88 Morningside

really? You have been in contact since July? And you have not yet closed? When are they expected to start the closing process?

Q2011: With a new construction coop, they can't close until they have a TCO and contracts for a percentage agreed with their own bank. I knew when I entered contract that it would be a longish wait, although I had expected to be in the apartment by now (silly me). I'm now hearing May or June or July. The building seems largely done, although I don't know what they still need to do in the way of systems. When I last stopped by, they had contracts out on 5 units (in addition to the 29 now in contact).

lef2009: Thanks. I am going to check out the apartment this weekend. Is this a coop, condo or condop? Never dealt with condop before. Not sure how is significantly different than condo or coop.

Q2011: Feel free to contact me off of StreetEasy. Add @gmail.com to my name on this site and you'll reach me.

A condop is generally meant to mean a coop where there is no approval board. The rules are more condo-like. You're still buying shares in a corporation instead of real estate, and so on. Generally in Harlem, if it's a condop, there's an underlying land lease or something similar, and some of your maintenance will go toward that. In this case, the land lease is with the church that owns the land, and it's basically a 200 year lease with a fixed rate of rent increase that is below inflation. So I don't think there's any reason to worry over that aspect of it.

MidTownWGeek: Thank you so much for the explanation. I now need to figure out or at least to feel how much are they willing to negotiate given the home price is continued to drop nationwide.

lef2009: Is there a preferred bank for 88 Morningside? I want to make sure I at least start with a bank that has already approved this building.

Q2011 we do not live somewhere else nationwide. It is manhattan and whatever the market feels the price is. Most of the new developers up here are doing there best not to yield to much on price, maybe you see a 7-8% if you are lucky, most if you look are less than that. Also keep in mind that people may negotiate for closing costs being paid, which would not be reflected as a price decrease, but it could be a nice discount.

Also if the preferred lender is not listed on website, normally there will be literature at their sales office.

Mikev: Thanks. I will find out this Saturday.

Do any of you know which bank has approved this building? I bank with Citi and Chase and not sure if this development is on their approved list.

Does anyone have any comments/thoughts about the pre-close procedure? We understand that the building will shortly be getting a Temporary Certificate of Occupancy and that as buyers we are obliged to pre-close.

There are at least 5 banks that have preapproved the building, including Chase, Wells Fargo, Citi, BoA.

There is not going to be any pre-close. They are going to simply close sometime in July.

darkhound: I'm interested to know where you have the information about closing and how reliable you feel it is. I haven't had much luck in pinning anyone down on when closing is likely to be. I also can't figure out what is taking so long with the TCO. How much more can they need to do to get it?

Acknowledging that it seems that they now need "only" no 51% of signed contracts to start the closing process which would mean 37 units in signed contract status, they are not far from the target if everything out right now come back signed. The building seems to still be a construction site but it appears almost completed, i have not been in for a while though if someone has more update that would be great. July seems a doable target, i would say august to give some contingency.

Any sense of the demographics in the building? Would rather avoid loud partying with my job. Thanks.

They haven't posted any new contracts in some time now. That could mean that they haven't gotten any new contracts or that they're just lazy about posting them. Anyone know Any of you entered into a contract that's not yet listed on StreetEasy?

They've posted two more -- up to 44% of the units (and 47% of the shares).

there are only 53 units. 51% would be 27 untits not 37 units. There are currently 32 units listed on their website as in contract. So, maybe move-in and closing will occur sooner than expected.

JTHNYC: Actually, there are 73 units. 32 sold. 21 on the market. 20 not yet on the market.

I am pretty confident they will close by mid-July and at worst, not much later. I am also confident that there will be no pre-close because the 2BR contract I just signed got rid of that provision. We should be really close to 50% now.

As for the demographics, I am not sure about others, but I feel that many will be similar to us - professionals working in midtown with perhaps a kid. I am also guessing that there will be some Columbia faculty in the building too. I doubt partiers are hitting it up in Morningside Heights neighborhood - it is up and coming, but not really the hip party scene. Besides, I understand that the walls separating the bedrooms are made of at least 4 inch thick concrete.

For those financing, which banks are you using? Which bankers are responsive / good / have good rate? Have you been able to negotiate down the closing costs?

Hi, Darkhound. Are you 5B?

No, we personally preferred the C line.

Darkhound: I asked because I was curious whether your contact ("the 2 BR contract I just signed") was already reported on StreetEasy. 5B was the last 2 BR recorded. LEF

Sure, that was a nice unit, and I had also seen that it had sold but my hasn't been posted yet. The 2BRs are pretty much gone or going. I guess they are having a harder time with the 1BRs.

they better close by mid july , rates are pretty good nowaday for 30 or 45

days lock. 35 in contract, 2 more to go!

Wells Fargo has the building approved for financing.

I could be wrong, but with 35 units sold, I no longer worry about them selling enough units to close in July (as they're currently predicting). I don't, however, know anything about what has to be done to get a TCO. Is anyone familiar with the process? What does it take (and how long should it take)?

Not familiar with the process, but the latest word (from this week) is that they are still on track and should get the TCO in a month. On the other hand, I've never met a timely / honest developer... For those financing, any bank recommendations? I know the pre-approved list.

I'm curious, for you people waiting to close here, have they given any updates? It isn't unusual at all for dates to keep slipping and slipping... the Apex got its TCO in March. Then there was a ton of waiting with the AG office in filing stuff, and they've only now JUST issued closing dates, the earliest of which is still late June. They think they might be able to move things to mid-June, but that depends on when the AG's office accepts their filing that makes their offering plan effective. When Ali G said "August" earlier in this thread, I suspect she was spot on. But I hope you guys are all neighbors sooner rather than later!

Dear MidTownWGeek -- I wish I had an answer to this. The last time I asked, the broker said that they expect to have the TCO this month and to close in July, but I don't know how to go behind that and figure out how realistic it is. (I've been the building department website, but I don't know how to make sense out the information it provides.)

i am pleased to see that there are now 41 contracts, more than enough to start clsing. So what's up with the TCO?

@lef 2009 - That is a very good question indeed...

Does anyone know whether they are wiring the building for cable and internet? (I desperately don't want to let some cable company run wire through my nice, new apartment.)

I wish the building was FIOS eligible.

why? is it not fios eligible?

Mr. Vibe -- the Verizon site says that it is FIOS eligible (not that I know anything about FIOS or whether the Verizon site is reliable about this).

For those who have bought a unit here, can anyone tell me what is this 'Formation' cost listed as a closing cost? Neither my broker nor my attorney has seen this before. Additionally, I have never seen Tax filign costs upward of $1K....kind of crazy. Any feedback would be appreciated.

Relevant to 88 Morningside, here's an interesting article on land leases: http://nymag.com/realestate/realestatecolumn/land-lease-buildings-2011-7/

My attorney, Sandor Krauss, was quoted in it. I have to say, he was phenomenal every step of the way. My wife was particularly impressed on our first meeting when he spent a great deal of time explaining everything she might possibly want to know from the offering plan. He was a huge help all the way through our closing last week (at the Apex).

does anyone know what exposures the H line has?

Sigh. Although they're well over 50% sold and say they should have the TCO any day, they're now saying that closings will not take place until September.

LEF

to lef2009: Who are "they" saying that closings will not take place until September ?

Seriously? Wow they are pretty useless.

Av2011 -- That's the most recent message from their lawyer to my lawyer.

LEF

Our lawyer looked up the latest and public records show that we received the TCO a few days ago. Now lets hurry up and close!

av2011 to darkhound: Yea ! Confirmed ! The DOB issued the TCO on July 15 ! And no word from sponsor yet ... Now lef2009: Would your lawyer please ask their lawyer again about closings ?

Here's the TCO: http://a810-cofo.nyc.gov/cofo/M/110/073000/110073571T001.PDF

Haven't a clue what that means for closing.

I do note that several units that had been listed as "in contract" are now back on the market, including 10A (the unit the broker said she herself was buying). The price for that unit has increased substantially; the prices for several one BR units have decreased. The total units listed as "in contact" are still significantly greater than 50% (39/73).

Lef2009: I don't see that 10A or other units are back on the market (at http://www.halstead.com/developments_other?numb=74263). Are you seeing that somewhere else? We got the TCO. That means we'll be closing soon (i.e. a month).

darkhound: How interesting. Yesterday it was there. Today it is not. See the Streeteasy listing:

STREETEASY HISTORY
08/14/2010 Listed by Halstead Property at $830,000.
08/29/2010 Price increased by 2% to $850,000.
10/11/2010 Listing entered contract.
07/20/2011 Re-listed by Halstead Property.
07/20/2011 Price increased by 11% to $940,000.
07/22/2011 Listing is no longer available.

I can imagine several explanations for this, but I don't really know what it means.

Latest development: Today I received a letter from the broker (Felicia) announcing that the TCO has issued and the Plan declared effective. Purchasers are supposed to receive 30 day closing notices and letters scheduling walk-throughs, although I'm unclear on whether to expect the letter during the fist two weeks of August or to expect a walk-through during the first week of August. I am very much looking forward to (finally) moving in.

Does anyone know what school district this building belongs to? Is it district 3? Will people send their kids to public or private schools up here? And, if you are going public, what do you know about the schools in the area?

JLimm -- I don't know whether this is relevant to you or anyone else in the building, but Teachers College is, with the NYC DOE, opening a university-assisted public school on Morningside Avenue between 125th and 126th. This fall, the kindergarten will be co-located with a school that's further east, but the Teachers College Community School should have K and first grade classes on Morningside Ave. in fall 2012 and add a class each year after that. Admissions are by lottery.

"Will people send their kids to public or private schools up here?"

JLimm, What you meant to say was "white people", no? There are plenty of people "up here" who have no choice but to send their kids to private schools. Unbelievable.

I seriously doubt that 10A has 'appreciated' by 100K in 1 year. Felicia indicated that she was buying it or had bought it. So, if she bought it she's trying to get 100K out of the sale. If she doesn't own it, perhaps she's trying to maximize commission. There otta' be a law. Just sayin'.

I drove past last night and there were lights on in several units. Has anyone moved in yet?

More than a half-dozen units are occupied.

Darkhound: Are you one of the occupants?

has anyone closed in this building yet?

Is anyone having problem getting the building approved? I'm running into problems with the bank telling me that the building has not been approved so they can't proceed with the loan. Does anyone know when they expect to close and when people are moving in? They kept pushing the closing date back.....

which bank are you working with?

Bmaksriv, if you want, email me at darkhound@gmail.com with the title "mortgage", and I'll give you the contact at the bank I'm using. They have been pretty good (working with several others at 88 morningside), and I just locked in my rate at 2.35% for a 5/1ARM. Closing mid-Oct.

Finally! StreetEasy is reporting one closed unit.

Hi - did anyone who bought here get an engineer inpsection done? I am in negotiations on one of the units.

@Scotian - I didn't hire an engineer, but I brought an experienced home inspector to my walk through. There are minor issues that need to be addressed (e.g., a stove burner that's not working, a small area of floor that doesn't seem to have been laid properly, a toilet that needs to be installed better), but his overall impression was quite favorable.

Bank of America has approved this building for financing. Sunny.hong@bankofamerica.com

It's my understanding that everyone is expecting Fannie Mae approval in the very near future. Fannie Mae approval is not specific to a particular lender. (Details available here: https://www.efanniemae.com/sf/refmaterials/approvedprojects/

For those still mortgage shopping, my approval is from Wells Fargo. Allie Baldassari has been very helpful. allie.m.baldassari@wellsfargo.com

@lef2009 - thanks. We ended up taking a friend who is in the construction trade and he too found only minor issues similar to yours ie bathroom cabinets not installed correctly and some plaster on top of washer/dryer.

Did anyone close or are in the process of closing with Citibank (Jamarr Lewis)?
Any feedback would be really helpful!

Thanks

lef2009, have you been able to close yet? I also worked with Allie Baldassari for 6 months. 12 days before closing, she tells me that she can't close and suggests that I switch to Bank of America. It was nuts, but I did, and Jan Nguyen at BOA helped me (they have the building pre-approved and I got a rate <3%). She finished my application within 3 hours. I got final approval in 2 weeks. Closed in less than 3 weeks. Good luck on your closing (if you haven't already) and inspection.

Seems like my last message got a bit jumbled at the end for some reason. I meant to say that Jan got us final approval in 2 weeks, and we closed in less than 3 weeks. Rate was less than three percent too!

darkhound: I'm scheduled to close on 11/2. This has nothing to do the with the financing -- it's the date the developers set when they first sent my "30 day letter." I'm told that my unit was not as quick as some because it had been a model (no furniture, but a lot of people visited it.)

I'm sorry you had such trouble, but look forward to meeting you and our other new neighbors. It's my understand that Fannie Mae has been slow to act on this building -- last time I checked their website, they did not have the building listed as approved -- so all of the banks doing the financing either don't care about Fannie Mae or are closing in the hope/expectation that Fannie Mae will ultimately come through. But the, of course, I know little to nothing about the intricacies of financing.

LEF

Good luck with your closing! You may want to check out Bank of America as a backup plan (which doesn't require Fannie approval). I don't know about your contract, but if it's similar to mine, I believe it has a provision where the Sponsor can take your deposit and leave you with nothing if you don't close on time. The Sponsor seems pretty reasonable and probably won't do that, but it's a potential risk with a lot of money, which one reason (of many) I was upset with Allie, who didn't bother telling me about the Fannie obstacle until 12 days to go.

I look forward to meeting you too (I guess you haven't moved in yet). If yours was a model unit, there are probably a lot of scratches on the floor. The general contractors on site (Leon and Garfield) are pretty good fellows and will replace the hardwood flooring if you insist nicely. They replaced about 30% of my living room. Check also for concave warping of the wooden panels.

AlessioNYC - we are working with Jamarr Lewis also. We are due to close in just over 4 weeks but our lawyer built in a safety net of an additional 2 weeks just in case.

88 Morningside appears on a list of land lease buildings on another thread at this site. What is the significance of that?

Lakshmi: A ground lease means that the coop does not own the property; it leases it. This can be an awful thing or a not very significant thing, depending on the terms of the land lease. (I recently bought here, so I've obviously concluded that it is far from awful.) If you look at the rest of this discussion, you'll see some discussion of the land lease.

How is the building? I believe they are increasing maintenance dues and I wonder why with so much in the Reserve? Are they getting rid of the doorman? Is the area safe? I tend to work late nights and wonder if the walk from 125 is safe?