New construction closing delays

i think there is no recourse, they have their butts covered in the contract

which dev? did they give any updates?

I still don't understand why anybody buys in new developments.

Delays and abusive behavior are par for the course, and you don't get to design to your own exact taste, and you wind up paying all the costs of both seller and buyer, so what's the advantage? Cocktail party conversation about how you're being abused by the developer?

depends on you
I want new cons, washer/dryer/good appliances in unit and they are condo
There are other pros IMO - I do not want to get into that-if a building has owners living there for a long time, the new residents get poor service from Super/Other staff

#4, your statement regarding service for older vs newer residents - that's a new one! If you're a new owner in an older building you should tip the super when you move in and then you'll get good service.

Newer buildings may not have all the 'kinks' worked out yet. There are pros & cons.

why should I tip the super?? Isn't the maintenance that pays his salary plus free rent enough??

question to #1: what kind of updates the developer is giving you?

The exact same thing is happening to me. The contract initially stated an 18 month window for delays after the stated closing date - my attorney pushed it down to 12 months. While waiting is a pain and I keep getting anxious, I'm watching the property value continue to climb. So here are the choices:

1. Get out of the contract when the time period expires and get your deposit back.
2. Wait patiently and move in when it's ready.
3. Flip it. Not my original intention but why not? 50k (or whatever in your case) is a nice reward to biting your nails for a year.

I agree with you though. To get all worked up, write a check and then sit for months is like a really bad case of delayed ejaculation.

the same slow new development is happening to me. whilst i go past and see them working on the building it was march /april close the june/july and now august september.
Its so very frustrating, i could get out of the contract, but its too risky to take out another loan , buy a place hoping to flip the new development.
having said that the person above mine got out of the contract and they sold it within 3 days for 50 more.

#8 and #9 what buildings are you talking about?

We're not really getting any updates from the developer and the developer's lawyer rarely returns phone calls. All the updates are from the sales office - they say that the application for the TCofO has been submitted and that inspections are underway. They hope to start closings in June.

which devs are these?

are these all new construction or condo coversions?

Tipping super is a bad practice. If building housekeeping staff do not have enough pay, get a raise, if people do not enjoy their work, get a new one.
Like greed, tipping standard itself has no end. People tipping less to the super are often ignored or given a long face when asked for proper service. Most supers in Manhattan are a bunch of spoiled kids.

Super in a big bldg makes decent salary (100k+ with free apartment and paid utilities) and is not to be tipped and the Super does not expect to be tipped either. Doormen and porters are different story. Its the handyman (the greedy type) that demand tips for minor enhancements in the apt

Wait the minutes. Super in Manhattan big bldg are just as bad squeezing tips no matter how much they make, especially with foreigners.

Agree with #3 above.. there are so many more downsides to buying new developments than upsides. Besides costs, delays in closing, I would argue that most new devs have issues (uneven floors, non-working appliances, leaks, etc, etc) and need to "settle" for up to 6 months after someone moves in to discover them. For the extra fees paid in closing costs, a buyer could use that to buy new appliances, rennovate, etc.

I am under contract for a condo,(old building/new inside-condo conversion from pre-war hotel),and closing has been delayed 4X already for a total of 5 months. My lawyer told me that I can't get out of the contract without loosing my deposit and that the developer has no time limit regarding delivery of the condo. I should have read the contract carefully.

Any delays from big builders on new construction. Do they not worry about their reputation?

The funny part about it is that it seems advantageous for the developers to close ASAP, I don't think it's in their interest to delay indefinitely. But it still seems that in the majority of cases they incorrectly present the timeframes for closings.

Is that intentional?

If they are starting from scratch and are experienced builders the estimate
should be ballpark. If it is a conversion/gut-reno then there will be more unforeseen factors in play. Construction delay of 2-3 months is always possible.

Any inputs from buyers waiting for brand new apartments in closings?
We were given an estimate of June/July 2007 in Sep 06 , but now they are saying August 2007

In our situation, the construction is done actually. We are just waiting for the approvals from the state. Does that sound odd?

New construction was a big mistake on my part. Elad Properties not only is extremely late in delivery, they will not communicate or keep us up to date. Everyone in the building, (The Link) is having the same problems. I would never buy new again nor would I ever consider an apt built by Elad. There is lots to be said about this subject on wirednewyork.com

My two cents. People getting into new construction should really have known that its subject to delays. Isn't it common sense to know that when someone is building a new building or gutting an old building, its a huge project, delays are almost inevitable. Also it certainly is in the developer's interest to close as soon as possible.

I signed a contract on a conversion in Jan, estimated closing date was 1st quarter of 08 which works really well for my personal situation. In my mind I've been thinking closing could be from Jan 08 (not likely) to June. If it slips past May I'll be bummed (like to be in by summer) but it is what it is, contract says I can walk if no closing by end of 08.

As for the critics of new construction...to each his own but your some of your criticisms really are specific to you, obviously people who buy are ok with the cost (and closing costs aren't even worth mentioning) and the design, delays I've covered, as for abuse, that seems like a non factor to me. For myself we bought new construction because we loved the location, the finishes (we're not the type to gut renovate ourselves), the amenities. WE'll see how it shakes out.

I guess for new construction one should do more due diligence. Part of the reason I went with the purchase was the fact that the developer had done 8 Billion plus of developments by market value. Also the building was financed by money from California pension fund and I would guess that they would have done their due diligence before making the investment. Lets see, the closing is promised for August 2007

We just bought in at late stage of new development (200 Chambers) and in fact they delivered AHEAD of schedule for us. The rest of the building is a mess, but for some reason they got our unit done. I agree that it is to their advantage to close as early as possible as it allows them to get acces to additional lines of credit, etc.

The key is to look for an experienced developer. 200 Chambers was done by Resnick which is a huge builder. Basically these guys can take the unions by the balls and parlay one job into the next, so they provide steady work and get better treatment from contractors.

I would never, ever work with a new dev that is being handled by a small or foreign developer who doesn't know the NYC ropes, because you will be in for a long wait. A great example is Trinity Stewart on Warren Street, which has been in development for OVER 5 years. It is being done by a indy developer and marketed by Elliman -- beware. It looks good but you are in for a long wait on that one. Same with Tribeca Space . . out of state developer, taking forever . . .

Developer can be out of state, but its the contractor on whom the speed rests?

More proof why pre-construction in general are not worth the hassle:

http://nymag.com/realestate/realestatecolumn/32373/

I'm supposed to close soon on a new development in Central Harlem...hopefully I will have a good experience.

As a broker who specializes in New Developments and who have helped hundreds of clients find great homes at the best values. I AWLAYS advise my clients to add 120 days to whatever the developer/marketing team says, because 75% new construction closes within that time frame.Email me for a free consultation on possible solutions to your New Construction problems at mpaulino27@ayahoo.com

M at Beekman is delayed - building is "complete" and just waiting on approvals from the City. Were telling people Mid July 07 and has turned into Mid Nov. Anyone else out there bought in this dev?

It is not to the developers advantage to delay closings on a building. Money that is deposited for the down payment is put in an escrow account that is not controlled by the developer. The developer has to borrow money for the construction and gets no money at all until the closings. He is paying interest the whole time on a massive construction loan. The longer it takes to close, the less the developers' profit.