Tribeca Summit

yup. selling more quickly than I would have expected too.

what exactly do you mean, more quickly? doesn't look like it sold that much. anyone have a report?

Looks like one closed about 7 hours ago:

http://www.streeteasy.com/nyc/sale/24738-condo-415-greenwich-street-tribeca-new-york

It was on for 20 days and the sale before it was on for 4. Considering that things are softening up down in Tribeca that seems pretty good.

Model townhouses and lofts open this month. Tribeca's last big time conversion. Two interior atriums with interior terrraces. 40+ units left. Move in before Xmas. No brainer! This baby is sold out before Thanksgiivng.

Has anyone bought in this development or know what its completion state is? We have heard that there have been some significant construction delays (buyers were being told it would be done in mid 2007). How is the quality of the construction? Some floorplans look very interesting.

The floorplans are great and the construction appears, from what I can tell from walkthroughs of our unit, to be fine, but to call the delays merely "significant" is to understate things vastly. When I bought in early 2006 we were told we would be in by Xmas -- of 2006. (See the obvious realtor post above about "no brainer"? it's from 16 months ago and says "in by xmas.) Ever since then we have been told "a few months" up to and including December 2007 when we were given a firm close date in December 2007 which was then rescinded. Now they aren't bothering to give estimates at all. The developers totally screwed this up and my understanding is that the surety has now taken over construction. Things now appear to be on track, but we are assuming June 2008 at the earliest. That will be more than 2 years after we bought. It's going to be lovely, but we're pretty pissed off.

415 - that sounds nightmarish. How can 1 year+ delays occur on a project like that? Who is the contracting/construction company and have they ever done a job like this before? We have looked there and the models and units close to completion look very nice but knowing the info above I would be concerned that corners would be cut in order to complete ASAP. And these measures might not be evident to the eye. Do you feel comfortable that you are going to get what you paid for?

The developers were new to residential development (though experienced in commercial) and got in over their heads. The original contractors were apparently awful, but have now apparently been replaced and work does seem to be going faster and more smoothly, but who knows. Of course when we do our walk-through we'll bring along an architect and and engineer and be very careful about our inspection, but who knows? If we end up with less than we paid for then we'll get in line with everyone else suing their sponsors, but as it happens these guys have a reputation for being relatively honest (as developers go) and I suspect they have not cut corners -- which is exactly why it is taking so damn long.

Interesting information - out of curiousity what are the commercial buildings that the developer has sponsored or been involved with or could you point me to where to read more? You seem to have done the diligence and could save us time as we look more closely at the building.

Fellow 415 Greenwich buyers: Has anyone heard the outcome of the alleged DOB site visit last week? Any buyers on floors 3 - 8 who have received a revised closing letter/date? It is beyond impossible to believe anything coming out of the sales office and clearly the sponsor has lost all credibility, so I'm just curious if anyone has any real information. Further, has anyone seen any official (approved)documentation associated with the facade tax credit? Again, in November the sales office indicated it was granted and owners could begin to take credit in 2008, however despite numerous requests I have yet to be provided with any definitive dates or numbers.

Hadn't heard anything about a DOB visit - what would the purpose have been? Based on what we saw last week during a walkthrough they still have at a couple months or more to go on the interior areas. We plan on going back in a couple weeks to check on the progress. Have not seen anything on the tax credit - from what was in the offering plan, when the credit was approved it would appear in an amendment to the plan, but i dont believe there has been anything to that effect (up until december 07 at least). So I think its more of the same wait and see. It looks like the 4th floor units are getting pretty close to completion so hopefully things should start moving forward in the spring. We are basically ignoring/not even asking when they project occupancy because there is no credibility. At least mortgage rates are likely to improve over the next few months.

Thanks superquant! I love the building and remain hopeful that things will work out, but sure would have never gotten into this situation had I understood the types of individuals I'd be dealing with in the sponsor and his agents. It has been one tremendously misleading statement after another from multiple sources on the Summit "team" - and each one more egregious than the previous. Given the experiences many/most buyers have had thus far, I'm just really guarded about what may be around the corner as we try to make changes to "our" units after closing, yet have to still deal with this guy for approvals (for a year or so, right) until the building has a real condo board.

415buyer2 - although I agree the sponsor and his agent are totally unreliable when it comes to their completion schedule, I still am confident that the building and apartments will be spectacular when finally completed. In the numerous walkthroughs we did I didn't see any evidence of subpar construction or corner cutting. Without a doubt the contractor is among the slowest ever, but between the atriums and the buildouts there was obviously much more work than they anticipated (hence the mezzanine loan taken out in may 07). Nonetheless, they did secure the financing (rather than default) and it seems like things are being completed per the offering plan. At the end of the day, its a beautiful building in a prime location and I think those are the key factors in the long run.

We also want to make some small changes to the unit right after closing, hope there wont be any issues with approvals. If there are, we'll just wait, no big deal. By the way, what line did you get? We are in the F line.

Super and 415b2: It's worth noting that there is now a new contractor on site, and things are allegedly going faster. But I walk by every now and then and peek in, and I don't see a huge amount of progress on the public areas. Like you I'm ignoring what PT tells me as its been nothing but BS so far, but I also think (and hope) the building will be spectacular when done. For what we paid (even very early) I'd just as soon have them take their time and get it right. We sold our old place (based on assurances we would be in) and have had to move into a temp place. My gut tells me mid-summer sometime, but who knows. Looking at their SEC filings, things are going to get mighty uncomfortable for the sponsor in (I think) May 2008 when that 25% second mezzanine financing appears to come due. We'll see. (I'm an F-line as well, Super! Four bedrooms is rare enough in Tribeca that I'm not about to exercise my deposit return right--where else am I going to buy?)

I received a cloing notice for March and was told a recently as 2 weeks ago that the sponsor expects to begin closing on some units in February. Of course, given the constant delays over the last 2 years I wont believe it until I see it, but am wondering if this is any indication that there is a light at the end of the tunnel. Of course, I heard that others received closing notices back in November/December, which obviously were bogus.
1) Why would they send out closing notices when they know that they are still months away from delivery?
2) When do others think they/we will actually get in?

I agree that its a great location, great building, etc... but am not sure how much longer I can wait around!

415buyer3: When did you get the March closing notice and what floor are you on?

415buyer...when you say "Four bedrooms is rare enough in Tribeca that I'm not about to exercise my deposit return right" do you believe you currently have a "deposit return right"? Given all of the delays, busted deadlines, and offering plan amedments, I'm not sure where things currently stand with regards to my ability to get my deposit back and walk-away.

got it about 2 weeks ago and on the 2nd floor.

we were just at the building on sunday (feb 3) and took a tour. It looks like meaningful progress has been made in the last month. The lobby is almost complete save for the reception desk. The common areas (gym, playroom) are still totally raw. I dont know if these are a prerequisite for closings to start.

Our unit on the 6th floor was basically ready for floors to be installed. Everything else was in. One of the interior atriums appears to be largely complete save for the landscaping, but the other atrium has a lift still anchored in it and is still covered at the roof level (wood planks).

We are estimating that it would be another 2 months for ours given what we saw. This is inline with our conservative expectation or april/may 08 delivery that we had when we signed the contract in late 07. I think some of the lower floors are farther along, so really it depends on what loose ends need to be done before they can get their TCO.

I visited the building recently as well and, though there has been some progress, it doesn't look much different than it looked 2 months ago...though I only viewed the portion of the building between the lobby and my apartment, so I guess they could have made a lot of progress on other areas that I did not see (doubt it).
Unfortunately, I have been assured by my lawyer that the common areas do NOT have to be completed for them to get their TCO. Elevator needs to be working and you need to have a clear path to get in/out of your apartment/building and all of the services in the apartment must be functioning, but the gym, children's play room, roof deck, front decsk, etc... can all still be under construction. My concern (one of many, actually) is that the sponsor is going to try to jam us into a building that is still basically a construction zone and then not promptly or properly finish the rest of the building because they ran out of $$.

Interesting, however isn't this always a risk with new construction? We rented at 200 chambers while we were waiting and when we moved there the outdoor areas were still completely unfinished. They only completed them in the last couple months.

You have to assume that the sponsor values their reputation and don't want to get sued to hell. In the scheme of things, you have to think that the money to finish the gym, roofdeck, etc is insignificant compared to what has already been spent on the building .. so the risk is relatively low. I guess in this type of situation it pays to be close later as it allows more work to be completed in the common areas.

415b3 - here is something to chill you out until closing: the development is #27 on this list of top 100 condos (for what its worth)

http://www.nycondoblog.com/?page_id=638

The developer recently sent out communication to buyers that they expect to begin closing in late February (2008). Anyone out there expecting to close this month?

We have not received anything. Late february seems very optimistic unless people are going to move into a construction zone. I guess we'll know in 2 weeks.

i just saw two units in the project on sunday - space still looks very raw. for all you buyers - i would not expect anything before summer.

Hearing that buildings are having long delays in getting TCOs due to a backlog and a change in standards at the Dept of Buildings. Anyone else hering the same or similar?

so I guess the end of february closings at summit aren't happening? Were you supposed to be one of them?

I was not supposed to be one of them, but was supposed to be a few weeks behind, which I'm not sure is going to happen either.

Because of TCO delays or building/construction? Have you been onsite to see the progress this month? Anything new?

I think because of the construction on our floor vs. the other floors. Have not been on site for a while, so not sure how its progressing. Since no closings actually happened in February, what are people hearing about the next targeted closing dates.

We've stopped asking PT for closing dates since I don't think anyone really knows. What would be interesting is to see the construction plan to determine what is supposed to happen when, and in what order.

We were onsite today to do some measurements in our unit and the DOB is also there for a major round of inspections. Not sure if this is TCO related but people were clearly stressing about it.

415b/415b2/415b3 - any updates on your closing schedules?

Superquant - Unfortunately we haven't received an update on ANYTHING. I'm not buying on 3-8, so don't have any real information on closings. Do you have any further information on the DOB visit referenced in your recent posting? I've walked by the building a few times in the last two weeks and haven't seen any activity. I hesitate to inquire yet again with PT, but I'm not sure where else to get insight as to what in going on with the development since requests to Sponsor are consistently ignored.

The good news is you will all probably have the option of having your deposits refunded which is a good thing in this environment. Prices down here seem to be falling now after years of going up and the economic environment certainly worsening (Bear Stearns imminent bankruptcy, etc). You can get your money back or your perhaps reprice your previous closing price to reflect current market. The developer is likely to accept lower prices if the market is lower b/c he/she will know they have no alternative but to resell the units into the current weak market.

415b2: what I heard is that the building 'passed' whatever inspections were taking place that day. This seems consistent with the DOB site where there aren't any new violations listed.

tribecaresident: what makes you think buyers would have deposit refund option or have ability to change prices that are in an executed contract?

We received a closing notice almost two months ago for March. The notice was then revoked with no new proposed closing date. I'm sure the sam thing has happened to dozens of others in the building. Have not heard a thing since.

Tribecaresident: I also ask why you think why buyers will be able to get our deposits back. Do you know something I don't?

1

To be clear I don't know anything specific to this building or the contracts that were signed here, i was only noting that often in the contracts if the developer doesn't deliver by a certain date you have the option of getting your deposit back (again not sure if summit buyers haev this option). if you did have this type of option and you concluded that the real estate market was falling (which seems to be case based on what i'm seeing) then it would potentially give you the option of achieving a price reduction if the apartment is worth less than what you contracted for. As long as you are realistic in your expectations (i.e. your new price is inline with current market), a developer will know the market and realize that if he doesn't agree to a lower price then he has to go sell the apartment into a weak market and he'll probably get that same lower price anyway while taking on more risk and effort. Again I'm not speaking specifically to the Summit but instead am speaking in general for new contruction situations that are delayed past the developer's original guidance. Good luck. It looks like it will probably be a very nice building but we'll see where the market bottoms as the financials services recession shakes out.

415buyer3. For what it's worth. I asked for such a rider to be included into my contract with the Summit. The outside closing date for my contract was this past Summer, and I exercised it and got out of the deal. If you did not request such a rider, it may not have been in your contract. I hope the building turns out great and that you are happy there. My wife and I bought in the G line way back in April of 06. We loved the layout and the building, but it just seemed like they could not get their act together, so we backed out.
By the way, I disagree with Tribecaresident. If you bought a three or four bedroom unit, prices are not down, they are up. If you bought a two bedroom, they are probably in line with the market. Anyway, I hope it turns out as great as it looked in the marketing material.

Hearing that people are doing walk-throughs on some of the floors this week in anticipation of closing in the next week or two. Anyone able to confirm?

415buyer3 - Alas no closing notice as of yet, but having read the latest Amendment to the Offering Plan (#15), I'm curious if you have heard of any buyers who are accepting the opt-out clause. Further, have you heard anything further about the tax credit associated with the building's facade?

I'm new to this site..wish I had seen it sooner. I had my walk-thru this past Friday-- I'm in the F-line. I have NOT received a closing notice but the sponsor's representative said that they were trying to get ahead of the game and address punch-list items ahead of time. I obviously have a lot of concerns about quality of work given the well publicized delays in construction. Needless to say my list was very lengthy...the biggest issues in my opinion were in the bathrooms. The tile work seemed very poor, and very little care was given to the rest of the areas like counter-tops, etc. There were also many issues with the alignment of the baseboard to the wood flooring. Also, watch for nail holes in the edge boards near the walls-- they had to nail the bamboo directly into the sub-floor but failed to apply putty. Even in my kitchen one of the high-hat lights was completely misaligned to the others...I don't have any easy feeling, but all of my issues are on paper and hope they address them...where did you all find info about the mezz financing at 25%....or the new contractor for that matter.

TribSum1 - we also noticed the baseboard/floor situation when viewing our unit (F line) recently. We were told these will be cleaned up before closing. The tile work in our bathrooms was good.

Given the delays we were also concerned about the construction but my opinion after numerous walk throughs, questions to the construction manager, and looking at a lot of units, is that corners have not been cut in the important areas (windows, party walls/sound insulation, appliances/kitchen, electrical, plumbing). Certainly there will be things that are not perfect, but I think this is to be expected. We currently rent at 200 Chambers, which I think is a top shelf development, and many owners still have a whole bunch of 'punch list' stuff that they are trying to resolve with the sponsor.

The question is whether the things you find at walk through are things you could fix yourself if necessary and at what cost. Just a few days ago looked at some units on floors 3-5 that were ready for closing and they looked good so we are feeling pretty good and getting excited to close (whenever that may be).

It would be nice to see the south atrium open and that crane removed .. hopefully that will happen soon.

Was told very recently the TCO should be issued in the next week or two and that the inspections have been done already.

Still a lot of apts available. Is it a good buy?

How many are available? I visited the development 2 weeks ago and there were 8 remaining. The building seemed almost complete at the time. Saw a 2BR and a 3BR. The finishes and interiors looked good and the location is prime. The asking prices are not cheap though.

"Sold out by Thanksgiving!" indeed. Of 2011.

Sounds like worth waiting to see if they iron out the kinks....

Does anyone have an opinion on why they are now offering the rescission option?

With regards to the rescission option, I'm not a lawyer so don't quote me on this, but I have been told that it is the result of a regulation within the Attorney General's office that a developer/sponsor needs to have had the first closing within 12 months of the original budget in the offering plan. If not, they have to give the buyers a right of rescission. Since that never happened, someone in the AG's office got wind of what was going on (maybe they got calls from a few disgruntled purchasers?) and told the sponsor that they need to provide this rescission option.

This is also what my lawyer told me.

From the NYC DOB site it looks like there have been several plumbing inspections in the past 4 weeks for water and sanitary which the building passed. So it seems like first closings might be getting pretty close.

I was just told by my lawyer that the only reason under the law that a developer is required to offer a recission option is because the value of a buyer's common charge increases 25% over the amount that was estimated at the time of signing. If this does not happen, according to my lawyer, then the buyer can be stuck in the contract in perpetuity. I bought in after July of '07 as such was not given the right to rescind presumably (according to my lawyer) because my common charge did not increase as much. As any one heard of this rule?

Tribapt: Your lawyer is mistaken. I wouldn't presume to give legal advice here, but there is a little-known attorney general's regulation to which 415buyer3 and superquant's lawyers are referring that your lawyer may have missed. Many lawyers, including very experienced and talented real estated lawyers, are unaware of the regulation until it is specifically pointed out to them. Have your lawyer look into the regulations or perhaps discuss the issue with another lawyer.

Tribapt - what you describe is part of the original offering plan. It states that if the charges increase by 25% you can rescind. However this is not what happened in this case (at least as far as I can tell by looking at the original budget and costs and the ones published in July 2007).

I believe what happened here is that the original offering plan shows the first year of operation to be july 2007-july 2008, but of course that slipped.

what line are you in?

415Buyer: Thank you, I will look into that. If it is solely dependent on whether the developer is 1 year late on the first closing, do you know why the recission option was limited in the amendment to buyers who purchased prior to the July 11, 2007?

I'm afraid I don't know -- I really don't know much about this and certainly not at that level of detail. Superquant says there was a new budget and costs published in July 2007. If that included a new expected first date of operation, then a buyer who bought AFTER that July amendment might have to use that new expected first date of operation for the one-year calculation. But that's just speculation -- I really don't know and you definitely shouldn't rely on me. At this point my guesses are no better than any other random Internet babbler!

I believe the reason is that a new budget / costs matrix was provided as part of the July 11 amendment with a new expected operation date (1 year later). But I am not sure.

I got word that the building has just gotten their TCO for floors 3-5. So first closings should be imminent.

Has anyone heard anything about the scheduling of closings for floors 3-5 this week? Any walk throughs scheduled for other floors?

I believe closings are happening uniquely on the third floor this week and next, but I'm not 100% positive. This is simply what I was told by the sale team. Are any buyers dealing with more than a 5% discrepancy on actual square footage versus what was indicated on the marketing floor plans when you purchased months or even years ago? If so, how are you addressing the problem with the sponsor's team?

we received our closing notice for late may. we are on the 6th floor.

In regards to sq ft discrepancy, we have what looks like a 15% in one of the rooms. I am not sure how much less in the overall, but certainly less than shown on the marketing plans. I spoke to my laywer though, who says there is no recourse. Does anyone's laywer offer a different opinion?

415b4 - that seems strange, I recall that the offering plan had provisions if the sq ft varies by more than 5% from what is in the plan.

when you say you have 15% variation in one room, what is your reference?

I got the plans from the architect in Autocad and measured the square footage. Then I measured the room and put in the computer on Autocad as well, and the disparity between both drawings is 15% less...

Interesting - we also had our architect go onsite and measure the rooms directly but didn't find as much discrepancy. In any case, if there is an overall discrepancy in total sq ft compared to what is in the offering plan then I do believe you have recourse and can back out. It would seem crazy that if you had a large discrepancy you wouldn't be able to do anything about it. Just like anything else in the condo, there can't be material differences from what is described in the offering plan.

Great location!

Good news - first two closings happened yesterday. We're on our way.

Post closing, PLEASE continue to report on conditions at the development! Thank you!!!

Post closing : building itself still a long way from being remotely finished, will be difficult to move in given continued construction and related dust/ construction noise. Mainly small issues in the apartment but mainly annoyances which i will upgrade rather than have them fix.. (they tend to fix one problem and cause 2 others) .. Lots of problems actually getting into the building , they seems annoyed when I show up unannounced. Super seems to be a nice guy, but needs help. After the long wait I am still upbeat and am looking forward to completed product.

summit1 - thanks for the report. Have they removed the crane structure that was in the south atrium and opened up the roof? What are the main things they are still working on?

what is your timeframe to move in and when do you think realistically the people will be living in the building? are you doing any work to your unit before move in and have you had any issues with getting the requisite approvals?

summmit1 - one more question: when did you close and do you know how many closings have taken place to date or at what pace they are doing them?

My closing was postponed indefinitely because they hadn't received a TCO for the 6th floor yet. I had my walk thru and everything in the apartment looks good except for minor issues.

tirbapt - i also am on the 6th floor and had closing postponed. I am hoping they get the TCO soon because I locked a good rate but it expires end of june. I saw on the DOB site that they had a plumbing inspection about a week ago for gas, water, and sewage on the 6th,7th floors and passed - i think this could lead to a TCO for these floors soon ..

Superquant: I was one of the first to close apparently, but was told that floors 3-6 would have rolling closins throughout may and june.. I personally know 2 others that have closed so far, and they were averaging 2-3 a week.. Caveat, in mid april i was told to expect closing at end of may beginning of june and received a closing letter 2 days after that conversation, and was given one week to close with very little flexibility (didn't ask questions as to why, i just was happy it wasn't postponed again.)

As for crane, it has been removed as far as I can tell.. they seem to have focused on finishing the apartments themselves and have not finished any of the common areas on any of the floors i have seen (3-6) but was told today that should take another 2-3 weeks to finish. Outside of the apartments which seem to be finished, hallways still under construction. The North atrium is complete (sans shrubbery), the south lobby is close but also still under construction. The lobby is almost done, floor is in, but walls not completed yet , still bare. Gym and children's playroom again close but not ready. The biggest pain in the ass is that the doors to the building close at 5 pm, so you can't get in and if you come in and stay after 5pm they have not been shy in voicing their displeasure... and no, you don't get keys to the front door.. oh and not sure where any mail is going yet.. the mailboxes are not ready yet either though they are in place..

My timeframe for moving in is 4-6 weeks although will postpone if common areas are still under construction. I am doing basic electrical/audio work and painting and have not had any issues yet with them. Penmark has a good reputation apparently and has been easy to deal with so far.

I did see an email from them today indicating that TCO's had been issued and that closings would start on certain floors.

if penmark is the mgmt company, then they are the best in the business and are excellent to work with. they will accommodate most requests and will work with you, they handle the most prestigious buildings in Manhattan.

summit1 - thanks for the great summary. That all sounds exciting. We will try to stop by to see the progress this weekend. Have you seen the garage at all? We bought one of the spaces in the building - hope that turns out to be a good move ..

It seems like a new TCO was issued today on the NYC DOB site but it looks identical to the one issued on 4/21 for floors 4 and 5.

Didn't not see garage, I think the entrance is on Hubert, if so, i peered in and seemed to be moving along, but really can's say I have an informed opinion.

In ref to TCO.. hope for your sake it includes the other floors as well.. The email mentioned floors 2-6 i think.. but again not sure

Any move-ins or move in dates yet for those that closed?

BTW the latest TCO added floor 3 to the existing TCO that covered floors 4 and 5 (excepting 3F and 5F for unknown reasons)

A question for those buyers who have closed: Did you receive specific information regarding the Landmark Facade Tax Credit in your closing documents? I'm curious if this tax credit is actually going to be available to buyers in 2008 as communicated by the sales staff.

Hello all - I am buyer on the 8th floor - clearly, I will not be joining anytime soon, but did see some lucky sole brave enough to be the first to move in. As for question on the F line, my understanding is until the hoist is removed from the penthouse, which I guess is on the F line, no TCO. This from my architect, and is a likely ramification of the accidents in NYC over the past few months. Would appreciate info on tax credit as well, if anyone knowledgeable. If anyone aware of walkaways or re-negotiations, please let us know - but my assessment of market is that it will be difficult to get comparable value in Tribeca...

Redsk1n - yes, I am also in an F line and unfortunately the TCOs issued to date have excluded this line because of the hoist. So we wait .. do you have any sense of timing on when those penthouses will no longer need the hoist?

Don't know about the tax credit ..

I am a buyer in the building and seem to have had a common experience of 'confirmed' move-in dates that have come and gone. On principle alone I would have liked to have walked away from this project and bought in another building in Tribeca, but as you all know, you can't get the same value anywhere else. We were supposed to move in May of 07' but my heart really goes out to 415Buyer!! I thought our delay was bad, but whoever you are 415Buyer, you have got us beat! I don't mind the delays as much as being lied to directly to my face. If I was given a straight story even once, I think I wouldn't have been so frustrated. It sounds like people are starting to move in though. I would appreciate it if those who have moved in could keep up posted on what life is like over there in the Summit. Once we all move in, we should all meet for drinks and celebrate...though there is no need to start chilling the glasses yet!

Well we felt the same way Zaccai. Enough so that my posting name is, let us say, no longer accurate.

Any word on TCO's for 6, 7 or 8? Also, it would be great to know where to find that information independently from the building.

Congratulations to all Summitt buyers who have closed. I know it was a long time coming, but I certainly hope that when all is said and done everyone will love their homes. Although I am off the project, I can be contacted if there's anything I can do to assist you going forward.

All the Best,

Rick Kelly
rkelly@elliman.com
212-727-6155

Summit!

Are there any other F line owners out here? Was wondering if you have any information about the hoist removal? We have been waiting (very patiently) for two months since the building got the TCO for multiple floors excepting the F line apartments. We are being told 'labor day' but as we all know these forecasts have been proven to be unreliable and they need the hoist to complete the penthouses. It continues to amaze us how slowly the construction is moving on this property, as if there is no rush to bring things to completion ..

See below URL for article referencing the ongoing delays at the Tribeca Summit development and frequent lies being told by developers. This commentary is far too familiar to those of us who continue to wait, closing letter after closing letter...

http://ny.therealdeal.com/articles/now-being-late-is-disastrous-for-developers/

And that's from MAY!

Any move-ins care to comment on their experience so far in the building?

Superquant: Wanted to pass along that the hoist was being dismantled in the south atrium space today. Hopefully this is good news for F line owners!

very timely, thanks. are you in the townhouses? saw that a new TCO was issued yesterday that covers these plus the 8th floor.

Hopefully we're in one of the townhouses. Time will tell...

Does anyone have any intelligence regarding the $12M contractor's lien that CPG placed on the building/sponsor earlier this week? All closings have been suspended until the mess can be resolved. It is sounding as if the sponsor needs a new life line!

415B2: could you email me at rogersanchez75@gmail.com, we are a buyer in the building and would like to discuss with you further ..

Anyone know why there are still 20 apts in contract that have not closed? does it relate to the aforementioned lien? seems like a high number to me given where the building is in its lifecycle

415buyer5 - I'm not sure how many closings have been delayed, but we've have been told by multiple sources that the apartment build-out is basically done with the exception of the penthouses (which are being re-cut yet again) and many of the common areas, including the work-out room, open atriums and garage space. Clearly there have been no closings in the last month given the lien situation. It is more than a bit disconcerting that the sponsors haven't been able to clear-up the lien, but I'm guessing AIG and other entities involved are pretty freaked out given the current financial climate. Further, I've spent some time looking into the sponsor's funding sources and it appears that there is a big loan payment (close to $60M I believe) due on November 1st. Hopefully this payment will be made or re-financed successfully so there isn't yet another obstacle to clear before closings can continue in earnest. Finally, we've spoken with a handful of people who have already moved it. Feedback is pretty positive, although there is clearly frustration about the delays and severe lack of proactive communication! Please post if you learn anything further.

Bump - anyone that wants to discuss the state of this development, whether you are in contract or have closed and moved in, please contact me at rogersanchez75@gmail.com.

Bumping this again - would really appreciate any feedback on how life is post-closing at the summit from someone that has moved in. Either on this forum or my private email rogersanchez75@gmail.com (for confidential stuff).