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, respectable, 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
almost 15 years ago
Posts: 1377
Member since: Jan 2009
TDG/Tregny is not a developer; it's a brokerage firm, so they didn't make the product, they're just selling it. As with all brokers, all oral representations are worthless. It is the game in NY, so they will say anything and everything to sell their stuff, you need a good lawyer who can check everything independently.
The architect for the project is Karl Fisher (Hot Karl as Curbed calls him.) In my opinion, the project is priced pretty fairly for the location/building/current market/amenities, so that may be what you perceive as being bullied/pushed around by the brokers: they think it will sell regardless, and they're not giving concessions. Don't get yourself in trouble by signing away your rights; it's not like that's the last condo building in Brooklyn, and the market in general is still in slight decline.
A few links for you:
Curbed:
http://ny.curbed.com/tags/315-gates Brownstoner:
http://www.brownstoner.com/brownstoner/archives/2010/11/315_gates_two_m.php The reviews seem mixed about the quality of the building (esp. the kitchens.)
You seem to be in contract already, so maybe all my advice above is too late for you, and you've already allowed yourself to be bullied into an unfavorable contract. You shouldn't rely on their representations as to when you can move in; it's pretty unusual for promises to be kept. You'll drive yourself nuts if you expect to move in "anytime now" for the next 6-8 months. If they are still waiting for a COO, they have to wait on the DOB to sign off, which is not something developers can really control.
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Response by CondoPresident
almost 15 years ago
Posts: 133
Member since: Nov 2010
Correct, TDG/Tregny is a broker and has nothing to do with the creation or permitting of the product....but if you were bullied at anytime DURING the contract process or the broker attempted to consult you on what they think the contract stood for or meant or should say or whether you shoudl ro should not negotiate then that's a little thing called unauthorized practice of law. Essentially, once a broker "sells" the apartment and the unsigned contract is in a buyer's/and buyer's attorney hands, then the broker should remove themselves and become a facilitator of the other processes - namely interviews, site visits walkthroughs, information provider about permits etc....
ALWAYS alert your lawyer if the broker is inserting themsleves into the legal discussion. Or better yet, call the DOS and report the broker. A broker is not an attorney and should not act as such. I've heard from new construction buyers that that is not often the case.
As far as the delays in closing it seems the there may not be enough sales for the plan to be declared effective by the AG; and as maly has indicated above waiting on a TCO from the DOB is often the primary culprit in new construction closing delays
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Response by SimonaF
over 14 years ago
Posts: 2
Member since: Jul 2011
Does any one have any comments on this neighborhood. I heard it is still quite unsafe. Any feedback will be appreciated.
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Response by Condogurl
over 14 years ago
Posts: 4
Member since: Feb 2011
@SimonaF - this neighborhood is developing (being gentrified) rapidly. ive lived in bed-stuy for years and ive never had a problem.
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Response by JeremyAPT
about 14 years ago
Posts: 32
Member since: Sep 2009
@simonaF. Check out time out new York best neighborhoods. They said that this block is one of the top five nabes in NYC. Maybe a little enthusiastic, but really awesome to see all our neighborhood spots in there
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Response by newbie3002
almost 14 years ago
Posts: 5
Member since: Sep 2008
Quick question...is there an issue with the 2 bed 2 bath(4P) unit? I am surprised it is still available since the building is pretty much all sold out. I saw the unit and liked the layout but it felt a bit smaller than the square feet advertized.
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Response by Dkua
almost 14 years ago
Posts: 6
Member since: Jul 2010
@newbie3002- that unit was only released to the market 3 months ago. I think it's just available because 1) it's fairly new to the market and 2) typically the winter time is slower for real estate.
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TDG/Tregny is not a developer; it's a brokerage firm, so they didn't make the product, they're just selling it. As with all brokers, all oral representations are worthless. It is the game in NY, so they will say anything and everything to sell their stuff, you need a good lawyer who can check everything independently.
The architect for the project is Karl Fisher (Hot Karl as Curbed calls him.) In my opinion, the project is priced pretty fairly for the location/building/current market/amenities, so that may be what you perceive as being bullied/pushed around by the brokers: they think it will sell regardless, and they're not giving concessions. Don't get yourself in trouble by signing away your rights; it's not like that's the last condo building in Brooklyn, and the market in general is still in slight decline.
A few links for you:
Curbed:
http://ny.curbed.com/tags/315-gates
Brownstoner:
http://www.brownstoner.com/brownstoner/archives/2010/11/315_gates_two_m.php
The reviews seem mixed about the quality of the building (esp. the kitchens.)
You seem to be in contract already, so maybe all my advice above is too late for you, and you've already allowed yourself to be bullied into an unfavorable contract. You shouldn't rely on their representations as to when you can move in; it's pretty unusual for promises to be kept. You'll drive yourself nuts if you expect to move in "anytime now" for the next 6-8 months. If they are still waiting for a COO, they have to wait on the DOB to sign off, which is not something developers can really control.
Correct, TDG/Tregny is a broker and has nothing to do with the creation or permitting of the product....but if you were bullied at anytime DURING the contract process or the broker attempted to consult you on what they think the contract stood for or meant or should say or whether you shoudl ro should not negotiate then that's a little thing called unauthorized practice of law. Essentially, once a broker "sells" the apartment and the unsigned contract is in a buyer's/and buyer's attorney hands, then the broker should remove themselves and become a facilitator of the other processes - namely interviews, site visits walkthroughs, information provider about permits etc....
ALWAYS alert your lawyer if the broker is inserting themsleves into the legal discussion. Or better yet, call the DOS and report the broker. A broker is not an attorney and should not act as such. I've heard from new construction buyers that that is not often the case.
As far as the delays in closing it seems the there may not be enough sales for the plan to be declared effective by the AG; and as maly has indicated above waiting on a TCO from the DOB is often the primary culprit in new construction closing delays
Does any one have any comments on this neighborhood. I heard it is still quite unsafe. Any feedback will be appreciated.
@SimonaF - this neighborhood is developing (being gentrified) rapidly. ive lived in bed-stuy for years and ive never had a problem.
@simonaF. Check out time out new York best neighborhoods. They said that this block is one of the top five nabes in NYC. Maybe a little enthusiastic, but really awesome to see all our neighborhood spots in there
Quick question...is there an issue with the 2 bed 2 bath(4P) unit? I am surprised it is still available since the building is pretty much all sold out. I saw the unit and liked the layout but it felt a bit smaller than the square feet advertized.
@newbie3002- that unit was only released to the market 3 months ago. I think it's just available because 1) it's fairly new to the market and 2) typically the winter time is slower for real estate.