building at 32 Clinton Street

Yeah the problem here is that they didnt differentiate the apartments and pricing points for the units so basically in one location they have a bunch of units catering to the same small audience.

BS they would knock you over to get to 1.8MM.
End of story. Time is ticking away. The hipness of Clinton fades...
Expensive apartment in a shitty little neighborhood. The bet that this is an up and comer has been decided. Nice try...no cigar.

ACRIS has no record of any unit closing, just the land purchase. It's possible that the paperwork hasn't yet made it through the system, but very doubtful. There are two brokerages marketing the building, both have listings here on StreetEasy (there are duplicates), and both have #4 listed as In Contract as of 7/14. I find it hard to believe that both brokers, despite having updated the status of #4 just yesterday, neglected to update the listing of another unit that went into contract long enough ago to have closed.

Also, unless they find cash buyers, nothing will close without two units (50%) being in contract in order to obtain financing. I'm not sure how many lenders are adopting Fannie Mae's new 70% guideline, but if so they'll need three units in contract.

There are numerous threads here discussing the circumstances that new developments find themselves in. At $700k/unit for the land (actually less, there's also the ground floor storefront), even with high construction costs and other expenses, they would seem to have some wiggle room, but who knows. It's been said that below a certain price the developer is better off letting the bank take the building rather than take losses on the units. There are plenty of unsold boutique condos nearby, it's only a matter of time before we start hearing about failures. 32 Clinton and others are discussed here:

http://www.streeteasy.com/nyc/talk/discussion/11666-east-village-new-developments

hi tenemental, thanks for the link. yes that is a very helpful discussion.
Also, it looks like the apt is now listed as under contract, which updated streeteasy last night right about the time i was posting i guess. Will be nice to see the details of the contract.

I am one of the co-listing brokers for this building. For anyone who may be interested, I would like to give you the facts.

The building has been declared effective, and has been accepted by the attorney general’s office. Apartment #4 is under contract for $1,500,000. The purchaser has a right to occupy the apartment before closing under a “use and occupancy agreement”. It will be an all cash purchase. We have a lender willing to provide financing for the next purchaser if needed.

We have a standing, all cash offer of $1.8 MM for the penthouse. To date it has not been accepted. There have been several offers for other floors which have not been accepted.

"Apartment #4 is under contract for $1,500,000. The purchaser has a right to occupy the apartment before closing under a “use and occupancy agreement”. It will be an all cash purchase."

Apparently not any more.

32 Clinton Street #4A
12/08/2008 Listed in StreetEasy by Wohlfarth at $1,675,000.
03/26/2009 Price decreased by 7% to $1,550,000.
07/14/2009 Listing entered contract.
07/21/2009 Re-listed by Wohlfarth.

Open House:
Sun, Jul 26 (1:00 - 4:00) SAVE to open house planner

yes. very interesting change of events. 1.8mm offer for the penthouse i doubt. my guess they end up selling in the 600-700 psf area.

Anybody have any updates on this building? Just the PH is listed for sale now

' had a conversation with the broker for this apartment building yesterday and she mentioned that apt #4 had closed at a price of 1.5mm. And they were supposed to move in later this month? IS there any reason why streeteasy wouldn't have this posted as at least under contract?'

Still unsold...what a suprise

Apt # 4 was sold. It is is under 4A. So is the second floor unit with a bit of outdoor space.

Cravenm
I went to check out this building around 6 months ago. I was impressed with the quality of construction. I got the impression they didn't cut any corners. Met one of the "developers" that was there and felt bad for her as it seemed like she poured her heart into building the place and got caught with really bad timing.Though I was told the same rumour about the turn down offer on the penthouse and didnt believe it to be true.

My guess is the other units are very much on the market but keeping all of them listed at this juncture is more harm than good as all the other remaining units are identical and competing with each other.

Another problem is the block is too fringy and this building needed another 2/3 years at least of a boom period.
I felt like I was in the bronx.
If you plan on holding 7 years plus and don't mind the neighborhood, by all means.
But I'd expect to pay well below average market. $700 p sq ft vicinity.

Thanks Truth,
I like the quality as well, and the layout was good also. But tough to justify that absolute dollar price, if you are concerned about resale, in that neighborhood and on a block that can be backed up with cars. They did sell 2 of them at pretty high prices, so I guess they are just going to wait it out......

I pass by this building often and find it to be a total eyesore that is completely out of sync with the rest of the (charming, low-rise, prewar) neighborhood. definitely, they do not build em like they used to, buildings that were erected as tenements, for gods sake, look better than these cold and uneventful, elitist, "minimalist" facades. the image of "wealth, status, and social superiority" that these buildings try to connote is completely against the spirit and history of the lower east side, it is offensive to me and to many others as well.
at least this one didn't blatantly break the 6 story height limit that was put in place to protect the integrity of the neighborhood (and very weakly enforced, if at all, due to corruption between developers and the dept of buildings).

Anybody have any news on this place?

Still intrigued by penthouse settlers buying other floor. Let me know if either up for sale!