We went to see apts over there couple of hours ago and we liked them very much. On the other hand, the person did not really answer any question about possible increases in the taxes and maintenance. It was kind of strange. He also said that the building is all for sale (since last summer) but at the present time I do not see any "in contract" and they are still trying to rent apts in the... [more]
We went to see apts over there couple of hours ago and we liked them very much. On the other hand, the person did not really answer any question about possible increases in the taxes and maintenance. It was kind of strange. He also said that the building is all for sale (since last summer) but at the present time I do not see any "in contract" and they are still trying to rent apts in the building.
The sale person said that if we get the offering plan it should be said about taxes and monthly costs but can't we know before? I am convinced that there is something to hide.
We went yesterday to the River Terrace and they gave us a nice prospectus for the taxes and monthly maintenances for the next 10 years.
Do you have any information about this building? Thanks so much for any information.
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Response by kuma
almost 18 years ago
Posts: 2
Member since: Jan 2008
Ask the broker. There are many units in contract & I myself bought one. The taxes & maintenance are very good considering the amenities of the building. I asked also about the rental apts but they are short term rentals that the sponsor is renting while renovating the current units. I received the offering plan and there is nothing hidden. You should know that battery park city, all buildings are land leased from the city and that lease directly effects the common charges to each unit. Most are set till ~2012 and then the city will determine the fair market value of the lease.
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Response by owenduncan
almost 18 years ago
Posts: 22
Member since: Nov 2007
Be forewarned, the PILOT tax issue is a big one. Look at the increases over 5 years. Go to Riverhouse, they will show you a breakdown of maint/taxes. The developer subsidizes some for the first few years, then the cost is yours alone. We looked at a 1.75million 3 bed. In a few years the taxes/maintenance will skyrocket to $5000/month. I also have heard that you must put down 1 years worth of main/taxes which you don't get back until you sell. I can't imagine tying to resell at that pricepoint.
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Response by msbrooklyn
over 13 years ago
Posts: 52
Member since: Jul 2011
What do people think of the new prices? Looks like it is priced to sell. I just dont know how much the tax and the cc will go up once its no longer subsidized.
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Response by ekartash
over 13 years ago
Posts: 364
Member since: Jun 2007
Is the sponsor subsidizing the taxes/maint? Anyone know what they will be after they are no longer subsidized?
Is it true that you have to put down 1 year worth of taxes/maint?
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Response by stlblufan
over 13 years ago
Posts: 64
Member since: Mar 2009
It is not true that you have to put down one year of taxes and maintenance (at least not at the Riverhouse). Purchases from the sponsor have to make a payment to the BPC security fund (IIRC, equal to 1% of purchase price), but subsequent transfers have no such requirement. In theory, a seller would get that amount back from the buyer, but it's not a separate line item in the sale, it's just something that you try to include in your sale price.
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Ask the broker. There are many units in contract & I myself bought one. The taxes & maintenance are very good considering the amenities of the building. I asked also about the rental apts but they are short term rentals that the sponsor is renting while renovating the current units. I received the offering plan and there is nothing hidden. You should know that battery park city, all buildings are land leased from the city and that lease directly effects the common charges to each unit. Most are set till ~2012 and then the city will determine the fair market value of the lease.
Be forewarned, the PILOT tax issue is a big one. Look at the increases over 5 years. Go to Riverhouse, they will show you a breakdown of maint/taxes. The developer subsidizes some for the first few years, then the cost is yours alone. We looked at a 1.75million 3 bed. In a few years the taxes/maintenance will skyrocket to $5000/month. I also have heard that you must put down 1 years worth of main/taxes which you don't get back until you sell. I can't imagine tying to resell at that pricepoint.
What do people think of the new prices? Looks like it is priced to sell. I just dont know how much the tax and the cc will go up once its no longer subsidized.
Is the sponsor subsidizing the taxes/maint? Anyone know what they will be after they are no longer subsidized?
Is it true that you have to put down 1 year worth of taxes/maint?
It is not true that you have to put down one year of taxes and maintenance (at least not at the Riverhouse). Purchases from the sponsor have to make a payment to the BPC security fund (IIRC, equal to 1% of purchase price), but subsequent transfers have no such requirement. In theory, a seller would get that amount back from the buyer, but it's not a separate line item in the sale, it's just something that you try to include in your sale price.