building at 75 Wall Street

Haven't seen the interiors myself, but it's a beautiful building from the outside. But I don't see how the hotel could be an asset. Sure, it may provide some services like a restaurant and maid service and concierge, etc. But if you want those things, you can get them in lots of other buildings without a hotel (such as William Beaver). Seems to me that comings-and-goings of strangers in your building would be a drawback.

what's the price per square foot at 75 wall ? i'm in a state of disbelive with the pricing at the FD..

to jvwnyc: i think that 75 wall is a beautiful building, its location is perfect and allows for a lot of light and spectacular views on all sides. David Rockwell’s interior design is elegant and functional, the floor plans are very nice, high ceilings, large windows – the best combination in terms of what this building has to offer and the asking price.
I feel that Andaz hotel will increase the attractiveness of the development with the bar, top restaurant, and David Rockwell’s design (explore http://www.rockwellgroup.com/) The hotel and the residential lobby will have separate entrances and separate amenities. The hotel services are not included in the common charges to keep the common charges down and at the same time allow those residents who would like to take advantage of the extra hotel services (e.g., room service, cleaning service, laundry, etc.) an option to pay for them separately.
to sfo: The price per square foot depends on the floor height, layout, size, availability, etc. - check this site for recorded sales.

kelly8956 please look at the time when the original post was......3 months ago.....i think it's safe to say this person has the info by now

a couple of weeks ago I went to see a couple of apt. in the building. nice finishing, nice building...but with a calculator in my hand prices like $1400/SQFT for 1 BR or $1600 for a 2BR...seem to me way over the market, that at the moment is around $1200 and $1300. anyone has idea if this is worth it?

to eandc: if you look at the activity for this building here http://www.streeteasy.com/nyc/building/75-wall-street-manhattan, the latest listing is for a 2 beds, 2 baths, 1,244 ft² unit is $1,540,000, that is $1238/ft².
Below, unit 23M, 2 beds, 2 baths, 1,244 ft², went for 1174/ ft². The 1 beds listed are 1150/ ft², 1399/ ft²; the price/ ft² depends on the unit’s line, floor, availability, etc.

One concern about the configuration of this building is that each floor has many units. Lots of studios and 1 beds. Could create a bit of elevator traffic.

Anyone else noticed this on the floor layouts?

4 passenger elevators and a service elevator should be more than adequate for about 350 residential units. Andaz hotel will have a separate entrance and separate elevators. This is a conversion from a former office building, and I would imagine that there were a lot more people working on the trading floors and offices, generating constant traffic between the office floors, than would be living in the apartments.

How are people evaluating this and 20 Pine?

Hi i own a unit at 75 Wall, i see Street Easy look for a ten dollar a month fee to log your unit with them. What do i get for this and is it worth while? Just found this site.

I used to rent at 75 Wall. Whoever is considering moving there, don't. The apartments look very nice but they are very cheaply constructed. And good luck getting anything fixed. Quite a few of the tenants had serious problems with their units, mostly involving flooding. I didn't have those problems so I got lucky but when I moved out they took out a lot of money as "damages" from my security deposit for the things that were never in good condition in the first place. A lot of things were glued on in the apartment and would just fall off from time to time. I guess they used the wrong kind of glue (the cheap kind). Also, the roof looks really nice but they rent it out almost every weekend.

davidoblath - I know 75 Wall had the rent to own program. Did most of the renters end up taking advantage of the rent-to-own program or was it more like a traditional rental building with a few apartments that were owned? The way the sales office makes it sound, most of the people renting ended up or will end up buying. Thanks.

Can somebody please explain why one would buy in this building. Take, for example, 31K. It just sold for 1.1MM. That means with 10% down and a 5.25 percent mortgage, you mortgage (together with common charges) is about $6500/month. You can rent the same apartment in the building for $4000/month (before negotiations). Plus, if you buy, you need to put down $110,000 together with the closing costs. So, even if you assume the developer pays all the closing costs (which certainly isn't going to happen), it will costs $110,000 out of pocket and $2500 month more to buy than rent.

There are one bedrooms at 15 Broad that are hundred of square feet bigger for less money (for example, #2830 is 1149 aq feet for $995,000. Same story at 20 pine - bigger apartments for less money. And the common chargers are way less.

I'm not trying to be sarcastic or petty (and I don't work in RE; I am just a potential buyer) - I would seriously like to understand what drives people to buy these apartments. 75 Wall is a nice building, but not any nicer than 15 Broad and certainly not worth the premium they are charging over 20 pine.

Many of the layouts at 20 Pine and 15 Broad are useless, and the 20 Pine square footage numbers are some of the most badly overstated I've seen anywhere. 75 Wall does give you a lot more utility out of your space.

However, I agree that it remains outrageously overpriced, and there's no possible way to make the rent vs. own analysis work.

About half a dozen apartment have sold at this place in recent months to various entities located at c/o Rosabianca & Associates, Pllc at 40 Wall St. All of them are at prices well in excess of the market for high end condos in FiDi - like $1200/sq foot. Anybody have any idea what this entity is and who the (sucker) person buying these is? Just curious.