One Rector Park

agreed. just badness all around. anyone get their money back?

My quasi-reliable sources are calling bankruptcy on this one. Don't know if that is based on an actual filing or on pure logic. Sad. Wonder how long it'll be before it goes rental. Prada? Any insIght?

Will check around and get back with any info I pick up in the next few days.

Went into lobby today and asked for any new information...the man at the desk told me he had none to give me and said he and another person are the only ones working in the buidling.
Will try to get some info from brokers in the area and post anything I hear.

I asked a BPC doorman if he knew anything, report is the two people that you speak of working in the bldg are for security purposes; apparently some apartments may not come fully equipped with all of the appliances such as a fridge. It seems that you may here something in early 2010 on this one, but they tried this shutdown restart approach last year to no avail; I am just speculating at this point.

RIP 1rectorpark. Looks like bank is taking over and deposits being returned. Too bad.

I am truly disappointed that this building isnt available for sale after all. I've visited the building a few times and at the stage of making very serious offers. I hope they dont turn the building into rentals

desflurane, according to your posts you had put down a down payment a while back, so is your post factual or just speculation? What is the date that was written into the contract?

developer turned property over to bank.

http://www.nypost.com/p/news/business/realestate/commercial/tishman_sees_lease_upsurge_lcWdBJBc7R89Yu1lR3kDxJ

whats the next step now that the banks own it? puke it onto the market?

Does anyone have an update on this building? I walked past it on Sunday, and the Security Guard was snoring.

This building is great and I'm happy to see they've come to their senses on pricing - but why are the maintenance and real estate charges so much higher than what was previously listed? Were the prior charges and taxes being subsidized by the developer?

LoveBPC, you're right, seems up close to $200 bucks on 800sq ft unit. I would say the present cost estimate reflects the past two years of wage and other expense increases, doorman in my building got roughly 5 and 8% the last two years. I would tread carefully although I am liking the price per foot. I would want to see some audited financials on this place since it has been idle for two years, but giving pending June 2011 land lease increases for many bldgs, the maintenance might not be all that bad if you look forward.

Buyer beware!!!!!!!!!!!!!

Prada, can you explain your warning?

http://ny.curbed.com/archives/2010/08/09/battery_park_citys_one_rector_park_back_from_the_dead_cheaper.php

new prices, thoughts?

Just put in an offer!

Cocofrites: Since you put in an offer, maybe you can save us some time and help us out with what you have learned. How are the financials? Heard they were not pumping any money into the buildings reserve fund. I assume everyone who buys pays one year maintenance up front to provide financing for the building, which is common practice. Still transfer taxes I presume? Can you move in once they reach 15% sold? What is the 2011 land lease bump looking like, another $300 per month on 800sq ft.? Does the bldg have adequate flood onsurance coverage or do you have to buy a separate policy, bumping up monthlies another $200-$300 per month? Any special rate on parking if you live there?

Thanks!

Prices on these units looked great to me, called the sales office yesterday to make an appointment and was told they were booked until 9/9. Does this make sense, I've never not been able to get into a building to see units. Is this place really the bargain I think it is. Would appreciate any insights.

Looks like the studios and 1BR's were priced to sell, but not so for other units.

$2.30-$2.35/sqft for cc's + PILOT is comparable to the highest priced buildings in the area (specifically, the Visionaire), with fewer amenities (Rector has a standard gym, basement kids room and lounge, whereas Visionaire has a legit pool - not like the useless one in Riverhouse - lounge with big screen TV and pool table, impressive gym with a Yoga floor and a spectacular roof deck that can be used by multiple parties.) Even if a few (or all) of the amenities may not appeal to you, they appeal to many people, hence a better re-sale value.

Sure, Rector's asks are lower ($950+/sqft for larger units), but they're not even negotiable. Visionaire's asks are still rediculous ($1150/sqft) but the selling agents clearly suggest plenty of negotiating room - especially now that Rector Park and the new Liberty buildings have expanded local supply.

Bottom line, there are no good deals in BPC for family-sized units... the apartments are priced at or above the average for the financial district ($870/sqft in June), despite monthlies that are leagues above anything I've seen in the area.

Just ask any of your friends that are buying or have recently bought real estate - they'll tell you you're crazy for thinking of such prices as "deals".

Thanks for your feedback, very helpful!

unless they remove the BPCA, the AUTHORITY that governs battery park, you will be paying more despite the low cost of the apt. wasnt it late last year when the state was a little low of money they took some reserves from the BPCA. do you really want to fund the state with your PILOT payments? i wouldn't. besides, why would anyone buy in an area whose governing authority members do not even live in BPC and not to mention they are not even elected by the owners living in BPC. sounds as fishy as the other such authority in the city, MTA, whose governing members don't even take the subway, yet they make decisions for all of us.

i was looking into this building a while back and i really liked it, but after i spoke to a few BPC residents, needless to say, i changed my mind.

Greeting;
My biggest consern is that this building may become like 225 Rector. Any fed back on this?
I have seen some units and the seller told me they would allow people to move in with 15% of the units sold....I thought it was strange, when I was told by someone else in that building after 50% sold.

Any ideas as to why no one has closed or moved in yet? I heard the building was 22% sold.

From my understanding the building has to be 50% sold before people can start closing.... Hope I'm proven wrong.

My suggestion to everyone is to avoid ground lease at all cost. It will hurt the resale value later down the road (unless you buy in extremely cheap, and we have another housing boom like 2004-2006, which is unlikely to happen anytime soon). BPC ground lease is destined to be a messy one (referring to fashionnista's posting), and I believe most people don't want to live through any legal battles in the near future. Don't be fooled by the low prices developer is offering. The best thing to do is to avoid BPC condos all together.

Building is 26% sold. I am going to view tomorrow.

Fannie Mae will not finance any units in new developments unless it is 51% sold. What this means is that this can go on for sometime. There is a deadline from the AG office as to how long his plan is effective. Therefore at some point if the developer doesn't have 51% signed contracts, he will have to lower his prices, or apply to get an extension from the AG office which won't be a long extension. That's what I tell my clients to wait for.

As a resident in the area and a real estate broker (mortgage broker also), there are better deals in other buildings in BPC. It's true their renovations are excellent, except for the studios with no bathtubs. But those apartments looking North have bad views. Buy an unrevovated apartment with a better view; there are great contractors in the area. I had my kitchen and bathroom done; it looks great.

Made an offer and was accepted!!!
I was told closings will start within 60 days and was told to set a closing date with my lawyer asap.
Can't wait to move in !!!
Close to about 30% sold so far.
I was told that 2 other contracts went out the day I came into their office whcih was last week.
By the way, they also reduced the common charge 2 days ago on all the units.
This will make the other untis sell even faster.

FYI, no longer need 50% to close:

http://www.1rectorpark.com/uploads/Real%20Estate%20Weekly%2010%2020%2010.pdf
http://www.1rectorpark.com/#/QandA/

Also the bank is now in charge. The bank took over and is now the sponsor.