building at 70 Berry Street--williamsburg

June.

May

in case you missed it, this was posted on 80 met thread:

TGIRentstabilized
20 minutes ago
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report abuse I saw a couple of units there today - they've come out very nicely. Good quality, nice finishes. And they appear to be flexible on pricing - at least 5-10% below "non reduced" prices - the guy said they're accepting around $700/sqf typically. That seems to be the new price for luxury buildings in williamsburg - northside piers is right there for nice units and so is 125N10th. I also saw 70 Berry today - nothing to compare to 80 Met in terms of quality and finishes. And you can see a major water leak in the ceilings of a bunch of the units...

thx Jim i just asked TGI if he could tell us where he saw the leaks. We all met there today. I did not see them.

When I spoke to the developer about the windows, and about the penthouse deck, he repeatedly said his number one obsession was to not have any water problems in the building, and that had been behind those design decisions. So..probably nothing too serious.

i have lived in new construction before. they all leak eventually as the building settles.

was nice to meet everyone yesterday at the building. i found it very constructive. i was told there are 24 contracts out with 11 back signed. judging by the foot traffic while we were there i think we hit the 50% threshold very soon.

It was nice to put faces on ter handles. Can't wait to enjoy the library,office,gym,meditation,arts and crafts
room.

50% threshold will be huge. The way it's playing out, not even 80 Met is even close - and they're still playing the "we're accepting around $700 psf" when the few original contract holders that have decided to close clearly got deals done around $620 psf. Just sayin'. In this New World, it is seriously risky to consider any building w/o at least 50% in contract. I like how the developer undercut the others in his asking prices from the get go. I hope this building does well.

I like this building, 575-625 per foot is fair. At 38 units should have problem selling out.

*no

But I must say the higher floor one beds are too expensive.

free- my theory is that the still dumb pricing inother buildings has allowed this place to undercut, and sell quickly...i wonder if the same effect will make w11 sell quickly...

"not even 80 Met is even close - and they're still playing the "we're accepting around $700 psf" when the few original contract holders that have decided to close clearly got deals done around $620 psf. "

Freewilly, where do you get that info, i havent seen nor heard of closings happening at 620, i think nearly all closed contracts are from people that signed contracts prior to project completion, most are avoe 700psf

Jerry - in agreement with you there

jim - yes, i think on a relative basis, w11 looks attractive. but, with that many issues in that building, it should be valued closer to that of an investment property. you need a high cap rate that's not there. what if the rents start dropping due to the new availability? what if the other buildings start dropping prices, will you still be happy to have chosen w11?

kiz - I don't know my ACRIS well enough to figure out what the sponsor is doing with the recent entries, but here's one I've mentioned before:

2-bedroom with N/W Empire State views:
http://streeteasy.com/nyc/sale/140342-condo-80-metropolitan-avenue-williamsburg-brooklyn

StreetEasy History

10/23/2007 Listed by Halstead Property at $825,000.
05/03/2008 Delisted temporarily.
05/12/2008 Price decreased by 4% to $789,000.
05/22/2008 Re-listed by Halstead Property.
07/08/2008 Listing sold.
01/16/2009 Later Listed by Halstead Property at $825,000.
12/11/2009 Halstead Property Listing entered contract. Last priced at $699,000.
12/18/2009 Sale recorded for $689,000.

Down 16.5% from original ask, selling at $670 psf. Don't know if they nego'ed closing costs and 2 yrs cc/taxes, but if they did, the effective psf is at $620 psf assuming 4% closing costs.

informed(PRO)
about 9 weeks ago
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Also, records will not indicate if any closing costs were picked up by the sponsor or if common charges and taxes were paid by sponsor for any period of time after closing.
3F closed at $385,000 original ask was $415,000. ALL closing costs (except for the buyers attorney) were paid for by the sposor as well as 2 years of common charges and taxes. This I KNOW is a fact.

kiz - I apologize, you may be right that original contract holders that closed only got down to $700 psf. The example above was a new contract.

Who here is buying at 70 berry and at what price?

Come on there has to be someone willing to disclose his/her asking price.

I'd help you out if I were in contract. It would help others negotiate a lower ppsf and bring down the comps for the building so I look more generous than them.

I heard the second floor units selling for around 580 a foot

i am a buyer here but the contract explicity states i cannot discuss price. you're going to have to pony up $10/month for SE premium and wait until we close

thx

JMGJAG relax, which unit are you in contract? I might be buying in this building so be nice.

wannabuy your price is 687,000 give or take a few thousand.

See now JMG i would have gone with Savant...much less critical but implies borderline sanity

Hey Mox,
No, I think Savants have some easily identifiable, but unexplainable talent, like music or math.
This IDIOT'S only talent is getting us to talk about him

Moxieland which unit are you buying?

JMGJAG which unit are you buying

Just try to nice

*be

People said that 70 berry not negotiating much (read above in this thread), but I suspect w11, more flex at 80 met,might be putting more pressure on them. But I don't know. I decided against the building, which I like, for reasons I wrote above.

This is too close for comfort
freewilly
1 minute ago
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report abuse I can't comment on what the health risks are of living in the area in general, but I assume if you're buying there, you've done your research and are fine with being near historical oil spills, possible underground water network, etc...

But being directly on top of a contaminated site is a deal killer for me. w11 sits on top of such a site. The DEC authorities were involved and used industrial "bio-salve" to treat it. When asked about the safety in terms of residential tenants, they responded by recommending a membrane laid below the foundation. Now, I don't know about you, but that kind of undermines confidence in the bio-salve doesn't it?

70 berry does not sit atop such a site as far as what I've read. The closest site is 34-40 Berry on N. 12th which is the new rental building. Gowanus Lounge pulled the article (don't want to speculate why here) but you can still see it when you through google cache:

http://74.125.113.132/search?q=cache:K98sblsYChwJ:www.gowanuslounge.com/2008/06/21/berry-oil-pit-another-mess-in-burg-checked-out-by-state/+40+berry+oil&cd=15&hl=en&ct=clnk&gl=us&client=firefox-a

"This is one of many photos that hit our inbox yesterday of a horrid mess at 40 Berry Street in Williamsburg, where construction activity seems to have ruptured some underground oil tanks that were being removed. By yesterday afternoon the state Department of Environmental Conservation had checked out the spill, whose exact parameters are unknown. We had featured the site in question, calling it the Mud Pit of Death, because of very dangerous conditions involving crumbling dirt and a fence that opens to a two-story mud pit. (Name now officially changed to the Berry Oil Pit.) The site will be home to a big luxury rental building whose investors include Lehman Brothers and the California State Teachers Retirement Fund. The resident that sent this and other photos writes:

Oil Spill on 40 Berry ST (Corner of N 12th ST, Williamsburg). There are at least 8 tanks being removed. Oil has leaked into the surrounding soil. People in neighboring buildings are complaining of headaches. In one building across from the site there are 5 children ranging in age, from 5 weeks to seven years old. We are nervous about health issues related to the rapid excavation of several contaminated sites on the Northside.

A follow-up email added this information:

The oil spill seems to extend to neighboring sites as well. I had the DEC here this morning to confirm the problem, but no solution was presented. They basically said that all of NYC was toxic.

Another Roebling Oil Field (which is cleaned up per Department of Environmental Conservation standards), but different.

Jerry...I'm a buyer in this building as well and Wannabuy is correct. The Sponsors have it written in the contracts that we are not to disclose any sort of pricing on discussion groups such as this. So unless we all want to end up in a legal battle in the future I would suggest that you don't ask for $/sq ft on this site. I can say though that I did a lot of research in Williamsburg on almost all of the new condo developments and I think 70 Berry is the best choice for the money with low common charges. It's going to be a great building when it's finished. Good luck in your search and if you have any other questions feel free to post cause this group does tend to share a lot of valuable information that I found helpful before I decided to sign my contract.

Understood

The best building on BERRY

Looks like Wannabuy already revelaed the price of her unit. 597*1151= about 687,000
wannabuy
about 3 weeks ago
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report abuse we are getting our unit at $597/sq/ft. we are buying the F line, the only line that is 2bd. we just happened by on the first day they were showing. i believe we were the first or second accepted offer. easiest time to strike a deal. they are also paying transfer taxes which account for the bulk of the closing costs.
like moxie we have spent a great deal of time going to open houses and researching online. we looked at them all: 80 met, 125 n 10th, NSP, the edge, and even the bankrupt 20 bayard and warehouse 11. glad we dodged those bullets.
i also do not think the market is totally ok and am glad most people feel that way. most investors feel the same way about the current stock market but we've had a 60%+ run off the lows. nothing drives a market higher than climbing a wall of worry. yes there is shadow inventory but that bugbear has been with us for 18 months. unemployment is still too high and every economist is predicting a slow recovery. i believe these are the same economists who said the stock market would be moribund for another decade, china would implode(it came out of a shallow recession quickly and is surging economically), and interest rates and inflation would be double digits by years end. they are nothing more than crystal ball gazers and the public laps up every word. don't we all want someone who is going to predict the future for us? the fact we come to these boards to read and post is another indication of this age old yearning.
the fact is we are getting killed in taxes and need the deduction, interest rates are at historic lows and we just loved the building and location.
one last slightly off topic subject. spoke with an attorney about doing the closing. he was an asshole to me on the phone which is fine as i believe one wants that quality in an attorney. when it came time to discuss fees he would not quote me one. he also asked if he were going to represent my partner(we're gay) and i said of course. he told me there would a separate fee for him!. i asked him if we were a married couple would there be a separate fee and he bumbled and stumbled his way through a non-answer. needless to say we are not using him. so to our straight friends on this board-we just lost a gay marriage vote in ny. and we are not going to get one until you stand with us. the unfairness of it all should be an embarrassment to every ny'er.

i'm a guy

looks like they loaded in appliances today

wannab and jmg think we lost some of the folks who had contracts still out to w11 yesterday?

what makes you think so?

Re: The Sponsors have it written in the contracts that we are not to disclose any sort of pricing on discussion groups such as this.

Is this for real? A real estate gag order?

Just the amount of chatter on the w11 thread. Seems like apts and lofts got a lot of offers last night. Don't wish those folks any ill will just curious if it impacts the speed of 70 berry's contracts out.

Northside 2 cuts prices by 10%

Lower floor units now priced better than 70 Berry Street

Comments?

Looks like 70 berry will have problems getting over 51%

are you guys not worried about the L train??? with 5000 people trying to get to work every morning???

brokers indicate that 20 contracts are out. is seems 12 are back signed. i think 70 berry hits 70% quite easily.
Jerry: you need to lay off the caffeine or whatever stimulant you're on

oops make that 14 contracts back now. jerry where does your "insight" come from?

yo wb have you noticed the total amount of units changed to 39? Peculiar as that is one more than is in the O plan.

Northside piers is a stupid building, planned by out of towners. The lobby is on the river side and there's no back door - guess nobody exppained to them that people here WALK from the SUBWAY. We tried stepping out on a high-floor terrace and we could hardly open the door for the wind. How useful is that terrace? There's something, dare I say it? almost homey about the scale of 70 Berry.

Moxie, maybe they're going to make the "Library" into a 1 br unit. LOL

very funny Lofty...or the lobby kitchen a studio

seriously, what unit number is the 39th apartment?
gee, sounds like a Hitchcock movie

wannabuy, Jerry had a complete meltdown yesterday afternoon, and after about 20 incoherent posts with profanity primarily aimed at myself and BJW, i believe he is now completely banned from posting, but it seems his wisdom can still be heard through his other aliases SeaHawk (and possibly dewyagi?)

didnt notice the 39th unit addition. we should find out about that.

hope Jerry has a comfy room at Bellevue

i found the anomaly that is the 39th unit. If you look there is a listing for 2d and 2e...and a listing for 2de?? In the O plan there is no 2de..there is an apt 2d and an apt 2e.. i assume there just allowing the option of combining the units? would actually change the number of total units to 37 if someone purchases the combined unit?

someone earlier in the thread said that they were thinking of combining a D+E unit to make a 3 Bedroom. Could be what's happening.

mox
if they combine a unit or two, then that extra parking space issue that we were discussing,
goes away

hey guys...glad Jerry didn't annoy us all to the point we gave up on this thread...cause I like talking to you guys. One question for you all. The day we meet I went into my unit and took some actual measurements. I noticed that the window units are not the same. In my bedroom it is 19" from the wall to the edge but in my living room it only sticks out 10". What's up with that? Anyone else take measurements of their units?

joe,

if you look at the layouts of the apts in 2nd amend you will notice that the b line is unique in terms of the placement of the heating units. all other places have the units running along the window line. b units have it running on the opposite wall. the measurements for other lines (a,c,d,e,f,g) may not be applicable to you guys.

jmg,

that would be cool as that xtra space is pricey to all of us

getting rid of the extra space could be difficult if they have already signed a long term lease for it, which I believe they have.

i should have said in the living room, the unit runs along opposite wall. in bedroom unit has same place as in all other lines.
gotya fuzzy

i see we are up to 16 contracts signed-20 is the magic number to hit 51% or better. we should have no problem getting there. as per JMJJAG: i see the appliances(in boxes) are in the apartments, let us know when you see them installed. also got a good quote from lowe's on compact washer and ventless dryers.

hey wb
I've been using an Asko stackable washer and dryer for the last year. They're pretty good.
I'm assuming that group appliance buying is the norm.

is the dryer ventless?

yes

I've signed a contract, just waiting for it to be returned by the sponsor. So not officially in contract, but getting pretty close.

Do people still think move-ins will happen in May? One of the brokers told me April, but I am not sure if I believe it.

Noticed our 2 new contracts today as well. good news. also good to hear that fuzzy appears to be be pending to make 17.
it will definitely make sense to do some bulk buying if we can. besides washer/dryers i placed a call to a company that sells solar shades. got the info for the guy from a forte thread where the building got together for a bulk discount. the point was made that similar window treatments made the building look nice from the outside. i should get a rough count of folks who think this may be a good choice for their windows.

hey cfr what was the quote for the compact from lowes? make,model?

I like the building, so not raining on the parade, but there did appear to be a few water spots inside when I went through recently. I don't think it's a serious issue for this building, but wondering how typical that is,and is this something they are addressing. I'm not sure but I thought some of it was from those arched windows areas.

Leaks in new construction are unavoidable - the best you can do is ensure they get fixed promptly and properly. I would ensure that a capable construction crew will be around/available for at least 6 months post-closing.

21 listed in contract now, including me.

Did anybody send that note to Sarah? I seem to be locked out of the yahoo group.

lofty,
it's a google group

hey j what did u pay for your asko stackable if u don't mind me asking?...model?

washer w6022
dryer t702c
didn't purchase them, they're in my rental

Lowes quoted us $1890 for Bosch compact washer/dryer inclusive of taxes, delivery, all accessories and installation.

the washer model# 20160UC is $782 and here is a link to shopmania for it's latest price of $969:

http://www.shopmania.com/shopping~online-washing-machines~buy-bosch-was20160uc~p-5828005.html#chart

the dryer model# 86300US is $844. On shopmania.com it is $989:

http://www.shopmania.com/shopping~online-washing-machines~buy-bosch-wte86300us~p-5827977.html

None of the online prices includes installation.

The accessories Lowe's are supplying with these prices include:

stacking kit with pull out tray: model #11300UC retails $79.98

6' 3 wire range cord $16.98

6' washing machine fill hose $19.98

4yr extended plan protection on top of manufacturer's 1yr plan $159.97

this quote comes from a lowe's in Rockland county

looks like a good deal. will have to check the dimensions of our small closet to see if it fits. we may also shop for a cheaper alternative as i greatly fear the closing table and hidden costs.
i assume nobody was intrigued with solar shades so i will contact the guy tomorrow and tell him it is probably not a bulk purchase.

hey JMG here is what i was referring to concerning W11 open house and its impact on "contracts out"...found this on W11 thread today
"I was about to jump ship on my contract-out at another place, which happened to coincide with the first week of the re-opening of w11"
They don't mention if their contract was at 70 berry but the dates fit .

Moxie,
I think the majority of posts on the WH11 thread (and so many others) are by Sybil.....
I mean jerry2323/seahawk/househunters/nyc2009/kiz10014/ etc, etc
See how he makes a statement under one name and then congratualates himself on the findings,
under another.

lol..jmg..there certainly is a lot of nonsense on w11 post...[but i can't get my head around being such a loser you would bother to generate pats on the back for your own se comments.....]

JMGJAG
I assure you, I am not in any way associated with the jerry clan
please do your homework before making such accusations

i was going to say i didnt think kiz belonged on the list ...[nyc2009...definetely]

sorry kiz
my mistake. no slight intended.

By the way, I talked to Sarah today. She says 3/4 of kitchens and bathrooms are in. Didn't give a completion date.

hey lofty,
Do you have any idea when they're getting their t/co?
And did you hear from their mortgage guy?

She didn't say... she was in her car and I was crossing the road, so we couldn't linger. I may call tomorrow - especially if i'm housebound. Must say, tonight, I"m looking forward to that indoor parking space!

I believe 2 or 3 more contracts makes 70%..depends on total amt of units being 37 or 38..

38 or 39

37 or 38..
if they sell 2d and 2e separately will be 38(like offering plan)
if they sell it as 2de will be 37

I stand corrected

Are you guys going to hire an inspector to inspect your unit before closing? I wonder if we can get a group discount by hiring one inspector to inspect all units. Please let me know. Thanks!

From a thread on another new dev...the purchasers got together for several discounts (window treatments, paint, appliances)...but the home inspection which was done for 250$ was given a group discount of 10$...don't know if its worth the coordination for that savings?

mox
26 in contract. 71% ?

yes if a total of 37 units 70.2%... if 38 units just under it at 68.4% by my math
very cool either way..have you stopped in at all in last few weeks J? any progress
updates?

Those of you with private outdoor spaces not directly attached to your unit may want to read this and find out if it impacts you...

a timely curbed post
http://curbed.com/archives/2010/02/25/williamsburg_condo_buyers_lose_their_private_cabanas.php

Those of you with private outdoor spaces not directly attached to your unit may want to read this and find out if it impacts you...

a timely curbed post
http://curbed.com/archives/2010/02/25/williamsburg_condo_buyers_lose_their_private_cabanas.php

what am i missing, why can't they just replace with non-flammable materials

IS parking spaces being included with the listed prices or are these extra?