The Emory

AR: This is a perfect example of what we were talking about today on an earlier thread. The poor bastard that is trying to resell apt 10 in this building paid $1,950,000. The sponsor sold the same apt on a lower floor - fourth-- for $1,350,000 this past summer. Yes, it is on a lower floor but it has a balcony whereas the 10th floor apt does not. So worst case is they should trade as equals. How the hell is that poor bastard going to get anywhere close to his price when the sponsor set the comp at 30% lower. The reseller has to kiss S600,000 goodbye. This is not the end of travails for NYC market. As more of these losses hit the market, buyers are going to freeze and seize.

There're 13 units, of which ten have sold. The remaining three (the 1st/2nd floor duplex, 7th, and 14th) were transferred by the sponsor to a related LLC back in July. Ditto for three of the four storage units.

I heards the Board at the Emory can be very abrasive and you're better off filing.

Speaking for the Board of Managers of The Emory, our only "abrasive" action has been to insist that short term rentals are strictly prohibited. The by-laws state that leases must be of 12 months duration or longer. Short term rentals contribute to compromises in safety and quality of life of unit owners and legitimate tenants. In addition, leases of less than 6 months duration are violations of the 421A tax abatement and could lead to its revocation. For the above reasons, there is a "zero tolerance" program in place to address these infractions. We at The Emory are extremely interested in optimizing the comfort and quality of life of our residents. Best New Year's wishes.

Thanks, EmoryBoard. There's a myth here than condo owners can do whatever they want, despite what the deed/by-laws/etc. say.

What's even better is that the sq. ft. calculation INCLUDES the elevator and stairwell, which take up a good 15%-20% of the apartment. It's one thing to go to the center of the walls, but seriously? You're marketing an apartment at such an inflated sq. ft.?

Sorry, floor plan here...

http://img.streeteasy.com/nyc/image/99/6317799.gif

Why is the market set at 1.35 if the 12th sold at a much higher price at a later date?

I'd guess that back in April the sponsor wanted to move on, so took the $1.35M for #4, then transferred the remaining three to the other entity for rental.

As soon as #4 went to contract, the #12 resale goes to market, and then to contract at $1.6M. $250K doesn't seem that crazy as an 8-floor premium, but we'll never know. The sale was recorded as arms-length, but maybe wasn't really.

IIRC from looking up the building last week, the sponsor appears to have built with all-cash: no recorded loans that I could find.

How is the construction quality in the building? Did the sponsor cut corners given the market changed considerably during construction?

The Board members have worked very hard and successfully to make sure that there is a high quality of life for residents. They are very nice and accessible as is the management company. Attention to detail in the construction is excellent, unmatched for any new construction I have seen.

Wow! Thank you for your kind words. We work very hard to make The Emory an elegant and pleasant place to live.

Has anybody any idea how to reach out the sponsor? Thnaks.

…