L Haus

I think its high w/o concessions. If developer covered closing costs, storage/cabana and maybe 6 months of maint.. that is about right IMO

From L Haus's website, "New 2BR, 2BR+HO or 3BR contracts signed by March 31 include $10,000 towards
closing costs, two months common charges & for the next six buyers, a cabana."

Using Unit 2C as an example (610k):
cabana ~ 70k
2 months cc ~ 1.5k
10k credit
total concessions ~ 81.5k

81.5k/610k is a 13.4% discount off the offering price
(assuming purchaser pays the 610k with no other concessions)

It seems like prices need a 10-15% mark down?

#2K is recorded at $487/sqft.

how big is #2K, I thought the smallest unit is 675 wqft, and I have not seen anything less than $385K. That translates to about %570 per sqft. Please clarify

2K closed at 336500. I believe it is a 690 sqft 1 bdrm.

Really attractive price.

under $500/sqft does make the L Haus attractive...As long as you are sure the developer is not going to go bankrupt and have the units go up for auction which might be a possibility.

Your worry can be true as no one can see the furture for certain. However, if I do the math correctly, the financial burden on a reputable developer, in this case the Stahl organization, their burden on L Haus should not be too bad, relatively speaking. There are on 122 units here. The average price of each unit is about $600K. The total proceed of selling all units will be about $70M. Taking away their own equity and any profit from it, the developer should have a relatively small loan for construction. Likely in the range enough to buy 3 to 4 $10M penthouse apartments in Manhanttan. The units are already priced in the comfort zone of many potential buyers. (I am one of them). It is not like in some Manhattan buildings, every unit was asking for a few millions. Plus, the building is pretty much construction free now. (the Gym, the theater, the lounge, even the backyard is done). They don't even have a swimming pool to maintain. The doorman was sitting there comfortably and does not worry about things falling on his head. Besides of marketing, not much of big ticket expenses anymore.

If L house is under $500 sqft then that makes it somewhat attractive if you can get past the location. The construction seems solid and finished ok. However only 29% sold/in contract that is worrysome but if they have attractive pricing that may get people intrested

Buyer 11; where did you get the 29% sold number? Which lender are you going with? I was told by my bank (chase) that they won't lend to any new developments which are under 75% sold.

I am not a buyer there or in contract I just went to view the place. I did not say 29% sold but sold and in contract together equals 29% according to the agents there. Which could mean 10% sold and the rest in contract. I personally liked the interiors but could not live there based on location/air quality noise etc. and my lender would not lend in a building under 50% sold. The agents did say they have their own lenders but I never heard of them thts all I know

I am holding out until this place goes bust - and will put in a bid at $300/sqft when this mess of a building goes to auction. I think that is the sentiment of most buyers who have looked at the L Haus are thinking. This building is NOT selling...

LICman - If you really dislike the building so much, why would you throw in $300/sqft in it?
May be underneath your heart, you really want to own a piece of it.

Why does everone hate this building so much (I understand the location issue) but others are no better like Vere on Jackson Ave for example. I dont think its worth the pricing that they are asking now hence why its not selling but the quality seems solid and interiors as nice as any other place in Lic I think the interiors are nicer then Powerhouse for example

i think 1 of the benefits of vere is the proximity to multiple subway lines, and the area has a lot of room for growth

Try crossing the street to get to the subway.

"multiple" e v r g, not saying 1 building is better then other, just saying there is more choice then just the 7 line

nyc999 - I did try to get to the Vernon Jackson #7 station through the overpass. It was easy and quick. I even drove by on a Saturday night (midnight) with my wife through the same passage. It seems bright and quiet. Did not see anyone loitering around.

The units that have closed seem to have closed at 480 490 sqf thats more like it

480/sqf I think is a more reasonable price for the L Haus. That might move a few more units there. If they can position themselves as the 'budget' option with decent finishes ( as opposed to Hunter's View next door ), that could be a good strategy.

mwade I agree thats a good price point 480/sqf but a friend of mine visited there the other day as well and was told that pricing was only for a few first time buyers "who were willing to take a risk on the building" as if buying now under over 70% unsold is not a risk??? I would think they would want to sell these units.

Well, they are going to have to sell them somehow. Clearly they haven't moved them with the higher pricing.

what do you think about the air quality any concern based on location?

Does anyone know anything about Murano? The building seems nice except the location--facing south.

I try to avoid buying in buildings with clear "red flags" and I think LHaus has three: location, its sickly exterior, risk of default by the developers. Stick to something like 5SL or The View because these developers are big and well diversified unlike some of the smaller LIC exclusive developers.

But I agree - it has nice interiors, is close to subway, and it can do well as the budget option...

You make some excellent points Licman, I dont know much about the L haus developers never heard of them before. How do you think L hause compares to Vere building on Jackson?

I think Vere is up there with 5SL and the View in terms of interior/finishings/quality of construction. It has a lot of potential once the downtown LIC district becomes vibrant (although this may take a long time). The problem is its just not very livable for all those years you'll have to wait before it appreciates. "Downtown" LIC is very non-existent neighborhood with no grocery store/drug stores/restaurants etc. I could not live in an area like that. The only rationale I could see for buying Vere is if you hold it for the LOOONGGG term like 10 years then its value will go up. But in the end I would go with L Haus because it at least has proximity to Vernon and is priced $100/sqft cheaper.

But in the end, I think the View hands down is the best deal. Just walk around Gantry park and admire the Views and realize the waterfront is the true luxury that LIC has to offer and what snobby manhattanites and foreign investors would be willing to buy...

For the record, 5SL has sold all its sponsor units. There is one or two resales listed, but that's it.

The waterfront is the best view of the city IMO. That, plus the greater concentration of services makes Vernon/Jackson a better area than the Vere location by a long shot. Location will be a negative for many looking at Vere. If I had to choose, I think L Haus is a better location than Vere.

I still think it's ridiculous that the View does not have a gym or parking. How many people passed on that building just for that reason? Maybe not hundreds but I bet it's more than one.

mwade I would not buy in a building considered luxury if it does not have a gym you want the perks and conveniance of getting out of bed and having a gym in your building. Back to L haus does anyone know anything on the developer will they be able to sustain the costs with so many unsold units?

I'm not sure how you would get that information. I think that when most people talk about the financial stability of a developer, they are basing it on common knowledge facts like the size of the developer, the track record, well established, etc. Also, the offering plan will state the projected cost of construction for the building at the time the offering plan was written. Actual costs go higher as these projects are always delivered late. If you are willing to dig through the public record, you might be able to see the loan on the property and see just what the developer is carrying. You could then add up the pricing from the offering plan and see if it all evens out. If it's clear the developer wouldn't break even, then I guess that's your answer. Still, this is all very speculative. There is no way to know how much money the developer has in the bank or what kind of relationship they have with the lender on the construction loan. If you bring all this up to the sales team, they will just tell you that everything will be fine. Truth is, they don't really know. They act like they know everything, but in the end, they just turn the key and give out basic info. It's the developer you would want to have that conversation with and that could only happen between your lawyer and theirs during the signing period.

Has anyone purchased a two bedroom here?

Just a little FYI on the 10k closing credit they give..It is true that they give you 10k, but they also make you pay all of the seller's closing costs as well. That means you pay the NYC and NYS transfer taxes, their lawyer/banking fees as well. All totaled come out to about 8k, so you get about 2k towards your closing costs.

Does anyone know much about this developer if they are a strong co with a good reputation? I have never heard of them before

What is going on at L haus are the developers in danger of going bankrupt?

So many people talk bad about L Haus. What about Hunters View? It has the same location as L Haus. I made an offer on a unit at Hunters View and it was accepted, but had to walk away right before signing the contract because they decided to accept another offer (and believe me, my accepted price is only $4000 lower than their asking price). Several days ago, I got an email from Hunters View Developer and surprisingly that unit is still available, I wonder what happened??? Also they raised the price of that unit by $70,000 (just less than one month after my offer was accepted). I'm very glad I didn't purchase at Hunters View because I don't think the seller is honest. By the way, I dealt with their agent directly. After this unpleasant experience, I found an agent who showed me some apartments in that area. And my agent told me she usually don't show clients units at Hunters View and One Hunters Point because their aparments have the worst quality in the neighborhood. Now I am in the process of closing on a 2-bedroom apt at L Haus. And I got a free cabana.

There is a thread on Hunter's View and One Hunter's Point.

Colorfulid I have never seen Hunters View and while I think think the location of Lhause is bad I do think the interiors and layouts are very nice. It could be a good deal depending on the price and how much they are willing to negotiate. But they are still under 50% sold so that would be a worrt too. What are they selling now psf for two bedrooms if you dont mind me asking?

Does anyone one know where does the O line face which direction

You can get all the floorplans here: http://streeteasy.com/nyc/building/412700/floorplans

Here's the floorplan for 2O. http://img.streeteasy.com/nyc/image/63/4192863.gif
I assume the O series are all like this. Seems to be facing both south and east.

Buyer11, it's not that easy to negotiate the price as much as before, but we were able to come down by about 4%. I've visited some apartment in that area like PH, Foundry, etc. And I think L Haus is reasonablly priced. The location doesn't bother me much because one reason I'd like to buy in LIC is that the subway station is very close. Right now my agent has two clients (including me) in the process of closing on a two-bedroom apt in L Haus. Even my lawyer told me it's a good deal and I certainly hope so.

Only 4%? I figured with all the hype and pump they would be more negotiable.

4% ? That dosnt seem accurate they gave me the impression 10 to 15% off asking which is what it should be at least

Silly question - can anyone tell me what the address is for lhaus that I can look up the propertyshark/arcis recorded sales? I can find every other lic building, but for some reason, I can't find this one. (I've tried 11-02 49th Avenue & 11-15 50th Avenue to no avail.)

I did notice that their "special offers" is now down to the next 3 buyers instead of 10 - it seems to be working?

Is there any update at l haus have the sales improved?

I have a question for the purchasers. Do you know how their price protection plan works? Their example seems simple but do you know if they account for cash (i.e. $10k off closing costs) and non-cash (free cabana) concessions in calculating your purchase price?

momo77, on ACRIS, search for "11-15 50th" as the party name.

Any idea how the sales are doing at this building?

According to Streeteasy, sales are picking up ...but it's hard to tell the percentage.

I agree that it's not in the most desirable location, but I don't see how it's any different from HV or HP.

Has anyone noticed that many of the LIC developers have increased asking prices over the past month? For example, at L Haus, a 700 sq. ft 1BR was previously listed at $415-$435K. Now, the same sized units are listed at $460K and $490K. What accounts for the price difference?

demand. its very cyclical. also, maybe recent sales are due to people who were on the ropes and wanted to cash in on the free gov't money? it will go back down as the new condos finish development. why anyone would pay $600+ a sqft for this area is beyond me.

Demand is the logical answer, they only had a few sales recently.

Demand is the logical answer, but they only had a few sales recently.

S04, can you please email me at qwyjibo22[at]gmail? I put in an offer on the L Haus today, and I am curious about your opinion of life there, and also what you think true market value is for the 2br units. Thanks!

S04 & qwyjibo22, can I get in on this email thread? I just put in an offer as well on a 2br unit and would love to get your opinons. I'm at: yeahqueens[at]gmail. Thanks!

Has anyone been able to negotiate parking at Lhaus?

I'm pretty sure parking is going through a third party.

I was there today and got the nod that the developer wans/needs to move the apartments, especially the 2 bedrooms. They first give you a list of "available" apts, then privately they tell you almost everything is avail. I was told 30% either in contract or closed. I made a comment about the apartemtns being at least 20% above current market values, the agent first said there was little room, then hinted to a 10-15 cushion.

I'm very interested in this place, but I'm hesitant to offer as several LIC realtors have told me the developer is having financial problems. I did a cursory Google search and didn't find anything alarming. Anyone have additional insights?

Often the banks won't let the developer lower prices and If the developer can't sell units and manage to come up with money to pay the mortgage payments the bank can exercise the right to foreclose.

Often the banks won't let the developer lower prices and If the developer can't sell units and manage to come up with money to pay the mortgage payments the bank can exercise the right to foreclose.

They are selling some units but very slowly and at 10-15 discount from what I saw not sure of developers troubles does anyone else know?

We closed on a two-bedroom apt this week and already moved in. I can tell you that I love the apt, and have met a few neighbors, they're so nice and friendly. As I know, 35% are closed or in contract. We're happy with our decision.

colorfluid, any issues with traffic noise, crossing Jackson, or subway commute?

Hello joseesq, there's very little noise. My husband is very sensitive to noises, anything can wake him up. But since we moved into the new apt, he has never complained. I guess if you're facing the bridge and at lower floor, there will be some noises. But the triple pane windows are great, it blocks most of the noises.

There's no problem crossing Jackson. But for your own safety, just be careful.

Subway commute is great, 7 train comes so frequently. I used to take F train, it was horrible. It takes me 30 minutes to get to the office. I can't ask for more.

Colorfluid: do you have a car? Is the garage open to residents now? If so, how much is monthly parking fee? which bank did you end up using for your mortgage, if you don't mind me asking? I'm also interested in L Haus and likes the interior finish. But i'm concerned about the low ratio of closing, the lack of parking for sale, and the problem of getting mortgage (pay a higher interest). thank you

I am interested in L haus. But I am concerned lease/rental for up to 2 years.
http://www.licnyc.com/2010/04/the_biggest_rental_in_lic.html
This means that this building may go for a rental exit strategy.

Hello kc74, I don't have a car. I don't think the garage is finished yet. Some neighbors just street park their cars. There's also a large parking lot nearby and the monthly parking fee is around $250, that's what I heard.
I used the mortgage broker designated by the sponsor. Their rate is a little higher. The building is also FHA approved, so you can go with FHA if you want.
I understand your concern. But if it had sold more than 50%, it will be harder for you to negotiate the price.

colorfluid, thanks for your answers. I went back this weekend and I can see how crossing the street can sometimes be an issue. I guess I would use the crosswalk at Pulaski as crossing at Jackson Ave was an adventure at times: there were several times where cars were coming right at me when crossing Jackson Ave even though I had the right of way. I guess that's NYC! :-)

Anyway, did L Haus cover any closing costs? I know they were at some point, but I am wondering if they still are.

F31, L Haus has had the rent to own option for a while, but this is the first time I have seen it advertised in this manner. It gives me pause, as this would be my primary residence, not an investment property.

Crossing that monster intersection is really easy from Lhaus. You can go through the pulaski underpass on 50th Ave. It's about the same distance to the 7 train without the excitement of dodging nyc drivers.

rdrunner, thanks. I saw that underpass but I didn't see people walking around there and didn't know where it led to. How's the foot traffic in the area?

The foot traffic is moderate. Since 50th ave leads to the midtown tunnel entrance… MTA police is on this road frequently. There are also surveillance cameras on MTA buildings. I assume this passage is relatively safe even at night.

Also, I dont think many people went with the rent to own option. If the sale% is correct....it looks like most of the tenants are either in contract or have closed.

Sales traffic have increased dramatically over the past few weeks.
I'm expecting more units to go into contract over the next few weeks.

How much are they willing to negotiate on 2 bedroom units off the ask price? 15% 20%? Any imput..at that price it may be worth a second look

@ any recent buyers of 1 BRs – did they cover any closing costs?

I think we all need to be careful about some of the posts here from people claiming to have purchased in this building. Like the person that when asked about which bank they used, simply stated the one "designated by the sponsor". The building has several banks they work with, why did this "buyer" not indicate the actual bank and rate? When people give very little info about their "purchase", they are generally just a broker! Be careful.

with that said, you should offer at least 20-25 below asking and work up from there.

Follow-up to purchasers: (1) what closing costs were in the offering plan that the sponsor wanted purchasers to pay?, and (2) did the sponsor agree to cover any of them?

I'm guessing contract terms are confidential, so buyers aren't about to start breaking contracts and start revealing what's in theirs.

Also, everyone who now lives in the building has a vested interest in seeing future sale prices as high as possible so if I lived there I wouldn't give out anything more than I had to. I personally find the finishes and amenities in the building fantastic and the pricing very competitive and thus made an offer. I don't intend to discuss finances any more than that so quit asking.

Also, I personally like the outside appearance quite a bit, as everything else going up in LIC (besides maybe East of East and Powerhouse) is just a big boring glass box.

I wasn't asking about finances, but thanks. I already know what the units are closing at.

Joseesq, I'm not sure if the sponsor is willing to negotiate closing cost for 1 bedrm as majority of them are already gone. If you are in the market for 2-3 bedrms…they might go for it. This is only my personal speculation. It certainly doesn't hurt to try.

For those who are waiting…. I highly doubt the price would go lower than 25% of the asking price. imo if you want a well constructed building for under $500 psf… you might have to look in neighborhoods further from Manhattan. It doesn’t look like the builder is too worry at this time. They just tinted the glass in clubroom and gym. If they were cash strapped…I doubt they would brother with that.

rdrunner, thanks.

It's been 2 years since the credit crisis started.
There hasn't been 1 new development that went belly up in LIC.

Most idiots on these boards have no sense of 'value'.

jonsauerland, unfortunately, I'm a real purchaser. I didn't want to tell exactly what bank I used because I don't know if I should reveal too much information on this website.
joseesq, the sponsor covered $10,000 towards closing for us. If you're a real purchaser, you receive the updated asking prices of the units in L Haus frequently. I just received one yesterday and the price for each unit increased by $50,000. Although I don't know why, I guess the market is getting better.

Is this building the one I see everyday going through the midtown tunnel westbound with that odd yellow exposed wall insulation look on the outer facade?
If so, they really need to change it. It makes the building look like an abandoned incomplete new construction.

Colorfulid, I am sure we all believe you that you are a real purchaser. Right, sure, of course.

Yea just going back to some of colorfluid's posts makes it pretty obvious.

closed. moved in a while ago. Definitely the best major decision of my life.

The amenities are amazing and the finishes are great. We keep discovering new things about the finishes that we didn't even know (e.g. the bathroom mirror doesn't fog up when I take a shower). If people are done letting CarolSt call them idiots, they'd do well to consider the best value around by square footage (not that I mind frequently having the amenities to myself while the building fills). Also, the building's much closer to the subway than many of the bigger glass high rises.

I think LHaus is a good "value" play. I agree the interiors are quite nice and proximity to 7 train is great. It's green exterior and being situated across from a hectic intersection and next to the highway are major negatives. But with that said, if you get it at the right price it can be a good by. As long as you are in the low $500s per sqft I think you are okay.

I don't think they have gone that low. They are somewhere in the low $600 PSF range. I didn't focus on this before, but their ccs are a bit higher than some other buildings in the area.

what is the issue with parking are they selling spaces or not happening

i'm wondering, did anyone who close get any discount rebate back from the price protection program?

isn't the price protection only in case prices drop? it looks to me like prices have been increasing. there was even that unit on the 5th floor that settled for almost $730k.

"isn't the price protection only in case prices drop? it looks to me like prices have been increasing. there was even that unit on the 5th floor that settled for almost $730k."

No surprise.
Demand continues to be strong.

Watch closing at Murano & 1 verson Jackson over the next 3-6 months. Some of you would be surprise.

Was in the area and decided to check out the open house. I'll have to admit, I was quite impress with the finishes and construction. Much better than the Murano. Was told by sales that they are getting close to the 50% mark and that the developers construction loan is almost paid off. Wonder if they are still flexible on pricing?

What do you call a pig with a paddle........A spam oar!

Liked what I saw here.

Has anyone used Apple Bank or can recommend a bank? How were their rates/service? Thanks.

I believe the agents in charge of selling the building can give the names of the lenders who have already closed on units in the building. They are the lenders more likely to be able to close efficiently and easily since they have the underwriting for the building done already; in this mortgage market, there isn't much of a pricing difference between different lenders. I don't want to make any public endorsements on the board but if you email me (my address is about halfway up the page) I'd be happy to discuss.

Does anyone know what percentage of units sold? I dont see many people coming and going from this building still looks pretty empty

Does anyone know what percentage of units sold? I dont see many people coming and going from this building still looks pretty empty

Haven't followed the sales, but looks like under 50%. SE shows 39 recorded sales.

Thanks rcap I am wondering if they are renting out the unsold units or are they still just letting them sit empty? They seem to have come down in their pricing alot more then its competators although the location explains why