9inety North 5ifth--Williamsburg

FYI!

http://curbed.com/archives/2009/06/11/two_burg_buildings_hit_the_market_but_are_the_prices_right.php#reader_comments

The W'Burg Hall Monitor posted to the attached thread.

I attended an open house recently. Nice location across from NV condo but surrounded by warehouses on the west and east sides. Fairly nondescript on the outside but funky whimsical decor in the lobby. The apartments otherwise are nice. Studio and 2 BR layouts are fairly typical. There are no 1 BR's. Penthouses seem nice but out of my price range so I didn't visit them. No special views (NV condo on one side and backyard's of the neighbors on the other). Quality seems very good with Sub-Zero fridge and Wolf stovetop and oven.
Prices are comparable if not lower than others (2 BR's especially). Maintenance is low (gas not included). 15 year tax abatement.
Given the quality, location, and the price I think it's a pretty good deal (compared to comparables).

Amazing building... I've closely followed the real estate market in Williamsburg over the past year, looking for a place to buy. During my visits to various developments I always found myself hesitating and coming back to this one, asking my agent when it would be finished. I just loved the look and feel of the exterior of the building. I'm glad I waited, as it offers all the amenities as other luxury condominiums in the area but at a comparatively better value. The uniqueness in design of the building, units and common elements paired with the quality of construction and materials used, sets it apart. It's only 23 units so you don't feel like you're living in another cookie-cutter complex. Last but not least, the location is perfect -- close enough to the Bedford L station but tucked away just enough from all the hustle and bustle. Plus, it's just up the street from the Radegast Beer Hall and down the street from Hotel Delmano, two of my favorite bars in the neighborhood.

I'm looking to own long term, so I'm not concerned with any further price corrections in the next year or two, especially considering this building's already priced far lower than other buildings just blocks away.

I've lived in Manhattan for 10 years and when I compare what I can get in this building -- the amount of indoor and private outdoor space, the quality inside and out, the private parking -- to what I would have to pay two, three times as much to own in Manhattan, it's a no-brainer. Even for Williamsburg, it's a bargain when considering the comparables. I'm finally making the move!

I feel like such a jackass for saying this, but SHILL MUCH?

Come on, steely, I have nothing against you or the bldg., but you need to be subtler than that. Even if this weren't a shill post, this is THE MOST fake-sounding unsolicited review I have ever read in my entire life!

FYI, here is the link to another thread on this bldg. See what people are saying there:
http://www.streeteasy.com/nyc/talk/discussion/12181-new-williasmburg-condos-9inety-north-5ifth-229-north-8th-street

Ouch, nyc212! I'm new to this forum and rarely, if ever, post comments online in general. I'm disappointed and somewhat insulted that you're implying my comments are disingenuous. And if you're insinuating that I work in real estate or marketing you couldn't be more wrong. Question is, what's wrong with someone being excited to share their thoughts and sentiments about something with the online community?

I've already read through the other discussion and it's primarily centered on 229 North 8th having gone rental. Different building, different vibe and a much different value proposition... Besides, the financials behind the project have just as much to do with how these things hold up.

Anyway, I didn't post my opinion to enter into a debate. There's something to be said for someone being excited about something and wanting to share it with others, especially in light of all the pervasive gloom and doom cynicism that's so rampant in online communities these days. Lighten up nyc212, things aren't as bad as you think.... And yes, there are still honest people in the world. It's not in my interest to waste my time or other people's time with a "shill post".

Steely,

Skepticism and anger works best on this board. Don't take it personally!

I agree with you about the building in regards to cost and comparables in the area. The layouts are nice but closet space is limited in some.

This is our favorite in Williamsburg.

Skepticism and anger works best on this board? What type of board is this?

I recently went to an open house for this building and was blown away. I too have been searching for a while, approximately 7 months, and I originally was searching in Park Slope until one of my friends suggested I try Williamsburg. I have seen over 8 buildings in Williamsburg and this one hands down is my favorite. Not only is the location stellar, it also offers a quaint European-like layout. The building's feel has a "homey" sense to it. The prices are amazing, the appliances are top notch and yes while the closet space is limited, that is one caveat I am willing to accept. Instead of sitting here and criticizing other's people's comments, I applaud you Steely for actually being positive in this day and age and will leave it at that.

Thanks LookPied. You're right, I shouldn't take it so personally. It's just a shame how much negativity there is on these forums!

I do agree with you on the closets. I am considering an after-market solution down the road... My girlfriend's parents live in HK and as you can imagine they have limited space. They hired someone to build in some really creative storage solutions. I figure there's enough room here to play with!

Looks like a slow day in the sales office...

hahaha

corlearshook, your funny. i work in the entertainment business, want a gig?

Sounds like rave reviews. Do you really think "The prices are amazing"? It seems mid 600-800+psf. Can anyone comment on quality of construction and time of completion

I'm headed to the neghborhood today and will take a look -- didn't think I wanted to be that close to the epicenter of the bars etc. My fave so far has been 80 Met - did you look at that? Seemed to be a different quality from many I've seen - one on N 3rd had actual gaps between the floorboards.

See my new post!

http://www.streeteasy.com/nyc/talk/discussion/14160-under-contract-in-williamsburg-90-n-5th-st

They just raised the price on their lowest available 2BR. Surprising...not a good idea in this market.

http://www.streeteasy.com/nyc/talk/discussion/14149-sale-at-90-north-5th-street-2a-26k-price-increase-in-williamsburg

Quality is good (We had it inspected prior to signing the contract). It is completed with fully furnished lobby, gym, and garden(as seen in their pics). Awaiting the CO, but I don't exactly know when that will be. They said 2 months for what it's worth.

i think so, i actually had my heart set on North 8th but when i heard it went to rentals, i was pretty bummed. They only have studios and two bedrooms but the prices for the 2 bedrooms compared to other places in the area are good, especially considering most of them come with outdoor space (real balconies, not juliettes)

LoftyDreams,

80 Met is overwhelmingly felt to be of good quality. I think this is comparable, but can't vouch for the details on wall and floor construction as they do on 80 Met's website.

For us the location is nicer and the maintenance is lower in 90 N 5th. We did not want all the amenities of 80 Met.

Loftydreams-i think the consensus on 80 met is great bldg, not so great price/value, lots of ammenities which you will be paying for. some like the somewhat removed from party central location, others don't.

I have no vested interest in this and I want NYC real estate to do well. So I thought about letting it go--but I also don't like sketchy real estate practices... So, it it goes.

kiz10014, the comments on pricing was one of the reasons why I suspected it was a shill post (or, I have now realized that they were shill POSTS under different user names). I have seen the bldg. myself, and "individual preferences" just can't justify some of those comments on the design, layout, etc.

The agent wouldn't tell me the % sold, other than that the sales effort was at the VERY beginning stage, wink, wink (i.e., no financing for you!). Besides, the units were tiny for a B'lyn development, somehow squeezing in 2BRs into 800 SF!

Also, the lofty "European" design w/ gardens and outdoor space two posters are so impressed with, if anything, has been rather TYPICAL in many of the B'lyn & Queens new develoments--in better locations at lower/comparable prices. So, generally warm reviews, maybe. But multipe users posting absolutely RAVE reviews on EVERY aspect of the bldg., including the price, ALL WITHIN A DAY? Not at all plausible.

But, then, I wish them best of luck. It is good for ALL of us for ANY developments to be successful.

80 Met is way overpriced. It looks to be high quality but what kind of premium are we talking about? The spaces are way too small. Even if the condos were selling at reasonable prices, I'd pass because of the high maintenance charges.

nyc212,

I've been hesitant to post further on this condo. These posts, whether from brokers or not, made me post because it has generated a discussion. And furthermore I have a vested interest now and I want more condos sold so that I can close!

As you can see my first post on this condo was 3 weeks ago. I have posted comments on many buildings in Williamsburg over the past several months. It is no secret that I have been in the market to buy in Williamsburg for a while.

kiz10014, I've been to 2 open houses so far and have seen most the units on each floor. Everything looks like it's complete -- all the appliances and fixtures are in place. Even the downstairs common areas look finished. The only area I haven't seen is the garage, which is located on the basement level. From what my broker told me, the only thing remaining in terms of completing the project is to obtain the certificate of occupancy.

In terms of price and quality of construction, I can only compare it to other buildings in the area that I've visited over the past year. Of these, my favorite and the most comparable in terms of quality was the Rialto, just up the street. But what's left at the Rialto is relatively overpriced and there's no parking or gym there (which is something I desire). So quality-wise, it's better than most I've seen.

The question on price is almost a personal one. It's impossible to time the market, so you have to consider the value you are getting compared to other developments nearby. For me, it makes sense so I'm making a move on it.

the maintainance is about $1/sf which is at the high end, and prob out of range for most of bklyn, but you get what you pay for. There are some really nice things in the bldg, most of which seemed more appropriate circa 2007, and now not as much. If these things you are paying for don't do it for you, then clearly the value is not there.

sorry my above post re: maintainace at 80 met

LookPied, I too just signed my contract. Looking forward to being neighbors!

I've been looking around Wmburg. Kinda curious to see if anyof these failing or troubled buildings face reality and something could be bought for cash for something way below original ask. Anyway, anyone know anything about this place? (by the way, the postings above in this thread are the mostly transparent broker garbage).

Jim-, maybe something your looking for? THere are deals to be had...
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ignore this person
report abuse Jim-, maybe something your looking for? THere are deals to be had...
http://campaign.constantcontact.com/render?v=001ZlvCpZvIaorryUkMeiNlSDSH-9bAzVyKqrnse_eKGtD0GiW1X8iCinL6SaNX20hA-IKIvj1rxt9xNqAwW5VmINzlKeFIi-RvDB2esPJQ1_U%3D

lol...yeah things are ok in the RE market

marco- what's ur beef? I thought this was something Jim night be interested as it fits the criteria of what he might be looking for.
I'm not a broker if that's what your thinking! Jim, haven't seen the place, but it popped in my mailbox recently, and I was intrigued, but
no longer looking. Best-

LookPied, Steely, you must have moved in by now... how do you like it so far?

I don't think they actually could have done any closings with the few units sold.

I visited this building twice. The first time I was not impressed. I decided to give it a second chance. The second time, I was once again not impressed. The rooms in the apartments are tiny. The available floorplans don't have measurements, and that's cause they don't want you to know just how tiny the rooms are. Also, the finishings just look cheap and tacky.

I don't think they could tempt me to buy in the building at any price. It might make nice (relatively cheap) rentals.

Nope, we haven't closed yet. In my estimation they have 8 in contract. We have a June 2010 deadline for closing or else we are released from the contract. We are looking forward to closing. If they don't sell 50% by June, then we get our deposit and we go shopping again.

Williamsburger, I hope you find something that suits your taste. Whereever you buy, it will be a plus for Williamsburg.

Why doesn't street easy or apts & lofts show any units in contract? I think that would naturally help to stir up some sales.

I'm in the same boat as LookPied -- haven't closed yet. I have heard they almost have the certificate of occupancy in hand so that's good news. I've also heard there are 8 in contract, so 4 more will get us past the 50% mark. Slowly but surely...

why is everyone always talking about walking from 80 met..and not from this place....just curious

Lower prices, lower maintenance, better location. Layouts work for me.

What happened to the 4th floor in this building? No listings or sales? Delayed release seema peculiar while trying to achieve 50% sales...

http://aptsandlofts.com/new-developments/9inety-north-5th

They are listed.

Strange that their on apts and lofts website but not on SE..

Steely, Lookpied- is the place close to the 50% signed contracts you guys need to close? when are you hearing closings should start?

The place looks pretty nice, but the reasonably priced 2bdrms (680psf) are too small(900sf). the 5th fl looks better but too expensive (850psf) -- but i guess that speaks for itself- you get what you pay for

also the cc is low-- but how is it so low? it seems there are some nice ammenities and common areas, when you guys see cc's so low does this make you wonder that they are accurately estimated?

Its about 20-25 units, with a gym, media room etc and the cc's on 700 sf unit is 200 bucks? how?

Kiz. ..5th floor at 70 berry was like 700 psf, so don't you think this place is not matching the new market? Vs. 850 that's quite a difference. Sixth floor at 70 berry was like 750. Not to mention w11...

I meant...wouldn't you be pretty hardball (assuming your were serious about this place), given the alternatives

agree, ask is out of line w the market and reality, dont know how wliing they r to negotiate
what do u guys think about the cc's

Higher floor apartments are getting to the high end of the market. I am concerned that these won't move at this time. I hope the studios will get us above the threshold of 50% by June although there are 1 BR alternatives out there. We'll see. I have estimated that 9 apartments are under contract now. We need to get to 12. We have heard (before Xmas) the CO is due soon (Jan/Feb?) but that doesn't mean anything!

I can't explain what makes the maintenance so much lower. It does not include utilities. There is no doorman (virtual or otherwise). There is no media room, although there is a TV in the gym.

Regarding the relatively lower common charges, I'd say in addition to the points that LookPied made, the fact that it's a smaller building with smaller common areas/elements may also be a contributing factor. I do know that when I read my offering plan, the calculated expenses for maintaining the building seemed reasonable and the breakdown per unit substantiated. The low common charges and tax abatement were a big selling point for me.

As for the 5th floor units, I think they're asking a premium on psf for the fact that they're duplexes with dual outdoor spaces (private terrace/balcony plus direct access to private roofdeck). That being said, I can't speak for the units at 70 Berry and how they compare.

I don't really have any interest in buildings in Wburg -- but what's with the trend to replace the first letter of a written-out number with the number (e.g. 9inety 5ifth). Is that supposed to be hip or something?

Yes.

They're catering to the txtng crwd that drops its vowels.

Finally! CO is in place. That took forever.

Great. Any idea what %in contract?

6 out of 27, which is 22%.

Not that it makes a difference but it is 6 out of 23 or 25%.

Any news? They got their FCO (Full Certificate of Occupancy) last week. Closings can start now.

Closing letters have been sent out. I guess closings should start 30-60 days from now.
3 offers accepted since my last post but they're still below 50%.
We won't close until they hit 50%. We're shopping around again just in case.

test

I think this is one of the worst buildings in the area. All my buyers agree. Its grossly over priced. ESPECIALLY the Penthouses.

I think its all about personal taste, and you cant beat the neighborhood. We looked around; this place is pretty well constructed compare to others like the EVRY (omg the windows are rusty) and Ainsle (too small), NV is way over priced and the maintenance fee is so high. I hope they get rid of that graffiti if they wanna sell: http://www.newyorkshitty.com/page/2. Also, it sucks that Scarano has a bad rep. But other than that, we cannot wait to move in. Hope things work out well....

Looking around at what's available, it is still hard to beat the price, location and maintenance for 2BR. We like the exercise room which many low maintenance buildings do not have. Certainly the design, decor and floorplans may not appeal to everyone, but if the building fits an individual I think it's a good deal. A plus of the building sitting around a while is that minor defects such as leaks and finish issues have time to come out. Having our apartment already inspected and having visited it several times, no such problems have come up.

Unfortunately we have cancelled our contract. They have not reached 50% under contract. Plus our taste has changed: we now want a waterfront view from our apartment. So we will be going for a smaller more expensive apartment with higher maintenance.

We STILL like this condo. We feel for a 2BR/2BA in a boutique low maintenance condo, its location and amenities (specifically its exercise room) cannot be beat. We feel it has above average quality (but not to the level of 80 Met/Edge/NSP). If our criteria had not changed, we would have continued to wait.

I wasn't crazy about the build quality. The stairs were broken in the first floor duplex. Patios were rusting in the penthouse apartments. There was a window leak in one of the two bedrooms. The banister stair case is spraypainted to look like metal but the end of the banister is just exposed wood that is raw. The top stairs of the staircase don't match. The floorplans are inaccurate. In one penthouse the floorplan showed a kitchen island where there is none and overestimated the dimensions of the kitchen by 3 feet because the layout had changed. The cabanas are ugly, they haven't done anything to make them cool, different or quirky like the rest of the building. It looks like they ran out of money halfway and started to slap things together. Their asking prices are unrealistic and they are not going to get lucky like NV which miraculously sold even though all the patios have the stench of wafting fish/restaurant oil.

Looks like it's sold out. I have a place in my heart for this place. I'm glad it did well.

LookPied, it's a bit of a strange block though, isn't it? I mean, you've got a couple brand new condo buildings just off Berry, but then it's essentially all warehouses down to Kent, no? It's probably a matter of time before that stuff gets redeveloped, but I'm a bit surprised nothing's happened yet. That's about as prime as you can get in terms of location in the area.

Yeah, when we first got into contract here, I quizzed my wife on how comfortable she felt with the warehouses. But now as we walk up the street from Northside Piers all the time it's very comfortable now. The flanking streets are well developed (N. 4th with new rentals/condos and of course N 6th). So, Im guessing N 5th will be next. It has alot of potential given the size of those warehouses!

Looks like the development of the N 5th warehouses will begin soon:

http://www.brownstoner.com/blog/2011/11/big-new-development-in-the-works-in-prime-williamsburg/?stream=true