Actually in contract at 500 Fourth?

Hi - we'd be curious to hear from anyone in contract too. We visited the building two weeks ago and were told by the onsite mortgage rep that price is not negotiable beyond 5%. He thought we'd have better luck with closing costs etc, but then again they probably pay him to say that.

The building has to sell like 80 units to even meet the 50% threshold, so our assumption is that if we buy something there, we're not moving in for at least another year (that's if they get the TCO in summer as expected).

What did you think of the building?

Could you clarify your thinking about the timeline? They're supposedly allowing closings with their lender @ 25%. Also, the C of O isn't tied to contracts or closings in any way, is it? I'm wondering if people have gotten out of their contracts over C of O delays so far, and what sort of recission terms they're allowing.

As for what I thought of the bldg. It's very nice for Gowanus. I like the views. Don't care much for or about all of the luxury amenities that will cause the CC's to rise (I'm assuming an instant 20% bump). The construction seems adaquate, but not much more. If it's watertight, not too drafty and you can't hear you neighbor's TV too much, it beats half the new construction in brooklyn.

I don't think the TCO has anything to do with the contracts although I don't believe that you can close until the TCO is issued. Our thinking on the timing is based on a minimum of 6 months (TCO) out to more than a year for all of the closings to take place. I know the preferred lender will start closing at 25% sold but we don't want to be tied to the preferred lender (and other buyers probably won't want to be either), so I'm using the regular 50% assumption for other lenders. Given the sales per month in Park Slope, I think it will take this building at least a year to sell 80 apartments and that assumes a significant market pickup in the summer.
It's a nice building - we actually prefer the Argyle but common charges there are too high although it's an interesting thought that common charges will increase once the amenities are complete - why do you think that the currently quoted common charges don't reflect finished amenities?

What "bad" new construction have you looked at in Park Slope?

I suppose you've got a point about the timeline. That's going to be an interesting stretch between 25 and 50%. People will have the option to close with fairmont, or elect to wait however long for their lender of choice. Should there be a significant change in interest rates (though it's looking unlikely) that'll affect the dynamic even more. That thread about closings (or not) at the Toren is really making me think as well. Also, the developers have publicly said that they're open to the possibility of going rental. I wonder how committed they are to going condo, given the current environment.

As for 'bad' construction-- I recently took a look at the Jackson Place project that Corcoran is flogging which was astoundingly poorly designed and constructed, as well as most of what's available on 16th St between 4th and 6th. As for the Argyle, I just couldn't pay that kind of $$$ for places with those hotel style a/c boxes. Personally, I find them noisy, and usually rather drafty.

FWIW the best built project going up in PS is 585 6th Ave.

Still curious to hear from someone who's got signed paperwork w/ 500 4th...

Has anyone seen 401 8th Ave #53 in Park Slope? Listing is here: http://streeteasy.com/nyc/sale/534365-coop-401-8th-avenue-park-slope-brooklyn

Just wanted some thoughts.