80 Metropolitan / Steiner / Williamsburg

Anyone buying in 80 Metropolitan? Anyone consider buying? What does anyone think of potential large towers being built around the site and blocking views, congestion, et

There are a bunch of towers that are being built that will block views and it is an extra couple of blocks from the subway than the towers. The other problem I see (and I looked) is that the building is beind developed by Steiner Equities. This is the developer's first residential project and it takes up an entire block. I wouldn't put my money into the hands of someone doing something like this for the first time, especially since their inexperience with tax abatements (421a's) and residential TCO's could be a major problem when you can't close on time or lose your shirt because they can't get the tax abatement.

I took a look at the building last weekend. I thought it was more high-end than others in the same area. I do have doubts about the views sticking around for long but the construction itself, (as described obviously) seemed very good. Blueboard walls, double outer-wall construction and real brick, (no dryvit like 349 metropolitan and others like it. The windows were also considerably larger than the other condos more inland (with the exception of the glass boxes). They are also one of the few that have a pool. The common charges are high as compared with 349 or SevenBerry and the parking at $45,000/spot was a full $10,000 over any other in-building parking I saw. They are clearly charging a premium for their high-end finishes over say North 8th. They also have one of the longer tax abatements at 20 years and another partial 5-years after the twenty when others have only 15 year abatements.

Has anyone looked at Warehouse 11 now that its close to being finished?

I'd be terrified of Warehouse 11 due to the oil that was coming up through the ground.

http://curbed.com/archives/2008/01/09/no_longer_oozing_roebling_oil_fields_warehouse_11_on_sale.php

I also looked at 80 Met, I decided against it: (1) very high cc's (i.e. for the tiny pool, 3 treadmills, doormen, zen garden, etc.) (2) the views WILL be blocked by all the towers going in on the water. Might as well buy a place facing east. (3) price per sq ft seems high and there's nothing too special about 80 Met except location and maybe a nice looking building. Windows didn't seem huge, ceilings are "standard-high" 9-10'. No outdoor space, unless you have another 50K to drop. Developer has never built residental and has built stores for Home Depot...bad selling point. Home Depots are basically warehouses made from paper. I thought 80 Met was a little too Upper East Side with all the cheesy amenities, zen garden, yoga room, etc. And do you really think you'll move in Q1 2009? I bet it's more like Q3 2009...that's a long time from now.

Any one willing to put 10% down (in my case, life savings) to secure a unit will all the bad news we are weathering at the moment and wait until sometime in 2009 ( I agree this place looks more toward the middle or end of 2009) to close is better than me.

The other building that came up in my searches is 166 North 4th. Its well along with windows etc but still no marketing. I also wonder about the new Berry St condo near to SevenBerry that is going up. Seems like 349 Metropolitan with its 10% price chop would be more reasonable but its location is not as nice.

I signed a contract for a unit at 80 Metropolitan. I considered many properties, read many blogs, and spent many weekends exploring the area (moving from the East Village). I chose 80 Metropolitan for a number of reasons (1) Location: This development is close enough to the amenities of Bedford Avenue (including the L) yet far enough from the bar crowds. It is walking distance to the waterfront and the soon to arrive retailers of Northside Piers but far enough from the highrise crowds. Plus it is right around the corner from up and coming Grand Street which already has a few really decent higher end shops (e.g., APC). (2) Building: I had seen enough glass buildings. 80 Metropolitan has a warehouse look incorporating brick and large windows - a very solid look. (3) Steiner: I was turned off by all the negative feedback on the Karl Fischer buildings. Steiner is only developing one residential building and they are determined to get it right. They already have a good reputation for developing non-residential buildings. I also looked into why the cc charges might be higher than most other new developments. Part of it of course goes towards maintaining the pool and supporting the doormen. From what I understand the charges are more realistic than other buildings that are enticing buyers with low cc's that will go up significantly after a year of operating (the cc's in my current residence in the EV started out low and have gone up twice in the last three years). And about the lead time, I believe they will begin closing as scheduled - March 2009. The Sales Associate informed me that Steiner was very conservative with their closing date. I know. I know. But I don't have any reasons not to believe them. I bought on the East Side facing Wythe so the view was not on my priority list. Zoning in the area will not allow buildings to exceed 80 feet. 80 Metropolitan maximized that with 6 floors. So there will not be any highrises in the immediate vicinity. However, I think the waterfront is outside of the zoning area so highrises will sprout up along the water. Townhouses are also part of this development. I figured these units would contribute to the quality of the residents. These are the main reasons I selected 80 Metropolitan. I also have a number reasons for not choosing other buildings (e.g., Warehouse 11 with the oil leak). By the way, parking lots are going for $50K now (I'm on the waiting list). Reach out if you're considering this building and would like my thoughts. toribiot@hotmail.com

Fact: Prices have been negotiated. Fact: Closings have taken place Fact: 2 years common charges and two years tax have been paid by Steiner to get a signed contract Fact: Steiner has also agreed to pay ALL closing costs except for the buyers attorney.

All above is fact. Steiner WILL negotiate. They do not have a choice. A recent mortgage survey taken less than two weeks ago had 80 Met reporting less than 40 contracts signed. They have been exaggerating the amount of apartments in contract to get deals done.

The building is well built. The quality (on my opinion) is better than any other development in Williamsburg. Steiner did an A+++ job on building this project but he needs to close like evry other developer in NYC. This building is not an isolated case. It's happening everywhere. If you have not closed, negotiate your price or other perks as stated above. As for a parking spot or roof cabana. Threaten to walk or not close. They need you!!

informed, "fact: 2 years common charges and two years tax have been paid by Steiner to get a signed contract." INFORMED, when???!!!!! Its very simple to verify what you are saying so please make an exact statement about when you got that info

> Anyone have any input on these lofts? Good investment?

hee, hee

lol.

Quote Of The Day!

"They have been exaggerating the amount of apartments in contract to get deals done."