Does anybody have a backstory on these guys? Are they just the 400 lb gorilla in the room that forces contract language that is atypical because they can if you want the apartment? Been waiting to close on a condo for months, and get little to no info on them. No closing deadline, but every month its probably going to be next month. Now my title person says there may be an issue with the property... [more]
Does anybody have a backstory on these guys? Are they just the 400 lb gorilla in the room that forces contract language that is atypical because they can if you want the apartment?
Been waiting to close on a condo for months, and get little to no info on them. No closing deadline, but every month its probably going to be next month. Now my title person says there may be an issue with the property and it will take a few more months to clear....
Ive been saving for a long time and finally am able, with the down market, to get a place of my own thats decent, respectabel, and within my limited budget, and its so frustrating to have to pay yet another month of rent to the landlord when I should be paying off the mortgage.
Any info would on The Dev Group or the building would be appreciated.
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Response by maly
over 15 years ago
Posts: 1377
Member since: Jan 2009
This is what you should do: go to the 315 gates building page; on the right hand side, there's a link to "create discussion about this building." Click there, and c&p your post under the building's heading. This way, what I and others will share with you will not die with this thread, but be associated with the building for future reference.
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Response by rentingbrooklyn
over 15 years ago
Posts: 13
Member since: Mar 2009
I recently heard about closings starting around early March.
That may have changed but this can happen with new buildings. May be waiting for a TCO
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Response by JBrooklyn
over 15 years ago
Posts: 2
Member since: Jan 2011
I'm in the same situation. They keep pushing back the deadline, and now the woman, Diane, that was selling the units resigned. She said that it was just power struggle issues, but it's a little disconcerting. In the mean time I would suggest confirming with your lawyer that you can get your full down payment back if they can't close.
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Response by Condogurl
over 15 years ago
Posts: 4
Member since: Feb 2011
im also waiting to close on this condo bldg. the broker, Diane, told me condo will close end of 2010 then it was end of Feb or early March. but a little bird told me back when i signed the contract that this bldg will most likely close in May 2011. so good luck to us.
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Response by RLMBStuy
over 15 years ago
Posts: 1
Member since: Feb 2011
Grrrr....I'm waiting on closing too. Got the same run around on dates. The latest I heard walkthroughs in the next couple of weeks and closings mid march. That doesn't seem likely. While the new rep told me they have their CO, the DOB website doesn't list it and the temp one listed on the site expires 2/21... Also heard they're waiting for 90% of the 72 units to sell before they start closing...As I am under contract, I expected a bit more transparency regarding closing etc.
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Response by JeremyAPT
over 15 years ago
Posts: 32
Member since: Sep 2009
Hey everyone! I am also in contract here... Waiting on closing too. Good deal, but I'm getting anxious about when we can close..
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Response by JeremyAPT
over 15 years ago
Posts: 32
Member since: Sep 2009
Do you guys want to start an email thread between us so we can keep eachother updated? My email is JeremyApartment@gmail.com...
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Response by Dkua
over 15 years ago
Posts: 6
Member since: Jul 2010
Hi Everyone. I'm trying to buy in this building (actually been trying since August!!!) the type of unit I'm interested in is very specific, the similar released unit(s) are already in contract so now I'm now trying to convince the new agent and developer to release the type of unit I want so I can buy it- they keep giving me the run around and saying "no" but I know from my history with Diane, they sell unreleased units all the time! I’m not sure what the reservation is now- especially if what I’m hearing is true about the 90% sold mark before closings! Anyone that is in contract for a unit that was unreleased feel free on giving me some tips of what you did to convince them to sell (besides offering full asking price).
I did get a bit of the back story on TDG/TRG though…long story short, TDG/TRG is SHADY! Not to say that there is anything wrong with the building. In fact, from what I understand, it’s a solid building and very well priced. The issue is just the company that’s selling the building. Brownstoner.com has a lot of horror stories about TDG so the power struggle they’re having doesn’t surprise me at all. All that aside, hopefully I’ll get to be your neighbors! Good luck everyone!
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Response by shong
over 15 years ago
Posts: 616
Member since: Apr 2008
You should really all talk to your attorney and go back to the offering plan. There must be a date where they must allow closing or refund deposits. Unfortunately, with new developments sometimes construction delays and getting the TCO/CO or permits causes the delay and not really anyone's fault. I came across this building a while back because it was one of the condos we were offering $5000 closing cost grants in (for qualified buyers). They applied for Fannie Mae approval which requires 51% to be sold. If they were above 51% sold then I would imagine the Fannie Mae approval would be in place. Unless there are other issues holding the Fannie Mae approval back. Although the building is FHA approved currently. Even streeteasy shows a bunch of available listings. Closings to start with 90% is something I never heard of. There is no developer in their right mind that wouldnt want to start closings right away. I can bet it has nothing to do with waiting for 90% to be sold before they start closings.
Regarding the developers group, I've had dealings with them in several other developments and I wouldnt call them all out. They have some good agents. Every agency has the good and bad. Also, real estate agents work for the developer and the agents are the ones that have to keep heads cool. I dont know what is being said or what kind of shady tactics theyre doing but I'm sure there is an underlying issue that they are not allowed to reveal makng them seem shady. Just my opinion.
sunny.hong@bankofamerica.com
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Response by Truth
over 15 years ago
Posts: 5641
Member since: Dec 2009
"The Development Group" == The Developers Group? If so:
Whatever the name: Be very careful with them.
If it's the same as is the "exclusive" for One Brooklyn Bridge Park.
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Response by alanhart
over 15 years ago
Posts: 12397
Member since: Feb 2007
Hi, Truth!
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Response by Truth
over 15 years ago
Posts: 5641
Member since: Dec 2009
Just to clarify: The Developers Group broker gave me ridiculous info about Williamsburg; and his advice about OBBP wasn't much better.
That was before and after the RE market tanked.
A borker so borkian (credit to w67th) as to be Kaborkian.
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Response by newbuyer81
over 15 years ago
Posts: 1
Member since: Mar 2011
Hi Everyone,
We are hoping to make an offer soon for the Gates building. We recently visited and they told us the closing should happen in the next month or month-and-a-half. Now I am a little nervous about that happening...
Does anyone have any updates?
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Response by stencil
over 15 years ago
Posts: 14
Member since: Apr 2011
newbuyer81: They're getting close. The condos are being broken up into lots and walkthroughs have started. I think 1-2 months is a safe bet. That's at least how long it's going to take you to get an offer accepted, get into contract, get a lawyer, get financing, and close.
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Response by soulc
over 15 years ago
Posts: 4
Member since: Apr 2011
Hi Everyone!
I am also in contract & waiting to close too. I did have my walk-thru & there was some things that needed attention. so imagining all those in contract, everything has to be fixed before we close & have our final walk-thru. So lets just all stay positive & if anyone or everyone happens to know how to Pray, lets send some prayers up to release whatever is holding this building up from being approved and that we will close this month. I will be praying this prayer :)
I believe it will be the end of this month.
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Response by soulc
over 15 years ago
Posts: 4
Member since: Apr 2011
Also, I was told that Fannie Mae would close later (I can't remember the reason why) than those w/FHA Loans
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Response by JeremyAPT
over 15 years ago
Posts: 32
Member since: Sep 2009
Hey All! Some of the people in contract, along with myself have started an email list, just to keep eachother in the loop. Send me an email to add you to the list. Preferably people already IN CONTRACT. jeremyapartment@gmail.com
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Response by Condogurl
over 15 years ago
Posts: 4
Member since: Feb 2011
my lawyer and i just received notice we're closing mid May!! its about time!!!
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Response by JeremyAPT
over 15 years ago
Posts: 32
Member since: Sep 2009
Condogurl is correct. Closing in May, over 50% in contract, lookin good!!!
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Response by JeremyAPT
over 15 years ago
Posts: 32
Member since: Sep 2009
@soulC - send me an email..
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Response by stencil
over 15 years ago
Posts: 14
Member since: Apr 2011
My lawyer got the May 12 closing date as well. Tons of walkthroughs happening now too. This place is ready to go.
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Response by soulc
over 15 years ago
Posts: 4
Member since: Apr 2011
Hi
yes, i got the Closing Letter too for May 12th :) i'm excited! now there is a lot of updates needed though to the files if you were in contract months ago like me.
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Response by soulc
over 15 years ago
Posts: 4
Member since: Apr 2011
Hi Jeremy
i'll send you an email
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Response by JBrooklyn
over 15 years ago
Posts: 2
Member since: Jan 2011
I got the closing letter for May 12th as well, but when I contacted the number on the letter, they said that their lawyers sent out the letters without consulting the agent. Now, I've been trying to call Tamar for 3 days and she is giving me sketchy info and avoiding my calls. Please add nicwinn@gmail.com to the mailing list as well. Thanks.
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Response by Condogurl
about 15 years ago
Posts: 4
Member since: Feb 2011
anyone closed and moved in yet? im still waiting on my closing date.
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Response by orthix
about 15 years ago
Posts: 1
Member since: May 2011
i had the original date of 5/12... then advised that the condo project never got their bank approvals.
so as of 5/18, still no new closing date.
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Response by JeremyAPT
about 15 years ago
Posts: 32
Member since: Sep 2009
I think some of the first FHA loans already closed. Around 4? Other conventional loans and remain FHA loans are expecting to get called in any day now. We started a YahooGroup for the purchasers that are already IN CONTRACT. if you want to join, contact me: jeremyapartment@gmail.com
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Response by helphome
about 15 years ago
Posts: 110
Member since: Feb 2011
jeremy,,, omg i just found this thread & im feeling pretty bad that in my 2 bed 2 bath thread that i called 315 gates cheesy. i don't mean that they don't have great deals cuz they do it just felt like they cut a lot of dev corners. anytime i c developers group or apt & lofts i get kind of scared. they always seem to have the crappy listings from overly trendy type /shoddy construction / glue jobs...for a list of examples just log into their listings & check out how many condos r dev. group. i find them to be hazardous to my financial wealth. w isn't much to begin w. in actuality the building at gates was probably one of the more decent ones. just hope u got an inspector. sorry to b negative...
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Response by JeremyAPT
about 15 years ago
Posts: 32
Member since: Sep 2009
I'm moving in on monday. Very excited. All the people that have moved in are awesome and so helpful.
YMCA right accross the street and 2 cool new restaurants opened 1/2 a short block from building. Definitely the most solid building that I have seen. Glad to be moving in. Thanks to my new neighbors!
This is what you should do: go to the 315 gates building page; on the right hand side, there's a link to "create discussion about this building." Click there, and c&p your post under the building's heading. This way, what I and others will share with you will not die with this thread, but be associated with the building for future reference.
I recently heard about closings starting around early March.
That may have changed but this can happen with new buildings. May be waiting for a TCO
I'm in the same situation. They keep pushing back the deadline, and now the woman, Diane, that was selling the units resigned. She said that it was just power struggle issues, but it's a little disconcerting. In the mean time I would suggest confirming with your lawyer that you can get your full down payment back if they can't close.
im also waiting to close on this condo bldg. the broker, Diane, told me condo will close end of 2010 then it was end of Feb or early March. but a little bird told me back when i signed the contract that this bldg will most likely close in May 2011. so good luck to us.
Grrrr....I'm waiting on closing too. Got the same run around on dates. The latest I heard walkthroughs in the next couple of weeks and closings mid march. That doesn't seem likely. While the new rep told me they have their CO, the DOB website doesn't list it and the temp one listed on the site expires 2/21... Also heard they're waiting for 90% of the 72 units to sell before they start closing...As I am under contract, I expected a bit more transparency regarding closing etc.
Hey everyone! I am also in contract here... Waiting on closing too. Good deal, but I'm getting anxious about when we can close..
Do you guys want to start an email thread between us so we can keep eachother updated? My email is JeremyApartment@gmail.com...
Hi Everyone. I'm trying to buy in this building (actually been trying since August!!!) the type of unit I'm interested in is very specific, the similar released unit(s) are already in contract so now I'm now trying to convince the new agent and developer to release the type of unit I want so I can buy it- they keep giving me the run around and saying "no" but I know from my history with Diane, they sell unreleased units all the time! I’m not sure what the reservation is now- especially if what I’m hearing is true about the 90% sold mark before closings! Anyone that is in contract for a unit that was unreleased feel free on giving me some tips of what you did to convince them to sell (besides offering full asking price).
I did get a bit of the back story on TDG/TRG though…long story short, TDG/TRG is SHADY! Not to say that there is anything wrong with the building. In fact, from what I understand, it’s a solid building and very well priced. The issue is just the company that’s selling the building. Brownstoner.com has a lot of horror stories about TDG so the power struggle they’re having doesn’t surprise me at all. All that aside, hopefully I’ll get to be your neighbors! Good luck everyone!
You should really all talk to your attorney and go back to the offering plan. There must be a date where they must allow closing or refund deposits. Unfortunately, with new developments sometimes construction delays and getting the TCO/CO or permits causes the delay and not really anyone's fault. I came across this building a while back because it was one of the condos we were offering $5000 closing cost grants in (for qualified buyers). They applied for Fannie Mae approval which requires 51% to be sold. If they were above 51% sold then I would imagine the Fannie Mae approval would be in place. Unless there are other issues holding the Fannie Mae approval back. Although the building is FHA approved currently. Even streeteasy shows a bunch of available listings. Closings to start with 90% is something I never heard of. There is no developer in their right mind that wouldnt want to start closings right away. I can bet it has nothing to do with waiting for 90% to be sold before they start closings.
Regarding the developers group, I've had dealings with them in several other developments and I wouldnt call them all out. They have some good agents. Every agency has the good and bad. Also, real estate agents work for the developer and the agents are the ones that have to keep heads cool. I dont know what is being said or what kind of shady tactics theyre doing but I'm sure there is an underlying issue that they are not allowed to reveal makng them seem shady. Just my opinion.
sunny.hong@bankofamerica.com
"The Development Group" == The Developers Group? If so:
Whatever the name: Be very careful with them.
If it's the same as is the "exclusive" for One Brooklyn Bridge Park.
Hi, Truth!
Just to clarify: The Developers Group broker gave me ridiculous info about Williamsburg; and his advice about OBBP wasn't much better.
That was before and after the RE market tanked.
A borker so borkian (credit to w67th) as to be Kaborkian.
Hi Everyone,
We are hoping to make an offer soon for the Gates building. We recently visited and they told us the closing should happen in the next month or month-and-a-half. Now I am a little nervous about that happening...
Does anyone have any updates?
newbuyer81: They're getting close. The condos are being broken up into lots and walkthroughs have started. I think 1-2 months is a safe bet. That's at least how long it's going to take you to get an offer accepted, get into contract, get a lawyer, get financing, and close.
Hi Everyone!
I am also in contract & waiting to close too. I did have my walk-thru & there was some things that needed attention. so imagining all those in contract, everything has to be fixed before we close & have our final walk-thru. So lets just all stay positive & if anyone or everyone happens to know how to Pray, lets send some prayers up to release whatever is holding this building up from being approved and that we will close this month. I will be praying this prayer :)
I believe it will be the end of this month.
Also, I was told that Fannie Mae would close later (I can't remember the reason why) than those w/FHA Loans
Hey All! Some of the people in contract, along with myself have started an email list, just to keep eachother in the loop. Send me an email to add you to the list. Preferably people already IN CONTRACT. jeremyapartment@gmail.com
my lawyer and i just received notice we're closing mid May!! its about time!!!
Condogurl is correct. Closing in May, over 50% in contract, lookin good!!!
@soulC - send me an email..
My lawyer got the May 12 closing date as well. Tons of walkthroughs happening now too. This place is ready to go.
Hi
yes, i got the Closing Letter too for May 12th :) i'm excited! now there is a lot of updates needed though to the files if you were in contract months ago like me.
Hi Jeremy
i'll send you an email
I got the closing letter for May 12th as well, but when I contacted the number on the letter, they said that their lawyers sent out the letters without consulting the agent. Now, I've been trying to call Tamar for 3 days and she is giving me sketchy info and avoiding my calls. Please add nicwinn@gmail.com to the mailing list as well. Thanks.
anyone closed and moved in yet? im still waiting on my closing date.
i had the original date of 5/12... then advised that the condo project never got their bank approvals.
so as of 5/18, still no new closing date.
I think some of the first FHA loans already closed. Around 4? Other conventional loans and remain FHA loans are expecting to get called in any day now. We started a YahooGroup for the purchasers that are already IN CONTRACT. if you want to join, contact me: jeremyapartment@gmail.com
jeremy,,, omg i just found this thread & im feeling pretty bad that in my 2 bed 2 bath thread that i called 315 gates cheesy. i don't mean that they don't have great deals cuz they do it just felt like they cut a lot of dev corners. anytime i c developers group or apt & lofts i get kind of scared. they always seem to have the crappy listings from overly trendy type /shoddy construction / glue jobs...for a list of examples just log into their listings & check out how many condos r dev. group. i find them to be hazardous to my financial wealth. w isn't much to begin w. in actuality the building at gates was probably one of the more decent ones. just hope u got an inspector. sorry to b negative...
I'm moving in on monday. Very excited. All the people that have moved in are awesome and so helpful.
YMCA right accross the street and 2 cool new restaurants opened 1/2 a short block from building. Definitely the most solid building that I have seen. Glad to be moving in. Thanks to my new neighbors!