125 North 10th Street

Looks nice but the broker is a piece of work

Overall I liked it, but I think the exterior of the building is pretty ugly and the parking is very expensive compared to other neighboring projects. The finishes are pretty nice and if you're into amenities, it does a good job. Location is good (close to subway, McCarren, good restaurants, but still quiet enough).

lajeep405, which broker was it? One was great, the other wasn't so great.

We were impressed with the building although it does have its share of odds and ends. One of the assistants showed us around and she was very professional and very good. We were briefly introduced to the broker (the guy). We only spoke with him for 5 mins but that was enough for me to realize what a pompous jerk he was. He acted as though we were all at his mercy to buy something at this place ... I was very turned off. We decided not to pursue this place soon after for other reasons but the brokers attitude certainly didn't help.

gt9971a, that was the same guy I spoke to. I was really interested but he turned me off so I walked out and he didn't even notice.

What other reasons helped your decision.

lajeep405 - Well we were deciding between Williamsburg and LIC. On that day we looked at a couple of location in Williamsburg but we liked 125 North the most. They have very good finishings and they weren't too far away from the subway. Their price was reasonable compared to 80 Metro and the Edge. Of course with the mkt conditions now, I think even 125 North is overpriced now. For us it came down to location, LIC was closer to our work locations, easier access to our friends, etc (along the personal level).

which building did you choose in LIC? Just curious because the finishes at North 10th were great compared to most buildings i've seen in LIC.

Williamsburg, LIC...who would buy in those areas when real estate is dropping and guess where it drops first...maybe you should buy a newspaper before buying an apartment.

No, we haven't decided on a firm building in LIC yet. I'm one of those wait and see folks. I feel that the developers are still in fantasy world ... living in a world 9 months behind reality! What I like in LIC is Powerhouse, 10-63 Jackson, 5SL. The banks have tightened their credit requirements so it will be interesting to see how many of these apts will actually close. If you talk to brokers they claim that most people will be able to close. However I don't think that is true, I think people who have signed contracts in LIC are those who had been outpriced from Manhattan so they are in more of a risk of closing. Notice, that most of the apts in LIC that have signed contracts are the lower priced units (relatively speaking that is i.e. 6-700K). The higher prices units are still around (and typically these units are sought after by people who are not really impacted by bank financing).

Julia: I'm buying in Williamsburg and I read the news. I love the area, have a stable job, and look forward to settling down for a few years. Let's change the wording a bit:

Tribeca, West Village, CPW...who would buy in those areas when real estate is dropping and it started in Williamsburg and LIC first....maybe you should buy a newspaper before buying an apartment."

The cheeky comment about buying a newspaper before buying an apartment implies people buying now are uniformed. If you seriously believe that Williamsburg and LIC buyers have not done their due diligence (i.e., Determine whether or not they can afford to buy a place in an area they desire in today's current economic climate), then you simply don't understand the people buying New York real estate today.

gt9971a: "I think people who have signed contracts in LIC are those who had been outpriced from Manhattan so they are in more of a risk of closing." Being priced out of the Manhattan market does not equate to higher closing risks. It's a price point issue. It isn't whether or not someone can obtain financing or has better or worse credit. You assume wrong if you believe that people who signed contracts in LIC did not do their homework (determined how much they could afford and obtain financing pre-approval). The Williamsburg development that I am buying in even required a financial approval by their own Wells Fargo representative before considering a contract.

I'm not trying to stir things up here. I just sense there is a tone of arrogance towards people buying today and in emerging neighborhoods. Today's buyers are more informed, financially capable, are not flippers, and have long term vision.

Every article I've read clearly implies Brooklyn is losing its appeal. Park Slope prices have fallen. Williamsburg's appeal as an emerging neighborhood has come and gone.

I'm moving to Williamsburg (from Manhattan) first and foremost because I love the area as it is now and not because the New Times and New York Magazine have or have not given their Good Housekeeping stamps of approval.

My last response....it's wonderful you love the area but prices are still high and will be dropping so I'm just saying to think about what you and we all do when buying real estate. good luck on your move.

Hey, how about taking this back to 125 North 10th? Anyone else look at this development and have any thoughts?

Julia, I'm also buying in WB. Articles are telling you that Brooklyn is losing its appeal? That's a joke, right? Articles? Here's another: http://www.brownstoner.com/brownstoner/archives/2008/04/foreigners_start_to_fancy_brooklyn.php
FWIW, I'd been shopping for just about a year - it's not like I bought into it blindly. It's a great neighborhood, definitely not my first choice in the world, though it's pretty high on my list for NYC.
As for 125 North 10th, I think it's a pretty good project, but like I said, would definitely wait a bit to see how many people are snatching up apts there. It's pretty slow and there are a lot of units left to choose from, so no rush there. It's better than a lot of what's in the area though, I think.

Surprise...I'm the one in a bubble, everything is wonderful prices keep going up, up, up!!! Real estate will never decline..Studio apartments will sell for $1m, one bedrooms for $2m on and on.

dont listen to her, she's just one of this group intent on spreading the gloom. she'll only be happy when we're in an out and out depression. enjoy your purchases.

Julia,

Like you, I think that prices are more likely to go down rather than up (for all the reasons I and others have already stated, so I won't belabor the point). That said, there are few pockets that may be immune, or at least resistant to price pressure (I am specifically thinking of the UES white glove coops that have high cash/net worth requirements). But most are likely to feel the pain (BTW, I have seen price reductions in ostensibly prime areas of WV, Tribeca, GV). So, while I agree with your basic point, I don't think it's fair to single out any one area or another.

Julia, give it a rest, and stop putting words in our mouths/parroting stevejhx. Nobody said anything about pricing - you just came out and claimed that Williamsburg is over and assumed we aren't thinking about what we're doing when buying RE. I hope you can see how that's insulting.

We visited 125 N 10th and were really turned off! These guys should really think about getting rid of that broker who would be better off selling used cars. My feeling, if you have to "sell: that hard there is something wrong. We couldn't get out of there fast enough. I think this building is a lot of hype - looks good on the surface but my impression is surface is where it ends. There are plenty of better options in the area. Good luck everyone.

His name is Doug. I might go back a second time to have a laugh.

Ah, brokers... Melandjes, I would definitely like to hear what your thoughts are on the better options in the area. I really like the neighborhood and would definitely like to find the best options.

I'm keeping an eye on the sales in this building, I think it's in a great spot. The broker is kind of a douche bag.

nlo, I think the better buildings in the neighborhood are Sophia Lofts (there's only 2 large, ground floor 1BR duplexes though, so that has to be your thing), 80 Met, and Sevenberry. It really depends on what you're looking for. If it's 1BR, I think there are more choices and you can definitely be patient, as prices will most likely come down or bit, or at the very least stay at the current level. There are so many new buildings being developed, but I generally don't like to form an opinion until I can physically enter it. I think Urban Green might turn out great, but construction hasn't moved in months, so I'd stay away for now, even though they have a lot of contracts signed already.

mjc68, kind of a douche bag? I am sure if you got to know him better you would say total douche bag.

Here's a reality check:

Julia: up until a few years ago, people bought apartments and homes to LIVE in them. NOT to create fodder for dinner parties where everyone pats themselves on the back on what a good investment they made. The right time to buy, is when your family is ready to do so. For the purpose of creating a HOME. The real estate and financing industries exist for this reason, not to make the players wealthy. The appreciation side should be gravy, not the substance. Chins up, Julia, YOU get to decide when YOU buy.

lajeep405: You're from LA, need I say more? You're judging personalities? I had a nice experience at 125, and found the broker to be very well informed. So if we'd like opinions on the bullshit world of LA, start up a blog on that topic. Leave Brooklyn to the real deal. If you're sure about what you want, who cares who's selling it? That's why you have something called FREE WILL. Get some balls, and seek out a broker you like (is that possible?) and have him/ her represent YOU when you buy.

gt9971a: Are you implying that because bank guidelines have gotten more restrictive that people who put money down are going to walk away? Don't know about you, but if I put down $65K for an apartment, I'm going in with a contingency plan should the financing not work out. Esp. considering in the cowboy days EVERYTHING was sold NO MORTGAGE CONTINGENCY. Are you an expert on financing? Enlighten us. Keep waiting and seeing, you'll be 50 before you know it.

Melandjes: "Surface is where it ends?" Where do you get this stuff? I've been up into the construction site, and seen the nuts and bolts: have you? Shit is solid there, and the layout is very well thought out. There's much better options: name them.

We had a great experience on our first visit. The broker was to the point, pleasant, she was a professional. The 2nd visit was a very different story. We met that guy and were put off as well, he was so pushy and arrogant. We felt that he had very little experience and was unable to clearly answer a question. We were there to have a 2nd look at a nice development, not listen to a sales routine. We couldn't leave the place quick enough.

Clearly Blowme didn't lose an hour of his life with this jerk. Have you been to this building? Maybe you dealt with the women in there.

Not sure what all the people are talking about in some of these comments above. Sounds like sour grapes from this developments competition. We bought here after seeing everything in Williamsburg over the last year. This is by far the best put together building in Williamsburg and in the best location in Williamsburg. We contemplated the waterfront, but decided that this would be enirely to busy with construction for an undefinable period of time. We dealt directly with the lead broker on this project and he was completely thorough in his explanation of 125. He not only seemed better informed than any broker that we talked with in Williamsburg, he also help to guide us through the entire negotiation process, answering all of our questions in a timely and forthright manner. We are thrilled with our purchase and are actually quite amazed by the comments here regarding a broker who we found to be exceptionally well informed, completely professional and downright pleasant to deal with.

weboughthere, normally I wouldn't accuse someone of this, but you went right ahead and assumed we were all brokers trying to knock down the competition, so I have to ask myself if you're the broker in question at 125, or somehow involved in the project. Regardless, my experience with the broker was not that great. He had a very perfunctory manner of speaking, and when I asked him point-blank how many units were in contract, he told me, "There's been a lot of interest." There are some good things about this building, but I don't think it's "by far the best put together and in the best location." And if you're really just a buyer, congrats, and good luck with the process. All that really matters is you're happy with it.

my fiancee and I did not put an offer in yet (she likes to look everywhere first before making a decision, including different brooklyn hoods) but I thought the broker was fine and seemed really well informed. I think having a actual doorman is great (a number of the others don't) and I am actually although we may get something on the water we are still considering 125 north.

I think the comments about the broker are overblown but that's just my opinion.

I am a broker and I purchased in the building. I thought it was the best product out there with the nicest finishes and amenities. The waterfront was too far from the subway for me. Say what you want about the on site broker, but the truth is, he really knows what he is talking about. You don't have to like a person to know that he is knowledgeable (although, I do like him).

hmmm, there is something not so credible about NYCBKBroker but I just cant put my finger on it.

Streeteasy shows the development offering credits on these condos, but has anyone tried to negotiate for a place there?

Yes, they are definitely negotiable, and highly motivated.

I'm not a broker, but I agree with NYCBKBroker above. I think I have seen literally every new condo development in Williamsburg/Greenpoint and honestly the quality here is among the very best. The Edge will be similar, and the second tower of Northpoint Towers will be too. But honestly I think the interiors and public spaces in tower 1 of Northpoint Towers are flat out fugly. The only selling point is the views.

But The Edge and Northpoint Towers are massive, which I'm really not into. They're going to be completely devoid of personality almost as if Battery Park City were picked up and dropped onto the Brooklyn Waterfront. Lame. 125 N. 10th may not have water views, but it's two blocks from where Bushwick Inlet Park is going to be along the Brooklyn Greenway, two blocks from McCarren Park, three blocks from the subway, and steps from everything Bedford and N. 6th has to offer.

They're also selling private rooftop spaces that have gas and water hook-ups for grilling (something you can't do on the waterfront), and have all the other amenities except a pool. But I'd rather not have a pool anyway. It makes things smell like chlorine and it's something I'd probably only use once a year anyway.

So, any suggestions on what percentage off the asking price that one should offer? Did you talk about one, two or more bedrooms? Does it matter what pecentage off you can ask for based on the price of the apartment?

Not sure if there's a difference in how negotiable they are for different sizes, but I'd consider taking the price they're currently offering, subtract the 35 or 50k (depending the # of bedrooms) incentive they're offering and consider that the actual offering price. Then I'd negotiate from there. Maybe research how much off the asking price comparables are selling for and subtract that to find a target price? Then lowball ...

Should had bought in LIC.