Central Park Plaza

This is a rental building owned by TPE. As per various articles I read they were in a fight with the tenants for quite some time. They improved the building infrastructure compared to the previous owner, and wanted to recover costs. They were finally permitted to sell a subset of units at market rates. This is the background -- at least what I remember now

Thanks, Joe. It looks sketchy, to say the least. I like the location, but according to the website, the gym won't be completed before 2015, which means, in reality, occupancy wouldn't be much before that. They must be desperate, but I can't see how anyone would bite on these at this time unless they were giving them away.

stunning -- they are actually going into contract! When you walk by the windows have signs
DOn't buy here
Don't rent here

the finishes in the model are nice. Layouts are nice. Location is dubious -- close to park, but the street is sketchy

they seem to be getting their asking price -- which is low compared to others.

very very interesting
windows on 123 which is a much nicer building in many ways still has no takers and is priced about 300k higher for the corresponding 1800 sq ft apt (for a much nicer apt) but worse location

maybe those units aren't really in contract...

how could that be?

7 was the magic number. 7 units in contract means closings should begin.

Checked out the open house - looked nice.

They say that 13 units are in contract. If so, why isn't anything closing?

Still don't understand what the deal is with this building, anyone have any updates?

The listings seem to be in contract - but the renovations to the apts aren't finished. As soon as they are everyone will start closing.

bad vibe. the signs, lots of unhappy tenants in the building. if you look at the other parts, not just the model apts. you'll see why.it's dirty, broken windows, halls. All of the TPE buildings are like that from what i hear. the contracts might be bogus too.

The prices were very attractive here, but if you read the small print, nothing will be completed for years. A mistake for sure.

Anyone know what's happening at this building? I still see the "Don't buy here" signs in the windows!

Yes the sign are there, but those are just people unhappy about the (any) conversion.
The deals are real and they have closed on quite a few now- I made an offer an last spring and got beat out by some one who paid a little more $$$ and now lives there. Once renovated the apartments are really well done and unbelievably large. If they had anymore of the 2400 sq ft units, I'd by there in minute. Neighborhood is already ok and changing, for the better, everyday.

oh no, buy now or be priced out FOREVER!

Can anyone living here comment on the building and overall feel?

only three have closed, ms123, despite sharpguy's comment three months ago.

btw, sharpguy, a 2400ish sf unit is now on the market. go for it.

Did anyone see the PH, now off the market - a stunning renovation asking $5m, lived in by the owner of TPE.

Can anyone living here comment? Has the renovation redone all of the electric/plumbing in the building? It would be strange to have your neighbors look at you everyday and hate you. Can why are the taxes so low?

When we were buying in harlem we looked everywhere (Kalihari, 1400 Fifth, Livmor. Parc Standard, Douglass, SoHa, Livmor and Central Park Plaza. In my opinion, in 20 years the apts at CPP will have the greatest appreciation (proximity to Central Park, large apts, well appointed, look out on wide non-commercial street). However when you ride up the elevator and get glum stares from your future neighbors its a major turnoff. My best friends advice was the most important thing when buying is who your neighbors in the building are. We ended up with wonderful neighbors where we bought.

Thanks 'I guess', but that doesn't shed any light on the other questions at hand.

I don't know whether al the electric/plumbing has been redone. The taxes are low because on condo conversion buildings taxes are based on the prevailing rents in the building/neighborhood at the time of conversion. There is no tax abatement.

Harlembuyer, Where did you end up? We've looked at everything but keep coming up empty. Any insight would be welcome

We ended up buying at The Douglass. We valued owning our own indoor parking spot and proximity to Central Park (we bike around the park every weekend). We bought during a brief downturn in sales and felt we got a good deal on an apt with nice views. The building has had some "new building issues" with the sponsor but overall we are very happy.

Hey Bronxish, I am a buyers broker that is very familiar with all the developments in the Harlem area. Maybe I could assist you in your condo search. Feel free to shoot me an email Hector@gspny.com

Anything new going on with this building? Are apartments selling? Are the renters still unhappy or getting used to the conversion?

we have lived there for a year. love it. apartments are beautiful. proximity to park is great. fdave picking up and adding restos/services almost weekly now. it took a while with our neighbors but generally people treat us no better or worse than when we lived downtown. feels to us like we made a great decision that will get better and better with time.

did the sponsor give you projected tax figures going forward?

we tried to buy in the douglass but missed on price, we didn't want to budge to much as we thought the living rooms were to small and no balconies.

Anything new going on here?

anything new in the past 10 weeks?