The Fairchild, Tribeca Summit

No idea but for the Fairchild it may be worth checking out the discounts from list that the developer accepted on their other building across the street
http://www.streeteasy.com/nyc/building/414-washington-street-new_york

between 7 and 13%

Not large discounts I know but the most recent closing (the 13.4% discount) was in March of this year may be useful as a comp.

CMarc, email me at rogersanchez75@gmail.com and I can tell you more about the summit

"Tribeca, NYC. Bakeries warm with early bread, florists stocked full of blooms wet with dew, black coffee on quiet morning streets. This is Tribeca. A corner of Manhattan with a culture all it’s own…not a subway stop, depot, trading space, rush hour magnet, or tourist trap must see. There’s a heartbeat here, a life force, a pulsing rhythm that reaches up from the cobblestone walks and embraces your soul."

*BARF* to the nth degree.

Hi duecescracked, I sent you an email, did you receive it? Thanks!

Tribeca Summit
May

TREETEASY HISTORY
03/23/2006
Listed in StreetEasy by Prudential Elliman at $2,550,000.
10/31/2006
Listing is no longer available.
02/13/2007
Listing entered contract.
05/23/2008
Sale recorded for $2,412,500.

Somebody got their soul embraced by a pulsing rhythm.

l-o-l

But does anybody know how negotiable they are? the percentage that they are willing to go down? These orices are all pre-crisis...

Thanks!

Hi marc. I am quite familiar with 55 Vestry and 415 Washington. Email me at ravenrain@aol.com

Does anybody know why the Tribeca Summit has had such a hard time selling its units?

what's going on at the fairchild? nothing is selling...

CMarc, Tribeca Summit is a terrible building. Dark apts with small windows with some looking at a dark interior courtyard. Cheap appliances and bath finishes. Poor service. I looked at this building years ago b/c it looked like a bargain in Tribeca, but after being there for 10 minutes I knew why it was so cheap.

I think downtownsnob may be confusing buildings because although there is an interior courtyard and the units have some windows looking into it, they windows are by no means small (they are floor to ceiling glass) and the exterior windows are very sizeable as you can plainly see if you walk by. Perhaps you looked at some of the less attractive floorplans, but most have good light based on my own walkthroughs.

Also I am not sure what constitutes cheap appliances but the only issue i could find is that the hood is just ok but the fridge is subzero, the dishwasher is Bosch, the ovens are gaggenau and the cooktop is viking. The cabinets and all built ins in kitchen are Bulthaup b3 which is very high quality. The fixtures in the bathrooms are good quality kohler. So could you clear up what you mean by cheap?

the main issue with this building is that it had considerable construction delays.

Yeah sorry. I got this confused with Tribeca Space at 25 Murray.

whats the best value in tribeca (condo) in your opinion? Combination of price, location, finishes and view.

CMarc, because the market for large size apartments is moving at a snails pace, you can negotiate some great deals down there if you are looking to buy. Personally, despite all the drama on streeteasy regarding this building I think the units at Artisan Lofts came out looking great, and if you are looking for longterm investment you can negotiate a deal on a unit where someone walked away from their deposit and do quite well for yourself. I have clients who closed a unit there post crash and were quite happy, they have great space, closets, views, finishes, and they wanted a boutique size building.

"post-crash" hahahaha

""post-crash" hahahaha"

I didn't realize this place was around in 1993.

any news on sales at fairchild...thought the bldg was nice...but no sales so far!

Anyone know what the current status is at Tribeca Summit? I almost bought there but hit the escape hatch due to (and made available because of) the never ending delays. I went by the other day and it looks like the construction is still not done (after what, 4 years?). Looks like some folks have moved in, but wondering (1) what % of the building is actually occupied (2) expectations if/when the remaining construction is ever going to be done and (3) what the financial impact of what seems to be a high vacancy rate is on the current occoupants...who is covering all of the common charges and taxes?

the fairchild: i've been looking at this building and have the same concerns about its progress. no one has moved in. street easy is very accurate in that 8 out of 21 units are in contract (this is the same number the sales team at the building gave me). they are talking about january 1 closing for the units in contract.

415buyer3, 35 out of 66 Tribeca Summit apartments have closed. The sponsor continues to own the unsold units and is presumably paying their CCs and taxes. We'd have seen liens otherwise.

Thanks NWT. Do they seem to be eager to sell the other units and/or finish the construction? Or have they put everything on hold, hoping the market will rebound?

Any new developments on the remaining apartments at the Fairchild? Seems like a nice building....not sure why the last remaining units haven't moved. Any idea what the discounts the sponsor is willing to consider? Any other information on the Fairchild would be appreciated.

has anyone been to the open houses?

Heard from a reputible contractor today that Tribeca Summit is likely to be foreclosed upon w/in the next 2 weeks...

underwhelmed, care to share any additional details offline? i am very interested as close to contract there

rogersanchez75@gmail.com

appreciated ..

underwhelmed.....can you give further details on your comments about foreclosure?

underwhelmed might be trolling. how would a contractor know about an upcoming foreclosure? also, a lis pendens would have been issued ahead and there is no record of this. finally, the summit's loans aren't due until april of this year so there is no basis for foreclosure.

of course, would be interested in anything that would contradict this ..

Bump .. any more comments on substantiated pending actions are appreciated

Underwhelmed, stop spewing false information.

Lots of new sponsor listings today...

Anyone have any new information on the Fairchild? Seems like there has been an open house there every weekend since November, but not seeing any new contracts.

I heard that the construction continues but have also heard mixed reeviews of the quality of the finishes and the end product. Closings were supposed to start in December, then January now February.

Any information would be useful...

The Asks for many of the Tribeca Summitt apartments are still at or above peak "peak" prices. The two most recent sales from late last year seem to have cleared at over 20% discounts (albeit, from absolutely ridiculous sky-high offers - several of which were actually INCREASED as the crisis unfolded!).

03/23/2006 Previously Listed by Prudential Elliman at $2,750,000.
10/31/2006 Delisted temporarily by Prudential Elliman. Last priced at $2,700,000.
09/22/2009 Listed in StreetEasy, already in contract, by Prudential Elliman at $2,700,000.
10/14/2009 Sale recorded for $2,000,000.

10/30/2006 Listed in StreetEasy, already in contract, by Prudential Elliman at $3,575,000.
02/24/2008 Price increased by 8% to $3,875,000.
08/19/2009 Sale recorded for $2,900,000.

Thanks mem, I looked at tha apartments in The Tribeca Summit and I an tell you point blank they are overpried.

But I was referring to a development near the Tribeca Summitt called the Fairchild located at 55 Vestry.

So anyone been to the Fairchild? Any reviews?
The artist renderings are lovely, was looking for real life opinion.

saw it in person it was quite average. the views are not great and nor is the light. sales team told me they would be closing in jan but, clearly they have made no progress.

Went back to the Fairchild for the second time today. They are saying that apartments will be ready in two weeks but many were not even half finished. Does anyone know what the deal is with this building? Are there financial issues?

Went back to the Fairchild for the second time today. They are saying that apartments will be ready in two weeks but many were not even half finished. Does anyone know what the deal is with this building? Are there financial issues?

Went back to the Fairchild for the second time today. They are saying that apartments will be ready in two weeks but many were not even half finished. Does anyone know what the deal is with this building? Are there financial issues?

Went back to the Fairchild for the second time today. They are saying that apartments will be ready in two weeks but many were not even half finished. Does anyone know what the deal is with this building? Are there financial issues?

Went back to the Fairchild for the second time today. They are saying that apartments will be ready in two weeks but many were not even half finished. Does anyone know what the deal is with this building? Are there financial issues?

Not sure what happened there..... Only wanted to ask it once.....

http://curbed.com/archives/2010/03/01/more_developer_mutiny_this_time_at_tribeca_summit.php

From today's curbed article: "The original sponsors of the Tribeca Summit—the 65-unit condo conversion of an old warehouse at 415 Greenwich Street—are now out of the picture, the project having been taken over by financing firm KBS Capital Advisors as of February 23rd"
That is what I would refer to as foreclosure, when the financier takes control of the property from the owner?? So, me and my source were accurate, chrisyslslr.

"They are saying that apartments will be ready in two weeks but many were not even half finished."

Samandsal - Are you referring to the Fairchild apartments that are still for sale or the ones under contract? I have been back a couple of times and saw significant progress on several of the apartments. I was told they are expecting mass closings on the apartments in contract in the next week or so and have been spending all their time and effort preparing for that.

XIPOH: I actually found the light in the apartments to be pretty good on the upper floors.

I see that several of the apartments in the Fairchild have recently gone into contract and I am told by the sales team that closing will start in the next few days or so. Can anyone share their experiences with this building / units?

dwntwn- i am in contract in the building and cannot get a specific date on closings. The word i got thursday was that units on the north side of the building will close any day and the south side is waiting for the final touches on the elevator and then they too will begin closing. I have been getting the same response for over a month now and frankly feel stupid for even asking for an update at this point. However frustrating this is, there are no other issues. The building is phenomenal and the delays are simply the result of working with a high level of quality. Im happy to answer any other questions regarding the fairchild or any other project in Downtown NYC.

jasieg16, would love to talk to you. my email: ikvwmail@verizon.net.

We have been told the same thing as jasieg16 since early March -- that the north side is just about ready to close, and that the south side was running 6 weeks behind (because of the elevator). It's definitely frustrating, but it looks like it'll be well worth the wait.

J116, would love to discuss more. email me at jasieg16@gmail.com if you would like

I am also in contract in the building. I had not heard that there was a north side/south side issue. I was aware that they had issues with the South side elevator, but that was back in Jan/Feb and I did not think this was an issue affecting the closings. I am told that they are waiting for their Temporary C of O and will start closings the minute they receive the TCO. I agree with the positive sentiments expressed about the Fairchild (obviously since I’m in contract) but it's starting to drag on for way too long. There are mundane issues like moving dates, kids, mortgage commitments, rate locks, etc etc. This uncertainly is tough. I am sure everyone wants to close and move in already....but the delays seem like more than routine. Marc

MMC -- same issue(s) here with rate locks expiring and moving dates. The lease at our rental expired last week, and because of the uncertainty we've just moved into a temporary furnished apartment. It's frustrating insofar as everything looks finished or near-finished (and looks absolutely terrific).

Jasieg16 - Thanks for that input. I agree that the Fairchild looks amazing. I am going back and forth in my mind on a unit there vs one in another building in Chelsea that I am also considering, In any case good luck with the closings.

They now have the TCO for the north side of the building and i am told that by mid may the elevator on the south side will be fully inspected with the TCO for the entire building coming shortly after. Rental listings have popped up for two units that are still in contract. Closings to begin this week, officially!

Does anyone have an update as to quality of renovation at the Fairchild?

The Fairchild's quality, fit and finish is amazing. Now that closings have started and people have moved into the building, everything seems to be coming together. In general, I have been going back and forth on whether the timing is right to buy now or to wait until the fall or next spring. Although I think that prices will be steady, I am motivated by the fact that many of the Fairchild's apartments went to contract in the past 3-6 months and I may miss out on one of the few remaining units I have been watching.

The Fairchild seems to offer all the bells and whistles you'd expect at these prices. High end kitchens, trim, floors, doors etc. Good luck in your hunt...

Does anyone else have any recent information about this building? I am looking to buy. Please contact me at 917 701 7474 or forlano@msn.com.

Which one?

Tribeca Summit, thanks. I would love to hear any thing you can tell me about the building. Particularly any issues, like major structural or other problems that sometimes plague conversions (as one example, have the lightwells that were leaking been fixed adequately?) and also financial health of building (are common charges up to date; has the financing been paid off in full, if you know, post sponsor change). Yes, I know I can look at the financials, but sometimes it helps to know where things might be buried....Lori