What's up with Georgica East 85th

does anybody no when it will be dun ???

"Dun" as in finished construction or "dun" as in disposed of via the auction block?

stick a fork in it. Lucida is next

Lucida has started closings, not showing up on SE yet. Know someone who went forward, he's not too happy.

I heard the building will be done by August...

You heard wrong. It's mid-July and the building is still very visibly under construction. Perhaps some lower floors will be done, but not the whole building. Not sure it matters anyway since they've basically sold nothing.

I walked by the building a week ago and the curtain wall was still not complete and I think one of the hoists were still attached to the building. Good luck with moving in anytime soon.

I was sitting across the street at cafe last week and does not look like any crances or hoist..temp elevators are there any more..uh oh..

I meant cranes...not crances ...obviously

Their timing is perfect.

Everyone wants to buy a condo on the upper east side now.

a broker told me (and since anything a broker says is BS who the fuck knows) that all units were pulled of the market pending a negotiation between the sponsor and the lender. Sponsor needs lender approval to lower prices and will hold up completion of the building to get a concession on debt terms. Basically nothing sold.

These people are hallucinating.

Which people? bank or sponsor?

is and one pulling out ?? if so let talk !!

is any one

Hi ralphmon1 - are you already involved with the building? if so, how would someone reach you off these boards to discuss the project?

email me at ralphmon@mycomcast.com

Whoa, only $1200 psf. Where do I sign?

I walked by this building for the first time yesterday. What is the current state of affairs there?

kw, i was curious myself so i did a couple of searches. nothing in the likely press sources (curbed, wired, nytimes, real deal) other than marketing stuff since april-ish. kind of strange.

Off topic - I walked past the sales office on 85th two weeks ago and saw Frankie Valle arriving to check out the building.

according to a source that recently put in a deposit, they have started negotiating at 40% below curent (reduced) asking on the smaller appartments. Dangerous, dangerous,I assume no original buyer would close now unless they get a huge reduction.

place is totally empty. evertime I walk by the front door on my way to equinox i never even see a doorman or even anyone at the desk. azure will be openiong soon too so that gonna make it even worse. place is toast

I ask you all, Who does not love the UES>? Why not pay crazy prices for tiny apartments for the chance to live near east 86th street. In the end you might consider these properties but, I'll bet you'll be purchaseing them from someone other than the current developer. At a considerable reduction from todays ask. Really just a case of late to market with the wrong product.

marco - are you referring to the Brompton? Georgica is still under construction.

I'm not sure Azure has much to do with what happens to the Georgica. 85th and 2nd isn't exactly a high end location, but 91st(?) and 1st is another thing altogether. If Georgica is toast (and I agree that it is), we need another word for Azure because toast doesn't come close to describing how f'ed that place is.

Im talkin abt georgica. I called them abt a month ago and the woman said people were moving in the following week. ( 3 weeks ago). doesnt look like it. itll be inetresting to watch azure unravel. hopefully lots of people go for it which will make my walk up all the much more available. I really love some of the brownstones around the neighborhood

The closings that have occurred or the apts in contract may be "friends and family" purchases. The real test will be the depth of closings. Hey, at least the German parade last Saturday finished around the block at Schaller & Weber so a few cold ones could be downed.

I have had experience with this sponsor and I would never buy anything from him at any cost. Well, I take that back. Maybe at 500.00 a sq ft. Beware of this sponsor.

85 and 2 isn't awesome, but its decent. You're a couple blocks from the express station. 2nd avenue up there has a lot of restaurants.

91 and 1... you're closer to projects than anything good.

westsider3: have you dealt with them at A Building or 133 West 22nd? can you give some detail as to how the developer failed you? quality of construction/materials?

Only familiar with Chelsea building. Don't know if builder on both are the same, but builder on 133 is very good. Sponsor is the problem! Beware of Ascend!

westsider3: Can you share details offline?
ralphmon2@gmail.com

They finally closed the first one (other than what looks like a transfer of the super's unit from the developer to the building) in mid-Nov. Hit ACRIS end of Nov. 15% below published ask but $1,128 psf. Would have thought lower psf, but it's early days yet.

Clearly sales office was lying when they told marco_m in August that people were moving in the following week. Imagine that.

Does anyone know what is going on with this development

Wow. Check out the rocket scientist who just closed on 14B at full ask. Same floor plan as 12B. This buyer clearly lost in the poker game with the developer.

12/09/2009 #14B $1,870,000 $1,870,000
11/24/2009 #12B $1,450,000 -21.6% $1,850,000

I wonder whether it is considered very genteel and a show of proper upbringing to show absolute disregard for money, especially when you have 400K or so in down payment to plunk into a Manhattan apartment. It would be shocking to learn that the moron didn't inherit the money but worked rather hard to amass it. Mind boggling!

Tromp - I like where you're going with this theory, but I don't think that people of the upbringing and financial means you describe buy apartments at 85th and 2nd!

I walked by the building last Wed or Thurs AM and the second avenue side of the building had graffiti scrawled in big letters in black marker in two places. I didn't note it down verbatim, but the gist was, "Built with non-union labor. Buyer beware." So they got that goin' for them, which is nice.

Tromp. You assume too much and you are judgemental. For all you know it could be some ingenious money laundering. Other than that, it would be difficult to come up with any rationale. Looks like this building is cooked. Put it on the dumdedumdum list.

they managed to close four units, so that too is nice. wonder if 14B is aware of how much 12B paid?

ok, ok, for all of you who aren't forking over the $10 a month, or who hate ACRIS like I do, here's the deets:

14B 12/09 $1,870,000
12B 11/24 $1,450,000

that's just got to hurt.

sls sorry, missed your earlier post.

14B went to contract in July 2008.
12B went to contract in July 2009.

Patience won out, if anybody can be said to have won.

degrees of loss, nwt. degrees of loss.

"they managed to close four units, so that too is nice" One of them is the super's unit. "Sale" was transfer from the developer to the building. So they're at 3.

less nice. wasn't there a new building going up on 2nd avenue, just south of 79th street? horrid thing? i can't seem to find it in the new developments and i can't recall the name.

Might be this one. Disaster in the making.
http://streeteasy.com/nyc/building/isis-condominium
http://streeteasy.com/nyc/talk/discussion/12383-isis-303-east-77th

WOW! Why on earth would anyone pay that kind of money to live of the upper-east side?!?

nothing

"Why on earth would anyone pay that kind of money to live of the upper-east side?!?"

because Fish don't fry in the kitchen; Beans don't burn on the grill.

sls, just noticed your repsonse. no, i was thinking of 300 east 79th, about half of the units closed, i believe. for the longest time i honestly thought that it was a commercial building, not residential. i thought it might be affiliated with one of the hospitals. it looks like it should be on madison in the mid-50s.

AZURE is a better value

"AZURE is a better value" Hard to imagine the Azure being better value than anything, given all its gruesome issues, but feel free to state your case if you think you have one.

Looking at Isis and Georgica but having been more focused on Isis because of price. Any thoughts?

2nd Avenue subway construction is a mess there at the Georgica. Keep looking...

It is in my price range. How is the developer?

Hey when did the MTA move the containers and the accompanying fencing to the front door? Looks like the move ins will have that as an issue.

Im seeing more and more apartments with lights on at night

marco_m
about 17 months ago

stick a fork in it.

marco_m
about 14 months ago

place is toast

Great call Marco - looks like the building is getting close to sold out - just some of the more expensive units left.

I was wrong. thats how it looked back then. I also got long manhattan re myself a month and a half ago which was a hell of alot better than buying a year and a half ago. I put my money where my mouth is.

cool - did you buy in the neighborhood of the Georgica?

yup....yorkville rocks!

georgica developers did a great job - I think they just started sales around the time Lehman failed, which means nothing sold. They cut prices appropriately once the units were viewable, and if you look at the chart, they've sold them at a very steady pace. Using SE's numbers, looks like they've closed 44 of the 58 units (75%), with another 6 in contract, which would take them up to 85%. Lower on a dollar basis as it is their more expensive units which remain, but nonetheless very impressive, and very much counter to what most on this board thought possible. It is a good portent for Isis - I think they are relatively comparable buildings.

Much to my surprise, Lucida sales also seem to be creeping along.

It will be interesting to see where the resales trade. You know, once they have been driven off the lot.

I was also wrong on this building (or more accurately wrong on the market and therefore bearish on this building given the time at which is came to market), having called it 'toast' earlier on this thread.

I agree with printer that the developer managed this well. One more has closed since printer's post and I believe that the super's unit counts in the 58 so that's 46, with 12 to close. Five of those are in contract, 4 of them having gone to contract in Oct/Nov, which indicates that there is still some momentum despite only having managed 2 closings in the last 3+ months.

As noted, the remaining listings are mostly (6 of 7) larger, higher floor and more expensive units. The developer cut prices on 4 of the 6 by between $350k and $600k last weekend (still asking between ~1,500 - $1,800 psf), so it looks as if they are now trying to locate the market clearing price for the larger units in the same way that they met the market for the rest of the building. The new cuts get the asking prices about halfway from the previous ask to the closing prices of the same line comps for these larger units, which went for more like $1,300-$1,400 psf. This suggests more negotiability below the current asks, but at the end of the day no one goes bankrupt selling apartments for $1,300+ psf on 2nd Avenue in the 80s, so back to the conclusion that the developer did well here.

Is it true... Just one left?

Anyone want to share their 2nd Avenue subway construction stories here. Looks like the Georgica is getting a erector set built next to them. It's only the beginning...