Downtown Club

Its hard to believe no one has any insight they can share?

Your best bet is going to downtowny.blogspot.com--a great resource for info on downtown Manhattan residential real estate.

Only three closings since lehman's collapse. I would be very concerned about the number of units for sale and for rent. Perhaps you are looking for a large discount?

I almost bought one of the larger units in April, but was dissuaded by a few things: 1) The facade was in poor repair at the time of conversion, and although cosmetic repairs were made by the developer, only an inspection in 2010 (or 2011, I forget which) pursuant to Local Law 11 will determine if the repairs were structurally sufficient. This could be an enormous expense if more repairs have to be done; 2) The high percentage of renters to owner-occupants, not a huge problem, but in combination with the balance of small or studio units, this is a renter building and mentality, so you'd need to be comfortable with that instability; 3) The high number of liens of common charges, at least back in April, meaning that twenty or so (at that time) owners were seriously behind enough that the Condo Board had to take legal action. My asking around revealed that one or two liens is more typical in a building of that size and amenities and location; 4) The only place garbage can be brought to the curb is in front of the building, on West Street; walk by any evening and you're bound to see (and need to carefully avoid) not only a mound of garbage but also rats. I know it's bourgeois to be disgusted with one's own garbage, but think smell, and rodents, and resale ... 5) The common charges were relatively high; 6) There was recent flooding in the basement, of unknown origin but perhaps from rising sea levels, e.g. the building is ill-equipped with pumps.

If you want more details on any of the above, I still have the offering plan, and could look through it for you if you have specific questions. Also, beware working with Mickey Roth of Elliman, who represents many sellers at 20 West, and who plays fast and loose with the truth.

All that being said, I have two friends who live in the building, one a renter and the other an early investor, who adore the views, the personality of the place, the gym, the location, the tax abatement, the access to the water, etc. So obviously it's a fantastic place for some.

thanks for all the info guys. Do you have any additional information on this flood situation? My broker also tells me the only financials they have for the building is from 2007, can this be accurate?

thanks again for all the help!

karlchad, where are you in the process with 20 West? I'm trying to locate my copy of the 20 West offering plan, but it's in cold storage by now and not easily accessed, so read on:

Most Condo bylaws require that building financials be audited and distributed to unit owners by mid-year of the following fiscal year (that is, BY NOW for 2008). If you're on the cusp of making an offer, or even if you're just "very serious" about a specific unit, have your broker get you a copy of the offering plan with all its up-to-date amendments, and read it to find out what is required for the availability of the 20 West financials. If the 20 West 2008 financials are SUPPOSED to be ready by now, then PURSUE THE HELL OUT OF IT (via 20 West managing agent and your lawyer, if necessary) and don't make an offer until you've seen and analyzed the AUDITED 2008. (If you're just an intrigued window shopper, then you probably can't expect anything more than what your broker already has on file.)

If audited 2008 financials simply aren't available (they were lost in the flood in the basement, for instance) and you're a serious potential buyer, at least get a copy of the 2008 and 2009 budgets. Seeing the flow of where money is being directed over the years is essential, esp. on a new (and IMHO shaky) conversion. And then be sure you know WHY audited 2008 financials aren't available yet. If you're going to be an owner in this building, don't you want to know what the delay is, and if it's going to happen every year?

The high floor studios ( 35-45 ) with views seem like great investments. For the price it's much nicer than the cold dark cookie cutter condos in the Financial District. Also the location to the subways and park are more ideal.

I actually just closed, and I am extremely happy.

Pros-
1 block from the 1 and RW trains
2 blocks from the 4,5 trains
3 blocks from the jmz trains
12 year tax abatement left(one of the very FEW in the fidi/battery park area)
full service luxury building(doorman concierge valet)
HUGE awesome gym
across the street from the park(will be awesome in the warmer months)
no LAND TAX
reasonable / low maintenance

cons-
deck is on the 8th floor (views are ehh)
mostly studios
nightlife is non-existant, unless you walk 10 mins to around stone street, where there is a strip of bars/restaurant
NO PARKING!

i expect more revitalization with the completion of the wtc area and as more goldman people move to the new offices...

CONGRATS!!! you will love, love, love the area. In the summer it is like being on vacation every day!!
Agreed no real nightlife..but the trains are at your doorstep. Try to Italian place across the street on little west, good food and decent bar.
I moved to BPC in december, loved the winter and once you expierenced a summer there you will be in HEAVEN!!
good luck, again