The NEW Rector Park

giffengds, you said in your last comment (I qoute): "In such case, your rate of return is 2.67%. Even in current economy, you can invest 450K@risk free rate(t-rate) and earn more."

A risk free rate investment earning more than 2.67%??? The 90 Day T-bill (low )rate as of yesterday's auction results was 0.00%. The high was only 0.05%.

http://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110404_2.pdf

Can you please show me a risk free investment earning more that 2.67%? I would like to put some money there as well. Thanks

I don't think buying a studio and renting it out in BPC makes sense in general.
BPC, given its carrying costs, makes sense if you live there.
Rent vs. buy is key. . . tough to justify as an investment alone UNLESS you are diversifying with real estate as an asset class.
Even then, I might choose a financial district property that has a 10 year abatement.
I think the play in BPC is residents.

plenty of really nice studio condos in Jersey City along their water front as well. you may want to look into those, as their carrying costs are a lot lower and may be more cost effective for your personal economic situation and opinions.

does anyone know whether indiviudal units in rector park will eventually be assessed differently for property tax purposes? right now the docs read that the building is assessed as a whole and then you pay based on your common interest. the problem with this is that the way common interest was calculated in this building was based on sq. footage NOT value. so in essence, the person that has the penthouse pays the same as the one on rhe second floor if sq footage (including balcony) is the same.

Rector Park is assessed as if it were a rental building and you do pay according to your percentage of the common interest. That's the method the NYC Dept.of Finance uses for every condo.

As far as tax abatements are concerned, the 467a tax abatement should be available through 2012...we hope. 421a tax abatements are only available at Liberty Luxe and Liberty Green.

Interesting :

http://web.me.com/broadsheet/Broadsheet/Home/Entries/2011/4/8_April_7%2C_2011.html

prospective, you moved in yet?

need to meet up to talk about the progess of being part of the 11 bulding settlement.

hey - nope. moving in first week of may so soon. . .you? settlement seems to be going ok - I hear we should get something similar but doesnt really relieve us of the base rent. more related to 15 years from now and escalations. yes look fwd to talking soon. . .hear sales are escalating.

Yes, all moved in. Good luck to you next week.

Recent buyers -- anyone care to share who they financed through and what kind of rates they were able to get? Saw that they work with MetLife, Wells and others and wanted to see who was giving the best terms. Any other weird hurdles to deal with based on the whole BPC situation?

Thanks!

Hi, I have a general question. Does anyone know the total number of Studios, 1bds, 2bds, 3bds, and 4bds in the building. I know there are 174 units, but I wanted to know the breakdown. Seems they are making significant progress in selling out the Studios, 1 Bds, and 2bds, and most of the inventory left is 3bds. If anyone who has the offering plan can tell me that would be great.

I went to look at 2 bedrooms. I was pleasantly surprised. Great layouts and finishes. Agent said that they are not negotiating on price, yet only 42% of the building is sold. Does anyone have experience negotiating here?

yes -- would like to hear if they are negotiating. as the building is "bank owned" you have to assume they want to get these apartments sold asap . . .

If any owners are looking to rent their 2 bedroom, please contact me. We are looking to move this summer. ekartash@Mac.com

I am a mortgage broker who closes loans with Wells Fargo. I'm a sole proprietor, very low overhead; therefore can get you the best rates.

I live across the street from One Rector Park. Am a realtor also.

Ellen Silverman
Tel: 212-786-9682
www.esfunding.instantlender.com

I have seen some rentals listed for this bldg. If anyone is interested in renting a larger size one bedroom w/o the broker fee, I would be interested. Please leave contact info. Thanks.

Does anyone know how many units are in contract and how many are sold? Its hard to tell from Streeteasy. We are in contract and just curious.

TribecatoBP. were you able to negotiate with the price? i like the 2 bedroom layouts. very spacious.

Thanks for the great information everyone.

Does anyone know the status or the regulations regarding the potential roofdeck? I hear that they used to have a roofdeck but some complications prevented them from selling the units as having access to the roofdeck. I hear that once a condo association is formed they can decide what to do with the roofdeck, but does anyone know whether opening the roofdeck at Rector Park simply be a matter of cost of renovation or is there a binding law that would prevent it from being opened?

Also can any current resident tell me: is the roofdeck locked or can one go up there without officially being allowed to go up there?

I have experience in a building with a kitchen next to the roofdeck and a sign that says "no food or alcohol" but the sign seems to be to meet a government regulation rather than being the wishes of the building as the rule is not enforced.

Thanks

I am interested in renting a 3 bed in this building. Prefer to deal directly with owner. Pls email me at panwar_shalini@yahoo.com

As a prospective purchaser of a 1BR Unit in this building, I was wondering if anyone living in the Condominium could give a quick summary of the pros/cons of their experience at 1 Rector thus far.

Any and all comments will be greatly appreciated!

Matthew

I am a prospective purchaser of a 1BR at 1 Rector. I would appreciate any feedback (good, bad, ugly) from current Owners. Thank you.

Matthew

It's great!!!
It's like living in a hotel.
Almost 85% sold.

I was wondering how is the noise insulation in that building? I noticed on my recent visit that apartments had iPOD docking station. Can you hear yout neighbor and/or music through the walls?
thank you for any honest response.

I was wondering how is the noise insulation in that building? I noticed on my recent visit that apartments had iPOD docking station. Can you hear yout neighbor and/or music through the walls?
thank you for any honest response.