How does one get in on the first round of new dev offerings
Started by whatsup
over 18 years ago
Posts: 2
Member since: Oct 2007
Discussion about
I'm recently in the market and have been reading and studying up on many of the new developments in fidi, tribeca and other hoods below 34th street. One thing isn't clear: how does everyone hear about the first round of offerings (whether they be flippers, investors, or buyers who are in for the long haul)? For instance, when Lion's Head condo went on the market a few years back, I read that people lined up around the corner with their checkbooks and 80% were sold the first weekend.
Spend some time on the wirednewyork site. They have some AMAZING guys who collect the most unbelievable info about building permits, delays, etc. I don't think many buildings are releasing very many apartments during the first round now. It's taking a few months, at the least, for most buildings to sell 50%, so the urgency isn't as great. When you are ready, a good broker who's been working primarily below 34th Street for awhile should be able to let you know when buildings you are interested in will open sales offices. The New York real estate publication, The Real Deal, also has ads and info in it regarding the new developments.
Good luck
We did it by cozying up to real estate lawyers who specialize in Manhattan residential. They're the ones who actually write the offering plans for the developers, and if you get in with one who does alot of this, it'll be in his/her interest to make sure you score a place as you'll hire them for the closing, plus they'll probably get a kicback of some portion (or all) of the brokers fee for bringing you to the party in the first place. That's how we scored the best unit (penthouse, wrap terrace, fireplace, etc.) in the new condo build that we decided to buy into.