Any suggestions for new dev deals?

Hey Spy...

Just out of curiousity...

What about the Charleston did you not like other than location? I am considering bidding there and i'd love all the feedback I can get.

Also, what did you mean by "problems"?

What is your price range?

Hi,
I just hated the location. not just being on east 34th, but with the bridge entrance right there I just couldn't stand it. As for price range, I am looking for (don't laugh) 2br 2ba <1.3 or <1.4m. Realistically though I think I am just going to have to move out of the city. Amazing to me that we are priced out but that is what it is looking like....

Spy

Hi gluck75 - Did your bid get accepted on the E line? Were you able to negotiate your closing costs?

Spy, are you moving with a family? I have a daughter who's in middle school and we are seriously considering the Kalahari in Harlem (we haven't looked for a few months, but we saw a not-released unit for 1.36M that was about 2200 sf (duplex, three bedrooms three and a half baths plus den on first floor, large outdoor terrace, I think about 300 sf), with low common charges and a 25 year tax abatement. With younger children I might hesitate (I haven't looked into those amenities, and they're much more important for young ones), and I still have issues with the restaurants, etc (it's getting much better, however), but you might want to go and take a look (I'd reconmmend Central Harlem, 110th to 130th, Fifth to Morningside).

Good luck.

We have yet to submit, with the theory that the longer we wait, the better negotiating position we will be in...

gluck, wer're waiting also. It's been a dangerous game the last few years, but I think time is now finally on our side. There is continual talk about inventory, but the inventory that is going to be available is truly expensive. So we'll just have to see.

By the way, gluck, I don't think the Charleston location is truly terrible, but I have noticed something troubling. For those of us old enough to remember the downturn of the late 80s-early90s, one thing that stuck out in my memory was the abundance of retail space available. Just law week I saw abouut 15 spaces available in a 10-15 block radius in Murray Hill, mostly third avenue. I'm not certain what this portends, but it's definitely worth mentioning.

aboutready, interesting point you make about unrented retail space. Here in the East Village many longtime businesses have been chased out when renewels asked for 100% increases and worse. The staying power of new businesses under those terms seems worse than I remember in the past 10+ years, and on Ave A and 12th St all 4 corner retail spaces have been empty for well over a year, w/ a number of other empty spaces nearby.

You also have to wonder about the vacant retail space on 34th street. For example, the tremendous spaces on the street level of the Anthem have NEVER been occupied. There have been numerous rumors about Whole Foods, Trader Joes...but it's never been true.

In reference to 34th Street retail space at the Anthem, they have been asking unrealistic prices for those properties. They have now rented one of them. The owners own tremendous amounts of property around Manhattan and do not care to rent if they do not get their price.

Who was the recently rented space rented to?

Anthem has rented to a fancy gym. Charleston has the commercial spot rented out. Why do you think charleston is under pressure? Compared to others they had the construction finished much faster. Enjoy the wait, we are enjoying the apartment.

The Charleston has sold most of its units. It probably just wants to dump the remaining ones. I saw the most interesting thing on StreetEasy today. Strivers North (yes, I know, Harlem, emerging etc., but one always looks at what's happening in emerging markets when things begin to slow) has 8 units still for sale. All 8 are also for rent, and I presume from the developer. This is the first time I have seen such a thing in this market. Interesting. I am also seeing more developments release more apartments earlier (i.e., the Alexander in Turtle Bay has a bunch listed, and construction has barely begun).