building at 14 West 14th Street

I believe it is because a single investor bought a large percentage of the building's units. It is risky for a building's finances to be so heavily dependent on one person, so no bank would give a mortgage to any other buyers.

I believe that the sponsor is planning to keep 2/3 of the apartments, so is not easy (probably not possibile) to obtain financing.

Prices at 1000psf for all cash on ultra noisey 14th st ...this correction need some more correcting to do.

I wonder if there's any interest from Chinese buyers. :)

http://en.wikipedia.org/wiki/Numbers_in_Chinese_culture#Four

Does anyone know what the single investor paid psf for this place?

When will this building be completed?

They're not having too much luck with this all-cash strategy for a piece of junk on the worst street below 110, are they?

How is 14 W 14th St linked/related to 13 W 13th St? Have they been combined to form one lot?

That's just too funny!

there is no way to they'll get these prices when you factor in the risk involved with any purchase in this building.

We have obtained a lender for the project. No longer all cash.

what unit are you looking at? Are they negotiating ?

Still nothing in contract. Curiously as well, taxes are relatively light and I see no indication of a tax abatement which makes me think tax figures are based on a prior years figures before the construction?

bkingman
Seems you are involved in this property somehow, care to explain if the taxes listed with each unit are accurate and won't be ten times more next year?

Interestingly enough, 16 West 14th Street (right next door) is the city welfare office. There's always a crowd milling about outside.

Any one else go to the open house? There were about 50 people at once in the tiny 1BR that was actually finished. My wife and I did a 180 the second we walked in. Felt tiny, and sitting right along traffic filled 14th on a not-so-great block, I'll be very curious to see where these things actually sell.

Also, can anyone tell me how two people live in a new construction condo? There are NO closets whatsoever? I just don't get it...

"Also, can anyone tell me how two people live in a new construction condo? There are NO closets whatsoever? I just don't get it..."

LOL! I hear you on the closets.

When was looking at an apartment in the Wall Street area, the agent thought I was crazy when I pointed out that there was only ONE very average-sized closet, and asked "where can I store stuff like the vacuum cleaner, broom, mops, etc.?"

Yeah I didn't go but those floorplans look at least 15% smaller than advertised.

when i went to an open house at 10 west end ave, the closets were perfectly packed to the rafters, it looked as if it had been a reality show challenge and this was clearly the winner. really, there was not room for a bed bug to breathe in those closets. i would bet that the couple came from a place where there was an extreme premium on space -- like toyko, eg. it was mind boggling.

The top 3 floors look decent. They are probably the only floor plans in the building that are worth buying, at much lower prices per square foot obviously. It's going to take a long time, but this area is going to be very desirable in the future. 14th street really needs to get cleaned up.

I don't think they negotiating much though.. any thoughts?

"14th street really needs to get cleaned up."

LOLOLOL.

You should have seen it 15 years ago.

It's about as "cleaned up" as it's going to get!

Hmm, a whole floor combo on the higher floors would be intriguing.

Give it another 15 years...

Supposedly (via Curbed.com 12/10/09) that they are not only accepting "All Cash Buyers" Not sure how how buyers will ever get approved for mortgages at this development... Here is the link: http://curbed.com/archives/2009/12/10/union_square_condo_no_longer_just_for_the_cash_buyers.php

bkingman - what lender did you use?

I think the only bank that supports them are called njlenders, currently with a 5.625% rate for 30 year fixed. any thoughts on that?

Any news on this project??

The sales agents are not very responsible. I have my agent to contacted them for scheduling an appointment to see the building. They dont even show on Sunday or after 5pm during week days.

KPF

See my earlier post;

"Curiously as well, taxes are relatively light and I see no indication of a tax abatement which makes me think tax figures are based on a prior years figures before the construction?

bkingman
Seems you are involved in this property somehow, care to explain if the taxes listed with each unit are accurate and won't be ten times more next year?"

Be sure to find out what is the tax situation.

Does anyone know what's going on with the sales center? No one answer the phones or reply emails. Are they still showing?

There is a tac abatement in place. Looked at this when they had an open house, it was a zoo, tons of traffic.

any ideas when this building can start closing? I went to the open house, and there are really a lot of traffic, but I heard from my broker they are still having a bit problem selling because of the fact that its hard to resell? is that true?

it's going to be much harder to sell or resell in the future. think of it... it's limited to only cash deals or that ONE approved bank. most banks won't lend to this building b/c of the ownership (too risky)

Does anyone know if the sponsor plans to sell the other units at a later date? perhaps when the market turns around? I got in contact with the approved bank and they said they need at least 25% down. Why does the listing show only 10% down, think its possible to find a bank who would provide 90% financing?

Sponsor plans on selling when the market gets better. The risk is that the market might not get better soon enough to sell at 1100-1300/sf. there is also the risk that he might not sell, leaving the apartment 70% rental, which would further depreciate the building. The floor plans are decent. B-line, C-line has an annoying corridor (wasted), but overall, for under 1000/sf, its not unreasonable if you can afford to put 25% down.

Has anyone physically seen any of the units on the top floors? My agent can't get into this building. I understand Prudential Elliman has been extremely difficult and unprofessional regarding this building and other listings they currently have.

Maybe redoing the floors from the foot traffic? I hear they don't make apts like they used to. :)

I can't wrap my head around paying this much for 14th Street... It's too bad, if this building was anywhere else in the neighborhood it would sell very well. But still, the prices are high and who wants to live in a place where the owner is holding back a good percentage of the apartments (how do you find out this type of thing emjaysee, btw?). What happens to apartments that an owner holds back? Do they just sit empty?

They are going to trade at $800 - $850 psft, the same level the other new development buildings on 14th are trading at. Their asking prices mean nothing. Those prices seems reasonable to me, for a new building on a bad block in a great location...

The buildings looks ugly from the outside. Has a feel of 1970 white buildings feel to it.

So Kingman...what's going on here. All in contract over 90 days and not 1 closing.
Did ya knock it out of the park or strike three swing and miss.
And yes, feels like '77... :)

Shadow dancing......

Do it strong, taking me through the throng
Shadow inventory, baby you do it wrong
Give me more, drag me across the floor
Shadow inventory, all this and nothing more

Too funny!

I may go to the open house today.

what open house?
didn't think they were up for sale.
tried to see some apts last May and couldn't get in.
This weekend I saw that they opened the lobby up and put up signs for rental.

I bought the Penthouse for cash- BIG MISTAKE. Definitely a rental building, one elevator non working a lot, Bad super and bad regulations. Super wants only his cronies to do any work at ridiculous prices. I sold one year later and lost over $100,000. STAY AWAY FROM THIS NIGHTMARE