BPC /PILOT/Visionaire

visionaire is looking for 1300-1400 psf ft on 3 bedrooms,riverhouse 1200-1300 and millenium 1000-1100,in each building there is some negotiation,however 5-7 % at most.i was surprised at the prices in btc,much higher than i antisipated.my obervation is that on southern end visionaire is selling at a 20%premium to millenium,not sure why that much,although i must say the visionaire has much better amenities,however you will pay higher monthlies.

Correct mjpayo...the more amenities the higher your common charges....and they will always go up, never down!!

When purchasing in BPC the most important thing to know (it's all spelled out for you in black and white in the OFFERING PLAN....demand to see it and bring it to your attornery...preferably one specializing in real estate) is the LANDLEASE that was negotiated by the builder with BATTERY PARK CITY AUTHORITY. Every building was negotiated differently and you would be shocked at the differences!!!

The best landlease (of new green buildings) is The Millennium.

prada what exactly am i looking for in the offering plan? a percent, a year?? also how could you know which is better unless you're able to comapare the offering plan from visionaire, millenium, liberty green, riverhouse.

Movinup1 - Exactly, you have to go from building to building and compare what is in their offering plans to see which building has the best landlease with Battery Park City Authority.
Every building, old and new, has a different one.

There is a page in every Offering Plan that lists, by year, all the increases that one can expect.

I am giving you very good advice - The Millennium has the best of the new buildings.

movingup1--what Prada says is true--I own at the Millennium--was very surprised when I first read the landlease because I was unsure of what the landlease would mean in terms of increases--it is def surprisingly excellent!

don't you have to pay to view the offering plans, or be interested in purchasing?

also which building would you place right after millennium as far as the best land lease?

I read the offering plan for the Millennium - not sure about the landlease portion but your common charges are set to double in the near term - 2yrs approx - you have to look at both not just the landlease portion. Best of luck in your search - I personally would rather throw more money at the mortgage, which is deductible from an amt perspective than high CC's. It is beautiful though! I've lived in BPC for 8yrs-recently sold- headed to UWS

thanks ristaker. the thing with bpc is that the people who live there love it, as for the rest of manhattan, mention bpc and they yawn and call it not really manhattan, a suburb of manhattan. I'm not sure thats as negative a connotation as Fidi calling it dead, dark cold, caverness etc.
regarding your comment about paying more toward mortgage, less cc/tax, in a way it all is relative. you may pay lower cc/re tax but will pay more in purchase price for same size apt anywhere else in manhattan. theres always a compromise. i've seen some places have a high cc but no ammenities. i guess if i am interested in bpc i would have to look at it from a re-sale standpoint/value. which means there has to be an interested market (ppl who want to live in bpc) and that the lower price combined w/high cc pilot = high price lower cc/re

as a person who lived in bpc ristaker, were you a renter or owner and how did it work out for you as far as now moving?

Risktaker476.....
you are incorrect, common charges will not double in the MILLENNIUM in 2 years

Almost every condo building in BPC will get an increase of approximately $300-400 per apt. per month on average in 2011.

Although many factors affect common charges, some increases can be projected with certainty.

One of those factors is GROUND RENT.

Based on increases in GROUND RENT and other building operating expenses, we can project Millennium increases in Common Charges to be in the range of $300-350 per month per apartment on average in 2011.

In other BPC condominiums the projected increase is much higher and in some cases the common charges will double..... but not at Millennium.

For 2012 and forward, the projection is for an increase in common charges of about 3-4% per year.

I was an owner and sold the apt my self. All cash deal. Prada, you are correct with regards to ground rent increases being that the regatta set a precedent at 3% a year increase for 15yrs. - think of what the CC's will be! This is a deal for the Regatta - As for the other older buildings - not sure about the Millenium - Nobody Knows - that's the problem - the building in the area are negotiating this as we speak.

Besides the

Besides the ground rent...again...I looked at the offering plan for the Millenium and the common charges...not ground rent...that is separate...will go up significantly....I'm not telling you not to buy in bpc but consider these numbers moving forward. Look at Rector Park...when I looked to buy there the CCs were much higher but reflected the TRUE Ccs up front. The Milennium, as other buildings, offer lower CCs initially and then go up after 7-10 yrs- to pradas point..maybe less than other new buildings. Prada if you looked at the offering plan and came to ur own conclusion then I guess we will agree to disagree. If you did not read the off pln, i suggest you do and, if you come to another conclusion, educate us all. I hope that I'm wrong.....

Risktaker476....
I own a condo in the Millennium and the information I'm posting here is factual...My husband is on the Board of Managers and is the only voting representative at this time.

He is also president of the board of managers in Liberty House (where we own another apt.)
He has incredible experience and knowledge of the buildings in BPC....over 16 years.

Anything I post is absolutely correct information.

Good luck in your move to the UWS.

cc will increase in oct 10 approx 300 per month on 2100 sq ft apart and ain 0ct 2012 by around same when discount ends.it will double at visioaire in 5 years when their discount ends.while cc and taxes are high in bpc,look at any new building with good amenities and there monthlies are also high.