The Harrison

Rendering of the building (The Laureate) that's going up on the corner of 76th and Broadway is here:

http://www.slcearch.com/current-projects/broadway--76th-street/

It doesn't look bad. Will be interesting to see the retail that goes into both this building and the Harrison.

Interesting that while Stern was "design architect" of 15CPW, SLCE was architect-of-record. I.e., one gets to do the fun stuff, while the other does the rest.

SLCE, while not exciting or hyped-up, does get repeat business from developers. E.g., 555W59 and now this one.

Does anyone know if any buyer, either here at the Harrison or at the Brompton, has gotten any kind of price concession from Related - closing costs, price break etc? Since many of us will soon go to closing, it would be really helpful to share this VERY important info.

which building are buying in?

island, if you are still reading this board, we are looking to rent our unit out without a broker fee. email me at ivyel@yahoo.com

I'm looking to buy at Superior Ink. Good idea? Seems like a nice enough neighborhood on w12th St, and the bldg design looks pretty cool too. And those interiors are to die for! Thoughts?

wec: how many beds is your unit?

it's the L line

what's the closing/move-in status these days?

6 apartments in the South Tower are inhabited, a few people are moving in this week. My closing/move-in is scheduled in the second half of the month.

wec: is your unit still available?

nycorbust: are you looking to rent or buy in the building? What size unit?

abc1234: rent. i really like the L line.

Considering today's rents and prices to buy, Rent makes the most sense.

I saw an apartment in the South building today. The lobby wasn't as grand as I had expected. Perhaps the wood needs to obtain an aged patina.

Considering the closing prices, these rents seem low. And I doubt they get them. Some downward pressure on rents as more apartments close. But wow, the yield is minuscule.

Have closing begun? I heard that they have, and that buyers are closing and not walking away from their deposits. Anyone have any first-hand insights on this?

It is a beautiful building. Related has done another fine job.

We closed at the very end of August and moved in the next day. I think 30-40 apartments closed so far, I've met a few families in the South Tower (some people are painting the interiors, some are listing for rent). Everything looks great - the few issues we noticed have been addressed promptly. The children's room looks very nice, so do the courtyard, the rooftop and the entertainment lounge. The Equinox is awesome (you cannot access it directly yet but this is coming). Did the JCC Open House this weekend - great to have it across the street. Don't have anything disappointing to report so far (except a leak which is being fixed) - although for the fortunes we are paying we are not supposed to be disappointed.

More renderings of new building across the street, and typical plan for lower floors, up at http://www.slcearch.com/residential/the-laureate/

I'm interested in the Harrison--beautiful building and great location. The majority of the recorded sales prices are lower than (what I'm assuming is) the contract price that buyers originally paid--anywhere from $50 - $400,000. The Harrison is obviously working with buyers on final prices, because most of the recorded sales are lower than the "Sold" price listed on this website. Why is the Harrison doing this? Was it to entice buyers to make both deposits, with the promise of a discount? Is it because people now can't meet their obligation and the Harrison doesn't want to hold a bunch of properties? Also, what is the game they're playing were they relist a property that it appears someone gave back, and relisting it at a higher price now than when the market was at its peak? I'd appreciate any comments/info you buyers can provide.

I don't doubt there were any price concessions. I think it's just the games that get played with the contract prices when they were listed on Streeteasy. They may have reflected interim write-ups in value based on subsequent signings, but that doesn't change the earlier conract price.

nyc59: i bought a condo unit for $900,000;subsequent sponsor amendments increased my unit's price to $1,1800,000,though i closed on it for $900,000.i suspect that streeteasy would have documented the sale at a 23% discount.

JRW--

Thanks. That puts some real numbers around what I was trying to say.

What are your thoughts on the building? Did it come out well?

sorry,MANHATTANRE-MY PURCHASE WAS NOT THE HARRISON;I MERELY WAS MAKING A POINT.

I think you are misreading what this site is putting out. The sold number IS NOT the price the unit went into contract at, because that information IS NOT PUBLIC. The price you are looking at is the last asking price. I do not think ther is ANY evidence that this building is closing sales at prices below what the buyers went into contract at 9at least none that I've seen presented, and this certainly isn't that).

i'm bemused by this. no other related property shows this sort of price activity. but the following, 7G, does seem to support SOME theory. my bad if i've been misleading regarding this property. but hard to tell without going through all the listings. 30yrs, i had previously noticed that these units were frequently listed upon contract signing.

02/11/2008 Listed in StreetEasy, already in contract, by Related Sales at $1,580,000.
07/07/2009 Price increased by 22% to $1,925,000.
08/21/2009 Listing sold.
08/21/2009 Sale recorded for $1,580,000.

possible because in the offering plan they typically "bake in" price appreciation. Of course that all changed last fall.

**in the later amendments to the offering plan

"30yrs, i had previously noticed that these units were frequently listed upon contract signing. "

a) Proof of shadow inventory, huh?
b) Just because that's the time they are listed doesn't mean that's was the price was for. I guess the question is: where is the info coming from that SE is pulling it from?

"I guess the question is: where is the info coming from that SE is pulling it from?"

30yrs - see the third post in the link below for where SE was getting/not getting data on developments as of about a year ago. Somehow I doubt that the sales offices have become any more transparent about inventory and pricing in the meantime...
http://www.streeteasy.com/nyc/talk/discussion/5691-what-is-the-real-story-on-the-lucida-and-the-brompton

???
Its not too difficult to get a copy of the offering plan... you just need to pretend you are a buyer and put down a deposit.

... just like anyone else would...

Streeteasy is using last amended pricing from the sponsor. The closing prices are misleading because no discounting happened. The price a buyer paid was based on when they came into the project. Amendments were happening on a daily if not deal by deal basis. Some buyers got in super early, others paid more.

Thanks everyone for the input. I hadn't thought about the ammendments being resourced for price increases, artificial as they have been for those advertised in the last year. 30yrs, I understand your point about, "Just because that's the time they are listed doesn't mean that's what the price was for." However, I do think that for some of the units that were listed "already in contract..." that was the true contract price. On some, it may have gone up (ammendments) between the time they listed it and when the contract had been signed. I took a look at 8H, and I would bet that $2,150,000 was the contracted price, and that they received some type of discount with the Recorded Sale price of $1,950,000. Based on Related selling from the bottom floor, up, and the date that it was listed, there couldn't have been that much elapsed time to have $200,000 worth of ammendments. I could be completely going down the wrong road on this, but I think some deals are being made. Even if a buyer has put down 2 deposits totalling 20% and can't close, would Related discount it so they don't have to inventory the property? I realize they would have made a tidy sum already by keeping the 20%, but still. Sidelinesitter, thanks for the link on what data SE uses--interesting.

i cant believe people are still trying to flip in this market:

1 Bedroom-

09/02/2009
Previous Sale recorded for $935,000.
09/13/2009
Listed in StreetEasy by Corcoran at $1,250,000.

This seller (and broker) are both delusional.

It's irritating. We all know the negotiation game, but how stupid do they think people really are? In other Harrison listings, they are increasing the price now, from the high in 2008.

I think you're going down the wrong road. I doubt there have been any price concessions (yet).

My advice - just ignore these people and leave them to simmer in their own delusions. What's the point of getting irritated? Their stupidity is their problem, not yours.

http://www.nytimes.com/2009/11/15/realestate/15deal3.html?ref=realestate

Interesting to see who is among the buyers of the more expensive units at the Harrison. The Carnoys have 4 children, and recently sold their 5-bed combo at 105W73 for mid-2s.

thanks for the article!

i am looking for a one bedroom to rent in The Harrison- i saw one today but the broker fee is 7K, would love to avoid that Please let me know! thanks!

so, for those who have closed and moved in, what's your reaction? how did the building come out? any pleasant surprises or disappointments?

to the folks who are living there now, how does the traffic noise seem to you? is it loud throughout the day & night? the bldg isn't that tall .. any insight would be great

kite,

if a broker is charing a fee, he's not a very good broker.

The market is completely away from renters paying the brokerage fee, even in nice condos and new developments. That the broker didn't tell the owner this was the case is crazy. Or if the owner doesn't face reality and realize that paying gets the unit rented faster (a month unrented is an asset that can never be recovered), then this isn't a realistic owner you want to do business with for the next year or two.

IMO

i'd also be curious to hear how poeple who are in the building feel these days. Are all amenities functional, how is the noise (traffic or construction), any stories of happiness or regret?

I have looked at several apartments in this building and like what I have seen. The apartments are fine (but not spectacular) and the location is excellent. However,I am a single, male, entertainment attorney in his mid-60's, and every time I have visited the building I have had to step around and over a lot of baby carriages. I've got this weird feeling that, unlike many other buildings, I would feel very out of place living here. Am I wrong?

BTW, I am watching 6A resale very closely.

nyc10023 "BTW, I am watching 6A resale very closely."

Oh, the one where the broker is trying to flip it for 20% having just closed on it in Oct. 2010.

Laughable what folks try to pull off. And brave.

6A just entered into contract.

I wonder if they made a profit...

depends what you call profit but I would say they did just fine considering all said in this thread

I have recently financed a unit in this building, and have it approved for great rates and cheap closing costs. Call or email me to find out more.

Michael Most
Senior Mortgage Consultant
917-841-8096
Email: michael.most@citi.com

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