The Brompton

I am hearing that its over 94% sold and that they are on track for closings in early October

shapeshifter: StreetEasy shows 17 active listings. Are there 300 units in the building?

I understand that some of those 17 listings may have been spoken for. Related generally stays on top of stuff, but there might be a small reporting lag on some contracts. On the other hand, it's possible that Related is holding back some inventory. Call those two possibilities a wash. 94%+ seems improbable.

I heard November

I just got a mailing from them about it, so I doubt its 94% sold...

maybe 94% in contract?

Any info on the retail tenants ?

When I visited the sales office 4-6 weeks ago, they said that the retailers were not firm, but the sales person thought a bank was a strong possibility. If memory serves, she also said an American Eagle store was another possibility.

A friend who seriously considered buying here (and currently lives on the same block) has gotten to know the security guard who mans the site. He says that there is no way the building will start moving in this fall (Oct-Nov) as the sales office claims. Hence, she has bought elsewhere.

I think it will start closing Jan 09.....would be great if they got a whole foods in the area.

I took my son for a walk up there last week and started a conversation with one of the foreman around the lobby area. He said that if everything stays on the current schedule, november is easily within reach. All things being equal, I trust the opinion of an actual construction worker over a security guard. That being said, who knows? October would be fantastic but im prepared for Jan.

That would be great....I was actually prepared for Feb/March but from what you guys are saying...Jan is the most is should be stretched to.

I am just curious to know what other new stores will be in the area.

Any news on the Lucida across the street? The price point there is so high, I'm curious how it will do.

Ive heard that Brompton is 92% sold......only 15 units left.........

also heard Lucida has only about 10 units left .

Yeah, according to streeteasy they've sold 31 of 35 active listings at the Lucida. That blows my mind. The average price is around $3million.

FWIW, the Brompton will also be pre-wired for Verizon Fios.

tdadlani

The marketing materials I have for the Brompton say there are going to be 110 units. If there are 15 units left how does that translate into 92% sold?

If I recall correctly the Lucida is also around 100 units. Below is from nycondoblog.com in January 2008.

"It’s been a good year for Extell thanks to some really clever land acquisitions made earlier this decade. Lucida is perhaps the most talked about condo project with its incredibly popular location and status as the first LEED-certified building on the UES. In adddition to the fact that its long-awaited glass exterior is finally going up, the current availability sheet indicates 10 units are left. Considering the development originally had 110, we’re down to the final 9%. Remaining are the following:

2 two-bedroom units, one on 9, the other on 14. These range from $2.2M-$2.9M.
4 three-bedroom units, on various floors including a PH. Those prices range from $4.2M-$6.4M
4 four-bedroom units, also on various floors ranging in price from $4.4M-$5.7M

Nearly all of my readers who visited the sales office were very impressed. The layouts are incredible as are the amenities and finishes. This could be your last opportunity to snap up a unit here. "

I am not sure how streeteasy keeps track of new development contracts, but i do know that the streeteasy data which show 31 sales, 9 listings in contract and 4 for sale is not in sync with the reports from the developers.

It is odd that the blog reported 10 units left in January and you are hearing 10 units left today. And that streateasy shows activity on only 44 units when there are north of 100 in the building.

Yeah.....I dont know how accurate streeteasy data is on these buildings............

If I am not mistaken the Brompton is 185 units not 100.........

I heard they are 92% sold from the developer......

as far as the Lucida....thier website is advertising only 10 units left.

I am pretty sure these large developers would not be misrepresenting.

Actually not hard to believe at all as all of Related's previous developements were already presold months in advance, i.e. The Veneto, Caladonia, and I think the Harrison has brisk sales as well. People will pay a premium for quality and brand name I guess.

Shapeshifter, RE Fios......thats good news I am assuming. Whats the difference vs time warner cable ?

Hope the building common areas are WIFI.........I've also seen some new developments pre wired for Surround sound.

Jake: The unit counts I've seen for the Brompton were much higher (in the upper 100s), but I can't vouch for the numbers. You basic point is valid whether the total is 110 or 190. More importantly, the industry always fudges the distinction between unsold units and unsold RELEASED units.

Tdadlani-
For me personally, not having to deal with Time Warner customer service makes Verizon attractive on its own. From everything I have read, the picture quality (for HD) is far superior to TWC and the internet speeds are faster. (FWIW, I have zero complaints when it comes to RoadRunner). What sucks however is that the developers wont let you pre-wire your living room for surround sound.

According to this: http://www.nypost.com/seven/03202008/realestate/get_86ed_102637.htm it was 80% sold as of March.

Shapeshifter- You have alot of knowledge about the buidling.....how did you know about Fios and surround sound ? Any other details you can provide ?

Over dinner with real estate related people last night (I am not in the business), it was discussed that many of the 'sold' units at the Brompton were purchased by foreign investors who put down the requisite 10%. There seems to be the very real possibility that some of those contracts will not actually close. This is of course a situation that may come up with all new construction in the next 18 months, but this discussion was particularly centered around the Brompton since it's supposed to be move-in ready within the next 4-6 months.

The deposits are non refundable. I highly doubt that people will just walk away. Maybe one or two, but it wont be anything significant.

The question hinges on 2 factors. 1) Lenders are not willing to lend 90% now on new development condos like they did in the past. Maybe 15% down but figure on 20%down since these units are expensive and likely not eligible for conforming financing. So can these borrowers come up with an additional 10% for the downpayment. It is very likely that the decision to walk away is not the buyer's. The lender may force them to walk.

It also much harder and more expensive to get a jumbo loan in todays tougher underwriting environment. And are these borrowers willing to come up with the additional down payment? Ability and willingness are very different. They may have an out to walk away whole with their deposit intact if Related is late on delivery or breaches the contract in any way.

#2) is the issue of the price the investor agreed to pay. Prices on comparable apartements are down from the original contract so buyers may walk away. (The case schiller data suggests prices are down sharply) Remember, as stated, these are investors. They are not planning on living in the unit. They all already have a primary residence that is also going down in value.

Investors will not throw good money after bad. They will not put another 10% down on a depreciating asset. You bet they will walk away from the deposit.

I think the Brompton is the best new development out there. But I myself would want fellow owners living on my floor not foreign investors or their renters.

tdadlani-
I bought in the building and the questions were answered by the very helpful folks in their sales office. Additionally, I am a 1st time buyer and sufficienty terrorfied to the point where the more I know the better I feel. :-)

tdadlani-

i was one of the first few buyers in the condo. great building. are you sure about the jan 09 closing.

i prefer a late closing but was told that the earliest they will start closing would be November 15th 08

Bought in the building as well (so did my cousin). Building required 20% down. We paid the 1st 10% down last year and just paid the other 10% last month and cousin is paying his other 10% in July. Cousin is foreign but paying fully in CASH. i also did hear that building is 90% sold. Related does not fudge its figures when it comes to sold units. They base it on the total number of units sold divided by total units and not RELEASED units ( i specifically asked this question as I knew of a lot of developers who use this tactic). does anybody know if we are able to get DirectTV???

Doglover-
From what I was told, the bldg will be equipped for DirecTV, Fios as well as Time Warner Cable. Wi-Fi as well. What are you hearing as far as a move-in date?

I was told November/December.

Wi fi in individual apartments or common areas ?

For the common areas. Sweet, now I can do work while pretending to watch my kid in the childrens playroom.

Just FYI - we bought too and just got a letter from The Brompton saying that it is "over 90% sold and tht closings will start in December". Do you think they will start letting buyers see actual, finished units on lower floors before closings, so we can start figuring out decor, moving logistics etc....