Developer of 123 Third Avenue

Does anyone know the status of this building? Are they selling units? Has contruction been ceased?

The developer has BICK plans!

You will have to educate me on what BICK plans means.., but if you call sales office and make an appointment they are definitely selling apartments!! The floorplans are kinda small but its the location that is what you are paying for!

Please call the sales office and make an appointment for a viewing apartments are going fast!

Selling like hotcakes are they?

Damn, where the hell is my checkbook!!

Hi! I'm an agent that just got a contract in for 11B. These are some really great deals going on if you can get in during this pre-sale period. It's hands down the nicest and most exciting downtown luxury condo property right now. I was pretty impressed when I saw it and heard about the amenities. The quality of the materials is reflective of a $1700/square foot apartment, but they are selling at about a $1100/square foot price. There is beautiful, solid, real oak wood flooring that you can stain any color you want. The fixtures are at the top-of-the-line branding and quality. Plus, this location is a no-brainer! You are smack in the middle of 4 of the most desired downtown neighborhoods: Gramercy, East Village, Greenwich Village and Union Square is only 1 block away to every accessible train line, Whole Foods, Trader Joes. This area will only go up in value. As an investment property, you could probably rent out the B line 1 bedroom about 650 sq ft for about $4000 or more, especially with 2 Cooper nearby now leasing 575 sq ft 1 bedrooms for $4200/month. It's been predicted to have about a 25% return fairly quickly if you can get in before the official launch in September to the brokerage community. The prices were just raised another $10K across the bar last week. They will continue to rise, so that is why if you get in now, it would be an amazing investment opportunity, plus just a really cool piece of NYC Real Estate that you can own.

I just happen to work around the corner and have had my eye on this for awhile. Got in early. I'm happy to answer any questions or help in any way if you're interested!

All the best,
Phillia Kim Downs
pkimdowns@gmail.com
240-603-7376

p.s. in 10 days they put out 12 contracts! Without any real marketing or official launch yet. Get in now, I'm happy to help!

Philla, are you an agent who is promoting yourself to get customers from this discussion board or the purchaser of 11B. If I don't mind me asking what roughly did you pay per sq/ft?

Looks like the listings have gone up on corcoran.com http://www.corcoran.com/property/search.aspx?FP=AL

Amenities include full-service 24-hour doorman, cold storage, fitness center, multi-media lounge, landscaped residents' garden/outdoor screening area. Anticipated 421-a tax abatement & LEED certification. Residences feature expansive triple layer picture windows, 10' 2? ceiling heights, select grade solid white oak hardwood floors, Poliform kitchens, Miele appliances, Dornbracht fixtures, Bosch washers and dryers, central heat & AC, terraces and balconies in select homes.

Just so everyone knows... Andrew Bradfield one of the developers here is being sued personally for fraud by the bank at 22 Renwick... There were two developers involved and he was the only one to get hit with the fruad lawsuit...Just make sure that piece of information is in your offering plan if you do plan on going forward with it.. I am sure many people who were involved with 22 Renwick will tell you he is not a good person...

Monthlies seems pretty damn high in this building. Taxes will probably be high as well post abatement, considering that abated 2100sft apartment start out with over $700 in tax a month.

Btw, it's funny how pkimdowns and badromance are not even trying to be subtle in advertising this building, sales agent?

I am a buyer of the B line and in contract, and no I am not a sales agent

$1100/square foot price. There is beautiful, solid, real oak wood flooring

Wow...$1100/sq ft gets you real oak flooring...Watch out for those cheesy buildings that are only $1000/sq ft. they probably just roll out that vinyl flooring that is used in trailer homes

There are no sales or contracts listed in this building on SE.

hi has anyone made an offer that has got realized. when is building going to be ready. am a buyer, would appreciate some input

yes, i bought one couple of weeks ago! the building will be ready earlier next year.

i will tell you this as someone who tried to buy an apartment at 22 renwick, dont expect this building to be done on time... Andrew Bradfield was a partner down there and held the project up for his own benefit.. We put money down on an apartment and sold ours thinking the project would be down on time...Well we are still renting while this guy Andrew keeps screwing banks over... Its a joke.... Good luck with him.. Also if anyone has an offering plan can they see if it shows him being sued by the bank he co signed the loan with for 22 renwick for fraud..,... Really interested to know that and if it isn't to let the attorney general know...

According to the sales people, F&T group is the majority equity holder for the development. Hopefully they can make sure the debacle of 22 Renwick doesn't happen to them. Also unlike Orange, F&T seems like a fairly large real estate developer with a reasonable track record.

I had a simiar experiece at 22 as well. I put my money to sleep for over two years with that clown and then had nothing but aggravation trying to break a contract on an apartment that didn't exist. I think this guy is one of those shady developers that knows all the tricks of the trade. I wonder if the deposits for 22 were used to fund this project. Maybe the whole thing is a never ending ponzi scheme for this guy. I heard some rumblings that he had family invovled in it too. Maybe they're like the Batmen and Robhim of the real estate business. Here's three words of widsom, Watch Your Wallet.

http://therealdeal.com/newyork/articles/lender-broadway-bank-sues-no-22-renwick-developer-andrew-bradfield-for-fraud-at-soho-condo

great article on bradfield... really hope the attorney general knows about the lawsuit

http://onespot.wsj.com/realestate/2010/09/21/a/700973423-no-22-renwick-developer-sued/

picked up by the jounral... I am sure Andrew always hoped he would be in the jounral... Just not for fraud......

http://therealdeal.com/newyork/articles/lender-broadway-bank-sues-no-22-renwick-developer-andrew-bradfield-for-fraud-at-soho-condo

the comments just keep getting better and better

Seems like tc1 has a grudge. Wow 16 in contract, prices are all increasing very impressive!

Wow, badromance, your powers of observation are truly impressive! You do realize that this thread was started to warn about the shady nature of the developer of 123 3rd Avenue, right? Incredibly, here come you and several other posters celebrating the project, either as broker shills or buyers. Yet, you completely fail to address the issue of what happened at 22 Renwick, including accusations of out and out fraud. Why? Doesn't this at all concern you?

Hmmm... I don't get it. I thought all the buyers at 22 Renwick got their deposits back. That's what the Real Deal said. The developer (or the contractor) fucked up and missed all their deadlines.... But that fraud lawsuit from Broadway Bank -- that's like being worried about a lawsuit from the John Gotti family bank.

Yes, mxadms, but that was only after the developer tried to push through a sham closing before the outside date to avoid offering the right of recision. A group of buyers then hired attorneys and appealed to the AG who (apparently) ruled in favor of the buyers. These buyers, I assume, had to compensate said attorneys from the deposits, so not exactly a happy ending. If the AG hadn't gotten involved, I imagine the buyers would be the ones suing for fraud.

Badromance started another thread about this development but still refuses to address the issue of the shady developer, which baffles me. Doesn't it bother him/her at all? The best, though, is lucky777: "yes, i bought one couple of weeks ago! the building will be ready earlier next year." Care to wager on that? I'll take the other side!

Rah, rah, ah, ah, ah / Roma, roma, ma / Gaga, ooh la la / Want your bad romance / I want your ugly, I want your disease ...

Badromance is in da house!! Ladies and Gents, the shady developer does bother me, but the location of the building and the bad press you guys are giving the building is doing a lot of good cause you are keeping the prices down but people are still snatching it up!! Let me educate you on the 3 laws of realestate: 1. Location, 2. Location, 3. Location.

In terms of timing of completion, this gives people more time to find financing and more time for the economy to recover.

I did not know this was the disgruntled 22 Ren.. club that is why I started a new discussion about the building apologies, but if you got your deposit back go use it to find something good!

Good Luck everyone!

oh boy.

http://therealdeal.com/newyork/articles/what-does-it-take-to-make-a-comeback

all i want to know for all you buyers is the lawsuit listed in the offering plan... i understand the building might be in a great location but make sure that lawsuit is in there....If it is in there and your lawyers are letting you sign it, get another lawyer......... the guy is a fraud and you have been warned....but for all everyones talk no one has told us if the lawsuit is in there.....

seriously tc1 get a life much? Making this a crusade aren't we? I really think you should read your own article "Mostly, she said, buyers seem focused on the property." I really think you need to take some yoga or maybe some relaxation therapy? You seem stressed out.

Badromance you have NINE posts and I have a lot less.. all I am doing is warning people about a bad person and bad experiences.. I am a cursade to warn people about a REAL LAWSUIT that is going on....if you think I am wrong to let people know about what could happen....think about BERNIE......Be a buyer you seem really smart.... find out how the other buyers are.. are they at closing.... and once again is the lawsuit in the offering plan... thats all I ask... you are a buyer is it in there... or are you a salesman......pushing a bullshit product... Read the aricles I just post them so people can learn from others mistakes......As for yoga it sucks... enjoy the B line.... you have been once again been warned..

I lived in this area in the 70s. The building (that was torn down for this) was a rabbits' warren of sleazy businesses and a couple of low-end brothels, and the corner was a hooker stroll. Sounds like the developers knew it then and are keeping the history of the neighborhood in mind.

i have a buyer who is interested in purchasing in this building. the sponsor is demanding "no mortgage contingency" which in this market is very risky for my buyer. any thoughts?

I talked to them before. To answer tc1, the lawsuit is not in the offering plan. abc71 I ran into the same problem and they wouldn't budge. That kept me away. That plus there doesn't seem to be a way to get the details on the relationship between F&T and Orange. If they made that clear, I think it'd help their sales. Having Andrew Bradfield and Orange seems to be a sales liability.

yea the developer seems like a shady douche. he's not budging on prices or mortgage contingencies but i bought anyways. i like the location and apt. tired of sitting on the sidelines. i don't really care if the developer is shady. the whole transaction is protected by a contract. been through this song and dance at another new development. nobody is getting screwed. they just float your money for 9 months. it's all the same bullshit. no shock to me that people in real estate are total assholes. duh!

I also bought a place in this building... they didn't budge on providing a mortgage contingency but i protected myself with several additional clauses like providing 60 days instead of 30 days of notice; and that I don't have to close in the place until the building has sold over 55% of the units. This usually helps in many cases for lenders to lend. As for worries in this chain about delays, the contract provides protection in regards to many things... if this place is delayed for longer than 12 months in my contract, I have the option to walk away and retain my deposit. So if your lawyer is good, there's a lot of protection you can be sure to include. Hope this helps.

Luciato and D123, did you guys purchase at 1st or 2nd ammendment prices?
The developer just raised the prices yet again
Thanks

21 in contract impressive

Can any of the buyers on this forum share any news on when closings will happen?

my broker asked them the other day and they are avoiding the question. scumbags...

My client's closing is 'estimated' to be around April 2011. I would assume it could close even in May.

i am also looking at a unit in this building. would love to hear how contract negotiations went with others who had experience (not price netotiations). seems like luciato and d123 got some stuff to protect themselves but not too much

oh now I understand the luciato post on the other thread, guess he didn't learn from the Jasper

What was I supposed to learn? Please impart your wisdom

does anyone here know if the project on 23rd and 2nd (Tempo) are having any similar issues with closings ?

some info

http://www.nypost.com/p/news/business/realestate/residential/go_LW7aAM0XPpHPzEzsr0YUwO?CMP=OTC-rss&FEEDNAME=

Btw, any idea what % concession the Sponsor has been willing to give buyers?

none bitches! yall too late! 80% in contract. grow a pair!!! what now truthskr10?!?! that guy is a true tool...

I'd be interested to see what the final *closed* number of units end up being...80% in contract no longer means as much nowadays.

how much r u people paying per sf for these places?

@jakedavid are you really expecting people to list out their apts and price paid??

no more apartments left. everything is sold even the penthouses...

@luciato thats great news!! even the penthouses?? no way!

jake, it really depends on the floor and how many bedrooms. obviously none of us know much, but at the cheapest i would estimate $1,000 for a low floor, super-early buyer. at the higher end, maybe $1,400 for a high floor, 2BR, non-penthouse. i guess we'll find out in the next several months as they start closing.

luciato, where did you hear that the penthouses were sold? i spoke to the sales office less than two weeks ago and they said all the penthouses were available (and not all were actually "on the market" yet).

spoke to them 2 days ago. i bought on the 2nd floor and they are offering me outdoor space. 500 sf ft. does anybody know how much i should be paying for it?

yea 2nd floor 2 bed signed in sept for around 1000 a sq ft.

@luciato The general relationship between outdoor space and interior space %u2013 terraces are typically valued at 25-50% of the ppsf of the interior space.

luciato - is the outdoor space contiguous to your apartment?

Yes. There would be a couple stairs leading down to it from my apt. I am going to go look at the plans next week.

How come it was not originally part of the apartment you bought? What was the developer going to do with it? Designate it a common terrace for the building?

Also, is there access to the terrace from another part of the building?

was weird. they didn't know if they would have rights or permission to do it. if i don't buy it, they are just going to leave it empty.

That is weird. If the terrace doesn't belong to the developer, who does it belong to? And who can get to it, other than you?

Is this space right outside your windows?

It was in the original offering plan... I saw it when I was looking at it.. going wow thats sweet.. but I guess not. even @ 500persq ft its 250 large... I would definitely not get it if thats the cost..

i misspoke earlier. PH's are still available. they sold all the 1 and 2 bedrooms.

the developer purchaed the retail condo unit from 111 3rd who then combined it with his building.

whats the significance of the developer purchasing the retail condo unit?

just moved in :D

how is it pepperoni? i was snooping around the building on sunday and the lobby is still a construction zone. how is the hallway??

what am i supposed to look for in the walk through? should i hire a professional to come with me?

Luciato ... HIRE A PRO
What line are you?

Luciato is A line on 2nd fl.

moved in too. luciato, you're looking for everything that's wrong so they'll document them and fix them within a "reasonable" time.

each floor looks a varying degree of construction zone now. it's more about them protecting the building while they finish up units.