The Avery

274

It hasbeen reduced to about 267. latest amendment shows some units being combined to create larger units.

Anyone else moving in like us?

Anyone else moving in like us?

yes, 3rd floor apt here

Is anyone moving in the building before by Dec 2007 end?

how many people will be full time residents vs. having the apt as a second residence?

200 renters 70 full time

new-owner, your numbers are completely off the wall. The building is not even fully occupied at this point, so how can there be 200 renters??

whats going on in this building has not been a closing in 7 months??

no closings???????? somebody please tell me why???????????????

The offering plan is interesting. Legally it's a condo but they immediately set out renting half the building and sell the other half. With regards to the half that is for sale , the sponsor reserves the right to rent those out too.

Plus it's a crappy neighborhood that's cut off from the rest of Manhattan -- it's own little Brasilia out in the jungle. And then, given that, there's the question of what kind of people would be willing to live there. Those, unfortunately, would be your neighbors.

Pass.

Can't buy that argument.
Not that I think that's a great block, but the neighborhood buildings are not affected.
Rushmore, 10 West End, The Element( and don't forget the Riverside South condos in development) I think they designed it as a rental with an option to sell as Condo later.

no closing in 7 months does anybody anybody know why???????????????????????????????????????????????

why no closing in over 7 months??? can anybody tell me?????????????????????????????

No pool?

I think it is a simple matter of price and loss aversion. The high-teens to low-20's E line paints what is likely a typical picture.

18E, for example, sold in 2007 and closed in 2008 for close to $1.49M. 17E went for $1.465M. Then you have 15E picked up at the "bargain" price of $1.29M in 2009 from the developer. This is the range in which these purchases, many of them as investments, were made.

Fast-forward to today, and you see people trying to get out at a profit (15E for $1.8M) or a small nominal loss (25E at $1.3M). Reality is probably around $1.2M. But people do not like to loose $250K nominal, plus $150K transaction costs, plus $100K in negative carry. A $500K loss on a $300K downpayment investment is a lot financially and/or emotionally. The problem with this building is that every single purchaser is faced with that reality, but few can face it. In older buildings, sure there were a few purchasers who bought at the tippy-top. But here, it was everyone.

It's a Triple whammy for Avery
If they borrowed 80% when rates were higher a refi is out of the question without doing a cash-in refi
Emotionally it's very difficult to sell below the sponsor price and deal with the 6% commission etc
And the building is the only condo on Riverside Blvd without a pool. Every person who buys stops at the gym.

I'll add one more. Avery has the least amenities on the block, and often the doors are opened and closed by
maintenance people instead of a real doorman.

does anybody know why 12-h sold for only $1290 per sq/foot with beautiful hudson river views and it was the onlyclosing in 7 months?

Only $1300? That seems market

18-a just sold and close @$1137 per sq/foot thats really cheap! is the bottom falling out??

No shocker. Building has no pool.

It's 10% below the last sale, nycmiami, which had a mid-2006 contract. What exactly were you expecting?

????? why is a hudson river view 1350 sq/foot 2/2 with a dining room apt. only asking $44 per sq/foot rental????? what is going on th the avery?????

last sale that closed 9/16/2011 sold for under 1000 per square foot ??? why are the prices dropping in the avery so much??

The building compares poorly to 120 RSB or Rushmore.. Less amenities.

thanks riversider, i almost bought there i'm glad i did not !!!

"nycmiami
about 3 months ago
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i sold a condo in a new building on riverside blvd 7 months ago and lost money everybody said i was crazy?????????? not one closing in 7 months, i guess i wasn't crazy!!"

Which one did you buy in?

I'm trying to get one on a low floor rental. Good idea or bad?

Needs Advise How does this building compare with other building on Blvd for purchase point of view.
What is the renters to owner ratio
Thanks