Is there anything wrong with The Visionaire?

common charges?

under 900 for this one:
http://streeteasy.com/nyc/sale/481413-condo-70-little-west-street-battery-park-city-new-york

have you seen it in person?

i have not

The M line is stellar, the apartment is huge and has a fantastic layout. Tons of closets and floor to celiling windows, kitchen is a tad on the small side but it's nyc and there is a nice dining area. It truly is a drop dead apartment. The only downside i can think of is i am not 100% sure what the view is on the 9th floor, not sure if the water view is blocked at the level. The bedrooms face east but the living room looks down at the water.
The other thing is i am not sure those common charges are correct and if they are they do go up over the next four years. But even with those flaws it is an amazing, amazing building with fabulous amenities and again the M line is a killer apartment. And thst price is WOW!!!

I love the Visionaire (disclosure: I've been hired to do some consulting there by a potential buyer). The quality of the building is top-notch and I'd say it's one of my favorite buildings in the city. Negatives? It's in an out-of-the-way location that doesn't suit everybody; it's not fully sold out so I imagine that getting a mortgage on a $2 mm unit requires a private bank; and I believe it's a reasonable prediction that those common charges will indeed jump.

ali r.
DG Neary Realty

The one thing i will say about out of the way is you are a 4 minute walk to bowling green (4&5), almost across the street from the 1 and about 3 minutes to N. You almost never have to take a cab so what you save in cab fare goes to your common charges!!!
Other then what front_porch outlines i think you would be hard pressed to find negatives about the Visionaire (IMHO).

It's in BPC and therefore a land lease building, is it not?

not sure what this land lease thing in BPC means/implies

you should speak to an attorney who is familiar with BPC and the specifics of land leases. it can have a significant economic impact....

Renovice, a land lease means that the building does not own the land upon which it sits. If your building has a 99-year lease you're okay for a while, but the closer it gets to renewal the more risky the investment becomes. BPC was originally intended to be a bedroom community for finance types, but that never quite materialized. Instead it has become a place for families. The common charges are high here because the BPCA was supposed to soak the financiers for money that would be funneled into affordable housing; the property values are getting killed because of the high common charges.

Short summary of risks here:

http://realestateqa.blogs.nytimes.com/2009/12/11/land-lease-options-for-co-op-buildings/?scp=1&sq=land%20lease&st=cse

You'll find more discussions if you search the board. Many people will not touch land leases with a ten-foot pole, myself included (despite moments when I try to convince myself that it wouldn't be so bad, as I love BPC).

keep in mind that the Albanese org is trying to conceal sales and sale prices by listing sales under 70 battery place. ex: 11M sold for 1.6 in August. Many other apts have probably sold sold at 15+% off, much like riverhouse.

that same apt is listed as being in contract for 1.9 mm.....

I have closed financing for many purchasers at the Visionaire and Im on their approved lender list. I continue to keep in touch with some of the purchasers and they seem to all like it there. I personally think it's one of the nicer buildings in NYC.
Most buyers I have dealt with is familiar with the land lease and the expected increases. I believe they still have about 90 years left on the land lease. Sure, some people wonder what will happen when it expires but is any of us going to be around in 90 years? But they also know what they are doing with their money and they make more than enough to carry the costs. I havent dealt with buyers in the building that barely qualify for their mortgage and will be out of luck when carrying costs rise.
Ali, we finance up to 3M there. They are above 51% sold and approved with Bank of America. sunny.hong@bankofamerica.com

Sunny, as I have stated on other threads I have not been having a good time with clients on a current BofA loan. (Bank took 40 days to issue a commitment letter when we had been promised that they could make a 35 day deadline; Aztecs wrong twice, etc.) But you seem informed, responsive, and kind .. I'll refer you out for the next one.

Happy 2010!

ali r.
DG Neary Realty