80 Metropolitan

no, don't think 4 blocks is a big deal - it's new york! buy a hat and an umbrella. we walk here. i walk all year round all time regardless. you sound like a suburbanite. jeez.

Just 1 closing in September... NSP2 and the Edge now immediate occupancy... Price Cut time?

According to Streeteasy it seems it was 4.

Only 1 recorded sale (closing). The other 3 were just pulled from Halstead's website (may have been sold). 1 of the pulls is a fake unit so to speak. 2AD never really existed outside a floor plan. 2A is a 2bed. 2B is a one bed. Combining them would be kinda silly at this point.

Their will be a race to the bottom in Billyburg... watch out.

NY...good question.....AND they have added all the units in 58 met....

and they took from feb to now to go from 50% to 60%......12 units....how long can they hold out without more cuts?

And its only 40 percent closed... feels like the other 20 is walking. Plus they made a huge mistake with layouts. The wing with the best views, on met, is all 2 or 3 bed. Thus they made 58 heavy on the 1 beds.

I'd doubt that many are walking -- because they already have 10% in the game, and 80 met is not discounting much more than ten or fifteen percent from the original ask. Maybe a few, though.

Q3 prices trended upward in Manhattan again. I'd imagine as long as that is the case, there will be demand for Williamsburg. 80 Met had only 1 closing in February but there was a decent amount of activity from June to August with 19 closings. If October is a horror show, then expect more price cuts in November. I don't expect anything drastic though given the low mortgage rates.

re-gure - I don't think the pace of closings matters as much as that the press releases and advertising of 80 met show that they must have only added 12 or so units sold from feb up to now That seems pretty poor given that there was some uptick in Spring in general , they now have ability to say immediate occupancy, and , of course, rates are super low. I have no idea when or if they will cut more, but I think their own statements (which surely would try to put things in the most favorable light) don't support a decent amount of activity in recent months. At this pace it would take three years more to sell out....and that's not even counting 58 met.

According to Streeteasy, 51 units have a "SOLD" status. Unless a new contract was signed, units "In Contract" with price decreases will most likely not progress to a closure status. The unit I had planned to purchase in 2008 (but am no longer moving forward) is still "In Contract" with a price reduction.

My understanding is that 80 Met is in a stable financial position. As that may be the case, drastic price reductions may not be imminent. They have always marketed themselves as a unique high quality product in Williamsburg (if it hasn't been apparent in my past posts - I agree) and have been consistent with their sales strategy (pricing and marketing). Although a flood of sales within a short period of time is desirable, I don't think Steiner expects that type of activity. A steady stream of sales (although few) is better than no sales.

I don't don't think there'll be drastic price changes at this point, but slight decreases and some negotiability. Regarding the apartment in contract, one i was in and then let go (cause I switched unit) was taken off, lowered, re-listed, in contract again and eventually it sold. Wondering if something similar has happened on BillyRes unit or they just like it to keep it there.

N77, my experience with the listings update shows them to be pretty inconsistent. Some might be timely, others not so much. I suspect BillyRes is right about what's happening in terms of sales. The bargain-hunter in me is a bit disappointed of course, but it speaks to how well the neighborhood has held up despite some pretty dire forecasting by many. Obviously there's still more construction going on and new product waiting to come to market, but it's nowhere near the flood that seemed/was so imminent back in 06-07.

What do you guys think of 58 Met? Bottom line: will it be percieved as a 80 met quality type place (for those who perceive that...such as billyres)

The kitchens are not as good (I'm not appliance fanatic, but the frig was sort of dorm room size), and units just feel a bit cheaper than 80 met. Also, ceilings are only 9 feet, which removes a nice advantage of 80 met over nsp2 and edge. That said, the size of the place feels smaller, less instiutional than 80 met, and personally I like having a doorman one building over, but not in my place to look at every time I am in or out. The tax abatement is only 15 years, which is worth 30k , maybe 50 in difference in price in my humble opinion depending on unit size (NOT going to get into a debate on this because never goes anywhere on SE), but my impression is that they are ignoring this disadvantage in pricing 58 met.

Finally, I understand that Steiner has a "patience" strategy on pricing, but I disagree on one important emphasis. I suspect that they have not reduced prices further because they believe the market will strengthen at some point, not because they are happy and willing to wait say 4 more years to sell out these two buidlings. In other words, I suspect that if prices continue to be as slow as they have been this year that they will reduce more, rather than take years and years to sell out. This is just speculation, of course.

Does anyone know individuals who have been forced to default to lack of financing in current market, job loss etc?

Live in FIDI. 80 met seems to have alot of inventory that is not moving. I was looking at a few properties in Wlmsbrg this weekend. There is alot of construction in the area. I wrote down at least four dev names in the 3 sq block around 80 met. I don't think there is worry now but the the smart money believes that the RESNYC market (and metro area) will fall after Jan. Banks are going to have less patience and tighter lending requirements because of broader foreclosure liquidity issues. Good luck... I am waiting another 12 months.

For me, I am amazed at how the developers are sustaining their asks this long despite the inventory not moving as you said.

What new developments are there that aren't listed here?

I wonder what the new developers are thinking. If you've followed WB, there are stalled developments like Urban Green and SteelWorks Lofts that have yet to be resuscitated. Maybe they are churning out more basic affordably priced units? Still...

Just noticed 5G which is in a ghost contract was cut 30K yesterday. Still well above $700/sq ft. This when other 1 brs in 58 met were cut down to ~$650/sq ft. I think Steiner has officially lost it. The end is near! Big up to ghostbuster BillyRes who first brought the absurdity to our attention. No doubt he is happy to have avoided the freakfest. Happy Halloween!

I just received a marketing email from Halstead. "Tell a friend! Buyers receiver $5,000 for referral." As they still consider me a "buyer" "in contract", any my "friends" out there?

They have put up a video testimonial of current residents:

http://streeteasy.com/nyc/building/80-metropolitan-avenue-brooklyn

A young couple, gay couple, asian couple, and single bachelor that swims, gyms, and parks in the garage. I would have liked to have seen a hipster in a house party scene, but I guess that's not good marketing?

The "message" seemed to be quite the opposite: people who are non-hipster, from Manhattan, should consider this place.

oh no...the troll.

oh no columbiacounty ignored comment

""Royal Pains" star, two others, granted rescission in 80 Metropolitan ILSA case"

"Three buyers ( ) have won the right to get their deposits back at 80 Metropolitan in Williamsburg.

U.S. District Court Judge Andrew Peck ruled that developer Doug Steiner's Steiner Studios failed to register the 123-unit condominium, and was not exempt from the Interstate Land Sales Full Disclosure Act despite selling less than 100 apartments at the 80 Metropolitan Avenue property."

"Hundreds of buyers have filed suits under ILSA to get refunds on the their condo deposits in recent years, and critics allege they are using ILSA as a loophole to back out of contracts because the values on their units have dropped or they can't get financing."

http://therealdeal.com/newyork/articles/royal-pains-star-anastasia-griffith-two-others-granted-rescission-in-80-metropolitan-ilsa-case-in-williamsburg

Of course. Who wants to be stuck with a mortgage when deflation is looming and balloons are popping.

Any other former buyers considering going down the road described in the article posted by pulaski?

really like the building and the units but concerned about radiac that is only ~3 blocks away. the thought of radioactive poisoning and toxic chemicals is a huge concern. thoughts?

Bk123 can I ask for some clarification on the 'radioac' you mention? This would be the first time I've heard anything along those lines. Thanks!

http://www.nydailynews.com/topics/Radiac+Corp.

Hmm that's a bit concerning, thanks for the article.

Just reiterating my comment of a couple months ago... 2 closing so far in Dec, 2 in November, 2 in October, 2 in September... only 50% closed (Versus reported 70% sold)... 58 Met now selling at a 10-15% discount to 80 met... Seems like the sales strategy isn't working fast enough.

radiac has been there for years and is perfectly safe.

Anybody here looking to into contract at 80Met? I'm toying with the idea but not quite sure!

I just did the walk-through (closing next week) and must say that the fix up was clean and crisp. Not only that it was spotlessly clean. The sponsor rep was very sharp and we went through the flat with a fine tooth comb. I also have a residence in CT so I know my way around carpentry and by the time we were done the punch list had three very minor issue which she said would be done by closing. All in all I'm pretty happy. I think the Edge and 80 Met are both great buildings. I kinda like 80 Mets monolithic aspect a bit more though.

Anyone care to comment on how Domino's 2200 planned apts will affect the neighborhood in general and resale values at 80/58 Met in particular? It appears that if and when it's all done Met will basically be adjacent/practically part of that new village by the river...My immediate worry is that it might be close enough for construction noise/traffic problems etc...

Here's an interesting article regarding the Domino Sugar Factory
http://www.brooklynpaper.com/stories/33/49/wb_dominosuit_2010_12_03_bk.html

Big pictures of the renderings can be found here - search under "Works" for "New Domino"

http://www.rvapc.com/

I can't see the Domino project happening anytime soon. It would be nuts right to do it now IMO.

when money is still cheap? i wouldn't be surprised to see a huge rush to build here in the near future. things take a couple of years to build, the banks will propose that there's plenty of time for an upswing and by the time they're finished all the young things will be giving up the living at home/with a roommate life and the need for additional units will be huge (and the relative lack of NYC disasters will be trotted out as further evidence that it will work). of course that's all bank/consultant conjecture, but it won't be that hard to sell as a theme.

Am an owner at 80 Met (thus biased!). While I personally oppose the Domino, I believe it will increase the value of 80 Met. The new water front, parks, shops and restaurants will attract a new type of residents and broaden the market for 80 Met. From the plans I've seen (sorry, can't remember where), 80 Met won't be adjacent but about two blocks away. I do agree, though, that the site is still years away and will likely be scaled down.

"i wouldn't be surprised to see a huge rush to build here in the near future. things take a couple of years to build, the banks will propose that there's plenty of time for an upswing and by the time they're finished all the young things will be giving up the living at home/with a roommate life and the need for additional units will be huge (and the relative lack of NYC disasters will be trotted out as further evidence that it will work)."

ar, this is exactly what's already happened with Domino. They project completion by 2021, though I'm sure there will be delays. By then, I think even the staunchest bear will at least agree that we'll have gotten through the current mess. Of course, there could be additional messes down the road. Domino will probably be a success provided they can sort out the area's imminent transportation issues.

Back to 80 met, it seems to have sold better in january.

Indeed. I pulled the XLS file off SE and now count 65 units as actually having closed and sold (as opposed to being in contract) although that was just a quick and dirty. Anyone have a different number?

What has been the experience with negotiating price with this building? I visited this past weekend and got a take or leave it attitude on the listed price. I haven’t experienced that kind of attitude at any other Williamsburg condo I have viewed.

well, the salespeople represent the developer, remember - so what you see as a take it or leave it attitude is coming from the developer being cash-rich and in no hurry to sell, per se
it's less of an attitude and more of the developer's financial reality
the building is past the 50% sold mark (even if you take away the % counted as sold from those who have walked away) and it's chugging along
so, to answer your question directly, i wouldn't expect more than 5-7% off the ask, and limited credit towards closing costs ... just my experience

That makes sense. Your point on 5-7% off of asking price is interesting. In reviewing the sales dates, it seems like the developer has not come down, if at all, from the asking price on most units. On the unit I was interested in, the salesperson basically told me that they would not even entertain anything below the asking price.

To owners at 80 Met: What is your opinion of Penmark as your management company? Thanks

I think there was a period of more flexibility which might include CC or stuff like parking or private terraces. There seems have to be quite a bit of closings recently and even this past weekend there seemed to be quite a lot of traffic as I hadn't seen in the past year therefore my guess is that the margins of negotiability have restricted a bit.

wannabuy - Believe Penmark had to iron out some organizational issues (e.g. roles and responsibilities) initially, but meanwhile are doing a decent job and seem quite responsive.

joseesq - Agree with chiquiquita that Sponsor seems rather stubborn re discounts, but that varies from unit to unit. So 5-7% seems stretching it a bit, but nothing (certainly not the Sales staff) should stop you from putting in an offer; worst thing is you'll get a "no" as an answer. Agree with N77 that traffic has been high, and people are moving in. Am pretty sure it's approaching the 70% mark.

I have heard that there is a general uptick in interest in these new developments but I am guessing it's temporary because there just isn't any new inventory of individual properties coming on the market for now, so everyone flocks to the big developments. It's a new year and lots of people start window shopping but not sure how many are ready to pull the trigger given all the headlines of a housing double-dip. Plus getting a mortgage is still very hard - I wonder how many newly in-contract units will actually close - anyone care to guess what the completion rate is of going from contract to close within say 3 months?

Has anyone had any luck with negotiating in a storage unit with purchase? ...or negotiating down the price of the storage units? They seem pretty pricy for a 24sf concrete unit in a parking garage ($750ppsf)

Can anyone with experience in negotiating a contract tell me how willing 80Met is to pay part of closing costs?

This is a very nice building, but I decided to pass. They claim to be 90% sold.

I know 80met is claiming to be much more hard line on NOT paying much of buyer's closing costs. Whether they mean that if you really push hard, who knows.

How much are they charging for storage? They said they were basically unavailable when I was there, and would be reserved only for those buying the most expensive remaining apartments.

To anyone who has recently closed: what items did you find in your final walkthrough that you put on your punchlist? did you use a home inspector? how quick were they in addressing the items?

I'm closing in a few weeks and would greatly appreciate your comments - Thanks

Is parking for sale or rent only?

Sale

Are any other tenants having trouble with Hot water in their apartments? I did a walk through and found that the Hot Water was not working in the kitchen sink and barely in the showers.

Also, is the A/C working yet? I found the bedroom A/C units were only blowing room temp air and not Air Conditioning. anyone else dealing with that?

thanks

(please feel free to email me at vandelay7@yahoo.com if you don't want to post here)

After starting this thread in January/February 2008 and walking away from my contract 16 months ago, I've decided to come back. I'm moving to 80 Metropolitan.

BillyRes, congrats! More than 2 years after I predicted you'd be moving in soon, it looks like I was a bit off, but I think/hope it's all for the best. Good luck the rest of the way.

Congrats and good luck, BillyRes. Now, what happened to your deposit when you walked away? I assume you didn't lose it, otherwise you probably wouldn't be coming back (or do you get it back for coming back?).

Congrats, BillyRes. Much happiness in your new home. You've got a story to tell from day 1 in the new place.

I've always been a strong supporter of 80 Metropolitan. Sales over the past 12 months have been extremely positive, eliminating my concerns of living in a ghost town and potentially incurring "one time assessments" to cover unsold units. The developer was very supportive. Thanks for the well wishes. Finally.

That's great, congrats and welcome. I've never fear for the area to be a ghost town, but I did fear at one point when the building sales seemed to stagnate forever. Kudos for the developer for keeping it together through the storm. Now it seems there's only a handful of units left.

80 Met is one of the only buildings to buy into in Williamsburg (am closing soon) after 2 + years of real estate disasters in the area. I would say almost every small building in the area is a bad investment. Horrible construction quality and short-cuts abound...but 80 and 58 are both fortresses.

Hi All,

Does anyone know any good attorney who has worked with this sponsor before?

Jeffrey S. Shupack, Esq.

Shupack & Hardy, LLP

450 Seventh Avenue - 13th Floor

New York, New York 10123

Tel: 212-338-9700 x 240

Fax: 212-338-9777

jshupack@shupackhardy.com

Thanks Axle.

I dont know who has been writing for the 80 Met. I closed on a unit there recently, and I can you my items on punch list are not fixed, and Steiner has been ignoring my phone calls/emails. The walk-through was a pain, and nothing was done to fixed the items as agreed. Does any know who I can contact?

nyc10020, any updates to your situation?

had a chance to get a 1-bed here back in 2010 in the low 500s. Came close to pulling the trigger. Just saw
the 1-bed that closed for 765K in Oct. What in THE hell? Had I known that was possible....wow.

Anything is possible in NYC - which is great.

The question is: where is the next up and coming neighborhood? Greenpoint? Parts of Harlem? Bed-stuy?

It was difficult to pull the trigger in the darkest days of the economic crisis. But wow, how the Williamsburg real estate picture changed. The inventory for condos is low. The neighborhood is more vibrant, especially along the waterfront. I enjoy reading all the negative comments about the neighborhood from 3-4 years ago, confirming that many people on this board don't know what they are talking about.

lookpied - I agree. Its good to ignore the naysayers. Actually if you look the number of negative comments re williamsburg and some other neighborhoods - it provides a good indicator of where one should invest next.