Rutherford Place

I don't think people understand (understood?) fully the risks of buying in new developments or conversions. It can be the Wild, Wild West and many real estate lawyers don't like saying no for fear to dry up recommendations.

is that considered gramercy park...hi ar

hi julia, yes it is. the building is actually on stuyvesant something, but it's in the gramercy park neighborhood.

I live very close to that building (which by the was a methadone clinic back in the day) and always thought there was something weird about it. From what I can tell the layouts are unconventional, and not condusive to families or empty nesters (spiral stairs) eliminating a lot of the potential market. On the other side the side of the building that faces Styvesant Square should have AWESOME views which could overcome alot and while overpriced, would compare favorably in value to comparable view properties in other neighborhoods. Gramercy Park in general is a gem but I hope it never gets "hot".

Don't you have to walk up those tall stairs from the lobby entrance to get to the elevators?

It reminds me of the Silk Building, lots of vertical layouts with spiral stairs, which I hate.

it's definitely not for everyone. one of the reasons it failed in sales. it is beautiful in its own way, and the spaces are not cookie-cutter. some units work much better than others.

my point was that those who did buy are well and truly screwed.

lizyank, it didn't manage to get hot during the last few years. it got warm, but not hot.

Warm is okay, warm means my apartment may lose less value versus what I paid in 2008 than other 'hoods. And warm means if the market comes back in my lifetime (if all goes according to plan that's my timeframe for staying here), my heirs will make some money. Warm is very different than "hot".

My guess is the Rutherford should do well as a rental assuming the prices aren't ridiculous. As you noted, the spaces aren't cookie cutter and you have a large population of young adults affiliated with the hospitals who would be less adverse to spirals. h

This building was a hospital and they layouts are very strange even though I like them I dont think most people would. Back in 2000 one of the big modeling agencies would house there models in here which made it fun but I think they moved out

I lived on 17th street a half block from here and problem is it is very commercial part of 2nd near`hospitals with loud ambulance arrivals all night. My friend rented a penthouse in this building which was nice but still got noise and in my opinion was overpriced as had alot of wasted space due to unconventional layout that many people mentioned...

"I lived on 17th street a half block from here and problem is it is very commercial part of 2nd near`hospitals with loud ambulance arrivals all night."

It may or may not be noisy from hospitals/ambulances, but if anything I think it's the LEASE part of 2nd Avenue anywhere near there will virtually no retail for quite a stretch.

"ok, this seems like every buyer's idea of a nightmare. sponsor decides to convert building. building supposedly has 127 units. there are 31 recorded sales, the last one 09/07. the sponsor has decided to rent units out instead."

If I remember correctly, this building was a faux condo from the start: the building owner made the ownership Condo to avoid rent regulation, but from the inception it was a rental building and marketed that way from eh get go, and only later did they sell some of the units. If I remember correctly Wynton Marsalis was the renter of the penthouse there for a while.

love how the sq footage "grew" on a lot of units after a new marketing agent took over sales of the units they used to rent out.