56-58 pine street building

Fixed - Brand new pumps were installed about 3 months ago - The water pressure is very good on the top floors now

How is this building? $/SF seems pretty decent. But maintainence seems a bit high for what you are getting.

I toured 56 Pine. I wasn't impressed. Common areas seemed very scary.

I have lived at 56 Pine for the past three years and was among the first to close when the development came on line in 2005. At the time, a majority of the units were purchased by investors. Closings on the new units stretched out over approximately 9 months. Many of those investors began to sell their units once they had held them for a year and were eligible for long term capital gains rates. As a result you will see there has been a lot of turnover in the past year and a number of units on the market currently. The residents buying now seem to be mostly young professionals and the units are becoming mostly owner-occupied. Very few children.

I personally love the building. The staff is great and we have a doorman 24-7. The board had to raise common charges quite a bit over the first two years when they received control from the sponsor. The comon charges, which were low to begin with, now seem about the same as for friends in similar buildings. Evidently the sponsor had low-balled the cc for marketing. We have several years left on the 421g tax abatement which has kept my property taxes ridiculously low.

Although I belong to a gym, the fitness center is used by a lot of the residents and it is great for me when too cold/wet to go out. The common area with the pool table and wet bar is great for hosting events. Friends are dazzled by the space.

Heating / Air conditioning units are not new and some are now being replaced at the owners expense. If I were buying today I would negotiate for a one year escrow to cover replacement if needed.

I am not selling myself but keep abreast of property values. I continue to be surprised by the relatively low cost per square foot of the recent sales at 56 Pine. I suspect it is because the initial buyers (investors) made a ton and were happy to offer below market to make a quick buck once their year was up.

why the closing by the board takes such a long time? It's a condo, there should not be any wait like co op.