Ariel West

No. I think he will keep your money if you decide to back out and try to sell the unit to another.

do not read into every rumor you hear. the market in nyc is the best in the world

Are you a broker?

Doesn't matter if s/he's a broker or not. The statement is true. If you put your money down because you want to live there, then you should. Except for very short periods, it's been a pretty safe market.

the market is SOFT..better for buyers!! I see where prices for some properties have been reduced by $100,000!!

This market is preparing to crap the bed. Look out below, because the recent geometric increase in prices is fundamentally unsustainable.

The NY market will be fine. We just bought a 2BR condo around the corner from the Ariel and paid about 50% more than the seller's paid 3+ years ago - and we were fine with that. Those buildings are beautiful, the neighborhood is nice/getting better by the day - and you are very close to Riverside Park and right on the subway. Prices may slow for awhile, but plenty of people are betting everyday that they won't drop. last I checked, Manhattan isn't growing any larger.

as long as you like the life style, you are ok, however, the market for 2 br+, has not downside support, families move out of the city shortly after start having children, if you check the type of schools and children facilities in that area, it is terrible...

Prices are coming down. Check out the latest edition of New york magazine online. It sounds like people are scared and there is a large supply demand imbalance developing. Who knows if the economist they cite is correct, but it is good to exercise caution.

New York magazine is in the business of writing articles that are only meant to get people worked up into a tizzy (real esatate alerts, will your kids ever get into the right school, is your neighborhood safe, are you skinny enough, etc.). There are many more legtimate publications that will offer incite into the market, both positive and negative. So at the very elast do yourself a favor and do some legitimate research before you get worked up. As far as 2 BR having no downside support (I thin that is what the post before says), 2 BR's are always more marketable than one bedrooms simply because there are fewer of them than 1BR and studios. There are more people who need a 2BR because of kids than there are availble units. Many people don't want 1BRs because they are planning on having kids and do not want to have to sell to adjust.

Last post definately a realtor

I did the last post and I am most certainly not a "realtor." I did buy a 2BR in a pre-war building right around the corner though and am happy to see a fancy building attracting buyers near my apt. New York Magazine is barely more reputable than the National Inquirer. It is good for restaurant listings, but it devotes several pages at the back of each issues to advertisements for prostitutes and breast enlargement surgeons. If you want to get your real estate intel from that - be my guest.

it is true about the porn and escorts in the back lol, i was thinking the same thing after reading the article.
however the interview with the economist does make sense...

my impression? i see lots of cheaply built condos going up, all over the place. even on mcguiness blvd in greenpoint (would anyone WANT to live on mcguiness? let alone pay 500k+??) anyway, lots of cheaply built condos that are not even close to being finished, they look like some of the workers have stopped working altogether.

any thoughts on the area? Broadway/West end/River side are nice but not towards the east..

We live on 100 between WEA and RSD with a young child and love the area - moved from 77th and B'Way. It is definitely not as neat and tidy as lower UWS, but has all the amenities we need. Having two parks within a few minutes walk is priceless with a little. It is true that east of B'way is not great, but there are a couple new/large developments going up that will have nice apartments and stores (Whole Foods is going in on Columbus and 99). Even the areas that are not great visually are very safe - I have no problem walking aroud at night. Wish we moved here 5 years ago, as we would have paid about half of what we paid 2 years ago.

thank you Starfish really appreciated. Ariel west is better priced than e.g. Lindon or Harrison, even Rushmore...

closing today on a 4BR at Ariel West and the buyers have long time friends in the area who love it here. Much of what starfish said is what the friends of my buyers said of the area. The apt at Ariel West also came out AMAZING! There is a difference when a reputable developer delivers a product as opposed to one that is unknown and maybe not as well capitalized.

Is there still activity at Ariel and Riverhouse, given the problems in the market?

All you who post about declines in the prime condo market, give us some specific recent anecdotes in these buildings.

In really bad times, Arial can always act like a dorm room for Columbia grads, similar to Columbia Condo at W. 96th or the Montana at W. 87th. I knew of several apartments in the early 90s being rented out to grad students in those buildings (usually 8 students to a 3 BR). Seemed like the condo owner didn't lose much, and when the market came back in the late 90s, they sold for a profit. Columbia's not goin' anywhere soon, so I would think Arial is a pretty safe investment due to the continuous demand for housing in that neighborhood.

That developer has made substantial concessions to buyers in ariel west and east including price cuts and closing costs. You should consider being agressive. 5% is painful to lose but prices in NYC are certain to drop 5% or more. If you are truly willing to walk away and lose your deposit it's worthwhile to aggressively renogotiate. But note, I see on streeteasy that some of the remaining apts there have gone up in price. If your unit is similar to one that had a signif price increase, maybe you'd want to just stand pat and assume that the drop in NYC prices may bring the price back to what you got in the first place.

what is with this developer? they have units that have been on the market for nearly 2 years and did not sell and they raise the price and then lower it like a ping pong ball. They have not sold a real unit in nearly a year. I wonder if they are in trouble? they have so many projects going on in the city at the same time that are not selling. Market prices for these are 20 per cent below their ask.

This, ABOVE 96th, will be an interesting case study for the market.

Disappointing I can't find any 1 bedrooms in new condos uptown!

Any one have a POV on this building and how well it has held up?

does ariel west even have one bedroom units? i don't think it does.

I am looking at Ariel West and East - according to Streeteasy there is no activity in either since December/January and then prices were under/in the $1000 psf range. What is a fair psf? Seems like the developer is now asking about $1500 psf. Apartments are nice, but maintenance is not inexpensive (esp in East). Seems a bit high to me. What do people think? Will the developer wait out the bad economy? Seems like that could be 4-5 years given the history of real estate downturns in NYC, and it seems like we are still catching up with the rest of the country.

seems like you've answered your own question.

Ariel=Extel=Rushmore
They will lower prices on all condos together... YOU MEAN ARIEL HASN'T SOLD OUT YET?

Thanks very much for the feedback and sanity check folks, and no the units have not sold out - I assume the caps represent sarcasm. Seems like we will know when we hit bottom because volume will pick up again as the supply and demand curves truly intersect at some point below where we are now.

can u get quality new condos in UWS for under 1k per sq ft? many thanks

Not yet. But soon you will.

if you don't want river view. we're close.

I think Ariel East is available at $1K per square foot with negotiating. We looked at 1,625 square foot, in the 20-25th floor range in Dec of 2008. (It's really 1,485 feet but they are calculating common areas with 2 units per floor). They lowered their prices for 8 weeks, (Feb -April 09) when the world was falling off a cliff. If we had $1.625M it would have been sold to us, it really was drop dead gorgeous with a fantastic view. I salivate over that unit, however, you have to be careful about their tax abatement, I never got a firm answer, but $1,200 in yearly taxes could be $34,000 when all is said and done after 10 years. I think they may already be three years into the tax abatement.

can anyone tell me about the neighborhood? is it quiet residential families, is it safe, convenient etc.

Nice neighborhood. I prefer the 100s, but fine. Used to be east of Broadway was a bit sketchy, but that dynamic is changing with the new Whole Foods, etc. Calmer than the 70s. Good kid programs at Discovery Programs at 100th and WEA. Riverside park is lovely. You get to know all the parents at the playground.

is it too quiet? is it convenient in terms of subway bus (transportation)? also what is the difference between Ariel East vs Ariel West? besides asthetics, how do they compare in regard to apt sizes layouts ammenities etc.? thanks :)

The West probably has more children. More and bigger units over there than East. Also the west has the pool and the full gym, while east has a smaller gym. (If your in East, you have access to all the common areas of the West). The East has a very cool party room, with theatre and piano. West has a half court basketball court and some private courtyard area. East's lobby is directly on Bway, while West's lobby faces out onto 99th street. There might be a little private driveway loading/unloading area for residents in West, can't remember. Interior is just a modern glass building with white drywall,real wood floors, marble baths, high end finishes, granite, stainless, etc. I do remember liking the fixtures, including the weighted door handles.

thanks tallisman, that was very helpful :)