111 Fulton

Search under the "District" on this board. You'll find numerous horror stories.

They have only sold about 50% of units, yet are still asking over $1,000 psf. You are way overpaying at that price. 20 Pine, a much nicer building, is selling at $600 psf. District is not bad, but use that as leverage to get a better price, but I don't think District is ready to price at that level. That may change as there is a ton of inventory in FiDi, 20 Pine, William Beaver, etc.

To add to whta Maraman said, those supposedly sold units somehow never make it to the ACRIS...

On another thread on this bldg., you can see the sales team posing as casual participants, saying really nice (albeit unrealistic) things about it. But you can tell they aren't really regular participants here from their login names...

Anyhow, 20 Pine and the District are both quite troubled financially, and you will have a hard time getting financing w/ such bad financials & low percentages sold. Still, I hear good things from the residents of 20 Pine while I hear complaints concerning the bldg. and its management at the District. So, you be the judge. 20 Pine is infinitely nicer, too...

Thanks all I have started to read the tread that nyc212 directed me to. I am thinking of offering something in the 600psf range as I do not think that living in the district over 20 pine is worth 400 psf.

what has sold in 20 Pine at 600ppsf??

thanks!

I know, Sonny! People keep on throwing these numbers in, and I am not hearing anything remotely resembling those figures from anyone "in the know." The last I heard was this completely undesirable narrow studio unit directly facing the Chase bldg./north, with one window (barely)--that went for $750 per foot.

NEETA,

offer whatever u like and see how things go.. to my knowledge they havent offered any concessions off asking prices. maraman is giving misinformation to state that 20 pine is trading at 600 psf. simply look at the streeteasy listings. several units priced between 750 and proabably 1300 psf at 20 pine.

Here is the link to the closing for 20 Pine Apt. 1505 - 1100 sq. ft at $660,000:

http://www.streeteasy.com/nyc/closing/802668

It is a south facing unit, with a view of the NYSE, the best side of the building. This was a very recently signed contract, which is most indicative of the current market.

Bart, you need to stop drinking the District Kool-Aid.

maraman,

what about the other listings at 20 pine that are in contract at prices between 944-1500 psf? to you, those clearly matter not. why dont you try giving a broader voew of where the market is trading at 20 pine . thats all i ask

Bart, the market is set by the most recently signed contracts that go to closing. 1505 went to contract on 2/25/09. Some other closings in 2009 are for contracts signed as far back as 2006. Those are not indicative of current market. Just check all the closings in ACRIS for 2009, check the date of contract signing and you will clearly see that recently signed contracts have 25% or greater discounts.

Bart based on the fact most of your views are extremely onesided in favour of the District both on this thread and on the other thread about the District and have been since your first posts about the District (in middle of last year). I have doubts about your objectivity and my guess is that you are a broker or sponsor of the District. Of course I could be wrong but just a hunch.

1505 and 1805 sold for 600psf at 20 pine were apt in default (people walked away from deposit); so they made a deal with new buyers... that's what i was sold...

I live in the building and I love it. I bought at over $1000 per sf and I am not regretting it because I enjoy living here. It was an unforeseeable situation and wasn't one that affected only this building or only this neighborhood, it affected our entire country and in all sectors of the economy.

If I had the opportunity now, I would put in an offer and see what the sponsor is working with. Even when I closed in November, before the low point of the recession, I was able to get a washer/dryer for free. The new purchasers I met at the party two nights ago said the sponsor agreed to install 2 kitchen cabinets for them as a concession. And I did not want to get into their personal business, and ask how much they paid per sf, but the 4 of the 5 recent sales at the building (none bigger than 1 BRs) were under #1,000 per sf. These were all within the past 3 weeks.

neeta,

if you read carefully you would know that i own at district. im not a brkoer or the sponsor. fact is 20 pine was priced in the 1200-1300 range when the building first started selling. there's clearly differing opinions to where its trading now, but its clearly lower. 20 pine was asking too much at that time. District however was priced right from the start. close to 1k psf. maraman, neeta, whoever, the most recent closed apt. at District just closed at over 1k psf according to SE

fact

05/11/2009 #402 $497,000 -4.4% Sold 1 bath 488 ft�

i dont find this 1 sided info, again its fact

bart22 - did not mean to offend you by saying you are a broker/sponsor and I do not want to get into an "online" argument esp on a Friday - it sux enough that I am at work on such a beautiful day

Your view is that market psf prices in FiDi are over 1000psf and my view is different based on what I see on streeteasy re recent sale at 20 pine of 1505 at 600psf and jqzeng's post above re 1805 and my recent discussions with others who work in the industry. You are entitled to your view based on your data points and should keep it.

Hope you have a good memorial day weekend !

apartments 701, 301 and 324 haven't read the $1000 psf memo. They're listed for less.

studios may be holding up a bit better, but the larger units undercutting on a psf basis will have a generalized effect eventually.

Aboutready - as someone pointed out on one of these blogs, those are units that have only 2 windows for a large apt (he called them cave dwellings). For that reason, the prices per sf are lower.

maraman, thanks for the details.

The 301 and 324 apartments are listed for much less. They are huge, 1900 and 1750 sf, but are only one bedrooms with big home offices, 3 full bathrooms though. $764/sf and $738/sf for these apartments- MUCH less than $1,000/sf number that keeps coming up. And I've seen them, they are nice apartments (in fact they are the model apartments). The floor plans on the district website show that they have 5 windows.

Does anyone have floorplans for the 05 line at 20 pine? They must have an issue with them if they are going for so low, of course that could be in addition to what jgzeng said about them being 2nd sellings so the hit they took was not so hard. but obviously something is up with these apartments.

I downloaded all 2008 and 2009 Rolling Sales data from ACRIS for 8/08 through 7/09. As nyc212 mentioned, I could not locate any units for The District. What are the possible reasons for that? I am trying to confirm the p/sf history and compare to the data found on SE.

Thoughts?

Hi jim123 - I'm not having any problems finding units for the District in ACRIS. If you search for an individual sold unit, are you unable to see it? Streeteasy is just a client that runs on top of ACRIS so anything that you see here should definitely be there.

http://downtownyblog.com

Downtownster - thanks. Looking up individually works. I wonder why that data doesn't show up in the download of rolling sales. So Streeteasy gets its data from ACRIS? Or vice versa?

Hi jim123 - yes, Streeteasy gets its sold data from ACRIS. If you click on the "sold" listing in Streeteasy actually, there should be a link to the original ACRIS document that generated the sold entry on Streeteasy.

Does anyone living in District know the annual property management fee(shown as a line item in the year-end financial statment sent to unit owners) for this building or similar buildings in the Financial District?

Are you happy with the managing agent's services?

Thank you for you help or suggestions on where to obtain.

jim - rolling sales via the xls file on property site is not as complete as ACRIS. As these guys say, SE gets their sales as they are recorded from ACRIS..as urbandigs.com will too for the upcoming analytics platform. We tried the rolling sales a year ago, but noticed it was not complete or timely right away.