be@Schermerhorn

Hi, I'll be closing on my unit in the next few weeks, but was wondering if anyone had an inspection done on their unit and common areas of the building? I know that this is a new construction, and that they are providing "Punch List" walkthroughs, but me checking if there's running water does not really compare to a professional checking the plumbing, electricity, etc (at least that's my thinking).

I called a few inspectors and it seems that the price is typically around $300-400. Is this what others are seeing as well? Wondering if others think the peace of mind is worth it or not.

freewilly that was my concern when I first looked at the place after it came back on the market. Didn't like the troubled financial past, no W/D, thought the CC's were a little high. Be@ wasn't giving more than a 3% total discount for the city view floors which meant I was looking at about $650+/sqft. I opted for buying on the Wburg waterfront instead since I obtained a much better discount, a full closing cost credit so the money upfront was the same, similar per sq ft costs, and the views were for the most part are permanent. Aside from the lack of transportation options in Wburg, it was a no-brainer decision.

That being said, Be@ is 60% in contract from what I read; they even raised prices on some lines so there is very little chance of price chopping. Clearly the $600/sqft and under units were in demand. The only concern should really be if Toren does more price cutting. Anyway if you want a city view, there are condos coming and already up on the Brooklyn waterfront. You can get a nice city view for $650-700/sqft after discounts.

I'm also keeping an eye on NSP and The Edge while getting a feel for DoBro. Sounds like you got a nice discount for a unit with a view, congrats!

re_guru: Hi, can you let me know what Wburg buildings are offering $650-700/sqft?

As freewilly mentioned Two Northside Piers and The Edge. Check out the message boards to get a feel for both places. In a nutshell condo prices in Wburg are around the $650/sqft range, but these two developments are noteworthy because they're on the waterfront with views, are solid quality, and have 25 year tax abatements. You can obtain solid discounts there, but be advised Wburg itself has too much new development, more coming, and prices have yet to really be chopped at these buildings but they're still only ~40% and ~30% sold.

Guru,

Just checking. Have you checked how much more you will pay for home insurance? Ex. Flood Insurance

I think you'll pay higher in home owners insurance since your closer to the Waterfront view.

@actionjackson, I had a professional inspection done before I made an offer on my unit. While there were some things wrong (check to make sure all your outlets are functional), he said the overall construction was "more than workmanlike." I was basically looking for a thumbs up/thumbs down and he gave the thumbs up. It was worth it to me to have it inspected, though I'm sure you could find buyers who would think I wasted my money.

Does anyone have any thoughts on the K line?

Hs anyone purchased from that line?

I bought 8k-love the corner unit layout, especially with the large column in the living room!

can someone recommend an attorney? are you allowed to do that on here?

I purchased a K line unit. Since its a corner there's a lot of windows, the only thing I dont like is how its not really square and the bedroom is really small.

I purchased a K Line apt as well and loved the fact that it wasn't square, which sets it apartment from the other apartments. E

Good news, we r closing tomorrow and moving in on Thursday! Stupid paperwork finally came in at last second. Yay!
Bad news, Verizon cant install for a week, hope the common areas have their wifi set up

Congrats Cbvb. How long did closing take?

congrats to everyone who is moving in! That will hopefully be me very soon

just a quick question - we went with a preferred lender, and were advised by them that we should take out an "apartment dweller's policy aka HO-6 policy" - my question is, did anybody else do that, and if so, what company did you go with?

the help is appreciated!

nycgirl2 - condo insurance is a must. HO-6 policy is another name for the condo insurance. think about your neighbor above you flooding out their bathroom or a pipe behind a wall breaks. you want the insurance.

@FacingSouth - thanks for the info. I think I'll look at the unit myself during my first "Punch List", and if I see anything glaring I might get an inspector to look at it prior to my second walk through.

@Cbvb - congrats on moving in :)

@nycgirl2 - I went with a preferred lender as well, and they included "Hazard Insurance Premium" as part of the GFE, which I understand is one in the same as the HO-6 policy. I'm probably a little behind you in the process, but do plan on keeping the condo insurance since the building's insurance does not cover what's inside your individual unit.

i am confused. my mortgage rep at the bank branch is saying she can offer 3.85% but the building must be over 70% sold. a wells fargo affiliate is offering 4.25%. why the difference? not the difference in rate...I know why that is but in the number of units that must be sold?

I'm trying to get a loan for an apartment in this building with a non-occupant co-borrower (since I don't qualify by myself, so my folks are helping out). Has anyone found a way to do this with a conventional loan, or does it have to be through FHA?

What % is sold in this building? Can you custom design the Kitchen cabinets in the apartment?

tlobklyn - different banks have different rules.
dabnow - in short, you can do a non-occupant co-borrower as long as all borrowers qualify. FHA is not the only option. sunny.hong@bankofamerica.com

I noticed a lot of people referring to wells fargo affilates - does wells fargo not directly offer loans in nyc? Wouldn't going through this "middle man" potentially mean more fees/higher rates?

Officially got added on as a preferred lender. sunny.hong@bankofamerica.com

Does anyone notice the rental unit they just posted on SE? Are they on a path of converting some units to rentals or what?

the rental unit looks like it's from an owner, not the sponsor. It's a second floor unit in the smaller building.

helloman -- interesting. looks like it is an owner listing the apt for rent.

I thought the units were 8 ft tall. Do the units in the small building all have 12 ft ceilings?

Meg Goble from Hanley & Goble in Manhattan is doing our closing and has worked with us in the past. She's excellent and is a Brooklynite.

I love this building and am psyched about our unit

dabnow- I'm doing the same thing. Non-occupant co-purchase with my Dad. Fannie Mae doesn't accept these type of loans, but Freddie Mac does. Also, you can do an FHA loan. Good luck!

Reading everyone's posts brings back memories.

We bought at Forte about 10 months ago. We were scared not knowing where the housing market was going, whether all units at Forte will be sold, wondering if bashers were right etc...10 months later, we are extremely happy to have bought our place. Our mortgage is cheaper than our rent was. The place, based on discussions with real estate agents, has gone up in value. The building is completely sold out. And we are so happy to be part of a great community in a great area.

So to all of you, I am really happy to see your excitement on this site. I am sure you will not regret having made the decision to buy a place and specifically in this area. I suggest you keep using this site to share ideas on painters, flooring, shades, electricians etc... you may also want to check the Forte page on Streeteasy for ideas as there were many many discussions on everything. All the best.

glad to hear that i am not the only one doing a non-occupant co-purchase with my dad.
@tobytoby - thank you for the vote of confidence! I only hope that we can be as happy 10 months from as you currently are.

Hi. I am curious about this topic of using a preferred lender vs a non-preferred lender. I think, non-preferred lender, from the above discussions, offers a better deal. Anyone using non preferred lenders and managed to close and move in successfully? Really worried here. What can go wrong from here if we use a non-preferred lender, now that the building is FHA and fannie approved, and assuming our personal loan from non preferred lender is approved and appraisal is satisfactory?

pls advise? Any constructive comments is appreciated

Kwangpeng: from what I understand, there is a clause in the contract which says that if you apply for a loan through a preferred lender and are rejected within a specified timeframe, you have the option of getting out of the contract and having your deposit returned.

You can, of course, apply through other lenders at the same time and if you receive a commitment from them, great. But this protects you in case you don't. One thing that may be worth doing is to apply both through one of the preferred lenders as well as the lender that will give you the best rate. Only downside is that you have to pay two appraisal fees. But if you're fairly confident that you can get a commitment from *someone*, then no need to worry about the preferred lender.

Thanks ConceptBlue. Anyone has comments abt the HO6 home insurance? What is the premium paid? And from which insurance agent? Not sure if we can discuss this here?

Hello all. Just curious how smooth are the closing process? Anyone got their closing dates postponed?

Anyone already moved in and enjoying life in be@scheermerhorn?

Anyone intending to install own W/D inside their unit? not sure if this is possible? Need to obtain permission from condo board or what?

skimp -- i believe the offering plan says that you can't install your own w/d inside your unit, although I'm sure this won't prevent everyone. i was told that the plumbing in the building is simply not built to support in-unit w/d's.

gate27, who did you hear from regarding the plumbing? I will have two bathrooms and am thinking of converting a bath to a W/D room...LOL

And thinking of buying a ventless W/D

it was something the agent mentioned when i asked about bringing in your own w/d. who knows if it would actually present a problem. i seriously doubt it would for a few machines, but maybe if the whole building were to do it...

@gate: I would double-check with management about installing your own w/d. As other people have said, the building's plumbing might not be suited for w/d's in the apartments. If enough people install, it might significantly affect water pressure in apartments for the entire building. When we were buying a few years back, our 'agent' told us the rooftop would be converted to an arboretum, with benches & trees. 5 years later, it's still black shingles.

That rental unit looks like it's apt. 2B. That would be the high rise building. The asking on that was 399,000. If seems they're trying to make some money out of renting it though. If you only put 10% down you'd pay less than 2,500 a month to own the apartment and that doesn't include the mortgage interest deduction you'd get. If they get that rent I suppose that would be a good thing for you owners knowing that you could possibly lease your place for more than you pay per month.

bklynchick -- not sure why your comment was directed at me... aren't you making the same point i was making? maybe you meant to direct the point at skimp?

Hey everyone new to the post but wanted to share some info. Wells Fargo is now a preffered lender
in the building. I am in contract and was dealing with Amalgamated and Wells on a mortgage commitment. Wells was having some issues with the need for 70% sold in order to issue a commitment, so I was going to go with Amalgamated, then I leared that Amalgamated was actually dropped as a preffered and Wells was picked up. Its only been a day since I've been dealing with a new Wells agent but I feel much better about the way things are progressing.

Oh and btw about the W/D question......installing them would have no effect on water pressure in the building.....the average wahing machine use btw 12 to 40 gallons a load (the higher end in for top loaders). The average shower head is rater from 2-4 gpm, so if you take a 10 minute shower your using the same or more water. Also anybody who installs one will not be changing the piping to there unit, they will be branching off existing lines which are smaller then dedicated washer lines. So all your gonna have is a washer that takes a little longer to fill.

About to go into contract and secure a mortgage.... anyone know what rates the preferred lenders are offering?

I am locked in at 4.375 with WellsFargo.

Can someone recommend a good attorney? I am buying a unit at 189 schermerhorn w/ no mortgage necessary.
Please send name and info to achan316@hotmail.com

WMN, regarding the washer/dryer question-- typically the reason a condo forbids this is not due to the water source, rather it is whether or not the drain piping was sized appropriately to handle the large amount of water discharge with a washing machine. have you seen nyc city sewers inundated during/after a heavy rainstorm and waste material overflowing into the street or waterways because the sewer lines can't handle the volume of discharge? now imagine that in your apt...

Anyone has spoken to condo management and what's the outcome ?

trying to see if wells fargo can fund a loan directly but its hard as the direct reps do not work in the ny brooklyn market regularly and are not familiar with the ins and outs. if anyone finds further info please share! a direct loan from wells right now is below 4 percent

susan groberg is an excellent attorney. her contact is susan@grobergesq.com. This will be my fourth re transaction with her. she is efficient, professional, and very knowledgeable. also she is located downtown brooklyn!

http://www.nypost.com/p/news/local/brooklyn/shake_shack_coming_to_brooklyn_T9ghVUoJktdpi6NOxCfd5N

awesome.

NYCRayz -- WOW. this just made my day.

beyond the delicious burgers though, i think this is far better news for the neighborhood than h&m or syms/filenes basement. shake shack will be a main attraction. wouldn't be surprised if retailers start lining up for space around it.

From Wells I got a 4.25 with free 90 day lock AND they are paying me $5k

can you elaborate on that? paying you 5k?

It's nice to see Be@Schermerhorn selling so fast. I checked the building and units twice in May, and almost put an offer in. Good value for the money – at this point all units under $400k are gone! But Rockwell Place down the street recently slashed their prices, with some room to negotiate further (I am now in contract there). You can still have a studio + home office (bigger than all 1 bedroom units of Be) for under $400k. Plus all units at Rockwell have high ceilings, washer dryer in the apartment, and higher-end finishing than Be. So if you did not get in in Be, have no regrets, check out Rockwell.

Yes bmp895, can you pls elaborate on that? Is that a FHA loan?

bm9895 - is there a salary requirement to qualify for the 5k?

It's an FHA. They are more or less giving me -1pt. Meaning instead of me paying them, they are paying me to ease the burden of closing costs. It ends up getting subtracted from the mortgage tax.

I am not sure what is needed to qualify. The rates change every day. My broker mailed me one night and said I want to lock, more or less out of the blue. I asked him the rate, he said 4.25 + 5k toward closing. Potencially I could have said, forget the money just lower the rate, but I don't have that much free cash. So I said lock that now.

you went through a broker or directly to wells?

Directly to Wells. I originally signed up on their website. They had a "mortgage consultant" call me. He's the one who locked the rate for me. Then he put me directly in touch with the underwriter on my case. Just got the commitment. Contacts mail is benny.serano@wellsfargo.com if anyone wants to try him. He's based just outside of nyc, I believe

sorry it's benny.serrano@wellsfargo.com

Cool, thanks.

What's the normal price range for this HO-6 policy aka condo insurance?

Credit back for an fha loan is pretty common the way loans are priced these days. Of course, credits will vary daily as pricing changes.

Nycrayz- condo insurance should cost you about a few hundred dollars a year. It will depend on how much coverage and what additional coverages you get. The bank only requires 20% of the higher of purchase price or appraised value.

sunny.hong@bankofamerica.com

Good news - my lawyer told me that the building now has a final certificate of occupancy.

Congrats, it was also announced it's just over 75% sold/in contract.

Hey Guys congrats on your closings! I'm actually looking into a 1br+office and wanting to flex it into a 2 Br. Does anyone know the if the contract prevents this or if there is just a simple approval process I will need to go through?

-Matt

I've had great interactions with Scott (the Wells rep) too and he's not even my lender (yet). He offered me lots of advice and continues to do so even though he knows I just got a commitment letter from another lender and will likely close with them unless they refuse to offer me a better rate than 4.125 on a 15 year FHA. That's just an absurdly high rate- higher than anyone else, and higher than the rate they initially quoted me even though rates have now dropped (my credit is superb in case you were wondering). Total bait and switch. I've had a horrible experience with my 'preferred' lender (Wells was not a preferred lender when I began this process). I have to say that throughout this process, Corcoran has been amazingly helpful and very communicative. If only I could say the same about the preferred lender I'm working with. I just want to close! I'm so excited about moving in and living here.

Is Wells a preferred lender now?

Anyone has spoken to the management abt the washer/dryer?

Did you guys all put down 10% earnest money or did anyone negotiate theirs?

Back to Matt's question. I am also wondering the same. Does anyone know if the management is fine with flexing a wall or adding w/d units to an apartment?

The Mogil Agency in Manhattan did our insurance. its about $600 per year - typical.
A preferred lender is the way to go - no worries about the bank backing out at the last minute. First Meridien gave us 4.25%. They weren't super responsive at first and we had to get extensions but after that they delivered.

Hey robot123,

Spoke to the broker and I got the response of "..it needs to be filed with the management company and approved by the sponsor for safety purposes... it's doable as long as it is structurally sound. Adding a wall is typically structurally very much easier than removing walls.". I'm not sure about the w/d though its an interesting question since the w/d lounge does sound a bit small for the size of the building.

Also, asked about he abated taxes. Looks like for a 1+office the taxes will be fullyy abated for 10 years, and then go up 20% every 2 years until 15 years. After that it hits the estimated ~730/month.

Hope this helps out anybody who was curious.

-Matt

By the way, I know it may be over the top, but does anyone have any suggested inspectors that they went through? I'm also curious if you could tell me what they said about people's units.

Thanks!

I've asked this before, but I gotta ask again. Did anyone purchase parking? If yes, how much is it? I believe there's a discounted price, but does it apply before/after closing?

In addition, is there some type of deal if you have more than 1 car? Just checking if anyone has purchase and got some kind of deal with this lot.

Has anyone moved in yet? If yes, how is it so far? Does it feel lonely right now?

Just closed and moved in last week, and we LOVE it! There are people living above us, but we can not hear anyone walking around so it seems like there is good noise proofing. Although there is still some construction noise from next door. It is a bit lonely, but haven't minded yet since we have not purchased window coverings and are busy emptying boxes. The doormen and women are extremely nice and the Super is very responsive (although very busy). Free laundry delivery and pick up from 200 Dry Cleaning & Laundry Svcs (they are 1/2 the price per lb than the outfit Be@ is pushing). Brooklyn Fare has been a life saver, the prepared foods are fantastic. And there is a nice wine and provisions store on Atlantic two blocks away. Montreal bagels at Mile End Deli are awesome. That's about all we have discovered in 4 days, but there is much more good stuff to explore! Good luck all!

Ugg.

We signed on to go with Amalgamated - they promised up and down we'd have everything done in 30 days - well we hustled and pulled everything they requested. Then, the woman in charge of our loan started asking for things we already gave her, and delays kept piling up. Finally it comes out that she lost a bunch of stuff we gave her!

Fast forward a week ago, and we found Amalgamated wasn't even a preferred lender any more. We contacted Scott Sullivan from Wells and he offered us a better rate on a 30-year fixed than amalgamated could do on a 5-year ARM. Again promised we could get the loan through in the 3 week extension we got. 7 days in we haven't heard from Wells and have been calling and emailing since Thursday.

Hopefully it's just a little hiccup but it's really maddening.

for all those who bought, whats the light situation in the rooms?

I have not moved in yet, but I thought the sunlight is very abundant. I am in the A line.

skimp: are you on a high flr or low flr on the A line? i am on a low flr, slightly above the courtyd

BrklynJoy: How did the sponsor handle your punchlist? Did everything go smoothly? We're about to sign the contract, but have our attorney pushing to include some of the larger items that might go in a punchlist into the actual contract (e.g. damaged stove). However, there is no guarantee that the sponsor's attorney will accept this...Thanks for your update and your advice, if you have any!

Also, on a more general note to anyone who's closing or has closed already. Did your attorney bring up issues of sponsor control when reviewing the offering plan? Namely, the provision that the sponsor can retain control of the board until the LATER of: 1) 75% units are closed (with sponsor having no legal obligation to sell all units) or 2) 3 years from the first closing.

The issue of sponsor control is a huge concern to us...

We were very picky on our punchlist, but it almost felt nit-picky since the unit was in very good shape. We had some cabinet doors replaced, a couple drawers fixed and some repainting and regrouting. On the final walk thru, everything was perfect. That being said, somehow between the final walk thru and our move in, one of the bathroom mirrors and a kitchen cabinet door were scratched pretty badly. The construction team and the super are working with us to get them replaced, but the doors have to be reordered since they don't have any extras. Bottom line, the be@ team has been helpful and accomodating, but maybe moving alot slower than we'd like because they are so busy.

BrklynJoy: Thanks so much! This helps us feel much better about things, because the sponsor's attorney just rejected our attorney's attempt to add the major "punchlist" items into the contract. It sounds like things are going relatively smoothly with your moving in completely!

Good luck! I hope you have a good experience too. Just don't initial that punchlist if things are not fixed on the final walkthru.

BKbuyer23, I am on a high floor.

Whaddup: I had my first walkthrough but as there is no gas service until move in, how did you find out that the stove was damaged? Also, can you explain why the issue of sponsor control is so critical? Thanks!

BrklynJoy, what do u mean by regrouting? What went wrong?

hi all. thanks for the continued comments and advice.
Just a quick question - we are almost at the finish line, and are now waiting for the closing date. Spoke to the person in charge of the punch-walk and was extremely annoyed to hear that they don't do punch walks on weekends and that the last appointment of the day is 3pm. We can't schedule it until we get a closing letter, so now its just a waiting game. Can someone please advise on how long these take and what specifically we should be on the lookout for?

@brklynjoy - thanks for the neighborhood tips! how have things been in the building? How many neighbors do you have? Have you tried the gym yet?

I moved in last week. Anyone get blinds installed yet and have a good referral? Should we create a separate conversation here to share these things?

@nycgirl2 - I think they give you up to an hour for each punch-walk. I've done two already, and probably only spent about 30-45 minutes each time. I don't think I was as thorough as I could have been, but did check all of the outlets to make sure they worked, opened all of the cupboards to make sure they were secure, checked for hot water in the bathrooms, and checked the A/C in each room for cold and hot air. The issues I found were all pretty minor, including: missing shelf door, some unsecured power outlets (not flush to the wall), some closet doors didn't close properly (needed to be sanded down), smudged peephole, loud A/C unit in one of the rooms, and one of the walls had some marks on it from the construction crew. On my second walkthrough most of the issues were resolved, with the exception of the A/C unit, which the super was going to look at (but was just really busy). Maybe I'm too trusting, but from what I was told, even if there are some issues with things like the outlets or A/C units, the super will still be available to fix them after you move in. Oh, and the punch-walk guy had a little surge protector with him to check the outlets, so you shouldn't need to bring anything of your own (although I still brought my cellphone charger just in case).

@mdub - I would be interested in learning about options for blinds and curtains as well. My unit is facing the courtyard, so it's probably in everyone's best interest that I get some for myself.

anyone living on the Livingston st side? what line? hows the light?

also, anyone have parking garage experience? is there an enterance to the building from the garage or do you have to walk outside? how are the attendants?

anyone been using the gym? laundry room?

thx!

skimp: I should clarify that the brand new oven was visibly dented and banged up--not that it doesn't work. I guess I'll find that out when we turn the gas on.
Also, sponsor control is a huge issue. With the sponsor having control of the condo board (for at least 3 years), the sponsor could institute rules that condo owners don't want and would be powerless to stop (for example, sponsor could increase common charges, etc.)
That being said, there's nothing we can do to change this aspect, since it's written into the offering plan and has thus been "disclosed." We're just going to trust that Jamestown Properties will be a conscientious sponsor...

Whaddup, wow that is bad. I will def request to change it! C'mon, we spent so much money buying this new condo, and def want everything to be in tip top condition when we move in :)

But has a decision been made as to either 75% or 3 years?

I know the folks buying Forte used the Streeteasy blog to negotiate a group discount on blinds. Perhaps we could too. I've looked at some interesting ones from Levelor and Hunter Douglas thus far. I too am courtyard facing, so I'm trying to make this a priority purchase. The government supposedly has an energy rebate too if you got insulating blinds. I think it is available through 12/31 and up to $1500. Hunter Douglas also has a $25/blind rebate right now (although they'll still be $$$). I'm willing to reach out to a few measure/install blinds places in Brooklyn if people are interested. So far I've only been to Janovic and they charge a "travel fee" for Brooklyn. I think that's just absurd considering downtown Brooklyn is much closer to SoHo than Inwood!!! But I digress... Anyone already moved in that wouldn't mind posting their window treatments or sharing what they've done? I've always used curtains, but these windows don't seem to be suitable to using them. Would very much appreciate any thoughts or ideas.

hey everyone -- for anybody who has moved in, is closing soon, is in contract, or is just looking into the building, i started a new website at commoncharges.com. the idea was to create a more specialized/functional platform for people looking to discuss anything regarding be@schermerhorn. check it out, and start a conversation.

Anyone looked at the Shade Store? Looks nice but $$$ :-$

Can anyone tell me what they're planning to do with the huge heater/ac unit sticking out like a thumb?

Not a huge fan on how it was placed in the middle of the room(s).

BKBuyer: I know the folks buying Forte used the Streeteasy blog to negotiate a group discount on blinds. Perhaps we could too.

- I think this is a great idea...We should try to get group discounts on everything...I'm thinking of changing the closet doors (not a big fan of opening/closing), adding sliding doors to a home/office space, renovating the bathroom, customize the ac/heat unite area and curtains, of course..as if we have a choice...

Someone needs to set up a new discussion forum for this petition.....

NYCRayz, are you in the A line? I am thinking of adding sliding door to the home office as well. And renovating the bathroom. But all these will mean spending a bomb!!

And have to get good solar shades.....the sunlight is very strong and plentiful, not that I am complaining ;)