Park City is not. Critical differnce. Not all public housing is owned by the city - huge amounts of Section 8 subsidized housing, for example. The statements of the mayor's office, which you fail to acknowledge, are more accurate than your lies. Take issue with him.

A portion of these apartments will require middle income limits to qualify. The income ranges will be approximately $50k to $150k. The rest of the apartments will be market rate. How is this comparable to Section 8? Also, you don't know if the renters will be subsidized. Rents will be based on a percentage of income. The City may have the private developers agree to this by giving favorable lease terms on the property. You basically don't know what you are talking about.

So now I'm a sales rep for PH? Anyone who has read my comments on the relevant threads knows what a dumb comment that was.

A "portion?" How telling that you do not acknowledge that it is a majority. If a majority of units are at below market rates, how is that not a clasic definition of a subsidy. I repeat: kindly explain what part of this is false:

- It is publicly owned land.

- It and subsidized housing (ie, at bellow market rates).

- The mayor calls it "public housing" and "the largest affordable housing development in New York City since 1974" and a responce to the "10-year waiting list for public housing" in the city

- Powerhouse will no longer have the advertised "spellbinding","legendary views."

You also conveniently left out the low-income portion of the housing project.

I think it is more comparable to Mitchell Lama.

Do you consider rent-stabilized apartments subsidized? They are below market.

This development has no low-income portion. Your comments are filled with mistakes. There is privately owned land separate and adjacent to the city-owned land. The city may re-zone that property to allow for residential buildings, and then grant a larger FAR ratio if the developer agrees to set aside 20% of apartments for low-income. That would be last part of this whole development, which would probably be at least 10 years from now, and is not close at all to PH.

Bloomberg was probably giving soundbites to appease the low-income housing advocate nuts.
I'm not even a big fan of the Powerhouse but I will correct your false statements.
I do agree that the sales team shouldn't have focused so much on the views.
Your insistence on characterizing this as a public housing project is unintelligent. You don't have credibility given your mistakes and exaggerations.

that's probably the most accurate comparison condojake... anyone who spins this as a positive for PH is a flamin idiot.

check that. anyone who buys into PH despite all the information on why this is a horrible investment, deserves to lose their money.

> Do you consider rent-stabilized apartments subsidized? They are below market.

Rent stabilized are subsidized by the landlords and market. I would call them subsidized.

But big S subsidized like projects and section 8 is government subsidized... which is the one correlated with lower incomes.

Rent stabalized appartments are not subsidized with tax dollars. This project is subsidized with tax dollars. Therefore: a "public housing" project, as the major's office accurately calls it.

The low-income portion of the project was required for final approval of the plan by the city and therefore integrally tied to the overall project. The fact that it is on a separate contiguous parcel is irrelvant.

LICComment, you are getting fried, man. You really don't have to be Maynard Keynes to figure this one out. Just give up the propoganda orgy and face facts.

Nivlac, you are making a distinction without a difference. The Queens West site north of this parcel is on state-owned land, and the state gave extremely favorable lease terms to the developer in exchange for setting aside a portion of apartments for low-income. Why don't you call those "public housing projects"? I think this really is too complicated for you to understand.

livery is correct. we sure aren't dealing with Maynard Keynes here. A "portion" does not necessarily connote comparability. Here we are talking about a MAJORITY of low or moderate income housing -- "the largest affordable housing development in New York City since 1974" according to the city. You may have your reasons for totally misleading euphemisms, so let's agree again, as we did here, to call it the municipally bankrolled habitation theme park. It's a better name than Queensbridge II.
http://www.streeteasy.com/nyc/talk/discussion/4777-powerhouse-condo-not-selling-well-financial-difficulties-arise

Wrong again Nivlac. It is not a majority of low or moderate income. It is a majority of moderate income housing, with a small portion on a separate parcel possibly for low income, to be built 10+ years from now, and over 40% market rate. There will also be a high school and lots of waterfront parkland developed. And the incomes are based on HUD data for the whole region, meaning the income levels are higher than if only NYC data was used. To try to compare this to Queensbridge proves you are just a bitter hater and too simple to understand what this is. Just look at the EDC website on this and it is clear that you are just trying to distort this to be negative about the area.

Call them whatever you want, the fact remains they will be paying less and have better views. Powerhouse owners can argue semantics forever but in the end they still lose.

You might want to check out that high school as you seem not to grasp the concept of "majority." If only 40% is market rate, 60% is subsidized low or moderate income housing. That would be a majority here on planet earth. A sidewalk along the riverbank does not change that equation. Repeat after me what all official sources call it:
"the largest affordable housing development in New York City since 1974"
"the largest affordable housing development in New York City since 1974"
"the largest affordable housing development in New York City since 1974"
. . . .
Embrace reality for a change.

Wrong again Nivlac. 60% of the city-owned land will be set aside for moderate income. The other, privately-owned parcel will be rezoned so that 80% of it is market rate.

You may have some problem living near apartments where 60% of the residents will be teachers, police officers, nurses, and firefighters, but I would guess that most people aren't as negative about it as you.

LICC, you seem to have twisted yourself into a comical knot. Are you saying that the largest affordable housing development in over 30 years is not subsidized public housing or are you saying that the people who may occupy the subsidized public housing are desirable? Make up you mind.

One can call the project what it is (without your silly euphamisms, lies and denials) without casting aspersions on the ultimate residents - and as far as I can see nobody did that, contrary to your equally false accusations.

As corlearshook said, what is at issue in this thread is whether the housing project is good for Powerhouse residents. Unlike you, he can grasp both the issue and the obvious conclusion.

ivar, how do you know if there will be city subsidies? I don't know if they are going to set it up that way. The city could give the private developers favorable lease terms so that they agree to the moderate income mandates. The city is not giving people money or maintaining operating expenses at a loss in that situation.
Why would you and others raise the moderate income apartments as a negative issue unless you were criticizing the people who would be living there? Talk about twisting yourself into a knot . . .

breathtaking, gorgeous, splendid....SUBSIDIZED views!!
whattadeal

the criticism was not of the eventual lower income residents of the largest affordable housing development since 1974 that will be a gaping construction site for the next several years and ultimately block all views from PH

the criticism was of your judgement and continual propagandizing defense of investment in PH as reasonable

"You may have some problem living near apartments where 60% of the residents will be teachers, police officers, nurses, and firefighters, but I would guess that most people aren't as negative about it as you."

I have no problem living near these folks.... just a problem paying any more than $300 psf to do so.

As I said before, it's like paying $300 bucks for Mets tickets and getting nosebleed seats while someone paying $30 bucks sits on the third base line.

The Powerhouse is still advertising unobstructed views...really? come on...once the city starts building the views facing west and south will definitely be obstructed, specially the lower floors...even if the city takes ten years to rebuild that area that only means that you might have cranes blocking your views while the construction takes place. One other thing to keep in mind is that a rental building is set to be build in the lot facing east. Eventually, after all the condos and gov't housing are completed, the Powerhouse will be blocked on all sides.

Overall, the Powerhouse is my favorite building given the amenities and the proximity to center boulevard. I just don't think that the current view is worth the additional premium. There are still many condominiums being built (i.e. Murano) which will add to the current flood in the LIC housing market. Hunters Point area should stop building condominiums and shift focus to expanding the parks and commercial areas.

The only condominium with unobstructed views is the View at East Coast. The view from some of these condos are amazing but they made a few mistakes that make buyers uncomfortable with purchasing, such as 1) sharing amenities with the rental building (which will be owned by the other two brothers of Rockrose), 2) poor floor plans and 3) Renting units...a buyer does not want to own a condo in a rental building.

I truly like the Powerhouse but I am not willing to pay a premium for views that will not exist in the near term. I might consider buying an apartment at the Powerhouse without a view at a lower price per sq ft.

Ivar- I like your reference to the Mets nosebleed seats...condo buyers are paying high premium prices while affordable housing gets the best views for a lower price....there's a couple of government housing buildings over by the Queens Bridge and these buildings also have excellent city views. It's such a shame that the city will be building high rise buildings and blocking these great views.

you will not be living with cops and firemen. dont believe the mayor in his speeches about how he wants to build hps for cops and firemen. it may sound good, but their income is above the limits. the only way they could live their is if they are married and their wives do not work. or if they get in within their first few years of employment with the city when their income is about 40,000.i would love to see them live thier,but it is not going to happen.the mayor uses this as a ploy="i want to build hps so that cops and firemen can afford to live here" give me a break.

People love to misrepresent the apartments that will be built west of Powerhouse. This is not government housing, and the income ranges go as high as $150,000.

no misrepresentation
skip the details--the broad concepts cant be argued:

subsidized housing will be built such that most if not all of the views of manhattan from ph will be obscured.
the project may take a while, rendering the immediate area of powerhouse a dusty traffic-riddled construction site.

"People love to misrepresent the apartments that will be built west of Powerhouse. This is not government housing, and the income ranges go as high as $150,000."

The plans can be viewed online. It clearly states that the city will build the infrastructure and the actually development will be auditioned off. The damn library was approved years ago. The damn lot is still sitting there. Anyone that think these developments will be put up in the next 4-5 years is out of their mind.

Let's look at all the new developments currently in the area.

5SL - 90% sold but it's also a building with the biggest risk. The average psf sold is $850, that's 30% below current asking price.
The Foundry - No views, next to the trains and in the same block as PH. Priced in the 600 psf now.
Hunter's Point Condo - Priced in the 600 psf even with all the train noise issue. Don't even get me started about views.
Hunter's View - 600 psf, construction issue.
Murano - No one knows the price, but it's parked right next to hunter's point condos. Train noise will also be an issue.
Prestige - Boutique building but priced north of 800 psf. Good luck selling.
The View - Priced in the mid 700s-800s. Only one with gurantee views. 20% sold.

Don't even get me started with the L-Haus condos.
I have took many clients there and the reaction they get after seeing the exterior of the building and location are all the same.
It's the long...'oohhhhhhhhhh..............who's idea was it?'

would you pls comment on the L-Haus condos?

thank you

carolst, your analysis of how badly the LIC market sucks makes me want to buy at the Powerhouse.

Does anyone know how many of those "in contract" are in dispute and will never close?

Um...Carol...pls expound on the L-Haus

Hi CarolST, What do you think about Vere and Purves Vantage? Those are 600 sq ft.

CarolST is obviously not sophisticated enough to hold an intelligent conversation...

For all other potential LIC residents...I spent some time around the neighborhood this past weekend and really enjoyed walking around and sitting over by Gantry Park. I think given the proximity to the city and the views, LIC has a lot of potential. I will most likely buy into PH since I like that building the most.

yes LIC is a good location and a good investment
PowerHouse is a great buy but at the right price dont over pay as the view, quality, location/surrounding are not prime at all

I'm a little confused and hoping someone can clarify something for me. It appears from the drawings of the new Hunters Point South that no building is going up directly west of the Powerhouse. Basically it shows no buildings going up west of Centre at all. Is this accurate and are the "lost views" only to the south and southwest? To me this doesn't seem that bad. And with the extra parks and stuff it could actually help the neighborhood. Right now there are just broken down warehouses.

Gears777 I am interested in seeing this drawing you reference. Where did you find it?

http://curbed.com/archives/2009/06/26/long_island_city_utopia_maps_out_its_garden_of_eden.php#more

You can see that no buildings are west of center blvd.

All those rectangular lines represent buildings. There definitely will be buildings going up directly west of Powerhouse.

LICComment - Do you know that or are you assuming?

If you look at the 3 dimensional picture at the top of the page in the link it clearly shows no buildings west of center blvd. Even in the sky view what is directly west of the Powerhouse is labeled "The Grove". That appears to be a park area with a dog run, rail garden, play area...

Gears777- Look closely! Seems that Center Blvd will be extended south-ward. And all the tall buildings (rectangular lines) will be btwn the new Center blvd & 2nd st (Powerhouse is east to 2nd st), which means, they will be really CLOSE to Powerhouse!!!

Oups, 2nd st should read "2nd Ave".

Aha, you are right. I see. Thanks for pointing that out.

There's also a chance the rooftop terrace usage will be restricted. My neighbor told me some selfish prick with a balcony on the 8th floor is trying to restrict rooftop usage for everyone because some stuff fell from it onto his balcony.

Rather than the project on the west, I'm more concerned with their future rental building on the North side, b/c I'm interested in a unit with North exposure. Since that lot can park only couple of rows of cars, I'm wondering how close the rental will be... Even the view on the Avalon rental will be lost! :)

http://curbed.com/archives/2009/10/28/return_of_the_megaprojects_hunters_point_signage.php

What percentage of this building is sold does anyone know?

east west south north makes no difference look at the link you sent it is clear that the project will be all over you might keep Brooklyn or queens view but then makes no sense to pay extra per sf for this

@leom the temporary parking right now of the PH has a building project to come up it will be very very close (20ft if its possible) so if you buy north view you will be boxed as your north or even east (city) view will be gone but you will enjoy looking at your neighbors apartment via the widow :) very closely

if you buy knowing that you should not pay the 600 or 650 per sf they asking right now according to the super power broker carolst of the power house. 500-550 should be ok to my point of view based on lic, the economy and more importantly what you get

@nina i think on the other forum it was said 30% and a huge amount is rental maybe that's the problem of the terrace issue with this guy on the 8th floor, many renters don't care as much as the owners so the power house is like a condo that wasn't finish the way it was supposed to be with now a spring break feel (40%)

mike 77 - You are stating a lot of incorrect facts. The building is just over 50% filled right now. Some of that may be rentals but it's rentals through an owner, rentals are not happening direct from the sponsor.

I live there and the building has nothing like a spring break feel. It actually couldn't be more of the opposite. They just sent a letter outlining some rules for the roof to accommodate the person who complained. They would never close the roof deck.

I also love your take on the market. Apartments would never go for 500-550 a sq foot. Many bought in at 650 - 750 and now things are down to 575 - 600 per sq foot.

actually, the developer has rented out several apartments there with a rent to own option. Not sure how many but one of the brokerage houses in the neighborhood on Vernon Blvd. was handling them.

50 rentals - 10 reconverted to sales = 40 left, 20% out of 177 units in total.

"Apartments would never go for 500-550 a sq foot."

get the facts straight, a few units have already sold in this range (albeit they are on lower floors and in the worst locations in the building)

adjusted for outdoor space, some recent units in the upper floors have sold on the high 500s per square foot. most importantly, the trend in pricing has been downward sloping and prices are off ~25-35% from market peak.

The building's management sent out a letter limiting roof top access hours. Now if you want to get some fresh air late at night, you can forgetaboutit!!

"mike 77 - You are stating a lot of incorrect facts. The building is just over 50% filled right now. Some of that may be rentals but it's rentals through an owner, rentals are not happening direct from the sponsor."

Currently close to 130 out of the 177 are occupied.

"east west south north makes no difference look at the link you sent it is clear that the project will be all over you might keep Brooklyn or queens view but then makes no sense to pay extra per sf for this"

Extra in comparison to what building? Beside the powerhouse, what other units have a view???
Prices are in the low 600s!!!!

Again, you are a moron.

http://curbed.com/archives/2009/10/28/return_of_the_megaprojects_hunters_point_signage.php

I live in this area for close to 10 years. They've promised us the LIC library 5-6 years ago. There's a sign that's been hanging there for 4 years. The lot's is still sitting empty. If anything think this project (hunter's point) will take place over the next 5 years in this economic conditions, please take that hammer in back of your closet and whack it over your head a few times.

I asked in the sales office today at powerhouse and they said low income housing was going to be built next door. Im sure that will keep many people from buying here

nina, you obviously are a liar. No low income housing is being built anywhere near the Powerhouse. Why would you think anyone would believe you that the sales office would tell you that?

so let me get this straight, the building has been selling units for just over two years now and still has another 60% to go.

- in those two years, 40% of units have sold an another 30% or so is rental (presumably by developer)
- of the 40% that are sold to individual buyers, some have rented out, so it's possible that renters outnumber owner-occupied in this building
- recently, two sale have occurred at the very high to low 600s psf on north-facing upper floors, which is around a 30% discount to peak asking price
- it's clear that prices will have to fall further for supply and demand to reach some sort of equilibrium in the nyc housing market

No Nick26, you are wrong. Buy now or be priced out forver!!!

"- recently, two sale have occurred at the very high to low 600s psf on north-facing upper floors, which is around a 30% discount to peak asking price
- it's clear that prices will have to fall further for supply and demand to reach some sort of equilibrium in the nyc housing market"

Take a look at closing prices you moron. Beside the folks in Toll Brothers, who actually paid asking price????
You've been saying the same crap since the Spring you moron. A ton of sales have happened since between mid 500s to mid 600s.

Let's face it, you broke ass have no money and can't afford shit. Keep dreaming, maybe someday your mommy might gave you the money for the downpayment. Now get lost you loser.

hey CarolsSt nice to hear from you

yes price from 500 to 600 is what it should be no doubt and the fact is that the crazy price they wanted never occurred beside the poor guys that bought before all happened but hey thats the game of the market. on the other hand today it is clear that the quality is pretty poor and bad for the actual price paid or asked. original building with a strong ikea quality feeling for big bucks make no sense...

the view is def gone no point to lie to people about waiting 5 years+, it is gone doesnt matter if its today or tomorrow the construction will happen.

moron i am? no i dont think so, vulgar you are? yes i think you are and for a broker thats pretty sadddd

rentals are not from units bought they are mainly from the developer (units not sold) and a fake third party co. set up by the developer that took over few units and rented them out. additionally some are being diverted via the main broker in lic as rentals. guys stop lying about rent... or like if so many buyers at the powerhouse just bought for investment... its no big deal its actually good for the 30% that actually bought at the powerhouse, the renters are helping with the cost of the building and therefore will help the stability of the powerhouse for the next few years until the market picks up and the rental apartments are finally being sold

the construction right in front is going to be massive, looks like from the article provided its going to be very nice when done and lic will be a very attractive neighborhood

I think CarolSt got beaten by her pimp again.

so CarolSt power broker of the power developer what you think? whats new? LOL views yes amazing views, no doubt what else? noise? no noise i guess right? quality? hmmm ikea maybe? parking? hmm

ok fine i take all back because you know what? maybe you are right in some ways this building is not done yet (the building is full of owners (not sure they are happy) and renters let say half and half) so lets talk in 2020 when they are done with the powerhouse and sold all units maybe the building will finally get its ... well whatever it is supposed to be like a high tech building right in the water with amazing apartments and amazing views.