45 john is toast

This is no surprise. The same unethical liars who marketed 25 Murray Street (aka Tribeca Space) marketed 45 John - Jim Brawders and David Kest of Corcoran Marketing. They screwed over the purchasers at 25 Murray Street for months and months too. No one should ever deal with those two guys.

Have any buyers received any recent info from 45 John? Thoughts on what will happen to the building?

Btw, when we met Jim Brawders (before we knew about Tribeca Space) we found him to be kind of creepy - sitting all alone in that dark, empty sales office...

http://downtowny.blogspot.com/2009/06/hello-45-john-is-anybody-home.html

A foreclosure lawsuit was filed by the lender on Monday.

Very interesting - so much for that TCO...

45 John St. was a bad idea, from the start. It sits in dark alley in FiDi and lacks light to the entire building. Hope the folks that put downpayments there are made whole.

I was just at our downtown office. THe endless (I mean for YEARS) street contruction down there plus the seedy street vendors make Canal or 34th Street...or even 125th Street look like Rodeo Drive or the Gold Coast. Hid. E. Ous.

A TCO may still get issued on Monday but that won't matter. The AG has forced the sponsor to file an amendment to the offering plan allowing all purchasers the right to rescind their purchase agreement.

at least the buyers will get their money back....
and they will be able to buy something else in a better market
i looked at 45 john and while the actual apt were nice the location ect was just not good

looks like they actually got a TCO http://a810-cofo.nyc.gov/cofo/M/104/455000/104455019T001.PDF

I think the AG is still requiring forcing the sponsor to give the buyers the right to rescind.

should change the fee structure for borkers... instead of 3-5% cut of transaction, should just get flat fee.

amazing...downtown1234, you are SUCH a great source of info on this building.

http://downtowny.blogspot.com

What is a TCO?

Temporary Certificate of Occupancy?

Thanks!

July 29 – German bank, Bayerische Landesbank, sued developer Manhattan Capital for $51.7 million, saying the developer defaulted on the project. 45 John Street is a luxury condominium conversion; the developer has missed payments on the building since February according to The Real Deal. The first sold unit was supposed to have gone to closing this week; the buyer will get their money back

As I posted on another thread, this bldg. all of the sale signs and awnings have been removed from the bldg. I hope this isn't going to affect the lives of too many people...

I was one of the buyers and I got my deposit back with no trouble. I understand all the other buyers also got their deposits back too.

I looked at 45 John a little more than a year ago, and it seemed like a really nice building. There were some layouts I didn't love, but that's not unusual and it seemed pretty solid overall. Circumstances led me to purchase elsewhere in the area, but I walk by 45 John every so often, and I followed the story online. I am curious - does anyone know what is going to happen with this building? I assume they are largely done with construction at this point, or at least close... even though the buyers got their deposits back, surely there is money to be made by selling the apartments, right? Even if it's less than before, I assume that it's better than an empty building. Why stop work completely?

I'd hate to resurrect an old topic, but I walked by ths bldg. this afternoon, and I saw the Dutch Street entrance open--and saw some "urban-looking" individuals. I wonder what's going on...

Also, RemsenSt, it didn't look as though they had done much on the 1st floor. It was just bare concrete and temporary-looking sheetrock, and a security guy sitting at a desk placed in the middle of nowhere.

I actually wandered into the open entrance recently and was told by no one official that the developer is planning to start construction again in the coming couple of months. It could be interesting to look at again if prices are reduced significantly.

Heard this building was sold recently and that the new owners will resume work on it. Anybody know any details?

http://www.crainsnewyork.com/article/20140312/REAL_ESTATE/140319956/condo-building-flip-13m-in-just-four-months