20 Pine - The Collection

there is no doubt something is going on here......something very wrong......this place has been under construction forever and was suppose to be finished a long time ago.....stay away from this place unless you do some through research....

It was meant to be delivered end of 2007. As usual for these developments, there are delays. It's strange though that the developer does not provide any update...

it is also strange if you go to streeteasy there is only one for sale and only a few sold.....hhhmmmmmm

Closings are supposed to be starting in the next few weeks. Will probably take till fall to close the entire building.

Sales are Shvo exclusives and they haven't listed on Streeteasy. Not sure why there are any listed at all.

Slow, yes. It's a Boymelgreen building. Slow is kind of their m.o. But problematic? Well, not unless the problem you have is with slow.

They are going to start closing mid March from the top down.

Interestingly, they had an ad in Sunday's Times so presumably there's still some sort of availability. Of course, no indication of what availability might look like on their site or anywhere else on the Web.

Went to visit a couple of months ago.. kind of a strange place. Very dark, damp, dank. Nothing ready to show. Not unusual for new dev not to be able to show places but seemed so for one that has been in process for a while. Salesman said 85% sold.... didn't seem quite right.

The sales office at 20 pine should be ashamed of itself. My partner and I have been looking for a 2 bdrm apt in the financial district for the past month. Every building that is still under construction, 75 wall, 25 broad, 45 john, the district, etc has been totally professional and accommodating. they have shown us floor plans as well as the units themselves. 20 pine was one big hustle by the salesperson that works there. he told us it was impossible to see any of the units and was so quick to go through what was available, that it was totally confusing. Shvo should know how unprofessional his representative is in this building. I don't think he'd have a job for long.

ddm -- How many units still seemed to be available? What was pricing like?

when i went to look at this building, the used car salesman made me feel like he was doing me a favor by meeting with me. i thought the layouts were horrible, bedrooms were tiny, kitchens were less practical than any other development i've seen and very little closet space. a building that's marketed as luxury should build closets to match a luxury wardrobe

Yeah, you know I am not a picky guy but didn't like the used car salesman either. Probably the same one. It reminded me of a low budget theme exhibit at Disney World. You know, the ones where there are never a lot of people in line for, and then afterwards you wonder, "is that all there is?"

And for the record, I love Disney and Michael Eisner!

jordyn--i couldn't tell how many units were still available, maybe 40 or 50. i believe there are almost 400 units total. in new construction though you never know how many have been released, so you know for sure what's left. pricing is about $1100-1200 per sq foot. the finishes were a lot nicer than some of the other bldgs we looked at.

Wait for the building to be finished. 20 Pine has been a nightmare for anyone involved in it. Buyers have never been given one word on why a building promised June 2007 with a 10 year tax abatement delivered neither. Shvo is a horror show of incompetence and lies.

Why buy before they complete the building?

Not sure why anyone would want to live in 20 Pine aka 2 Chase Manhattan Plaza. You spend your days in an office only to come home to an office. Plus, your views are offices, more offices, and even more offices!

mkratter - cheaper (all else equal) than waiting until they're done. if you think the uncertainty is priced correctly, you buy early

NYbylr - yeah, what are you gonna do? It's financial district. There are plenty of places in Manhattan with no offices (I'm sure). If that bugs you, buy somewhere else in the City. If not, FiDi welcomes you.

WillSmith - Could be worse. Tax abatement doesn't kick in until the building is (mostly) closed. Would be a shame if it worked any other way. As for the building, yeah it's about a year late, especially if you bought in floor not closed yet. If sucks, but what can you do when you buy new construction. I'm sure there are other places (new construction and otherwise) that close exactly when they say they will. Or 3 months later. Or 6 months later. Of course, those places are probably sold out...