Two Northside Piers needs to cut prices by 10% asap

Jerry,

Are you interested in living there?

Yes

whats the cheapest manhattan view apartment now available there?...by unobstructed i mean that you can still see the manhattan skyline, but it could be partially blocked by nsp2

Did they fix the brown water through the taps problem, or was that tower 2 only?

Jerry, it's been done to done to death on other threads, but don't expect much movement at the second tower until they clear the remaining inventory in the first tower (or at least come very close to it). Construction's not done, closings not scheduled = no rush to lower prices yet. It will happen though (and even then, don't expect similar cuts to the pretty dramatic ones they made on a dozen or so units last year, at least not at first).

bjw2103, I agree, its looks like they are in no rush to finish this thing. Once rate start increasing the Williamsburg market is toast. For every 100 basis point increase in mortgage rate we will see a decline op 3-5 percent.

*of 3-5 percent on prices

thing is though the govt will keep rates artificially low as long as they need to.

mutombonyc
about 11 months ago
ignore this person
report abuse From a tenant

Lets just say I didn't want to do this but I live in Northside Piers and we are quite frustrated with Toll Brothers. To prove that I live in the building, I'll put the project manager's names out there (John Gullixson, Mark Cordasco). To say that the residents are upset is an understatement. Here is a current list of issues which the sponsor just can't seem to fix.

The entrance to the building faces the river. At times the wind is so strong that when someone opens the door to come in with groceries it will create such a vacuum that all the elevators will shut off and stop working.

The water in the building comes out brown not only from the kitchen faucets but in the bathrooms as well. Numerous complaints have been made, tests have been ran with the DEP and DEP says that the water outside is perfectly clean. So either its an issue inside the building or DEP is lying (unlikely). The water pressure is awful and sometimes you have to wait upwards of ten minutes to get hot water in a building that is only half full!

The sponsor promised a 'fresh direct fridge', the fridge they brought is smaller than your average fridge. We thought it was going to be a walk in type fridge or else how do you store all the groceries for multiple residents? You can't even store one delivery worth of Fresh Direct.

The building hasn't implemented a key system so the building staff has no idea who has what keys. Contractors sometimes walk into occupied apartments without any notice.

The roofdeck the sponsor promised is abysmal. Out of the entire space that the roof deck compromises they took 70% of it and blocked it off with partitions for the pent house apartments. For a building of 200 apartments, there is literally maybe 350 square feet of space, I kid you not).

The gym isn't ready because Toll Brothers can't even get the TCO for the bottom floor right.

Thats just a scraping of the surface of bullshit from Toll Brothers.

If they want to sell these they have to get their act together.

Happy New Year!

http://streeteasy.com/nyc/talk/discussion/5414-two-northside-piers

I agree, but 6.50-7.00 percent on 30 year loans by fall is very possible.

Also tax credit is go by June

Hi truth seeker. I'm looking at potentially buying at NS2. Any more updates on NS1? I do know the gym is open and functioning. I went there recently and many people were using it (treadmills, bikes, etc). I've heard some complaints about the water, elevators and community refridgerator.

Thanks

minocqua

I don't have any, I just trolled through the other discussions on both buildings to find that doozy.
It's going to be tricky to get info from purchasers. Anyone who has bought may want to warn others out of good faith but at the same time would be harming their investment if keeping buyers away to fill up their building.

I suggest going to some open houses on different floors and "use the bathroom," turn on some faucets, etc.

minocqua, that "From a tenant" rant is a rather ancient (I believe late 07 or early 08) anonymous comment from Curbed, so that that for what it's worth. I haven't seen too many NSP residents on this board unfortunately, so can't corroborate any of these problems. I'd take them with you when you see the units though and make sure they answer your questions thoroughly. These should be pretty easy to check out in person.

Looks they listened, just received this e-mail from TB.



Start the decade off in style and take advantage of the limited time offer to live on Williamsburg's fabulous waterfront. With the Northside Piers Decade Deal you can choose the home that is right for you in Tower 2 and we'll give you a 10% discount off the already low prices! Plus, through this amazing offer you'll only need 5% down to buy a new home at Tower 2.
ACT NOW - Offer available to the first 10 buyers only!
Tower 2 - No Pre-Sale Requirement
25-Year Tax Abatement — Monthly RE Taxes as Low as $6!
Interest Rates at Historic Lows — Plus Special Financing Programs
Incredible Amenities — 5-Star Hotel-Style Concierge Services, Indoor Pool, Outdoor Sun Deck, Fitness Centers, Waterfront Esplanade with Pier, Residents' Lounge, Sauna/Hot Tub, Massage/Yoga Room, Children's Playroom, Media Room, and more!
NEW Tower 2 Model Residences Now Open!
Low Pricing From**:
Studios - $349,990 1 BR - $444,990
2 BR - $694,990 3 BR - $859,990
PH - $949,990
Tower 1 — Over 80% Sold & Occupied — Immediate Occupancy Available
Click here to schedule an appointment or check out NorthsidePiers.com for more information.
On the Waterfront at North 4th Street & Kent Avenue
47 North 4th Place
Williamsburg, Brooklyn, NY 11211
Mon — Fri: 10 to 6 - Sat/Sun: 11 to 6
718-388-0606 - NorthsidePiers.com

So just to compare.

70 Berry Street has 3B at $450,000 718 sqft

TB has 7F at 494,000 less 10% about $444,000 714 sqft

70 Berry street doesn't look so cheap anymore.

But why in the world would you prefer a building with several hundred units (some which will sit empty for quite a while), where common charges are almost certainly going to be far greater, what with all those semi-useful amenities?

Also

CC for 7F is $485, that includes gym and pool
CC for 3B is $400, that includes no gym no pool

Gym for starters.

Just think where your 450 grand has a better chance of appreciating. Also, don't forget the 25 year abatement.

how is it 5% down?

Sorry but building like 70 Berry street need to be 5% under where TB is.

Correct you just need 5% percent at contract signing.

Comments?

Anymore comments?

the building has no guaranteed finish date. Too much a risk to take.