one48

Hi I am thinking about buying a unit in the building. Would appreciate if anyone has any comments or thoughts. Thanks!

Hey Coolvin,

I have a client that's in contract to buy a one bedroom here at One48. She wanted a condo near NYU Med that would continue to be in demand several years from now. Not sure if you know this, One48 was the second most popular search on streeteasy.com last month. After two months of looking at similar properties she decided to pull the trigger here. The amenities this building offers, the ten year tax abatement, and it's location made it a clear choice. We'll be closing in January, she can't wait to get the keys and move in.

Since NYU Med and Baruch college are nearby I believe it's a wise investment even for a rental property. More and more these days wealthy parents are deciding to buy/rent an apartment for their children instead of paying for university housing. This is especially true for foreign parents and their children, they feel providing them with a comfortable space to live and study in a big city like Manhattan, is well worth the investment.

What exactly are you looking for? I'm happy to suggest other buildings in the area that are similar or to further discuss our overall buying experience at One48.

Hi Jmakolondra,

Appreciate the thoughts, very helpful. On ONE48, the sponsor is very firm on pricing that all units sold to date have been sold on full listing prices, and even seller concessions have been modest. Is it true in your client's case as well? Thanks

i think this building is a terrible investment. the common charges are over $1/ft and everyone knows developers always underestimate common charges and once the building is up and running they will go up. and the taxes in 10 years are high once the abatement is over.
plus, while the 2 beds have sold out well, the studios are overpriced and the developer will probably firesale them as developers make profit at the end and dont care so much about pricing.. they cant do that yet, till everyone has closed... but i dont think the building is a good value at all.

coolvin

I can't get too specific about the deal, however I agree that the sponsor is strict on pricing. I would say that's true though for any new development in Manhattan, the sale price typically isn't negotiable. Where we were able to negotiate was the closing costs, we got the sponsor to pay over half of these. With the current economic situation, most developers are now willing to pay certain closing costs they never would have considered paying in the past. Shoot me an email at jonathan@dsarealty.com, I'm happy to answer any other questions you have.

LoisNYC

Already the common charges here have been reduced since my client signed the contract and don't forget a good portion of the real estate taxes are tax deductible. Are there buildings with lower maintenance? Yes absolutely, but there are also many that have much higher maintenance. If you feel the taxes are too high once the abatement has expired, then you sell or rent the property. What are your thoughts on 242 East 25th Street and 303 East 33rd Street? I personalty don't think any apartment at 242 East 25th Street is a good deal, the maintenance here is through the roof.

.."the taxes are too high once the abatement has expired, then you sell or rent the property"...

errr, yes and you forget to mention the 'high taxes' will start to eat into the monthly cost thus forcing a reduction in selling to make up for this. But hey! "its tax deductable right" (unless you're hitting AMT) :)

242 e 25 is land lease. no comparison

Can anyone who just moved into this building comment on their experience?

I'm happy to ask my client to contact you if you're comfortable providing a direct email address. She just moved in on Saturday.

Any update on people's experience after moving in? Thanks