Tribeca Space

All I can say is that no one except Corcoran Marketing, the Sponsors and their lawyer should know the identities of the purchasers. The fact that one or more of those parties divulged confidential information to someone who then shared it with MDG01 is disgusting. It just reinforces my view that they're all a bunch of unethical scumbags.

That we can agree on.

mdg01: "ulterior motive," not "alterior motive."

Thanks for the correction.

25Murray and REGuy - My RE attorney contacted the sponsors attorney (Charles Weiss) asking if it was true that the sponsor agreed to pay the transfer taxes and attorney's fees for those not rescinding. Mr. Weiss claims that it is absolutely 100% not true that the sponsor agreed to pay the transfer taxes and attorney fees if owners did not rescind. Any help or information would be much appreciated.

I assure you that Charles Weiss is once again lying. The Sponsors agreed to pay the transfer taxes associated with my unit in Tribeca Space and not to charge me for their attorneys fees. They only agreed to do that, however, after my lawyer threatened to slap an enormous lawsuit on them for engaging in fraudulent and illegal activities.

25Murray, would you mind contacting me off of this thread? oneovak9d@aol.com - I'm currently trying to negotiate this and getting nowhere.

We purchased a unit in Tribeca Space in December. Has anyone received an update on the TCO?

No TCO coming anytime soon. Don't be surprised if you're not in by next December. The problems are endless. I can't believe that Corcoran duped you into buying into Tribeca Space. You should have done your homework and read this board and the curbed board before signing...

Before saying dandg was duped, I'd rather ask what led dandg to purchase here, whether dandg was aware of the long delays and issues with occupancy when he purchased, and if so, how that knowledge played into the decision to buy. I think that would be more interesting than attacking him/her for no reason.

Well said, kylewest, though I think the part of JoeyTowers vitriol that was aimed at Corcoran is deserved.

What is the latest date they are now saying closings will begin? Last I heard in October or November was thet closings would happen by the end of 2007. And no surprise- here we are again! I haven't checked since. It just seems surreal...

Are they giving any reasons for the continued delays?

Just to clarify, we did alot of research prior to making the purchase and we were well aware of the issues. As a matter of fact, we have been looking in this area for over 12 months (since Nov 06). Our realtor was upfront with us from day one and only suggested we look at the place because were weren't in a hurry to move. After endless hours of open houses, we couldn't find a better deal in this location for the size and price. We aren't in a hurry to move in, but we are excited to move in because we are currently holed up in a tiny 1 bedroom living that is about 600 sq/feet. We did see alot of posts on the oddness of the layouts, but were we able to get a unit in our price range that was a 'real' two bedroom and didn't have the issue with the funky windows. The other bonus is that if we don't close by May 1, we can get out the deal, so at this point we felt we had nothing to lose. Does anyone out there know the best way to keep up to date on the TCO other than calling the unresponsive TS lawyer? Thanks.

dandg : Didn't mean to attack you - sorry. I got duped too. Really pissed off about the whole thing. Check out the DOB website for TCO updates. Charles Weiss should be disbarred. I bought into TS because I thought it was a good deal too - but now I know why my folks always told me "to watch out for things that seem too good to be true" and "you get what you pay for." The entire building is a disaster with cheap finishes. It was supossed to be an inexpensive rental building - which explains why it was done so cheaply. In fact, a chunk of the building (the part fronting Church Street) will still be a rental building and all of the renters will be sharing our lobby and doormen. Why there's no TCO, nobody knows. The Corcoran brokers have been lying about the reasons for well over a year now and the Sponsors refuse to tell us anything substantive. I'd bet money on it that you'll still be waiting for that TCO on May 1st - so my advice is to grab your money back and run to something that may be more expensive but won't have all of the serious issues likely to face TS over the years.

I'm in a similar situation than dandg. all the time in the world, great apartment, good price. no hurry to move, so it will be worth the wait, even if they take years to get the TCO. understand that joeytowers and others are not in the same situation, feel sorry for them. not everyone is in the same boat.

Bumped for the benefit of ERN
http://www.streeteasy.com/nyc/talk/discussion/2918-25-murray-street

Face it - Tribeca Space sucks and will be a money pit to its owners when it starts falling apart. Oh, that's right, it's already falling apart and that's why it can't get a TCO...

How long has it been "finished" and standing vacant? 1.5 years? Beware the toxic mold that's no doubt growing inside it.

dandg and anyone who has or can rescind the contract - Did you have to include a clause in your contract specifying how, when, and why you can rescind the contract without losing your deposit? If so, did you have to give the developer special consideration in order to add that clause. Thanks!

What does everyone think of this article?

http://www.tribecatrib.com/news/newsmay08/25Murray050810.html

The developer has been saying the end is in sight for a year and a half - why believe him now? Remember - the developer has a history of being convicted for fraud.

Most of this discussion is understandably focused on the residential units. What is the story with the horribly designed street-level and sub street-level retail on Warren St? There doesn't seem to be any sign of tenants.

And besides with "Only a plan examination and a boiler reinspection, early this month, remain before a TCO can be granted", residents should be closing any day now ;-)

Still no sign of a TCO and still no sign of any closings. Also, several purchasers (including Larry Silversteins daughter - who I dare say knows a thing or two about real estate) have launched lawsuits against the developers - Brad and Harold Thurman. I'm sure the lawsuits against Corcoran marketing (especially Jim Brawders and David Kest) won't be far behind since they've been in bed with the Thurmans since the get-go.

Here is more info on the lawsuit. Let this be a lesson to all of you about how sleazy people in the new development market can be. What a cr@pfest.

http://ny.therealdeal.com/articles/tribeca-loft-buyers-developer-to-square-off-in-court

This is so sad. Since I started visiting this site 10 months ago people have been talking about closings being around the corner on this thread. Why isn't everyone trying to get their money back by now? Even if this disaster of a development finally gets approvals, does anyone really want to live in a place with god-knows-what going on with the construction quality? It's hard to imagine a building this strapped for so long isn't cutting every corner it can that isn't in plain view. All the patches they must be doing to get these TCOs do not suggest a coherent,solid engineering plan either. I'd be terrified the place is going to fall apart soon enough after I bought.

Agree with Kyle

I just saw in acris that all units were purchased by a charles c. gueli, jr. does this mean that all buyers rescinded if he purchased all units?

That was a satisfaction of mortgage document, to clear up an old mortgage and/or associated lien for past owners. There was no change in ownership.

The Real Deal is reporting that they've obtained a temporary CO (as of today) and can start scheduling closings now, and that the Lisa Silverstein et al lawsuit is accordingly on-hold.

Have contract holders been contact to schedule closings?

Here's a link to the article:

http://ny.therealdeal.com/articles/11773/elert

Note to those looking to rent in the rental wing of this building: DON'T!!!
I was in an open house the other day, looking at the studios (The M line) and I was there for longer than 5minutes to realize that the METRO PASSES RIGHT UNDERNEATH THIS BUILDING!!! The floor shakes and vibrates, and you can hear the train stopping and then going again... The metal bar in the shower cabin kept vibrating and clinking... It was especially terrible on the second floor, it got more tolerable as I went to the 4th floor but still, I can't imagine going through that 50000 a day!

So it looks like about 12 units closed in July.

http://www.streeteasy.com/nyc/building/25-murray-street-new_york

As someone who has been living in this building for a month now, I thought I might let people know about my experience here -how fantastic the building is from everyone working here to, of course, the actual unit itself. The cheery and friendly doormen and super are really a wonderful vibe and every guest that has visited me here has actually commented about this as well. The unit itself is beyond beautiful and everything is in tip-top working order. The kitchen is especially wonderful: huge pantry, thoughtful lighting, as well as the filtered water in the refrigerator- my favorite extra. And the hotel-style marble bathrooms have the glass shower doors(ease of use) that any new development really should have, in my opinion. The airflow is excellent and the having the HVAC is great, though I haven't had to use it much, since the apt stays at a good temperature(probably due to the huge, thick windows which also seems to cut out any outside noise). So, in short, my experience here has been the absolute best yet having lived in various top full service buildings in Manhattan for 12 years. And congratulations to anyone who has luckily had the good timing and fortune to get the chance to live here- a lot of love and patience definitely went into this building.

Are you kidding? That last post is supposed to be legit?

If the post is from an actual owner, it's a flipper...

Well, I'm not a flipper and my post was certainly legit.. I do think that some people may consider upgrading the HVAC, if they want it to be more silent but, for me, it's perfectly fine as we really just mainly hear it when we're in the kitchen/dining area. I also do think that the delays weren't the best, but it does seem to us that everything is truly in order now. If not, well... then I'll write an update.

"I also do think that the delays weren't the best"

haha.

sure, you'll write an update if it starts to suck - so you can call attention to your apt when you try to sell. sure....

Well, this is a family apartment, so we don't really plan on ever selling actually.. but, also, I believe that not everyone has a less than upfront agenda. Anyway, I wrote the post because a friend said I should let people know my experience, as he had read this thread and thought people would want to know when considering this building. Maybe other people's experience will be different than mine when they move in but I can't imagine that having met the building staff, etc, and had this experience myself. Either way, personally, I am telling friends they should consider this building when looking to buy and yes.. I know that this post won't help them in the negotiating process but I think it will all work out for them, if it's meant to.

Can somebody please post the name and phone number of the attorney that represented the buyers at TriBeca Space when they went to the NYAG. Thanks.

Summary as of 6/15/2010:

Sponsor transferred all 77 apartments to a "related company", Tribeca Mews Ltd., in three blocks in 2008 and 2010. Of those 77, 46 have been sold in individual sales. Of those 46, two have resold.

That leaves the original sponsor with the 17 commercial units.

Hi, can anyone who is living at Tribeca Space comment on the experience so far? Construction quality? Street noise? Residents?

no street noise. however super intendent very unhelpful. essentially you need to do everything in the apartment yourself. if you invite friends to the apartment, public space usage is scrutinized, and people will actually come and ask if you are a resident. pretty unpleasant.
the central heating is so noisy you have to close doors to sleep. prior to considering purchasing in the building make sure you do your research. the service compared to other tribeca condos, 200 chambers, 101 Warren is suboptimal. not a pleasant living experience.

101 Warren is in a different world than Tribeca Space.