Opening of 1 Vernon Jackson

Hi! I'm very interested in 1VJ as well and have been talking with a few brokers around LIC. I think they're probably looking at early June for an opening. It wouldn't make sense to do it right before Memorial Day at this point.

Pricing is the one, big outstanding question for me. I'm trying to decide what I think would be a reasonable price per sq ft, based on recently closed comps (Powerhouse-$625ish; L-Haus-sub $600; the Hunters buildings-$600-ish; and then Vere up there at $650-700...for high floor units). So I'm thinking that $650 or a little below might be a reasonable place to start and then increase as you get to higher floors? Being right at the subway is certainly a benefit, as is high-quality construction (as the blogs are touting), but at the end of the day, I don't think those two items would justify prices that are completely out of line with others in the area. (Are they worth an extra $100, $150, $200 psf?) I'm obviously not an expert though, so we'll have to wait and see what happens.

Not sure about this building, it's right ontop of the queens mid town tunnel and 1/2 block from lirr rail yard. It's actually not a great location.

Edit: I meant 1 1/2 blocks to LIRR railyard.

any info on pricing?

Is it a good location? Any opinions?

Gee - thanks for helping make this thread even MORE informative. Why would you waste your and everyone else's time posting crap like that? For your information:

BFU could easily go walk around, but he was asking for the opinions of others, as well. That's called a discussion...which is why this is a "discussion" board. Maybe this is a novel concept to you.

Buyer11 can't call the sales office and discuss pricing because they're not open yet. Obviously he and I would have done that already, had it been an option.

And thank you for the correction regarding my plural use of "blogs." You are correct - it is only one blog. And I specifically called out that the reference to quality of construction wasn't my opinion so that others would be able to evaluate the validity of the claim for themselves.

So jackasses aside, please continue the discussion about thoughts on the area and what people feel might be reasonable prices...some of us find them helpful and interesting. Thanks!

So what do you guys think of the neighborhood? It’s right on top of the midtown tunnel IMO. Any word on pricing yet? I’m thinking that $400-$500/sq ft sounds reasonable seeing as Lhaus has been selling around that price point.

It's a good location to me but I want to know what others think since it's my investment property. I want to be able to sell it easily. Thanks.

but is it a good location?

any info on pricing?

Good call on buying investment property here. Wait till a neighborhood becomes completely gentrified and the average price per square foot goes up to over $700. Good call on your part to buy now. You must have a big lead on all of the new hot shit.

Don't mean to antagonize anyone, but why on EARTH would anyone want to live a quarter mile from Newton Creek??? Here is the wikipedia entry:

http://en.wikipedia.org/wiki/Newtown_Creek

I work in LIC, in probably the nicest part of the neighborhood, and it sucks. Seriously. Why would you not take your money and go to Astoria, or some part of Brooklyn? As for proximity to midtown, the 7 train is flakier than a valley girl huffing glue.

Sorry folks, just don't get it.

Being estuarine, the creek is largely stagnant. Since there is no current in the creek, sludge has congealed into a 15-foot thick layer of “black mayonnaise” on the creekbed

BFU - the location has both good and bad points. It is very convenient to the Vernon/Jackson 7 stop (which for me is a big plus), but it is right next to a parking lot, train yard, and the Midtown Tunnel. So some of the apartments will have beautiful views of lots of industrial junk. The buildings directly backing to 1VJ also worry me, as they can be built up in the future, making the apartments in the rear of the building considerably less valuable, if that were to happen. But, there are also some apartments with great views of Manhattan. For LIC, I think the location is reasonable. (It's certainly better, for instance, than One Hunters or Murano.)

Overall, I don't think that you should expect a quick resale profit in LIC. I think the market in LIC WAY over-inflated during the boom and is still coming down. Plus, once the tax abatement period is over, prices will have to drop to make up for the increased monthly cost. I would seriously consider your timeframe for an investment.

Actually, it's considered 'en vogue' to live close to one of the most polluted industrial sites in America. A little sewage and oil never hurt no one, kinda like flipping up the collar on your polo shirt and putting gel into your hair.

I don't know about you, but I like my construction sites to require contamination units to come in to "remove" toxins from the earth prior to foundations being set. And by "remove" i mean to remove enough to simply meet City and State health standards which are not, in fact, healthy. So you'll get cancer a little later, not sooner. Nice!

yes. there are both good and bad things to consider.

Bad things:
Cancer/Toxins
Exhaust/fumes
More white people

Good things:
Close to the 7 train

And also you're right near the Cannonball, so you can quickly shuttle out to your place in Bridge.

Is it just me or is anyone else disappointed that LIC is being bombarded with some of the more boring people to inhabit NYC?

Recently overheard in LIC:
"Oh, I work in midtown in a cubicle"
"Really? Me too!"
“I just bought a new shirt at Abercrombie!”
“I think I will dye my hair blonde”
“I’m not so interested in stuff, but I have a passion for marketing!”
“I prefer living in a home that has the look and feel of a 2 star hotel”

So what’s the deal with the scumbags who work at Modern Spaces and Nest Seekers?

Time to come running to 1 Vernon Jackson everyone. The banner says "selling now" and pricing starts at only $750psf!!

I know, LICbuyer...completely ridiculous. I was in the building the other day, and looked at a 2nd floor 1BR with no outdoor space, listed for $771 psf. Essentially, you could buy a much larger 1BR on the 8th floor at LHaus, with much better amenities for the same price. The developer at 1VJ is crazy!

I would imagine the developer is starting unrealistically high just in case he gets someone to 'bite'. If they have any sense at all, they will accept offers in line with the recent closing prices in the neighborhood.

jcmil2 - so how were the finishes/construction quality/layouts and how did you feel they compared to other buildings you have seen?

We'll see if they have any sense. I think it will just be a waiting game. Or they can be pigheaded like Solarium and sit with very few units in contract for months. With East of East, Murano, and Solarium all coming to market - and LHaus now with a much stronger showing - I figure they'll have to be more realistic eventually.

The layouts for many of the units are a bit bizarre. They did as well as they could, however, given the triangular building lot. Many of the layouts are oddly sized and shaped, but most are livable, though considerably smaller in size than other one beds in the area. It's a stretch to call one or two of the lines one bedrooms, but yes - technically - there is a wall, closet, and window.

I will say that I was impressed with the finishes. I felt the building overall used quality materials and the finish work was better than I'd seen in Hunters and Solarium. I would say it's at least comparable in finish to Powerhouse or LHaus interiors...but that being said, those buildings are selling at $580-625psf. I don't see any reason that 1VJ should be priced much higher than that.

$771 per SF is crazy. Given the layout of the units, livable SF is probably a fraction of the stated SF pushing real cost way over $800 a SF.

For a building next to a highway and trainyard, that's ridiculously rich pricing. They must be counting on dep pockets who could care less about location or value.

I'm ok with the asking price being too high - a seller can ask for whatever they want. Smart buyers will just respond by not buying.

Are they having an open house this weekend so that we can check it out?

No open house this weekend that I know of. I think they're planning on opening the first week in June. Which should be interesting...exactly when Murano (with larger units and better pricing) is opening.

wow...$771 psf is ridiculous. I was going to do the "sneak peak" tour they are offering right now, but don't really have much interest anymore. Too bad, I was kind of excited about this project. I guess they are trying to snag those one or two buyers who, for whatever reason, like to ignore market comps - there are always a few of those. I'm not ok with asking price being too high, because it means the seller is unlikely to respond well to what should be perceived as a reasonable offer, so it's generally a waste of time to negotiate. Better to wait until pricing is more realistic before doing the work.

Yes - dealing with 1VJ at this point is a complete waste of time...unless you feel like throwing your money away and offering asking price. The developer is completely unrealistic. It will be interesting to see how long these sit on the market over the summer.

Pricing appears to be a around $750/sq foot on the lower floors.

Opening in June.

I think they can sell at this price because of low inventory. Yes, I agree its above comps by $100-150/sqft but they are within reason to come out this high considering how little is available on the market. It's all supply and demand and when you have all the other developments either sold out or all the good units taken, prices are bound to go up. We are no longer in the same market we were in 6 months ago.

Depends on how you define sold out. There are condos in the area that are keeping units off the market and making them rentals for the next 1-2 years.

There's still no way they will get that much above recent closing prices. Yes, a lot of apartments have sold since a year ago. More that I would have thought. Still, 1VJ hits the market the same time that Solarium and Murano start their sales. Solarium does not have many units and neither is 1VJ for that matter. But LHaus still is mostly unsold as it the View. And the Murano is probably about 100 units by itself. I think that if 1VJ is better quality than LHaus it should close at a higher price, but maybe not $750/sqft.

I will venture the argument that not all buildings are created equal. Someone considering the View is probably not seriously considering LHaus. They are two different products. That said, I think the LHaus at a lower price/sqft is a decent bargin for what it is. The View is a great building, but overpriced IMO. Comps at the LHaus may not be a fair comparison to 1VJ if 1VJ is a more valuable property due to loaction, finishes, quality of construction, etc. If recent comps at the View come in at $750/sqft, then prices at 1VJ will have to adjust accordingly. All I'm saying is that you really have to look at all the buildings in the area to get a good idea what 1VJ is really 'worth'.

LICman, I am not sure what you mean by "low inventory." There are so many unsold apts in LIC (the View, L House, Power House, Vere, Hunter View, etc.) in addition to new ones (East of East, 1 Vernon Jackson, Murano, Solarium). Can you explain what you mean by "low inventory" really?

Anyone have an update as to when 1VJ will officially open? I was expecting an open house this weekend, but it didn't happen.

At $750+/sqft, wouldn't the View be a better buy when prices there seem to have come down and has a better location? And this is starting prices at 1vj on the lower floors with no views at all..insane! Looks like a restaurant is the planned for the retail space of the bldg. Not sure if that is a good or bad for the bldg??

The View is the bldg on the water, right? If so, I wouldnt say it is in a better location. Obviously the views are amazing and the park is right there, but its not very close to the subway and its kind of secluded. I think its a great building, but I wouldnt say its a better location then 1 Vernon.

The building is way overpriced to be honest.
I've been there last week in an open house, strangely, it was the first open house to offer cheese and wine tasting lol, sounds suspicious to you? but anyway..

For the records, on the lower floors, the price goes way beyond $771 per Sqft, and the livable area goes much less, given the composition of floorplans, and also by deducting the foyer area and WIC.

As to finishing, they're of high quality no doubt in that, with ceiling high french style noise isolating windows for those who like light and care less for privacy.

Keep in mind that the foreclosure bubble hasn't bursted yet, and we're expecting Real estate prices to bottom by 2013 according to 79 economists surveyed by Bloomberg last week. Those people are simply trying to snatch on first buyers who have no clue of what they're doing, but prices are definitely ought for a pullback, eventually.

For investment purposes? I say you invest in Gold or Silver, rather than wasting your money on high monthly CC, property taxes (abatement for the first 15 years to be objective), and the factor of interest rate, which could go up to $246,000 on a $400,000 mortgage adjusted to 3.5% interest rate lol! do the simple math and you're realize that Your property has to sell for at least twice the initial price to compensate for monthly fees, taxes, interest rate and closing fees.. etc, also risking the loss of at least 50-70 points on your credit score anytime you execute a short sale, that's a no brainer.

So in my opinion, as a professional stock and derivatives trader, and a property owner in Manhattan, any contract at $771 per Sqft in 1Vernon Jackson, or even at $671, is a blatantly losing trade and a waste of investment. The only factor working in your favor is the inflation rate..

Best of luck!

Below is their latest price list according to my recent visit last sunday:

Residence Type Size Beginning PRice Monthly Common Charges Monthly Taxes
A 1BR 752 sf $609,000 $662.40 $77.60
3B 1BR 600 sf $491,000 $474.93 $43.55
2C 1BR 636 sf $504,000 $489.03 $45.20
2E 1BR 599 sf $434,000 $460.10 $43.76
3F 1BR 576 sf $454,000 $471.42 $49.12

I came very close to going into contract in this building a few months back. I'd been told that there were five other units sold and that they hoped to start closings by December. When my attorney got the contract and spoke to the building's attorney she found out that there were not 5 units sold. There were 5 contracts out, and either one unit ( or none -- she wasn't clear with me on that) was actually in contract. In any case, I felt duped, and also didn't feel safe being either the first or second actual buyer in the building, given this climate, so I backed out. My attorney also found out that the building had not secured its 421-A tax abatement, and that it could be 6 months before they'd have it (around March 2011 I guess--if they even get it at all). I'd been told that the tax abatement was a done deal. Duped again.

I've since given up on the neighborhood completely (I was so in love!) and moved on to Jackson Heights (I'm so in love!) instead. It's not quite as convenient, but I love the diversity and general vibe of the neighborhood. And on top of that, I've just gone into contract on an apartment literally twice the size and half the price of the one I was trying for at 1VJ in a beautiful landmark building. It needs a lot of work, but at 230k for 1000sf, it's more than worth it. Top notch renovations and a high end new kitchen, and I still think I'll have a hard time breaking the 300k mark. Take a look at Jackson Heights if you're not familiar with it. I can't believe I didn't know about it sooner.

1VJ is gorgeous. I really love the building and the apartment finishes, but they're priced to high to move any units in this market. I still get email updates from them, and they've stopped saying "X number of units sold" now, so I'm not sure how they're doing. Anyone have any gossip? Either way, I'm happy to have missed out on the apartment now. I don't know how I convinced myself I could live in a 600 sf place longterm. Especially since that 600 seemed to include not only the interior walls, but also the exterior walls that are getting counted in your neighbor's square footage too. 600 sf at 1VJ is more along the lines of 525 I'd guess, but that's the way new developments seem to work. I've seen other buildings in the neighborhood where the square footage seemed much more overblown, so I don't hold that against 1VJ. I don't think they're out to screw anybody, but they gotta come down in price imo. If that dump L-Haus can sell so well in this market, 1VJ should be able to as well. They should definitely keep themselves priced higher than most of the other buildings in the area - the quality is there, and the location can't be beat - but they need to come down if they're in any sort of hurry to sell units. That said, the whole neighborhood needs to admit that the market is shitty and isn't going to get much better in up-and-coming neighborhoods for a while yet. All the buildings are overpriced, and they seem to just keep raising prices to look more desirable. Weird tactic in an age when it's easy for anyone to get online and find out that they're not moving units.

Anyway that's enough rambling... the point is, this building could shit all over the competition if it was willing to slash prices pretty substantially, to at least be comparable with the other developments in the area. The View may be more expensive, but they're not exactly selling like hotcakes either. Drop the prices, others will follow suit, and the neighborhood will start selling again. Then they can go ahead and jack up the prices again if they want to, but from what I can tell the neighborhood hit a wall by the end of summer. Best of luck to everyone. It's still an area I'd like to spend time in occasionally, even if I'm not going to live there.

I agree with most of what you said dburg about LIC in general it seems not much movement at all

I agree that LIC is overpriced, but somehow they keep on selling. Anyway, any updates on pricing? What is PSF that has been accepted?