Arris Lofts

I have been paying attention to this building for a long time now. Always curious why so many sales. Recently, through a very honest owner of a unit in the building, I learnt the following:

1. Owners have been in lawsuit against the developer for a lot of issues both inside and outside of the building; These issues includes plumbing, street maintenance, sound proofing in some units, etc.
2. Some of the required fixes are being put off while waiting for the outcome of the lawsuit. If the owners don't win or settle with less than what they need, everyone will see a jump in the common charge!
3. Due to the above mentioned problems, the finance of the building is not in the best shape. As such, it's almost impossible for an investor to get a loan on a unit because banks look more carefully at management statements.
4. The last management company hired by the developer was doing very bad jobs and was eventaully fired;

The last management company hired by the developer was doing very bad jobs

what does that mean? Examples please
Sometimes owners blame the managing agent for things the board and building manager are responsible for. Are we talking about billings?

My recommendation is wait until the outcome of the lawsuit.

Thanks for this post; I was curious about this building as well. Where can I find information about the status of the lawsuit?

One way to find it is through banks. When I was asking Chase for a pre-approval back in October, I found out this building was not approved by Chase. The reason given was something like "delayed maintenance and lack of budget". Unfortunately, without getting in contract I was not able to dig out more details. But this got me to dig into more details and finally found out more from a friend's friend who owns a unit there.

Carol, I agree on waiting for the outcome of the lawsuit. Would you happen to know when this may happen?

cityhunter, if you don't mind, can you tell us what you found more about the building? A seller agent for a listing unit in the builiding told me Wellls Fargo is the preffered lender, and they will probably approve my loan.

LICLover, I've pretty much posted all I know about the building in my two posts above. You can probably find out more if you know someone who has been in contract (eg. owner, buyer that eventually quit, etc). You can also try contact the board of the building regarding the current status of the lawsuit. There are old news about it (see below) but no recent update. However, from what I know it still has not been settled after all these years. The problem is the settlement may take the form of paying the initial buyer but not the building's management fund. This is why it can potentially see a common charge raise in the next few years as they need money to fix problems that has been delayed. If you are going to buy a unit there, I'd suggest a thorough inspection of plumbing before signing contract.

http://queenscrap.blogspot.com/2010/09/arris-lofts-lawsuit-filed.html

kachesle, the lawsuit is on eCourts: index 106846/2010 in New York County. It'll take years to wind up. In the meantime, check out some exhibits. E.g., these photos of construction-quality problems: https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=hzVzLZ6fdjg2R8Rg3nprCw==&system=prod

And https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=h9Op0GQXmdVRMZoWKUwRyg==&system=prod

And https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=kirIDx_PLUS_jlkAlJoXY7rCjwA==&system=prod

I wouldn't go near it.

cityhunter, thanks for the additional info and your suggestion. The unit i just saw has been "unavailble" again now.

I've visited several times and seen a bunch of units. I have a major problem though plunking down serious $$ if there are these major problems others have experienced and its adversarial with the board, etc. Definitely think it would hurt resale value, even if its fixed. If its not...ouch. On top of that, the maintainence may jump (read: resale value potentially goes way down).

Rather take a sure thing and invest in one of LIC's better buildings where I can sleep soundly and not have to worry about whatever mechanics/issues may be going on behind the walls or be worried about other issues. If the building's having these problems now, imagine what will be uncovered in 5-10 more years..

has anyone heard about an update on this building concerning construction defects and the lawsuit? is there water damage in the building?

I would be very careful buying in this building due to the ongoing litigation. I was close to buying an apt here before I obtained a copy of the lawsuit against the sponsor/developer for construction defects. The lawsuit was originally filed by 120 owners but the condo took over the lawsuit in 2012. There is a very long list of issues within the units, common areas, roof, exterior, elevators and boilers detailed in the lawsuit. There are numerous claims of building violations and fire and safety issues. Windows leaking, sound proofing, ventilation and mold in bathrooms are just some of the issues listed in the lawsuit. Most banks will not want to lend when a condo is suing for construction defects. The condo will have to fix all these issues if they cannot recover the money from the sponsor and that would likely mean a rise in common charges. Why pay top dollar in a condo with so many issues?

The lawsuit for contraction defects is still on going and should be a concern for anyone buying here. If you are serious about buying, you should ask your attorney to obtain a copy of the lawsuit.

I live in the building and it's been great so far. Haven't had any of the problems described and for the money I think it's the best value in LIC (by far). There are at least 4-5 LIC-focused real estate agents that live in the building - that says something.

I am an original owner who lives in the building. The building is addressing and fixing many of the original issues that unit owners faced. At one point the prices dropped because the sponsor was dumping all their remaining units for pennies on the dollar. Prices are back up and will definitely go higher over time. The units are HUGE and spacious. 14 foot ceilings. Many have amazing outdoor space, terraces, balconies and private roof decks. I personally had no issues with my unit. I am here for the long term and think it is fantastic. Don't get scared off by old dated internet comments.