Halcyon--would you live here?

Why not?

This area is changing very quickly. Traffic stays the same.

Is anyone living here now? What do you think of the building and location? The price per square foot for brand new construction is much less than UWS.

What are your thoughts on the Halcyon? Has anyone moved in here? The price per square foot is less than other new construction and UWS. Do you think the area is up and coming and will become better? Any thoughts are welcome :). Thanks.

Awesome building. Great amenities and super friendly staff. Nice neighborhood and only getting better.

What do you think of this building? Maintenance and tax seem increased recently. Are there any financial issues in the building?

It is an interesting story of Manhattan RE to see the price history on some of these units:

6D, 2014 in-contract @ $3.4M, currently on the market for almost 3 full years asking $3.35M

26C, 2016 sold @ $4.89M, current on the market for a year asking $4.95M

10C, 2013 in-contract @ $1.33M, currently in contract at.. $1.35M

And then doing the rent-buy thing, F line has 14F for rent at $9.5K
or 18F for sale @ $2.5M, which with 20% down and 7% interest would be about $18K/mo

So $100K more a year in payments, after putting down $500K + $100K closing costs.
Oh and you actually have to pay to repair appliances/plumbing/etc as they break.
How much does the rent have to go up, how quickly, to make up for being -$700K after year one as a buyer?

I was looking at the F line some more. Basically, there have been 4 of them listed over the past year at prices matching or a bit less than 2013/2014 contract prices. For example, 18F sold at $2.78m and is now asking $2.53m. None of them sold, despite being on the market for anywhere from many months to about a year (and counting).

Meanwhile, 5 rental listings of the F line have come over the past year. Every single one went into contract after days.

As you illustrated, with a 2.5% cap rate in a 6.5-7.5% mortgage rate environment, I’m not surprised. But it seems like a demonstration of how rental demand remains strong, which makes me question the speed / Fed rate levels it’ll take to keep a lid on inflation. Rent and rental-equivalents are a third of CPI / PCE, and this seems like a microcosm of what’s happening everywhere across the country.

I was interested in buying unit 4b for 2 beds. The price of 1.85m seems good. Since very few units were sold in the building, I wonder if there are any issues in the building or if it is just due to the NYC market in general being slow.

I don't know the building myself, but it does look nice for the price point. My commentary more is about the price appreciation over the last decade and relative value to comparable rent within the same building.

ALLCAPS listing text of "READY TO RECEIVE OFFERS! " on 4B => bid below ask.

Also note the caveat at the bottom that the taxes are actually higher "Monthly Taxes: $2703 if not used as primary residence." and the $2230 reflects the primary residence 15% abatement (kind of scummy marketing).

Relatively lower floor, so make sure you are happy with how much light it gets, etc.

Thanks, steve123, for sharing helpful insight.

I have no problem with listing the $2230 amount for taxes, since it's a reasonable assumption that people are generally looking on SE for a primary residence. Nice, in fact, to show what taxes would be if you're going to rent it out. It does raise the question of what you're getting: a building with reasonably stable tenants (because it is their primary residence), or something more akin to a transient hotel (because most unit holders are investors / airbnbers / etc.)?

I do hope it sells / rents soon so that the broker can use some of his commission to fix his stuck caps lock key.

>> I do hope it sells / rents soon so that the broker can use some of his commission to fix his stuck caps lock key.

LOL