Linden 78 Upper West Side 78th

Looking to rent a 3br here once completed. Flexible on move-in date. Please email me at llt6604-ml AT yahoo.com if you are interested. Thanks.

Anyone have an update on this building? A neighbor told me the developers are in trouble, but I can't find any info.

The developer bought 236's air rights, so should be OK on the west side. I got bored after that 38-page agreement, so didn't check the other side. Anybody buying would of course have their lawyer check it out. I think a lot-line window has to be labeled as such even when there's virtually no possibility of it being covered. I.e., the lot line is the lot line regardless of whether the adjacent lot's air rights were bought.

What's up with this:

Due to construction delays, the developers of Upper West Side condominium Linden78 have given all of the project's buyers the option to back out of their contracts, a phenomenon that may become more common throughout the city as the credit crisis slows building progress. The sponsors of Linden78, a 33-unit condominium at 230 West 78th Street, offered rescission rights to all of the project's buyers in mid-April, according to a statement provided exclusively to The Real Deal from the developer, Urban Residential.

I liked the interior finishes - I was doing our reno at the same time the sales office opened, and I changed some of my finishes based on what I saw. The exterior is UGLY. Certainly looked much nicer in the brochures and mockups. The windows are too narrow, and the choice of exterior bricks is terrible.

I also have a biff with the developer for knocking down a lovely brownstone (decrepit condition).

They were asking low 2s for small 3beds and low 3s for small 4beds to start off with. I think they'll be in big trouble.

Linden78 did offer all buyers the option to rescinding. What is not known is what percentage of buyer's exercised that option. One would guess a very high percentage since the condos sold at bull market highs. The sponsor did not meet its drop dead/ outside date for completion (which is one year after the scheduled completion) and relatively promptly offerred recission. My guess is that their website will indicate in the near furture that many, many of the units are now available and they will have to re-price downward. Unknown: whether the developers stuck with the initial plan and developed according to specs - if they did, the apartments should be quite nice. Unknown: will they price it correctly to sell in the market? Known: lot line windows are at theoretical risk of being covered. My recollection is that the developer did purchase air rights - but my recollection is that the developer - not the condo - retained the rights to re-sell, so they could be sold to someone who would build and cover the windows. Of course in this market - nothing could be less likely - but in the long term, who knows?

Does anyone know if the developer engaged contract holders before this date? Did they attempt any sort of re-negotiation? Or did they choose a complete 're-boot'?

i do not beleive there was any attempt to renegotiate - in essence, a complete re-boot. seemed like they were either holding out hope that they would make the deadline or that they could avoid the impact of the deadline. renegotiating ahead of time would likely have brought the lender into the equation - and perhaps that it what kept them from attempting this.

nyc10023: Yes, the finished building bears little resemblance to its depictions in the sales materials (see http://www.corcoran.com/property/nd/detail_overview.aspx?ndevid=293&userid=LIS). If anything, it reminds me of a prison I used to see daily on my commute to school as a kid (think http://3.bp.blogspot.com/_nyuNkynxxXA/SXe0G7vu24I/AAAAAAAAEoo/hxhoekdgWFw/s1600-h/jail+1b.jpg).

I think the lenders are being stupid here. They need to kick ass or step in to finish the building so as to protect their investment. It's almost done. Love it or hate it, the last thing we need is an unfinished open-to-the-weather carcass on a prominent stretch of UWS. For the love of my neighborhood, it needs to get done.

FYI: they're working on the building. I pass it to the subway in the mornings and workers there each day. Seems to be a pretty slow pace. Smaller crew than before the big re-boot. So it won't be a carcass.

Curious if the condo declaration is now not effective because less than 15% sold means they cannot refile for one year. Pretty arcane question, I know, but this could end up a rental.

Nothing seems to be going on in terms of sales. Construction, yes. Sales, invisible.

Any update on the status of this building?

While OldWest has noticed workers, I've not seen anyone in the tower or anything that seems to indicate movement. Last I checked the entire south face still was open.

A quick factual question for Linden 78 purchasers about your offering plan. The plan has two important dates -- the first operating year in Schedule B, and the estimated first closing date.

The facts in articles online seem are a bit vague. I'd just like to know the exact facts (I'm looking at the contract for another building, and just trying to understand precisely how the AG regs have been applied to the facts).

So --

What were the exact dates for the first operating year (Schedule B)?

What was the precise first closing date promised in the plan? Was it a month (i.e. May 2008) or a date (May 31, 2009)?

Many thanks for the info, and congratulations on what sounds like a good result for you buyers!

I was surprised to see another closing.
http://www.streeteasy.com/nyc/closing/910629

Wouldn't that require at least a TCO? The building can't be habitable. The entrance is still chained shut.

I was surprised to see another closing.
http://www.streeteasy.com/nyc/closing/910629

Wouldn't that require at least a TCO? The building can't be habitable. The entrance is still chained shut.

who is the lawyer that is helping the buyers back out of their deals?

just an update. I walked by this building yesterday. Lots of workers on site. They seem to be completing the lobby after after a period of time when it seemed nothing was happening at all.

any update / rumors as to whats happening next here with the 'relaunch'? i have heard rumors that bankrupt capmark which is now running the show is being told they will get 1600+/- psf. Seems a bit dillusional considering that the initial prices were a fair amount less (before it was clear just how ugly this building is) and before there was any price discovery/sublease market at the harrison....

They would be crazy to ask those prices. With the Laureate going up and even the Apthorp sales, they should be targeting the $1,300/psf range if they want to actually sell.

Two more recorded sales just appeared in ACRIS. These transactions reflect the buyers of #9A trading up to the 11th floor.
http://streeteasy.com/nyc/closing/1769280
http://streeteasy.com/nyc/closing/1769295

West81st - do you have a view as to what is a fair price per square foot to pay at the Linden? for 4th or 6th floor apt facing 78th street?

I went to a pre-construction sales meeting. I was tremendously impressed with some of the interior design choices (remember, this was pre-Harrison). I ended up changing some of my reno choices because of what I saw there. I was horrified at the cantilever-thingey and how ugly the brickwork and fenestration turned out to be IRL.

Uh-oh, I see I am repeating myself from 1.5 years ago. At least I'm consistent.

NYC10023 - So what do you think fair price is per sq foot? Trying to decide if I should bid.

I don't know, I've never been inside the finished product. Also, are they actively marketing the building? My worst fear would be that they take it rental & you are one of the few condo owners.

NYC 10023 - Assuming the finishes are as nice as the Harrison, what do you think in terms of pricing?

I don't know what they're asking now. And the finishes aren't as nice as the Harrison. And I need to get in there to see how dark the lower floors are, etc.

I think It is beautifully finished, not sure about the surrounding properties though, it seems like a new development could be built to block western views, any ideas?

half the stores on broadway between 77th and 78th are vacanted and owned by same owner: Friedland Properties. Feels like a development coming to me...

Anyone know if a development is planned or could be planned for the storefronts along broadway? Also, anyone know about the developers reputation?

nyc10023 - They are asking around $1.5 million for 2 bedrooms, $2.4 million for 3 bedrooms and $3.6 million for 4 bedrooms.

renter88, keeping in view the closed sales in the building the price/sq.ft you should expect to pay around $1300/sq.ft. Of course, it can vary depending on unit.

amjadp - how do you think that feels as a relative value? have you looked at the apts?