Griffin Court

I dont know what they are thinking! My theory is that they will wait for the building to be more advanced before they do the massive price cut that will just make the prices normal. I may not wait for that!

Completely agree with you.

The Dillon on the same block seems to be selling well. I think Griffin Court has better finishes and amenities than the Dillon. So if GC is not selling, price has to be the problem. Given where the stock market and the economy are, I hope they announce price reductions soon.

It looks like the PR efforts are gaining some traction...

http://www.nytimes.com/2010/07/25/realestate/25sqft.html?ref=realestate

Is PR enough to sell apartments in this market? Or the chopper is coming?? Such a nice building should sell very well if they price is right.

They have finally dropped prices to a reasonable ASKING level. They should be negotiable for the first few buyers as they were in their other projects. I haven't visited yet but my broker said that the building is the nicest on the west side in this price range. Great courtyard and storage. She guesses that they will have a bit more pricing flexibility for the early pioneers. We shall see but I am excited to get over there so long as we don't have any more tornadoes.

What is up with the taxes at this project? 1 bedrooms without the abatement at $1000 per month. And with the abatement at $500 ? The Dillon next door has taxes at $80 for a 800 square foot unit. Anyone know the reason?

I asked my broker. It has something to do with there being more land parcels at the Griffin when it was originally bought. She said one of the parcels did not qualify for the abatement. If that makes sense.

this building has great finishes and it's a good product, but wondering why it is not selling. any thoughts about this?

Lou, I agree with you. I think prices are still too high for this location. Nice building, nice finishes, but it is still far from the subway and on 10th ave. Those high taxes are also not helping them.

The pace of sales in new buildings is very telling about the state of this market. The Dillon, on the same block but closer to 9th ave, had a good start, but their sales are also stalled and they are offering good discounts.

Chop, chop, chop!

We are starting to sell as we are offering 15% off for the next 15 buyers. We are also now negotiating a bit more in order to gain more momentum and it is working. We now have a few units in contract, and quite a few units out for signature and in the final stages of negotiation. Similar to our other projects over the last 3 years, the first buyers deserve and receive more pricing flexibility.

Consequently our traffic over the past couple of months has been fantastic. We are very proud of this development as it is one of the only developments in Manhattan with a huge fully landscaped private courtyard of approximately 9,000 square feet! The landscape architects did an amazing job - it is really worth seeing as it is under consideration for a number of national awards. A beautiful private courtyard can only help buyers when they look to sell down the road as it differentiates our development from most others.

We also have storage for all units and a very large private gym and great finishes including radiant floor heating in master bathrooms and steam showers for all master bath showers as examples.

Further, many units have outdoor space in the form of balconies, terraces and cabanas.

Come visit us at our Sunday Open Houses - call Wendy Triffon at 917 414 7253 for details. We also have Wednesday night Open Houses - again call Wendy for details. We look forward to meeting you!

Alchemy Properties

Alchemy, good to hear that prices are coming down and interest is going up.

As you see in the discussion above, everyone is puzzled by the high taxes. what's the reason? Is there any scenario where taxes would go to level similar to other new buildings in the area?

when do you expect to start closings?

It is a beautiful building, nice layout,excellent appliances, gracious space, good price..It is perplexing why still no sales? yes real estate taxes high but is it the only reason? Dillon next door is almost sold out..What is wrong with Griffin?

We have a bunch of units in contract now and quite a few out for signature. These days it takes time to get momentum as you need to have a TCO which we have now. Our goal is to go effective in the next 45 - 60 days with occupancy at that time. Since we reduced prices the activity has been exceptional and the response to the building and all of its qualities and amenities has been excellent. We are very proud of this development and are very pleased about the market response.

Alchemy is on drugs! No way these places are worth $1,000/sq ft. Construction quality is poor, check out the window which are paper thin and the cheap heater/AC units. 10th ave is terrible, walk 2-3 blocks south, but hold onto your purse! You can find better deals at Dillon or Lumiere just up the street, closer to 9th ave which is the good street and 2 blocks closer to the subway. 52nd and 8th also has the Link. Heve Hudson Hill(another Alchemy property) up the street is having trouble selling out. Prices are better up there, but quality is still an issue.

Don't listen to the developer, they told me "a bunch of units in contract now and quite a few out for signature" back in August!!! They have not sold anything!! The cabana's are just plain stupid. Who whats a 400 sq outdoor space not connected to ther apt that drastically drives up your price and condo fees! As they drop their prices to below $800 they will cut back on finishings of the building further reducing the value.

RUN FROM THIS PLACE!!

Recently looked at this building and really liked it. Finishes are very high end. Poggenpohl cabinets, Kohler fixtures, radiant heat in the bathrooms. Windows are not, as nojinnyc claims, paper thin. I opened and closed the windows and street noise cannot be heard when the windows are shut. The courtyard is gorgeous, beautifully landscaped. There is no comparison to the Dillon around the corner. GC is 100 times nicer--better views, better finishes, better layouts. Units cost a bit more but the quality is well worth it.

building is OK at best. Shitty area. Very small apts. typical new development......small bedrooms, too many baths, too many sinks in bathrooms, no closets, etc...... Where do u put the king size bed?

nojinnyc, you're right. the sales team is not truthful. they openly lie about the number of units sold or the timing of the close. those cabannas don't make any sense. they should have build a common rooftop, but greed stood in the way... the location is questionable, however I haev to disagree with you re. the Dillon . GC is much nicer than the Dillon that has really weird layouts. the courtyard is really nice and the apartments are more functional. I wonder who's going to buy those tiny and expensive 1BR+Home office and 2 BRs. For full disclosure, I looked at this building, but passed.

amk363, are you in contract? or are you part of the sales team/PR agency?

In response to some recent comments, we are very pleased with both the finishes and quality of the construction at Griffin Court. The casement windows were manufactured and installed by Skyline Windows. They also manufactured and installed for us at the Chelsea Lion's Head Building on West 19th Street as well as at other top projects such as the Beresford and the Chelsea Mercantile. They make and install great windows.

We are very happy with the way the apartments turned out from a layout standpoint as well as the finishes which include top of the line appliances, steam showers in the separate master bath showers, radiant floor heating etc. What really makes the building stand out are the amenities which include a huge double level landscaped courtyard (for pictures, http://www.griffincourtcondo.com/amenities-courtyard-griffin-court-luxury-condos-nyc.html), a very spacious and well appointed gym, as well as individual storage units for each apartment among other useful amenities.

And we love the location - we find 10th Avenue to be laid back and charming. That said, there are very good restaurants, bars, grocery stores and the like within a few blocks of Griffin Court and the West Side is only getting better and better.

And yes, Griffin Court is in fact on the cusp of going effective with the Offering Plan and closing on our first buyers.
Regards,
Alchemy Properties

Yes, Ready2Buy, I am now in contract and couldn't be happier. Obviously real estate is a very personal decision and I respect everyone's opinion re this property. For me, the selling points were that the unit I chose has everything that I personally wanted--private outdoor space, high end kitchen, FOUR closets. I was prepared to dislike this neighborhood when I was looking, but just as Alchemy says above, I also find it quite charming. I brought several friends with me to look at the building and they agreed (and they also initially thought I was nuts to consider this area). To each his own as the saying goes, but I'm very excited to move in.

Visited recently. The current lowered asking are very high for this building. New peer buildings are selling in $700- 800/ sq foot range, and have nearly sold out. This building is really not that special.

The gym is in the basement and is not that great. Views are not great from most of the apartments. Taxes are also high (8-10x higher), even with the 421A abatement. I concur that the windows are of poor quality- I could hear the trucks roaring on 554th St and also on 10th Ave.

The 3 bedrooms are the best units of the lot. The 2 bedrooms are the A line, with a very poor layout and a lower ceiling height. The 1 bedrooms are a better layout, but one will have to weight the pros and cons of the space vs. with each apartment type.

Alchemy, please come down back to earth with your unrealistic pricing if you want to sell you units.

dear amk363. I am thinking about putting in an offer for a unit. would you email me privately and give me some advice?

you can reach me at redtango413@gmail.com

Thanks a lot!

These prices are far from reality beware . 1 bed 1 bath going in the 700-750 range . Only 1 other larger apartment in contract b.c their asking price is so far from reality. They make it hard to want to do business with them. Total turn off

Why would people buy larger units (2 and 3 BR) in this building at the current prices ? You can get river views and much better finishes/amenities at either the Rushmore or the Aldyn for less. What is the consensus for the next round of discounts for this development , another 10 % ?

@amk363,
I also have a few questions about the property and your thoughts on the area. can you also email me @ djpassion7@yahoo.com privately as well?

@redtango,
Can I drop you a private email to chat about the development?

Thanks,

I have shopped every new west side condo in the last 9 months. I have not bought yet but I can say that there are a few reasonably priced condos (not many) and this is one of them. My partner and I change our mind on the apartment size, location etc. but we are narrowing our search. That said, gp199 is smoking something because the asking prices of the ALdyn and the Rushmore are over $1,600 to $1,700 psf! My paperwork shows the asking prices averaging $1,100 at Griffin Court as well as the Dylan condo up the street on west 53rd. These two buildings are both well priced with excellent amenities in more convenient locations than the way way west side buildings. They have 2 different developers I believe but both have tempting units for sale. if we can only make a decision...

Prices on all the unsold units were increased significantly on March 16, 2011

Trying2Buy, if u check the comps there is a 3BR at the Rushmore with no river wiews for about 2.45 or a 2 BR conv 3 BR with full river views from every room for 2.525m (1770 sq ft). So yes if i compare with 7B at Griffin Court, it's pretty much a no brainer for me...unless you really love a cabana overlooking the nearby tenements and the verizon tower nearby.
Aldyn similar situation, units much larger, great views even from apartments that are not direct river front. You might not like the location but there is really no question as to what represents a better product in terms of finishes, unit layout, amenities (let's not even mention the disparity there) and neighborhood. Oh and I was forgetting the tax abatement...i think i'll stop here though...

It seems some of the units went down but most went up 1% - 4% it seems. Curiously, the price changes are all over the place but not very much. One PH is down like 10%. Oops! This and the Dylan are the best values still on the west side without a doubt.

gp199 - you sound like a broker for the Rushmore! You can always pick out a unit or two to compare. I wouldn't say anything negative about any of these three buildings. They all are very well done with different amenities and pricing and solid developers. If you want to be on the river or be a little more central with a courtyard that is all personal preference. The pricing differences between the buildings are pretty obvious in that Dylan and Griffin are generally much less expensive. The Rushmore is cheaper by a few hundred dollars a month for sure versus Griffin because of real estate taxes which are tax deductible anyway. The Dylan has low taxes too. For an extra $5,000 - $10,000 per year of taxes on Griffin, which are deductible, I am not sure that paying an additional $200 to $400psf for the purchase of an apartment is worth it in any case. At least not for us anyway although Rushmore is an impressive building. I have shopped all three and more too many times and they are so different that, for me anyway, it is hard to make a decision. Again it is personal preference. If my partner was getting bigger bonuses we would probably go for more pricey developments. Then again, the suburbs may beckon.

Trying2Buy,
firstly I have no connection with the Rushmore, am not a broker and just like you have only been trying to find the right unit to buy in the area. I am just comparing like for like, 1770 or so sq ft in the 2 buildings. The Griffin Court offers subpar amenities for the prices being asked. On top of that the quality of the product is on the low side, the layout of the bigger apartments are flawed with a lot of space wasted in corridors and fairly small living/dining areas. On top of that, the building is at best unispiring from an architectural stand point and clearly was built with a limited budget given the fact that it could only go up so high. If I were you and were narrowing it down between G.C. and the Dillon I would have no hesitation going for the Dillon : the units have much more light, the prices are lower, the layouts better, especially for the 2 floor 3 BRs, that offer a nice living area seperate from the sleeping area and a more central location. I don't know how much you have investigated the location of G.C. but I can guarantee that 10th avenue is not a pretty sight, especially in the winter, with a lot of traffic and noise at all areas.
Best of luck in your search!

gp199 - I could not disagree more on a number of issues. Firstly, I have friends who, like me, have shopped the Dylan and the Griffin. Both have decent views - they are not tall buildings. Griffin has much better light because it is on a corner and the schoolyard across the street gives complete open southern exposure. There is no comparison on the light between a midblock building and a corner bulding. You are completely off on that. Are you sure you are not a broker? The courtyard at Griffin is very cool and something that I have not seen elsewhere. Other than that the amenities are pretty close. The Dylan has a very interesting facade and minimalist design aesthetic. Griffin has kind of a warmer feeling. Personal preference. Both buildings no doubt have a few challenging layouts. Contrary to what you state, they are both about the same height except one is mid block. The finishes are very similar in fact although they have different aesthetics which will cater to different people. Both have great architects. A few Griffin units have challenging layouts as does the Dylan. The Dylan has a bedroom with a window on the ceiling (my friend told me who looked at an apartment). The prices are comparable. 10th Avenue is alot quieter than most avenues in the city for sure. I think they are both excellent value plays. I have friends who have visited both and who totally think they are the best buildings on the market. They would disagree with most of your points too. Of course you can point out flaws in a few floor plans but that does not make a building sub par. In fact most of the layouts I saw for both buildings were great. The quality of finish is somewhat less than some of the huge west side buildings but so are the prices in a big way! I wouldn't trash any of these buildings like you have.

Mmm, well the Dillon has a wall of windows, while the GC has tiny windows , so not sure how that will work better for you. True the amenities are similar between GC and Dillon but I was comparing between GC (and Dillon ) vs. Aldyn (and Rushmore)...no comparison there. I did look at the apartment with the ceiling window at the Dillon, it was clearly priced accordingly and in fact it's also one of their few 3 BR in contract.
As for 10th Ave being "quiet" , maybe you mean there is not much pedestrian traffic (excluding a few homeless people at night), but there is a whole lot of trucks and commercial traffic entertaining you all night long (at least you don't get that at the Dillon)
My opinion is that GC is a botched project. They build a building with no amenities to speak of, with problematic layouts (i can understand the issue with layout at the Dillon, but why at GC where they had all the space in the world) and instead of creating a nice rooftop area for all the residents to enjoy they partitioned it like dungeon cells to try and pump the price of their otherwise deficient units.
Bottom line, given location, layout, quality of the final product, GS is overpriced. If it wasn't it would have sold much better by now. They might be able to sell their smaller units thanks to FHA loans, but no one has pulled the trigger on the more expensive apartments. Manhattan RE is pretty efficient, if people has spotted a deal they would have already taken advantage of it...think about it!

Having looked at Dillon and GC (and yes, purchased at GC) I have to throw in my 2 cents. Like Trying2Buy, I agree that a lot of these choices boil down to personal taste. I thought the views from the Dillon were awful. The 1BRs that I looked at faced north and looked out on old buildings on 54th St. I thought the views were depressing. I also didn't like that the kitchens were completely open with no bar or any kind of delineation between the kitchen and living area. GC has a bar where you can put a couple of stools for eating and/or pass over things from the kitchen when entertaining. As for amenities, I thought the two level, beautifully landscaped courtyard at GC was stunning, warm, and provided tons of open space while also offering small "private" areas where you could hang out and have a drink with friends.
Not every until at GC looks out on 10th Avenue, and the building entrance is on 54th Street. I've walked around the block at all hours of day and night and always felt safe.
Again, most of this boils down to personal preference. I'm happy with my decision. I thought I'd post this for the benefit of anyone debating between the two properties. Suit yourself though!

Just to be clear, I am not comparing 1 BRs in the two buildings, but larger units. I haven't look at 1 BR in either, but can guarantee that the south views from the Dillon are pleasant and you do get tons of light because of the design of the building. I would agree the north views at the Dillon are uninspiring at best, but again we really didn't look at apartments with north views. And overall I consider both developments well below the Rushmore or Aldyn.If you really want to a 1 BR buy in the area, why not look at Worldwide Plaza, that has amazing views both north and south on the higher floors. Carrying costs are a bit higher, but I think level of service would justify that.

gp199 and trying2buy, I looked at that 3br with the skylight window as well. Do you know remember when you saw that unit?

At the end of 2010 some time.

same time I would say, maybe a bit earlier

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all I can speak for are 1 BRs and GC is the best price and value... there have been better deals last year but not anymore! you shouldn't really compare rushmore and aldyn to GC and Dillon as they are in a different location and price range. worldwide plaza is not as nice or new (in terms of finishing and layout) and has much smaller 1BRs, and as much as you dislike the courtyard and cabanas, it actually has a lot of resale value for a 1BR! at the end of the day it's a personal preference for all of the factors involved and what you can live with...

That is a good point regarding the courtyard at Griffin Court. That type of standout amenity should be great for resale value as it is both rare and generally appealing to most buyers. The same thing would be true for a full size swimming pool although many of the larger new expensive buildings have them now so it is less of a novelty but still appealing.

i also prefer smaller 100 unit buildings compared to 1000 unit towers, as there is much less people sharing the amenities, especially in the first year i bet you can get that courtyard all to yourself! i would definitely use that a lot more than a small swimming pool or large members lounge, it's just more cozy / private...

We are pleased to announce that our Offering Plan is declared effective and that we are having our first closings in the next 2 weeks!
Alchemy Properties Inc.

Saw this building a couple of weeks ago and quite liked the 1 bedrooms. Thinking of getting it an FHA loan for it as this is FHA approved. Anyone here done this and have some tips?

FHA loans are a great option for lower down payments but of course the payment are higher due to MI. Since this condo is FHA approved, it's a great option for some people who fit this program as not many condos in Manhattan are FHA approved. Please keep in mind that the FHA loan limit is being decreased to 625,500 starting with applications July 1 with Bank of America. Up to June 30, the FHA loan limits are up to $729,750. sunny.hong@bankofamerica.com

Thanks shong. The concern for me right now is the down-payment rather than the interest rate, which is why i'm looking at the FHA option. What other critieria is required to get approval? I have very good credit. Is there a minimum amount of cash i should have in my bank account (over the 3.5% downpayment required on FHA loan)?

YOu have to have enough for the down payment and closing costs. But the most important thing is that you have to qualify for the mortgage based on your income. You can feel free to email me too discuss in detail. Thanks.

seems like Griffin Court has changed its marketing team. I am shocked that such a great product is having a hard time closing on units while the entire universe of the midtown condo market is booming..maybe the prices are off-market ?!?

gp199 are u on crack? GC blows. WTF...MB 13x13??? what a joke. The SF is exagerated by at least 20% on most of the units.

btw i was being sarcastic...i was appalled by pretty much everything in this building : layouts/ quality/ light/location/prices and on and on...

anyone have anymore input on how the building is? how it is selling? worth looking at? sub $1000 psf aint that shabby but is it worth it?

I went to a party on the 2nd floor a few weeks ago which faced the courtyard. The apartment was well decorated so it showed really well. The guy who had the party said there were alot of people closing and moving in so I think the building itself is doing well as far as home ownership. Some of us snuck down to the gym which was really well done.

Alchemy must have very deep pockets