The Foundry at Hunters point

reasonable maintenance, lots of terrace space. Obviously not all of the ameneties that you would find in The Powerhouse becasue it is a smaller building.

The untis have a reasonable $ psf. I would avoid units facing south becasue your view is of the midtown tunnel vent. Also, many units have great terraces facing manhattan but they may soon be blocked by the hunters point south development.

Overall the building seems to be a good vlaue though.

LIC is about $150/sq foot over priced for this market. If this neighborhood is to survive and flourish it's going to have to make adjustments. I use the word "neighborhood" losely because it lacks even a grocery store. First the people come and then the businesses. If LIC fights to keep prices this high it runs the risk of stopping the progress of the last 3-5 years. The only reason that the developers haven't dropped their prices is because they must close on the existing pending contracts or it risks disaster with large number of people in contract backing out. Also to note if the developers lower the prices before the pending contracts close banks will pull the financing from the buys. Their reason is that the property is not worth the agreed amount and would be to much of a risk. LIC at $550 is worth the risk. At 750-1000 you better plan on staying at 7 years. Good luck.

dco - for starters, with the exception of 2 or 3 buildings (powerhouse, arris and 5SL) most of the buildings are closer to the 600 - 750 psf range (including foundry). And most of the buildings that are in that price range are already over 70% in contract - so I don't know that I agree with your analysis. I do agree that in the few buildings (high-end) they will need to adjust their prices (which the POwerhouse has already started doing).

LOBO- THE BLDGS. THAT ARE ALREADY OVER 70% SOLD IS EXACTLY THE BASIS FOR MY ANALYSIS. ALSO MOST CONDOS ARE MORE IN THE $800/SQ FT RANGE. iMAGIINE THAT THESE CONDOS DID ADJUST THEIR PRICES ABOUT $150 SQ FOOT. wHO IN THEIR RIGHT MIND WOULD AGREE TO CLOSE AN PAY $100,000 MORE THEN THEIR NEIGHBOR WITH THE SAME MOVE IN DATE. AGAIN JUST AN ANALYSIS.

Hi-- Has anyone heard much about this development recently? I looked at a couple of apartments and liked them. The outdoor space is nice and, compared to the Powerhouse, construction seems basically done. That said, prices seem way too high and I basically know nothing about construction/how to evaluate condos/etc. Would appreciate anyone's insights.

Foundry seems to be a strong building in LIC. It is a risk - everyone knows. However, We just experienced the biggest decline since the great depression. Buying in LIC at 550 to 600 psf is reasonable. It may decline a little but banks are starting to hire again in NYC. Many of my friends who lost jobs at firms like lehman, bear stearns .. have found new work at JPM, Morgan, and Goldman. If the banking industry rebounds, ever so slighting, i would expect prices to stablize. Yes, many of the people who purchased in 2007 have lost 20% to 40% of their investment. Which is unfortunate. If you have a 401k, you would know how it feels (it is unrealized though). Only if they are forced to sell, will you see further discounts. 1 thing that i don't see people talking about it foreign investment. I know many wealthy foreigners from europe, asia, and the middle east that bought 2nd and 3rd residences in LIC. They bought them at huge discounts when the dollar was weak and they were paying cash eventhough mkt was at its highs. This is not the majority but the minority. Anyway, I think it is worth the risk. I'd rather be buying when everyone is selling. Better prices. I think we will all look at these msg boards ... years from now and say we should have been buying during this huge dip ( i was looking at posts on another board about not touching the nyc after sept 11 b/c the world was ending). As we all know, new yorkers are the most resilent people in the world. We are a melting pt of every culture and creed. When times are tough, New yorkers are tougher. This is where millionaires are made. If you have cash, you are king. Good Luck with ur investment in LIC and either way, people want a better quality of life all the time (everyone) so neighborhoods will constantly be improved. Things will get better after a few bumps.

Anyone have thoughts on the air quality near this building? It appears the tunnel ventilation is directly across the street.

decisions decisions--beachfront at newtown creek, midtown tunnel vent, or the projects.

What's not to like in LIC? No wonder it has underperformed so.

Yikes - what data can you point to demonstrate that LIC "has underperformed"?

great potential. buy.