Georgica and Lucida

ill buy there for 500 psf

I agree that the Georgica is an unattractive building. And I don't like either location as a spot for a primary residence. Has anyone seen the apartments in the Lucida?

both buildings do look prety ominous at night..especially Lucida because you can see into all the empty apartments. even in my most wild bear dreams, I dont see them going to 500 psqf..i wish, but thats probably not gonna happen.

Lucida looks like an office building. Most people who bought there are trying to get out of contract or renegciate.

I haven't been inside either building. From the looks of the floorplans, Lucida in general has better layouts than the Georgica by far. The larger apts are also very well laid out (compared to Ariel West).

I looked at an apartment in the Lucida....it was actually a rental. Whats the market for a $12.8k asking price 1500-ft 2 bed/2 bath? The amenities in there are amazing. All this said, living across from PetCo at a gross intersection...its not 5th avenue.

I actually think the Georgica is more interesting. Its PS 290. It will definitely fire sale at some point. I would look at it at the right price. A 6% cap rate price equivalent gets interesting...on real not abated taxes.

the lucida rental rates are a joke. they might get 6000 for a two bedroom.

That's a little aggressive. They can def get a lot more than $6k for the two bed I looked at there on a lark. Its like 1600 sqft. The amenities are unreal. My hunch is there is someone or two out there for whom money is no object who would rent that for $8k or $9k.

"I dont see them going to 500 psqf..i wish, but thats probably not gonna happen."

The people who bought at the Extell building, Brickell in Miami never thought they would see their apt prices fall 50% but when the developer got in trouble that is what apts went for. Then they subsequently dropped to 30 cents on the dollar. Who knows if Extell is servicing their very large debt in NYC. They have quite a few troubled buildings inc. Lucida. It could happen.,

only time will tell. sooner or later something has to give if things arent selling