Chelsea Stratus Price Cuts

3 of the top 5 paying (large) firms in the city are out of business. the other two are on the ropes. i can't believe more people aren't walking away from their deposits. its only 10%! I just did...

skid123, which unit did you just walk away from? did you try negotiating?

I am curious about the stratus, too - especially watching the amount of rentals that come onto the market. Do these new owners really think the rental market now will tolerate 8K a month for 1100 square feet plus pay a broker fee? Hmmmm....

walked from an A-line unit. tried negotiating, they weren't interested. offering to delay my closing a few months, but that wouldn't have helped me. i think they're in denial a little bit... the mkt looks to be set to crumble (like it is in London, another supposedly "bulletproof" real estate mkt). The salvation might continue to be the collapse of the dollar, which is likely to continue after the events of this week... Whatever... if anyone else is able to get anything out of them or has a similar experience, i'd appreciate the color knowing i'm not alone.

"i think they're in denial a little bit"

A little bit?

skid, I live in the Stratus. Many of us have closed as you can see on streeteasy. Over half the building are occupied now. I heard there had been a number of defaults but more buyers came on board in the last few months. There were officially 2 sponsor units left. I guess that number just went up by at least 1 now. I'm sorry you had to forfeit your full 10%, but good luck to you..

skid123, what your did was very tough to do, but it was the right thing to do.

emotions aside, when you look back at this 5-10 years from now, you will smile and say, dang, that was a smart move I made back then.

btw - masterd, my atty tells me that "several clients" of his that were in the stratus have walked... i'd be a bit concerned about cutting of svcs, but hopefully we're not at that stage. I do hope i'm wrong on this b/c it means bad things for manhattan in general over the next few years, but it had to be done... fingers crossed for you guys. who knows? maybe i'll be back in 6 months...

thanks skid123. I hope you'll reconsider the stratus when the dust settles.

inventory is reappearing ...

http://www.streeteasy.com/nyc/sale/128829-condo-101-west-24th-street-chelsea-new-york

Take a look at 23C:

MORTGAGE CALCULATOR
Percent Down: 20%
Term: 30 yrs
Rate:6.25 %
Down Payment: $213,000
Mortgage Amount: $852,000
Mortgage Payment: $5,246
Total Monthly Payment: $5,964

Unit 25C being rented out at $4,100. This is a 45% premium for basically the same unit/views.

hello masterd, "There were officially 2 sponsor units left"...

There are more than 2 sponsor units listed on the Stratus web site.

as for 25C, interesting comparison even if the math is a bit simple (e.g. big miss not to count the down payment and purchasing and mortgage transaction costs, also unfair to assume there's no credit on the interest payment), but nontheless, still off enough that renting surely works out better, and then the tradeoff between flexibility to easiily move on after a year or two or whenever vs. the risk of non-renewal of a lease and not having the ability to make all of the types of improvements and decorations you might want.

hello alex123, it's no secret that the market has changed significantly in the past few months. A number of Stratus units scheduled to close in the 3rd quarter have defaulted. The official word now is that 94% of the building have closed with about a dozen sponsor units back on the market and another 10 or so resales. You can easily confirm that on streeteasy. The sales data is actually better than I expected given the current market conditions.

I read recently that someone said Chelsea Stratus is gay friendly. Does that mean it caters specifically to gays or gays are just like anyone else? I have a family, I'm great with tolerance, but not if the place highlights or goes out of its way for a certain lifestyle.

Actually, it caters to blacks. Does that make you feel any better?

How do they do that?

TintoRed, I think they accomplish that by scaring people like you away. Living in NYC, how does one ask such questions?

I'm not sure I understand the point you are trying to make, but I suspect from the way your question was phrased you intended to offend me. I'm used to it and people like you don't bother me anymore. But I would like an answer to my question from someone a bit more enlightened about families in NYC than you.

What is a family? Mother, father, 2.3 children, go to church every Sunday (Protestant, of course, but not black!)? I understand there is a whole floor of lesbians with children at the Stratus (13th floor, of course), and they all go to the Metropolitan Community Church on Sundays. In fact, the president of the board is one, too!

OMG.

"I suspect from the way your question was phrased you intended to offend me." I don't think you can be offended, because as you say, you're "used to it" yet you keep on doing it.

Hi Tintofred,

I live in the Chelsea Stratus, and the demographic in the building is very varied. There are twenty and thirty-somethings, young families (like myself and my husband - we have a 3 year-old), a few empty-nesters, gays, straights, and various races. I believe it being touted as "gay friendly" because it is in a popular Chelsea location, has a designer lifestyle amenities package, and is very sleek. But we chose this building beccause we loved it, both work on the West Side, and wanted to live near our son's schooling. Chelsea Stratus is just a condo, they are not "highlighting a certian lifestyle" (your words, not mine).

Hope that helps!

Hope we can maintain some level of style.. if you need a kick other then RE, plenty of chat rooms on anything, in NYC

"has a designer lifestyle amenities package, and is very sleek."

That's very bigoted. I read some research that said that, apart from Macy's perfume-spritzers, percentage-wise there are as many slovenly gays as straights.

stevejhx, please post the link to the research. We know that unless you post the link (Wikipedia is allowed) that it is just you throwing a tempertantrum.

Oh jeez, is mitch 2 back?

Wow, wainley, you are excessively literal. The hallmark of someone with no sense of humor.

:\

sophiap thanks for the insight instead of all the snarky comments by people who don't even live in this building and don't even want to but feel the need to impose their political beliefs on me.

"feel the need to impose their political beliefs on me."

No one feels a need. Feels like puking maybe, but not a need.

Puking? Well, do it in your own apartment, you weren't invited for Christmas dinner and you aren't invited to the New Year's Eve party. And I suspect you aren't visiting anyone at Stratus, so there's no need for you to comment in this discussion about your own beliefs.

how could you legit compare Stratus and Vanguard? One is a rental! One is a condo!

Is the Stratus similar to the Ellington?