The Alexander

unbelievable! Probably worth 500k for a 1 br based upon that location alone... oy vey! At least, you can easily get to SUTTON PLACE to ogle at drunk 24 year olds!!

don't know what type of success they have actually had...a sign on the building said 70% sold and they were dismantling the sales office on second ave. just the other day

i emailed the building and asked when they were going to price this thing to market. No response. not a surprise.

I am in contract in this building. Looks very good, but I must admit, apts are small

Theyve managed to sell 70%+ and when most buildings have sold that much or more theyre less inclined to start dropping prices. If they start dropping prices then they have 70% of the building to deal with as well. We'll see if appraisal issues arise when they get closer to closings. sunny.hong@bankofamerica.com

Do you think the prices are to high at the alexander?

Its hard to say because I think that's just a matter of opinion. Personally, I think everything in Manhattan is too high. But thats the cost you pay for wanting to live in the city.

shong, they initially got lucky, because most units went in contract pre-construction before/around the peak of the market through early 2007 into early 2008.

The location is only good to okay, not excellent, and it doesn't warrant the $1,600pf pricing. I never liked that DFR exit prompting drivers to go really fast, and the area is strictly middle class, directly facing Mee and another cheap chinese food joint, and tenements along the Streets toward 2nd and 1st Aves. aren't attractive (but you have to look at them). Also, the amenities are below average. It's a nice bldg., but perhaps $1,200pf might be more in line w/ the current market for those tiny units...

Personally, though, I am more worried about the Alexander II/Alexander Plaza (?) on 46th bet 1st & 2nd, which totally, completely missed the timing... Oy.

can you elaborate on this nyc212 - another Alexander building on 46th? Same developer?

"Personally, though, I am more worried about the Alexander II/Alexander Plaza (?) on 46th bet 1st & 2nd, which totally, completely missed the timing... Oy."

Yes, they acquired a lot on 46th bet 1st and 2nd, and they started working back in 2008 and is currently under way. It is by the same developer, and it is named the Alexander II or the Alexander Plasza. From what I heard, they are going for these ultra-luxury HUGE floor-through-type units w/ open loft layouts, targeting the extremely rich (the units are in the multi-million $ range). I don't think such a market exists anymore, especially in that neighborhood. I won't be surprised if they redid the floor configs to make them smaller and cheaper.

OK so it is official that the Alexander II or Alexander Plaza or whatever they call that thing is done for. It is probably going to moth ball for a while.

Sunny Hong - Can you please clarify how you actually know that the building is 70% sold. Are you just going by the last offering plan amendment? I mean, how do you REALLY know??

Sunny Hong - one more question...these things are definitely not appraising by any legitimate mortgage broker at $1600 avg psf. The 70% closed sign has been up forever (meaning since before Sept 2008 when everything blew up). So how do you account for the fact that either a lot of these "in contract" listings are not going to close when deciding whether to underwrite the mortgage? Or do you just ignore that as a technicality?

lr10021 - Pre-sales are determined by bank questionnaires that are sent out to the sponsor. Technically, it might even be 70% sold but if thats what theyre filling out and the same information is being passed out to the appraisers and other banks then we just have to assume that is the correct information. We go off the number of units "in-contract" and they do not have to be closed. There probably will be some fall out but we will go off the original questionnaire until upadted sales data is requested. The bank can not account for how many of the contracts will close. It is assumed they all will until the questionnaire is updated.

With most new developments, alot of the appraisal values have been coming in close or at value because of other surrounding new development closings. Doesnt necessarily mean that the value is there today but the closed comparables help support it. But youre right its going to be difficult to support value. More so at time passes.

i can't find any sales "closed" in acris for this building for the period through 7/31/09. How does this typically work with new buildings and especially buildings that have been "70% sold" for one year now? Do those units listed as "in contract" on SE close on a certain TBD date? Anyone on this board close hear?

here i meant

stash: I always felt that the "70% sold" sign, which came up shortly after the scaffolding went up, made little sense. Maybe they meant "70% of phase 1 in contract" type thing?

I find it hard to believe that 70% of the entire bldg. could be in contract in that price range, even at the very peak of the market. The bldg., though nice, is nothing to write home about given the good-but-not-excellent location, mediocre amenities, etc.

there is some alexander discussion in this thread (have to scroll partway down to find it):
http://www.streeteasy.com/nyc/talk/discussion/14120-azure-lucida-brompton-and-georgica

Still no closings although the contracts are quite old. At some point (soon) don't the existing buyers get a right to rescind? Possibly that "70% sold" statement won't hold up for long . . .

So no one has any thoughts on this? Any buyers in contract who can share what the offering plan says? Pretty sure there will be some date by which the sponsor has to get at least one unit closed, or else all the buyers in contract will have the opportunity to rescind.

Whoa, all of the active and in-contract listings suddenly disappear, within a week of my post. Can anyone share any news about this building?

There has got to be just a few more richy rich dopes with excess capital and zero common sense.

WHAT!!!!!
There all gone?

oh shit....

from the se listings i dont get what is going on here?...are things in contract...and not closed...or what...or is it pending going rental since nothing sold....i dont know how to interpret this info

Clearly out of contract. I have no inside information, but my guess is that they missed a closing deadline, and all their buyers became entitled to a rescission right.

Looks like they've re-listed a number of units over the weekend. If you go to any of the listings, well, it appears they are negotiable.

is this building up or are these pre construction? they seemed to adjust the prices, but floor plans are camera shy. the taxes seem to not be tax abated

aboutready, how are the toilets at the Alexander?

go to the broker link to see the floor plans.
the building's basically done. they're still finishing the lobby / ground floor area its completely unoccupied right now.
yes, it's new construction.

i haven't seen the shift in prices that I would expect. If 211 East 51st has sales at ~1200 sqft then how can this building list at $1600? makes no sense. Why say "NEGOTIABLE" in caps if you list the units at this price?

It looks like it'll be a very good product if priced more accurately, save for the small-ish size of the units.

There's a story on bloomberg today, it says the NYS atty gen has reached an agreement barring the developer of The Alexander from any future sales.

It says "the developer is required to offer rescission to all purchasers and must pay the state a total of $300k in costs penalites and fees."

What's rescission?

Recission is when one of the parties to a contract (or both) can just walk away from the contract, its done/over/not a breach. Kind of pretending you never entered into a contract in the first place. So here, the buyer can get out of the deal.

first one madison park, now this building. what is going on. what new development is safe to buy or should i look elsewhere?

Yep all of them are overpriced ... I reckon you just have to low ball and see if they bite
Any comments on 211 east 51st?

http://therealdeal.com/newyork/articles/attorney-general-andrew-cuomo-east-side-condo-developer-barred-from-future-condo-sales-at-250-east-49th-street-and-other-buildings

appears to be true. rip

From the Real Deal article: "A new amendment, released Feb. 18, says that Peter Silverman, a founding partner of Silverman Schlar Shin & Byrne, is being appointed sole manager of the sponsor, replacing Gurevich.

The date of the anticipated first closing was changed to March 1, 2010, however it is unclear whether any units have closed. A new rescission offer will be made if the first unit closing is delayed 12 months for buyers who purchase apartments after the Feb. 18 amendment."

So Gurevich is barred by the AG settlement from marketing condos for 3 years but got kicked out of the Alexander so the new management can now put the Alexander on the market, subject to this 1 year reset on the rescission clock for new buyers.

interested. what is the construction like? is the neighborhood desirable?

I've looked at this building...one of the nicest new developments I've seen. In fact, I'm working on a contract now, so I'm keeping my hopes up.

i offered 3.2 for 18cd and it was accepted.

congratulations

He didn't say he signed the contract. Ronbo's been all over the place

Well I don't know where Ronbo has been, but he did make an offer and it was accepted. How you can read it any negative way, I don't know.
Some people are more naturally negative than others.

saw this building recently and, agree with flyboy70, it is a really really nice new development. the actualy units are impressive. so consider my tune changed on this development.

only issue now is that since most of the initial purchasers accepted the recission offer, they're only ~20% sold as of last week(and that's according to the developer) so in reality who knows. no way to get financing from the big banks for a while but something to keep an eye on.

can anyone advise what is the 'safe" price in this building per sqft,i am interested in one of 2 beds apartment which is less than 1000 sqft

How much are these units going for per square foot? ANyone purchase recently?

So 5 of the first 14 closings have been in the B line. 667sf 1br.

06/14/2010 #18B $851,608
06/14/2010 #10B $634,031
05/25/2010 #20B $900,069
05/25/2010 #12B $767,050
05/24/2010 #7B $682,492

If anyone happens to have a weekly poker game with the buyers of 18B or 20B, I'd appreciate an invitation. 10B, not so much. Thanks

becky - closing ppsf has ranged from $950 for #10B to $1,330 for #19D.

Does anyone here know if these prices in the $600s (see #10B and #7B) are really obtainable? I see some other "B-line" units for sale.

Any news on this building? Has anyone closed recently?

What has been the problem with this building?
Is it the pricing?

Is anyone living in this building yet?

Any updates on this building?

Does anyone have any updates on this bldg.? It seems the sales have picked up over the summer.

Has anyone heard about any construction-related problems? After all, the bldg. was completed in the midst of the developer's financial and legal problems, so one would wonder...

Also, does anyone know the percentage sold? Thanks in advance for any input.

Why are their CC so low??? There seem to be fewer than 90 units in this building, and the amenities are pretty impressive--and I find their 75-cents-or-so/SF CC surprising. Any thoughts?

I went to see some units there and I was impressed w/ the quality, layouts, the view, etc. even for lower floor units. Does anybody have any info to share? I am wondering about the low CC's as well. Would this be bait and switch? Will they go rental? Actually, given the slow pace, why haven't they gone rental? Sorry I'm asking so many questions.

Great for foreigners and diplomats. Just so happens that one of my foreign patients is buying there or recently closed.

I can see how the proximity to UN makes this bldg. desirable for diplomats.

Now, deplucha, you mention foreign buyers. I might be reading into this too much, but is there a reason why this bldg. might be good for foreigners but not us "domestics?"

regarding common charges, maybe the sponsor is keeping them low to lighten their costs and make the units seem more attractive for selling. After all, the sponsor falsely reported this as 80% sold for a while, didn't they?

I am sure they will go up eventually to cover for this happy time of pseudo-low cc.

gcondo, that would make sense. A bldg. of that stature (i.e., class) w/ merely 70 or 80 units couldn't possibly sustain itself w/ common charges of less than $800 for 1100SF 2BR units! I mean, I've seen some units there, and the bldg. is REEEEEEALLY nice... It's almost Trump-esque (only less shiny and more tasteful)!

nyc212, I have sold two apartments at the Alexander and consider myself an expert. The reason the building has low CC's is because the building is so small and there aren't that many amenities it allows the low costs of upkeeping of the building to be spread over the number of units. The building is now over 70% sold and there are no plans to go rental. I expect them to sell out soon except for the larger penthouses. Contact me if you want more information - Mukul Lalchandani, The Modern Agent

i'm one of the first owners living in this building (i'm on the "B" line 1-bed/1-bath), having signed the contract back in 2008, went through the whole drama that you all know about (the lawsuit, the attorney general, etc.), was allowed to rescind and so i did and got my deposit back. then after looking around the area for other properties to buy, i eventually came back and closed in june 2010. while some of the work is not as well done as i would have liked, given the location and economics (low common charge, no unnecessary frills/amenities that i don't care for, tax abatement) it was the right apartment for me, so here i am.

to answer the question about the common charges: it's low because there isn't a lot of common elements to pay for. we have a lobby. we have a 24-hour desk concierge, and recently, a part-time doorman. we have a live-in super, maintenance staff, cleaning staff. we have a small and basic gym downstairs. we have a rooftop deck. we have 2 elevators and a small hallway (maximum 4 units per floor in the quarter-cylinder tower). and that is everything: no pool, no rec room, no huge lobbies and hallways, no large staff, etc.

as for how much sold, etc. from what i know, only the penthouse is still on the market and everything else is sold/occupied. it's a condo -- no rentals. a few of the units are investor owned (i.e. not owner living in units, but rented out), but it is mostly owner-occupied. we have a good number of diplomats in the building, but i wouldn't say it's the majority. the only reason i see it as "good for diplomats" is that it's close to the UN, there are a few embassies on our block, and the street parking spot directly outside our building is a reserved diplomat-only spot. other than that, i don't see how it's any different than any other apartment...

overall, i like the size (not a lot of units), the low monthly cost (maintenance tax), and the overall finishes and appliances, etc. are very good, and the location is great. it's far enough away from noise, but not so isolated (lots of bars on 2nd, lots of restaurants and hotels in the area). it's a corner building (not squished between two buildings, for example).

since last year (2012), some of the owners have put their units up for sale. i believe 15A is currently on the market...