517 West 46th

yes i bought a one bedroom in the building. agreed that they skimped on the finishes, but i think for the $ per sq. foot, it is a great buy for the neighborhood. monthlys are reasonable and tax abate program. with money saved up front you can upgrade interior finishes and still make out ok.

i was questionable on location- but there is tons and tons of new construction going up in that area. i think it is a good investment.

I was there last month. Sconces were hanging off the walls, mirrors were hung crooked, and I agree the finishes were cheap. They even advertise GE appliances, I guess they never heard of Miele or Bosch.
I think the units that were bought were purchased before the building was finished. Also they are selling cabanas with no common roof area. I've heard from a broker that sales there have stalled. There are new buildings that are in development in that area that seem better.

I've been looking in this neighborhood for a while and the finishes for this buildiing are very poor compared to other new construction in the area. The below grade entrance also is unattractive (personal view) and impractical. Easy access for burglars to the side units from the neighboring bldg just add to the problems. The sellers have made it very attractive due to their payment of some fees.

Been here several times, don't like the quality at all, but was definitely lured by the price /sq ft and the fact that it was 'new' with abatement - my target was exactly this, in midtown, and was seriously considering it.

I luckily ran into www.the505hk.com and immediately bought. I am not a broker, see my other posts.

The finish is not great in this building. Laminate floors vs solid wood, GE appliance vs subzero, etc.
But the price/sq is very attractive and sponsor will pay for the transfer taxes and sponsor attorney fee. The building structure is actually descent based on the sponsor's previous developments.

505 is little above 1000/sq but the amentities are nice and it's located near 9th ave oppose to 10th (517w46th)

The 505 is between 10th and 11th jut as the 517 is. Did the 505 move it's building?

We bought in the 517 and it's a much better deal. We are renovating in a few years and the costs we will save on the extra $ per sq foot for a larger space with more outdoor space is worth it! Looking fwd to moving in!

Please elaborate as to how the 517 is a better deal when it is still about $1000 /sq ft - not knowing much about your purchase, just trying to compare. Also, why are you slated to renovate so soon?

Can it not be said that both are good deals, especially when buying the 505, you have a year of appreciation even before closing?

Thanks

I bought into 517 rather than 505. I was concerned about the 505 because it's being built on an elevated platform over the Amtrak tracks. So far I'm very happy at 517. Both buildings are located between 10th and 11th. Finishes are fine at 517.

517 $ per sq is little better. No transfer tax and sponsor attorney fee, $0.50/sq maintenance is what makes 517 little more attractive then 505.

I had no idea 505 was also between 10th & 11th...As for being over the Amtrak platform, not sure how they compare to subways, but my cousin lives in soho apt ($5mil) above the MTA platform and when the train moves they can feel the floor vibrate a little.

The finishes on 517 is not poor or horrible. My only complaint is the laminate floor...maybe the above poster meant renovating the floor in few years. Bathroom, kitchen, granites, etc finishes are very nice.

Airahcaz,
I also seriously considered 505 because 2br/2bath was priced under a million and they were nicely layed out under 1000sq. Their amentities are much nicer than 517 which justify the higher maintenance. They are both a good deal but it depends on what your need is.

Ultimately, what made you choose 517 over 505? For me, it was the ability to wait a full year before Closing, as well as the nicer interior appointments and amenities. I have to admit I did see some shoddy construction at 517, like my gf literally tripped on the flooring, even though there was nothing there, the floor had actually caved in a bit, they claimed it was the sponging underneath.

It's very usual when they have a model unit. When you do your walkthrough on 505 next year, you'll most likely face similar problems. I bought a pre-construction on my first property and did my research before jumping onto this one. Interior is not as nice but structurally, it is up and par with neighboring buildings. I went with 517 because I was able to close for under 1000/sq with low common charges, no transfer taxes, attorney fee ($25,000) and most importantly, able to close within 1-2months. You pay little more for better quality...nothing comes free. We've got a deal on our property as long as NYC RE doesn't tank.

Like I said on my earlier post, Laminate flooring on 517 is the biggest downside which makes it "poor construction". Laminate floor tends to shrink and bend in cold weathers. We'll see gaps between the floors and cracks when we walk on them. Some sponsors place wood barriers underneath or sponges for insulation and stability. Laminate flooring can easily be replaced with A+ "real" hardwood floor (which you see on trump towers)for under $10k.

typo, I meant "Hear cracks" not flooring itself cracking.

I think this building is a great value. Tones of space and nice floor plans. Does anyone who lives in the building have anything to say about it?

This does seem cheaper psf at 800 something than many new condos in manhattan but the area aint good, in my view. Is 33496 a broker?

Went to see the #105 unit at place at the open house Sunday (3/21). Where to begin? What a mess. First off, the information is totally inconsistent. The asking price on the show sheet is 165k more than is posted here on streeteasy. The taxes are listed as more on the show sheet too. The common charges (which are not on streeteasy but are on they brokers site) are more on the show sheet than online. In fact, the show sheet lists two different common charge prices (one in the details and one in the description) no word on which is correct but they're both $1200+.
The apt is also totally disappointing. It is clearly new, but the floorboards are warped in the living room by the terrace as if water comes in when it rains. The bedrooms are super tiny and the living room is pretty small too. The kitchen is poorly designed (an island would have made it feel much bigger than the current counter). All the comments on fixtures being cheap in other threads are true. The basement is large, but an unusable space really. It would have worked as a master bedroom if it had a full bath, but it doesn't. If you could reno and combine the two upstairs bedrooms into one and then put a full bath downstairs so it could be the second bedroom or the master then the place would be better. Still, there's no room to enlarge the small living room. Its too bad, for so much space overall the layout is really poor and it just looks cheap.
Pros: the backyard is nice, good size. I didn't notice any reason to fear burglary as mentioned in this thread building thread. The price could be a pro if we knew what it really was...

What a mess! Went to see 105. Complete mess. Smell of sewage, water damage every where, mold. Where do I start? On top of that, there was a lot of concern about the shoddy construction. Although the unit states it is a large unit, the layout makes it feel small, and the downstairs rec room can not be legally used/ converted to a bedroom.

This building has very high condo fees compared with other buildings in the area. On top of that, there is a substantial extra assessment for the unit owners.

I went to see a couple of units a while ago. I think the finishes there are absolutely criminal. It is just amazing that, back in 2007, people happily bought such crap, perhaps anticipating that the market would continue to rise... Oy.

A friend of mine lives in a mixed-income new (cheap) construction in Harlem, and 517 has the same overall feel.

Still, I think the area has great potential for growth, though, once the economy improves.

Does anyone have any thoughts now on this building?