I just got a streeteasy email saying that 28 of the apartments in the Apthorp are in contract? Does anyone have any color on this? 390 West End Avenue #11C (listing in contract) $15,500,000 IN CONTRACT Condo Upper West Side 6,197 ft² 5 beds 5.5 baths Listed by Prudential Elliman 390 West End Avenue #2A (listing in contract) $8,875,000 IN CONTRACT Condo Upper West Side 4,252 ft² 5 beds 4.5 baths... [more]
I just got a streeteasy email saying that 28 of the apartments in the Apthorp are in contract? Does anyone have any color on this?
390 West End Avenue #11C (listing in contract)
$15,500,000 IN CONTRACT
Condo Upper West Side 6,197 ft² 5 beds 5.5 baths
Listed by Prudential Elliman
390 West End Avenue #2A (listing in contract)
$8,875,000 IN CONTRACT
Condo Upper West Side 4,252 ft² 5 beds 4.5 baths
Listed by Prudential Elliman
390 West End Avenue #7LE (listing in contract)
$1,575,000 IN CONTRACT
Condo Upper West Side 1,031 ft² 1 bed 1 bath
Listed by Prudential Elliman
390 West End Avenue #7G (listing in contract)
$4,700,000 IN CONTRACT
Condo Upper West Side 2,422 ft² 2 beds 2.5 baths
Listed by Prudential Elliman
390 West End Avenue #4J (listing in contract)
$6,200,000 IN CONTRACT
Condo Upper West Side 3,069 ft² 3 beds 3 baths
Listed by Prudential Elliman
390 West End Avenue #7LN (listing in contract)
$3,100,000 IN CONTRACT
Condo Upper West Side 1,676 ft² 2 beds 2 baths
Listed by Prudential Elliman
390 West End Avenue #11K (listing in contract)
$6,350,000 IN CONTRACT
Condo Upper West Side 3,331 ft² 4 beds 4.5 baths
Listed by Prudential Elliman
390 West End Avenue #9E (listing in contract)
$5,550,000 IN CONTRACT
Condo Upper West Side 2,907 ft² 3 beds 3 baths
Listed by Prudential Elliman
390 West End Avenue #10L (listing in contract)
$5,750,000 IN CONTRACT
Condo Upper West Side 2,967 ft² 4 beds 3 baths
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$4,225,000 IN CONTRACT
Condo Upper West Side 2,278 ft² 3 beds 2.5 baths
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$5,500,000 IN CONTRACT
Condo Upper West Side 2,907 ft² 3 beds 3 baths
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$21,084,000 IN CONTRACT
Condo Upper West Side 3 beds 3 baths
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$8,200,000 IN CONTRACT
Condo Upper West Side 4,328 ft² 5 beds 5 baths
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$18,690,000 IN CONTRACT
Condo Upper West Side 5,340 ft² 2 beds 2 baths
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$9,086,000 IN CONTRACT
Condo Upper West Side 3,100 ft² 4 beds 3 baths
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$6,608,000 IN CONTRACT
Condo Upper West Side 2,350 ft² 2 beds 2 baths
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$5,500,000 IN CONTRACT
Condo Upper West Side 2,912 ft² 4 beds 3 baths
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$8,791,000 IN CONTRACT
Condo Upper West Side 2,910 ft² 5 beds 3 baths
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$5,400,000 IN CONTRACT
Condo Upper West Side 2,908 ft² 4 beds 3 baths
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$1,024,830 IN CONTRACT
Condo Upper West Side 386 ft² 1 bath
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$6,950,000 IN CONTRACT
Condo Upper West Side 2,920 ft² 1 bed 1 bath
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$2,025,765 IN CONTRACT
Condo Upper West Side 763 ft² 1 bed 1 bath
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$895,000 IN CONTRACT
Condo Upper West Side 405 ft² 1 bath
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$1,654,065 IN CONTRACT
Condo Upper West Side 623 ft² 1 bed 1 bath
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$4,700,000 IN CONTRACT
Condo Upper West Side 2,422 ft² 2 beds 2.5 baths
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$2,559,420 IN CONTRACT
Condo Upper West Side 964 ft² 2 beds 1 bath
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$6,900,000 IN CONTRACT
Condo Upper West Side 3,069 ft² 3 beds 3 baths
Listed by Prudential Elliman
390 West End Avenue (recently listed)
$3,363,000 IN CONTRACT
Condo Upper West Side 1,162 ft² 1 bed 1 bath
Listed by Prudential Elliman
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Response by formeraptenant
over 16 years ago
Posts: 28
Member since: Aug 2009
Best fiction I've read in a long time.
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Response by walterh7
over 16 years ago
Posts: 383
Member since: Dec 2006
just over $180mm in sales on just 18 apartments (assuming these hold up which will very clearly be doubted by nearly everyone on this board...). What did they pay for the building?
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Response by realestatejunkie
over 16 years ago
Posts: 259
Member since: Oct 2006
$426,026,000
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Response by apt23
over 16 years ago
Posts: 2041
Member since: Jul 2009
are those the actual contract prices or just the ask prices.
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Response by drdrd
over 16 years ago
Posts: 1905
Member since: Apr 2007
-and I just sold the Brooklyn Bridge - AGAIN !
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Response by formeraptenant
over 16 years ago
Posts: 28
Member since: Aug 2009
I can't even count on one hand how many potential buyers have gotten out of their original contracts. They realized what a money pit this place is going to be and that in all likelihood, the current owners will lose it soon and they will be left with massive maintenance payments. Also, the demolition in the building is right now under the microscope of the EPA for doing things cheaply and unsafely and the whole place may be shut down soon. The tenants are, right now, living on a construction site with work being done on a scale that is never done in an occupied building. The owners, Leviev and Mann, etc. had planned on working in a vacant building but 70 tenants remain and they just went ahead with everything, asbestos and lead paint and all. It should be closed down until and unless this is done properly. The dangers here cannot be overemphasized.
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Response by walterh7
over 16 years ago
Posts: 383
Member since: Dec 2006
I mis-typed. 28 'In Contracts" listed. (not 18)
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Response by Jazzman
over 16 years ago
Posts: 781
Member since: Feb 2009
Last night Dolly said that they signed 34 contracts in 31 days at the Apthorp (I think those numbers are right). She said that the prices were 40% above bank release prices - now we don't know what that means other than to say the prices are high enough that at the very least the bank will get paid back on those units plus more to the developer.
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Response by modern
over 16 years ago
Posts: 887
Member since: Sep 2007
formerapttenant,
I understand all rent-stabilzied tenants consider it their duty to bash their landlords, but c'mon, the EPA does not get involved with apartment buildings. If you are going to make up stories at least try to make them more believable.
BTW, asbestos and lead paint are removed from occupied buildings all the time.
Ignored comment.
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Response by aptometrist
over 16 years ago
Posts: 88
Member since: Jul 2008
@modern -- but s/he is a just a "former" tenant looking out for the interests of some "former" neighbors :-)
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Response by realestatejunkie
over 16 years ago
Posts: 259
Member since: Oct 2006
I have to say I don't have a whole lot of sympathy for the rent stabalized tenants at the Apthorp. They have the steal of the century, so what if they have to endure some construction hassle.
formeraptenant --- you have made some pretty strong claims here including the center courtyard being structurally unstable. I would encourage you share some evidence and substance behind your allegations.
Ignored comment.
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Response by wonderboy
over 16 years ago
Posts: 398
Member since: Jun 2009
Rent control is so disgusting. I wouldn't want to live around those poors.
Ignored comment.
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Response by West81st
over 16 years ago
Posts: 5564
Member since: Jan 2008
The condo declaration will provide some information about the buyers. It's likely that many of them will have highly informative names like "Apthorp11C, LLC".
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Response by flatironj
over 16 years ago
Posts: 168
Member since: Apr 2009
Modern, yes asbestos is removed all the time. That dont (sic) mean it's always done right. In my rental building asbestos was removed in at least one instance without sensible safeguards and certainly not accord. to law. I had to call the Buildings Department. I would suspect this happens all the time.
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Response by formeraptenant
about 16 years ago
Posts: 28
Member since: Aug 2009
Now Mann is being sued by the company who helped him get his original financing for the Apthorp. He owes $400,000! There is no end to the drama in this ill-fated condo conversion. And the AG is investigating all the specious sales of apts. Now the real question is how and when all the supposed "buyers" will ever get their deposits back when the deal tanks and/or they wise up and head for the hills. This has been a disaster from the word go. RIP, Apthorp.
Ignored comment.
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Response by positivecarry
about 16 years ago
Posts: 704
Member since: Oct 2008
Jealous much?
Ignored comment.
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Response by formeraptenant
about 16 years ago
Posts: 28
Member since: Aug 2009
Of what? Being in debt or living on a sickening, broken down, cash-poor failure of a construction site?
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Response by happyrenter
about 16 years ago
Posts: 2790
Member since: Oct 2008
this place is a compete catastrophe---the idea that they paid half a billion (billion with a b) for this building is nothing short of hilarious. compare with the well-managed conversion of the devonshire house. even in a weak market a conversion can be handled well.
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Response by columbiacounty
about 16 years ago
Posts: 12708
Member since: Jan 2009
this and stuy town are bookends showcasing some of the stupidest deals ever done. both are fine properties....at the right price.
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Response by patient09
about 16 years ago
Posts: 1571
Member since: Nov 2008
I have been thinking about this a fair amount...If Tish and Black each only had to pony 125mm, maybe it was a cheap lottery ticket..still seems very dumb, but in the bigger picture, who gives a crap.
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Response by aboutready
about 16 years ago
Posts: 16354
Member since: Oct 2007
The investors?
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Response by patient09
about 16 years ago
Posts: 1571
Member since: Nov 2008
What investors? only investors I am aware of are Tishman and Blackrock
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Response by aboutready
about 16 years ago
Posts: 16354
Member since: Oct 2007
There were quite a few.
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Response by patient09
about 16 years ago
Posts: 1571
Member since: Nov 2008
ok, my bad...i thought beyond the 3.0 first, the next 1.4 was all mexzzanine debt.
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Response by columbiacounty
about 16 years ago
Posts: 12708
Member since: Jan 2009
also...in a lottery there is a chance (very, very small) but a chance you can win. it was clear from the time that these deals were announced that they were doomed.
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Response by happyrenter
about 16 years ago
Posts: 2790
Member since: Oct 2008
patient,
the people who give a crap, even under you scenario, are the lenders. no one involved in that deal is happy right now--except for metlife, of course, and the tenants.
Best fiction I've read in a long time.
just over $180mm in sales on just 18 apartments (assuming these hold up which will very clearly be doubted by nearly everyone on this board...). What did they pay for the building?
$426,026,000
are those the actual contract prices or just the ask prices.
-and I just sold the Brooklyn Bridge - AGAIN !
I can't even count on one hand how many potential buyers have gotten out of their original contracts. They realized what a money pit this place is going to be and that in all likelihood, the current owners will lose it soon and they will be left with massive maintenance payments. Also, the demolition in the building is right now under the microscope of the EPA for doing things cheaply and unsafely and the whole place may be shut down soon. The tenants are, right now, living on a construction site with work being done on a scale that is never done in an occupied building. The owners, Leviev and Mann, etc. had planned on working in a vacant building but 70 tenants remain and they just went ahead with everything, asbestos and lead paint and all. It should be closed down until and unless this is done properly. The dangers here cannot be overemphasized.
I mis-typed. 28 'In Contracts" listed. (not 18)
Last night Dolly said that they signed 34 contracts in 31 days at the Apthorp (I think those numbers are right). She said that the prices were 40% above bank release prices - now we don't know what that means other than to say the prices are high enough that at the very least the bank will get paid back on those units plus more to the developer.
formerapttenant,
I understand all rent-stabilzied tenants consider it their duty to bash their landlords, but c'mon, the EPA does not get involved with apartment buildings. If you are going to make up stories at least try to make them more believable.
BTW, asbestos and lead paint are removed from occupied buildings all the time.
@modern -- but s/he is a just a "former" tenant looking out for the interests of some "former" neighbors :-)
I have to say I don't have a whole lot of sympathy for the rent stabalized tenants at the Apthorp. They have the steal of the century, so what if they have to endure some construction hassle.
formeraptenant --- you have made some pretty strong claims here including the center courtyard being structurally unstable. I would encourage you share some evidence and substance behind your allegations.
Rent control is so disgusting. I wouldn't want to live around those poors.
The condo declaration will provide some information about the buyers. It's likely that many of them will have highly informative names like "Apthorp11C, LLC".
Modern, yes asbestos is removed all the time. That dont (sic) mean it's always done right. In my rental building asbestos was removed in at least one instance without sensible safeguards and certainly not accord. to law. I had to call the Buildings Department. I would suspect this happens all the time.
Now Mann is being sued by the company who helped him get his original financing for the Apthorp. He owes $400,000! There is no end to the drama in this ill-fated condo conversion. And the AG is investigating all the specious sales of apts. Now the real question is how and when all the supposed "buyers" will ever get their deposits back when the deal tanks and/or they wise up and head for the hills. This has been a disaster from the word go. RIP, Apthorp.
Jealous much?
Of what? Being in debt or living on a sickening, broken down, cash-poor failure of a construction site?
this place is a compete catastrophe---the idea that they paid half a billion (billion with a b) for this building is nothing short of hilarious. compare with the well-managed conversion of the devonshire house. even in a weak market a conversion can be handled well.
this and stuy town are bookends showcasing some of the stupidest deals ever done. both are fine properties....at the right price.
I have been thinking about this a fair amount...If Tish and Black each only had to pony 125mm, maybe it was a cheap lottery ticket..still seems very dumb, but in the bigger picture, who gives a crap.
The investors?
What investors? only investors I am aware of are Tishman and Blackrock
There were quite a few.
ok, my bad...i thought beyond the 3.0 first, the next 1.4 was all mexzzanine debt.
also...in a lottery there is a chance (very, very small) but a chance you can win. it was clear from the time that these deals were announced that they were doomed.
patient,
the people who give a crap, even under you scenario, are the lenders. no one involved in that deal is happy right now--except for metlife, of course, and the tenants.
anyone here anything new about the Apthorp???