The Harrison

Could not agree more dlafronz... did you actually go see it again? Seems there are still unsold units for sale as well. Will be very interesting to see how this shakes out.

Ditto. The unit I was most interested in was the 6-bedroom combo available on 4th-6th floors, south facing in the South Tower. At that time, those were the lowest price/sqft units. I didn't jump in because the lower floors in the S. Tower have low ceilings compared to the 10ft ceilings in the rest of the buildings. Also, the garage across the street will be demolished, and who knows what's going to happen to the Westside Brewery site (they didn't sell air rights).

From a personal perspective, the location is/was very good for us as a family. 5-minute walk to public school (87), good private (Collegiate - I know, one can dream), close to cross-town bus, JCC (we use their pool/kid classes), Fairway/Citarella/Zabar's, subway, equidistant from CP and RP, Equinox (not the best, but think about how awesome it would be to drop kids off w/o bundling up in the winter while you go work out). Biggest cons - already mentioned the 2 dev. sites, noise from the fire station.

I walked away from a 10% deposit @ the Harrison & am thrilled with the decision. IMHO, the price we contracted for at the end of 2007 is way out of whack with the realities of the current market. As to the "snotty" factor, it is sadly true that we found the sales director to have a distasteful attitude but we didn't buy to live with her. As to our unsuccessful efforts to get back our deposit, I found the gentleman representing the sponsor to the arrogant multimillionaire that I'm sure he is (longtime partner of Stephen Ross) who acted like he was doing me a favor by offering me back 20% of my deposit if they sold the apt. for $500k more than I contracted for within 60 days. What a great deal! He & the sales director told us how we were the only ones in default. The sales director told us to close & then sell the apt. A most unpleasant experience. But at the end of the day, the building looks very nice, the location is great & I wish all those who end up closing there the very best. By the way, I'm curious how many others have walked away from their deposits. My guess is that there are some since Related is advertising for the Harrison again in the NYTimes.

Zachy. Best of luck. Not easy to walk away.

Zachy--We are in the same boat--The Harrison was our dream location and dream building but we tried very hard to re-negotiate with Sales Director and Sponsor only to be told we, too, were the only ones walking away from a very sweet deal. They offered to let us buy a smaller unit at the now increased price--again--what a deal!!! It hurt to lose the money but in the end, we just could not throw down another 10% seeing the market going the way it is--We were very disappointed in the way the Harrison treated us as we were one of the first to sign a contract in 2007 too! Our apartment went back on the market the day after we defaulted.

zachy/fleurdelys: I'm sorry the Harrison didn't work out for you. Since you are "only" out 10%, walking away seems like a very sensible decision. If you still want to buy and have the means, you will have incredible choices. Either way, best of luck.

West81st--We agree--plan to buy next year--just waiting it out and as you said--'only' 10% will seem like a bargain based on what we will be able to get for our money down the road--although it never feels good to lose such a chunk of change--we know in the end it is for the best--

Zachy- Im sorry but consider yourself lucky in one regard: you only walked from 10%. The folks who bought in the Brompton are all going to walk from 20% (without a concession). Glad to see that the Related sales staff is consistent across all properties and have no problem pissing on your leg and telling you its raining. If nothing else, Related's rep is going to take a huge hit.

It sounds like fleur & Zachy walked after the 1st 10% deposit.

it's a shame to see so many people forfeit a good chunk of their life's savings while the developers hoard the down payment and keep the underlying asset ( apt unit)... if they are so sure of the value of their product and ability to resell it, they would give you back a majority of your deposit less perhaps some new marketing expenses... once the spring "selling season" is over and no one has bought those units, i'll bet you they come back and offer you a reduced rate and the credit of your deposit. I also think the vast majority of those forfeiting deposits aren't trying to "time the market" but have been victims of this inescapable deflationary cycle and their circumstances and means have materially changed for the worse. Every asset class is under assault and Related will soon find they they too will be dealt their just blow. For them to think not is hubris.

I think the building is beautiful. Apparently looks can be deceiving.

Yes--we walked away before our second 10% was due--we thought it best to cut our losses so to speak--looking at what is on the market now in the same price range we can get so much more square footage and the carrying charges will be about 1/2 to 2/3--so we will see what happens! Thanks for all of your support on this--will keep you posted if Related comes back to us--but we are not counting on it!! Time to move on!

It seems as though a put option is being exercised before expiration of your contract. Lets say you put down ten percent, and you owe another 10% at a future date. If you agree to to pass on the second ten percent and give up your first ten percent, you are done, deal is over. Instead, once you KNOW you are going to walk and not pony up the second ten percent, why don't you offer the apt 8% cheaper in the public. Example..you signed up for a 3mm apt. put 300k down, skip the second payment. Offer in the NY times and SE your apt for 2.8mm. If you get interest, try to get a 3 way deal where it is transferred to Related and you save 100k. Or you offer at 2.7mm generate no interest, Related may see this and want to work with you on the price to get you to close.

Patient09--we worked through our attorney and Related's to try to get permission to do just that--BUT Related would not allow us to assign the apartment--we would have to buy and close, pay extremely high closing costs and then attempt to sell--we could never have made back our money in this market--the contract is very clear--we were not allowed to attempt to sell or advertise until we OWNED the apartment--sponsor was not willing to negotiate this at all--even though we had two potential buyers--

Fleur- sorry to hear that. If nothing else people will think long and hard about buying a Related property in the future. Their reputation has taken an enourmous hit.

Fleur:

Sorry you experienced the unbelievable arrogance we did. However, I consider us very fortunate & am so thankful we didn't put down the 2nd 10% deposit.

I would never buy from Related again & would advise anyone asking my opinion the same thing. I hope their ongoing reputation reflects our collective experiences as well as those of others we have yet to hear from. Wonder how many others have walked away.

A group of 20 Brompton buyers have hired a lawyer & are seeking concessions - See Stephen Ross article on front page of The Real Deal. A spokesperson for Related said that Harrison & Brompton will not offer any concessions & they have a long waitlist. I'll let others more knowledgeable comment about that.

Best of luck to you.

Zachy--arrogance is exactly the right word to describe it. We had a 'personal' meeting with the sales rep--sure you know who I mean--to discuss what they could do to help us not lose out--a waste of time--I am so disappointed in Related but I am also a believer in 'things happen for a reason'. We thought the Harrison would be our final purchase in Manhattan (recently sold a 2 Br and currently rent out another 2 br) but now we, too, feel 'lucky' to have only lost our 10%-- stay in touch Zachy and let me know where you end up!

fleur: that sucks, sorry to hear to hear. I guess all Nyers will learn from your pain. From an ethical, commonsense perspective. One would think you have two choices, give me my deposit back, or let me remedy it best I can. But for Related to not allow either is despicable. I guess you don't have to worry about the words Stephen Ross and Mensch being used in the same sentence.

In a rising market, did developers ask early buyers to renege on their contracts? Just to be nice?

NWT: nope, you are correct (mostly), sometimes they screwed them, not usually. That's not my point at all. As the contracted owner, why can't you attempt to remedy to mitigate your losses, thats all. Maybe resell to another at a 7% loss or something. Instead of a blanket, you snooze, you lose. Best judgement usually dictates that a solution that is in everyones best interest is best for all. This will clearly end in with one outcome. Buyers get underwater apts, walkaways lose 10%, developer looks like a dirtbag.

Both sides take a bath on this. I just don't get why a buyer would expect the developer to bear all the loss when if the shoe were on the other foot the buyer wouldn't give away their gain. It's a business, after all. It may well be that the developer would be better off negotiating down the agreed-upon price with the buyer-in-hand, but it's the developer's call whether to do that or to just take the 10% and hope the market recovers.

I wonder whether being magnanimous to protect the firm's reputation is even an option. What would the bankers behind these condo ventures do if buyers were let off the hook?

West81st, yes, and seriously I doubt that a given developer used the same bank for every new development, particularly if they started some projects on the late side. If they had, it might behoove them to all have a sit down and discuss what might be done to maximize returns, but like the general residential foreclosure process, that doesn't seem to be an option. They just inexorably push their way towards insolvency because they are afraid of the consequences of lowering prices, or are unable to do so under their bank loan's terms. What a cluster.

Good question. I'd think not an option. Those mortgage agreements seem to cover every conceivable situation, so it must be in there somewhere.

Then too, they have to figure that a good chunk of buyers will hope they'll eventually recoup their paper loss and so won't walk.

Still on the personal-finance aspect, if I could afford to live in the apartment and planned to be there awhile, I wouldn't bail. After 20 years, it won't much matter as far as cost-per-year goes. But I guess this whole whether-to-walk horse is pet food by now in some other thread.

patient09- Thank you for posting. Those were some of the most logical, well thought out posts I have ever read on SE.

Fleur- I agree completely about the Realted sales team. My only hope is that they have to pay back their commissions when people walk...

p09 - From an ethical, commonsense perspective. One would think you have two choices, give me my deposit back, or let me remedy it best I can. But for Related to not allow either is despicable

Nope. Does the builder get extra dollars from buyers when the market goes up? Buyers either need to buy, or give up their deposit, as per the contract.

Does anyone know when the Harrison will close?

I spoke with the sales office recently (am interested in the "H" line--none avail though) and the current thinking was some time in June. They said there had been some units that were returned, but a portion of those have been resold. They also said that one of their recent deals was at full price off the last pricing amendment.

ManhattanRE, are you intersted in any other lines in the Harrison?

Thanks, but no. Want a 2BR and I like that floor plan the best.

Are they negotiating at all on new sales now?

Didn't talk numbers given the lack of availability of H line units. I think they're pretty focused on getting the current contracts closed, so I suspect there won't be much in the way of flexibility for fear of impacting appraisals.

I like the building, amenities and the area. Don't see much new construction in this area in the short to medium term.

ManhattanRE: Don't see much new construction?

What about the building going up at 76th and Bway? the one going up at 72nd and Bway? The new building on the south side of 72nd between Columbus and Bway? the Linden on 78th? 535 WEA? etc., etc.

rental (if it gets built), rental, not aware of any avail and I don't think it has the same amenities, nothing in my price range and nothing in my price range

Happy owner: "Nope. Does the builder get extra dollars from buyers when the market goes up? Buyers either need to buy, or give up their deposit, as per the contract."

Sorry for delayed retort. No, but the buyer has the chance to flip to make money in the first instance, why can't he have the opportunity to flip to lose 7% instead of 10% in the current down market? Yes, I know the contract may say no assignment etc..etc.. However, we are in the midst of the big nasty, just seems good business sense to "work something out". The big developers clearly seem to be applying a scorched earth policy. Either we win big and will worry about the future in the future, or we hope the market has short memories. Either way, lets not give an inch currently. My only thought is that they realize if the give one inch, market takes a mile, and we get screwed huge. Better to fight to the death now.! It certainly is a fair business strategy, but lets just hope it hurts them bad in the future.

I don't think that's the play for them at all. Imagine if all contracts could be assigned at a discounted price. It would not only compete with the developer's offering of the remaining inventory, but would also jeopardize comps for those that want to go forward and close, potentially causing financing to dry up (further). It would be a dutch auction, taking value from the developer and those that signed and wanted to close. I think developers are focused on closing the sales they have. Not very different from an inv bank that has lock-ups on shares shortly after an offering.

What will matter to Related and other developers is not whether they seemed fair during this process but rather whether they delivered a quality building, on time, with little disruption to those who buy. You can disagree with whether that will be achieved through their actions, but I think that's the goal. Five years from now, nobody will remember how they acted--provided the buidling is a success. And it won't be if they let prices sprial downward before the closings.

Harrison has been very picky about everything in this building so it does not surprise me with what i have heard. If ppl walk from the building they are fine with it b/c they take the deposit and consider it cash that they can bank. As long as they break-even with the building with units left over then they are not worried. As it stands now, they have made a lot of money.

I am looking for a 2bdrm in the building more at the initial prices rather than the new amendment prices. If there is someone that wants to downgrade or just work something out i am more than happy to chat about it.

Whome: call Jill sloane. As the new york times article describes, people bought The Harrison at over-inflated prices in 2007-2008. To add insult to injury, they must put down additional cash to qualify for a mortgage.
This building is the "WHITE ELEPHANT" of the UWS,just as I predicted 10 months ago when I started this discussion.
It will be transacting at $800/square foot by the end of the year.

whome - here can i reach you as i think i might have something intersting in this building to talk about. i am available whenever you are, so just let me know the number and time i can call.

thanks.

send me an email at theharrison76@live.com

Re fumes from amsterdam inn...
buyers in contract should sue for the deposit back for breach of warranty of habitability and for fraud. Related knew of the conditions and failed to disclose the condition to the purchasers. Contract is voidable for fraud. Why would a family w children, or any person for that matter, close on a unit and expose themselves to such conditions?

the case to cite to:

This is a landlord tenant case but its applicable bec all new home sales contracts contain an implied warranty of habitability.
Civil Court, City of New York,
New York County.
Peter POYCK, Plaintiff,
v.
Stan BRYANT and Michelle Bryant, Defendants.

Aug. 24, 2006.

Background: Landlord commenced plenary action against tenants to collect rent and late charges. Tenants counterclaimed for breach of warranty of habitability and constructive eviction due to secondhand smoke from neighbors. Landlord moved for summary judgment dismissing affirmative defenses and counterclaims based on secondhand smoke.

Holding: The Civil Court of the City of New York, Shlomo S. Hagler, J., held that genuine issue of material fact existed as to whether secondhand smoke from neighbors breached the implied warranty of habitability and caused a constructive eviction, precluding summary judgment for landlord.

People that closed at the Harrison and those seeking deposits returned should certainly consult an attorney and consider their legal actions. Billowing fumes? Why would anyone tolerate that? Pay millions for that nonsense?

OOPS, How do you know of this situation? Is this first hand knowledge that the fumes are an issue?

OOPS, please provide just a bit more detail. This is the first I've heard of this, but you speak with a ton of conviction.

Dlafronz - did you buy in this building (just curious). No need to answer if you don't want to.

go to curbed.com

http://curbed.com/archives/2009/03/25/smoke_without_the_sizzle_at_uwss_harrison.php

http://www.law.cornell.edu/ucc/2/2-315.html

http://findarticles.com/p/articles/mi_m3601/is_22_48/ai_82067853
note the pertinent section:
"Any exception, exclusion or standard of the limited warranty that does not meet or exceed a relevant specific standard of the applicable building code, or in the absence of such standard, a locally accepted building practice, shall be void as contrary to public policy. In addition, any exception, exclusion or standard that fails to ensure that a home is habitable by permitting conditions to exist which render the home unsafe, shall be considered void, as well."

thus even if a purchaser signed an exclusion, if the home isnt habitable (in this case noxious fumes), then the exclusion is void.

It's normal for people to not be able to assign contracts before they actually close on their units. Why? Because they'd be competing directly with the building's sales office. If I were the developer I wouldn't want an apartment that went into contract two years ago with my current units, whose prices have gone up several times.

For the developers it's a no-lose situation. They keep your deposit and then have a little wiggle room with future buyers. Rather than lowering the sales price they can offer to pay the transfer taxes, which are approximately 2%. They're still ahead of the game and the new buyer is happy.

OOPS--what's your interest in all of this? are you a lawyer trying to get clients? have you signed a contract and are trying to pressure Related?

Neither, just an observer.

Not sure I would call 7 rapid-fire posts coupled with legal research "observing"

I've got to say, anyone who didn't realize that a building around and basically over a bar and "hotel" wouldn't cause problems, was not thinking. That Westside Brewing might cause some smoke and foul odors is no secret.

Also, generally that location is just awful . . . .Amsderdam seems like the busiest, noisiest avenue. 76th between Bway and Amsterdam is a short, noisy commercial block. With the firehouse, JCC, etc. etc., I can't imagine that building being a very peaceful place.

Don't forget Riverside Memorial, a funeral parlor, across the street (on Amsterdam and W 75th). Charming view of the hearses ...

Sorry, Riverside Memorial Chapel is on Amsterdam Ave and W 76th. Not exactly a small building either ...

http://www.riversidememorialchapel.com/

Oh well, too bad you dont like the answer.

Not a question of liking it, but rather a question of believing it. Methinks you doth protest too much

and i guess you will never know for sure.

more on point, I am not sure why any purchaser wouldnt go down to the site for a few hours on random days and observe the building next door.

Are those stacks blowing steam or smoke? Most buildings use either nat. gas or oil to heat liquid creating steam that is distributed to radiators. The excess steam is vented through stacks on the roof. Unless this building burns coal to heat the building (to my knowledge, no remaining buildings in NYC do this), the steam really shouldn't be an issue for Harrison residents.

As for desirability of the location, yeah that particular block is somewhat bereft of charm. But in terms of convenience, you are within 5 blocks of Zabar's, Fairway, Citarella, the 1, 2, 3, B and C lines, Central Park, Riverside Park, Levain's bakery, the JCC, plus countless other UWS institutions. I live a few blocks away and wouldn't trade the location for anything. If you are on the third floor facing Amsterdam, I agree, not so sweet - better have triple pane windows. I think when the economy improves, that immediate neighborhood will see some nicer stores move into the empty storefronts across the street and in the general area driven by the Harrison.

Yeah, the flippers are screwed, but those who purchased a home for their own use and have a long-term timeframe will be just fine.

I don't think anyone questions that the general area is amazing -- but that specific location is awful.

The beauty of NYC is that every block has a unique character of its' own; much like the deapth of character of its' individual inhabitants. Although you may weigh this location as horrible, I am sure that the multi-million dollar purchasers of the Harrison, as well as the existing surrounding tenants; chose to live there for a good reason.

it's really interesting about Curbed.com obeservations as well as the person that depicted those smokestacks that took the time and effort to photoshop them in on curbed.com. I've live nearby and look at it from my roof deck, as it gets built and given that I been curious about the site for over 1yr as I watch construction, there has never been such smoke/fumes that are as shown on the picture. I'm not disputing Curbed.com observation, but see for yourself, I think that it's safe that you can draw your own conclusion.

Given all the news about buyers trying to find wiggle room in their contracts during this price decline (I wonder if developers should do this in an up market), it really looks like a very weak attempt to wiggle out. It is a valiant effort. A woman who was in the Real Estate section of the NY Times recently said it honestly at Related's sister building on the UES, The Brompton. She stated that she believed that Related should renogotiate their contract price lower, given the once in a lifetime capital/credit markets fallout. I give her this, at least she is honest and upfront.

And absolutely, as a long-time resident in the vicinity of the Harrison, I would agree with OTNYC and KLG. Everyone loves their specific area, and if you don't, don't buy it. Given the popularity of the building, I think it's safe to say that there's sufficient demand in the area to disgree with the naysayers. Living in NYC is a series of trade-offs. Sure, it's a little noisy on Amsterdam, move to Riverside, then you'll complain about the distance to the subway and grocery store. Live in a Brownstone on a side street buys you quiet, but happy trekking up the stairs. KLG said it best "The beauty of NYC is that every block has a unique character of its' own"

I bought a 4-bedroom at Harrison 2 months ago - negotiated tough, got a reasonable deal (much lower than what was asked as those prices are not coming back anytime soon). Put down 10%, will pay another 10% in June unless I feel like I can get a better deal by not doing so (I highly doubt). Hopefully will move in in August.

It's a lot of money, no question about it. But what is relevant in deciding on buying a primary residence to live in for the foreseeable future is 1) whether you can get a better deal on an alternative and 2) whether you are willing to pay what you have to pay for the overall best deal you can get. What other people think about it is relevant only in the sense that it may influence the availability of alternatives (and your chances of reselling if for some reason you have to, despite your initial intention to live there). If you are thinking about this as an "investment" that you expect to flip within a few years - you are definitely in the wrong market.

If you are not sure you can afford it and not sure that all the good stuff mentioned above is worth that much to you - this building is not for you, sorry. But you will not determine the prices at which these apartments will go - the marginal (highest) buyers will. And if they want to live in a new building on UWS with great floorplans and interiors, an Equinox downstairs, children's playroom (and playground across the street), JCC across the street, CP, RP, AMNH, good schools and all the other already mentioned great advantages nearby - The Harrison is the best choice and there is very little close to it. People that forecast $800/sqrf in this building by the end of this year are probably the same pitiful "experts" who were laughing at buyers 10y ago and never bough on the way up (and are saying now: "Didn't I tell you that this market was overpriced?"). There is no question we are in the middle in a recession and a big housing market correction. It may still get worse, maybe even much worse but historically record low interest rates are a big factor too.

People who bought in this building a year ago have now overpriced apartments on their hands. If it's worth walking away from their deposits, they should definitely do so. But it's naive to expect the developer to "be nice and just let you do what is the best for you" - they are going to try to do what maximizes value for them within legal limits, and I cannot blame them. This is what capitalism is all about.

Good luck to everybody regardless of what you eventually choose to do.

sounds good except for your assumption about there being an endless pool of what you call "marginal(highest) buyers." for the prices paid in the harrison, you can go to many classic prewars and do a high end renovation and not live on amsterdam avenue which in my humble opinion will never be CPW, WEA or RSD. but i also don't understand the lucida or the brompton, so what do i know?

Trader--

The original round (or perhaps rounds) were in the 1200 psf to 1350 psf range, give or take. Were you above or below that? That is, did they go lower than all previous sales? I'd be surprised if they did because it might create appraisal issues for all of the previous buyers.

You don't need an "endless pool" to snatch a few remaining apartments in this particular building. When I looked at the building in January, there were only 2 4-bedrooms left. True, there may be more if people walk away from their deposits. But I am sure the remaining apartments will go soon - at prices much lower than the ones a year ago but they will go because there are people who want them and can afford them.

I work in finance and am used to working with uncertainties and probabilities. God forbid, I am not advocating investing in Manhattan real estate. All I am saying is that if you really want an apartment in The Harrison but don't want to show any bids because "these prices are too high" and somebody told you to wait till it's $800/sqft, you will not get an apartment there because somebody else will.

It's nice that you like your new building so much but honestly there are many, many nice (and possibly nicer!) places available --- all of which are looking for someone from the "pool" to buy them. I assume that in your work with uncertainties and probabilities that you expect a significant discount as those uncertainties increase -- I think that's the point here as well.

Trader - i have a few questions for you offline re: the Harrison. do you have a way for me to reach you that you wouldn't mind providing in this forum?

ManhattanRE, I don't think 4-bedrooms have ever sold anywhere close to the range that you mention, small apartments may have. Something like $1,500-$1,600/sqft is more realistic in the current conditions (but again, I am only talking about the biggest apartments). These apartments sold around $1,750/sqft before.

Yes, if they start "dumping" the remaining ones, people who need financing (including myself) may be in trouble. So I think they may prefer just to close what they sold so far and take it easy with the remainders.

So may the buyers like myself regret buying there? - yes (depending on what we paid of course). But as I said before, if you want it and can afford it, waiting for "the bottom" may not lead you anywhere. Although there are and will always be plenty of other apartments available, just not like these.

Trader: Good for you. I am the quintessential marginal highend buyer as well. More interested in CPW though, Amsterdam isn't my cup of tea. I recently looked at 2 of the larger penthouse units that are still available. Funny, my chief concern was the floorplan. Didn't care for it either of the units. And for what its worth, people shouldn't get too hung up on the tax abatement problem. The way I calculated it, if the maintenance estimate is honest, then the total unabated fee would represent at $2.05-$2.32 per square foot. Yes it is very high, but the building will probably reward that fee with service and amenities. Different strokes for different folks.

I wasn't crazy about the penthouses either but liked the 4-bedroom+Den that I got eventually - I visited it before committing and the bedrooms layout and the kitchen looked well-thought-out - also checked the views in the windows - not the best facing JCC but the others are nice and quiet and there is no roof with ugly machinery facing you (this may be a problem for some apartments). Never noticed any smoke or hearses although now you got me worried :)

Regarding CPW - we all have our preferences and priorities. But my wife and I know the area very well and made sure to walk around many times - I don't want to waste anybody's time listing all the great things around there - for a young family with kids this area definitely gives a high quality of life level. And regardless of what kind of renovation you make in an old building, it will never be the same as a new one.

as said above, "different strokes..." the location is fantastic, no doubt about it. sounds like you got a great place and you're happy. we need more people to be happy, that is for damn sure. best of luck and welcome to the neighborhood.

anyone have an idea when there will be renting there? owners renting and/or building renting?
before July?
thanks!

btw:
are the bedrooms as small as the Brompton? i looked there and you could not put a queen bed, let alone a king, and it was more like an alcove (no door)...

Trader - Congrats!!

BTW- There is smoke/fumes coming from the building directly in front of the Harrison. If you wait on 76th street for several minutes, you will see it. Not sure how that affects anything, unless it is some toxic, noxious smell. They finally dismantled the outside elevator. Place looks fairly nice, but not for the prices they are seeking.

OK, you convinced me. Do you think I can still sell @ $800/sqft?

dlafronz, I take it you're not moving in; then again since you started posting, it did not look like you were interested in anything but bashing the building, but I believe deep inside you daydreamed about what it would have been like living in this building. I'm sure you will find ways to find friends in the building so that you can go in and bash the building some more. What NYC building does not have fumes coming from the stack?

I was in the building a couple of weeks ago with a hardhat looking at a 7th floor two bedroom. The noise in the apt. was unbearable from Amsterdam.It was by far the noisiest apt. I have ever experienced. It is the major traffic street going uptown on westside so every truck takes that route. I don't know how that problem can be solved since I am sure windows were at least double pane.

Trader: you're in the north or south building? IMO, the S. building has less noise but inferior views & light & will soon suffer from construction on Bway and 76th.

Congratulations, if you're in it for the long haul - I think the Harrison is a very nice bulding. We came close to buying ourselves.

nyc10023, I'm going to be on 76th facing the end of JCC (if we close of course, which so far looks likely).

I cannot speak for apartments facing Amsterdam - I only checked out my future apartment on 76th with my father-in-law who is a construction engeneer. We spent some time inside checking everything out, also saw another apartment above. We didn't notice much noise, even though we were there mid-day during the week. We also walked around many times at night and on weekends.

However, noise is unfortunately a common phenomenon in NYC. I currently live in a Midtown highrise between 8th and 9th, 49th and 50th with a fire station downstairs. When I moved in, I decided to replace my bedrooms' big windows with exactly the same but noise-reducing (they are just thicker and coated with some film on the inside). We never notice any noise - although maybe it's a bit because we are just used to it now. So I'd say that there are ways to reduce noise but of course it's a legitimate concern that any buyer should carefully consider. Definitely spend some time inside you potential apartment and check for yourselves.

Well, this is not the most fortunate time for the real estate market and NYC in general (and the country as a whole) - I am selling my current 2-bedroom apartment and know very well what it's like. I sympathise with people losing their homes or having to walk away from their deposits. I may still find myself in the same situation. Phycologically, I would probably feel better in that unfortunate case if I convinced myself that it was all for the better. It just looks a little funny to observe love-hate feelings of some people that cannot or don't want to buy and feel a duty to convince everybody to feel the same way.

I was told to expect closing "in mid-end July, but it might be a little later".

Let's hope we, buyers, don't regret our decision. And all those who eventually don't get apartments at the Harrison, you guys definitely have plenty of choice nowdays - good luck with whatever eventually works out for you. As somebody already said, we need more happy people in this city.

melisloan - do you mind having a conversation w/ me offline about your experience looking at the Harrison? i am very interested in building but want to get as many educated opinions as i can.

thanks.

Trader: I know your layout. I was very interested in the 4+2 bedroom combo offered on 3rd to 5th (?) floors but the low floors + low ceilings (on the lower flrs) killed it for me. At the time, they were offering this 6-bedroom for 5.4ish - all the bedrooms seemed big, huge utility room + large eat in kitchen, with LR, DR, and den.

contracted last year as well and am looking forward to closing in the next couple of months. yes, the market for real estate is not what it was just two years ago, but like any market, it will eventually rebound. best option is to buy at the bottom and sell at the top... worst is to buy at the top and sell at the bottom... for most now, if you've bought near the top, just make sure to sell at the next top.

another good read as well on why UWS is fairing well and why harrison should be one of the few developments during this past boom to do well going forward: http://www.nypost.com/seven/04232009/realestate/the_bright_stuff_165809.htm?page=0

"but like any market, it will eventually rebound."

kind of like NASDAQ rebounding to 10,000?

not sure but it doesn't seem like you actually read the article you posted. the good news is for buyers because sellers are starting to drop prices. aren't you still locked in at the very peak of pricing? how is that good for you?

I think he was probably focusing on the positive comment about the UWS.

I think the comparison to the NASDAQ is why we are where we are. Both are investments, but you shouldn't think of your home the same way you think of a stock.

so...does that mean that home prices will or will not come back to their previous highs. i'm confused.

I wasn't making a prediction about where home prices will be at any point in time. I just think that you can't treat a home like common stock. They have different purposes and you derive different benefits and values from them. Once you confuse the two, you end up where we are now.

by the way, CC, when was the NASDAQ at 10,000?

I live right near the Harrison and the block is actually pretty quiet. I have watched the building go up and wish I had gotten in early. The building looks really great.

go for it...i'm sure there are a lot of buyers who would be happy to sell to you at the price they paid.

cmccabe is clearly an agent with related...no one would come on and say such a stupid thing.
I wouldn't compare RE to a stock, but i would compare a bubble to a bubble, since its a mentality...as I've said before.
Frenzied buying is frenzied buying, right? It's not based on a true valuations. In this case it was the idea that peoples incomes would always be there, except thats not the case..and the banking world is not bouncing back...it's righting itself, just like nasdaq did...it righted itself (or corrected itself.

Cmccabe, like CC said, go for it, you could probably get a reasonable deal there...I guarantee more and more people are pulling out every week...

Any trouble with banks appraising at purchase price?

cmccabe - what do you think of the area? is it noisy? are you looking to move out of the area or stay in the area?

sheldon:

I live in the area as well, I think uwsmom and 81 live near as well. The area is great. The big, big big question is should this area be priced at these prices? its really that simple of a question. Ignore the crap about nice building, ugly building, who cares. the only issue is the pricing fair.

I live on the corner of 73rd and Amsterdam.
My son's bedroom faces north on 73rd street and we can hear the Amsterdam truck traffic every evening.
Truck routes go up Amersterdam Avenue, not Broadway.

I would NOT suggest that anyone live on Amsterdam avenue.
Big Mistake.