Hey guys, I'm looking to buy a condo possibly in this building, I wanted to know what you guys thought of it and which units you thought maybe be overprice (probably all of them!). Anyway, I looking at the 4 different family sized units that are still available according to the developer, not Streeteasy. Those units are 23A, 24A, 25B and PHA (31st floor). 23A and 24A are exactly the same, 5... [more]
Hey guys, I'm looking to buy a condo possibly in this building, I wanted to know what you guys thought of it and which units you thought maybe be overprice (probably all of them!). Anyway, I looking at the 4 different family sized units that are still available according to the developer, not Streeteasy. Those units are 23A, 24A, 25B and PHA (31st floor). 23A and 24A are exactly the same, 5 bedrooms priced at $7.475 and $7.575M respectively. 25B is a 4 bedroom priced at $5.74M. PHA is a 3 bedroom price at $12.75M. I feel as though, if the larger units might be a good value I might stretch myself to buy a larger one but they are sort of out of my price range. Streeteasy doesn't have all the information, it's all at http://www.255east74.com I look forward to your comments!
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Response by MortgageMan787
over 17 years ago
Posts: 96
Member since: May 2008
I actually live right down the block from the building. If you are even considering PHA and its $12.75m asking you are better off buying 25B and negotiating with the guy who bought 25A. Make him an offer and get him to buy 24A only one floor below. Now you have the entire floor (6K sq ft) with full city views.
At the end of the day the A line gives you an extra 1000sqft and probably skyline views. But if you cant swing it 25B is not too shabby.
There are obviously a few new developments on the UES. How does this compare per sqft?
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Response by AgentRachel
almost 17 years ago
Posts: 275
Member since: Nov 2008
searching for Stoyvel! I have some possible deals for 255!!
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Response by Brooklynboy
almost 17 years ago
Posts: 20
Member since: Jan 2009
AgentRachel congratulation on the possible deals, if you can use some private funding I would love to help.
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Response by patient09
almost 17 years ago
Posts: 1571
Member since: Nov 2008
Stoyvel: holymoly 2k per sq seems like a lot of jake for 2nd ave in 70's
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Response by looking2return
almost 17 years ago
Posts: 182
Member since: Jan 2009
Stoyvel=shill
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Response by AgentRachel
over 16 years ago
Posts: 275
Member since: Nov 2008
has anyone here actually closed in this building??
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Response by columbiacounty
over 16 years ago
Posts: 12708
Member since: Jan 2009
talking to yourself again?
awfully quiet over at highest and best.
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Response by sidelinesitter
over 16 years ago
Posts: 1596
Member since: Mar 2009
There hasn't been too much discussion of this building compared to many of the UES and UWS high end new construction condos (Brompton, Lucida, Rushmore, Harrison, etc.). Maybe it needs a pretentious name in order to get more attention. Anyway, a couple of interesting developments to note and then we can all sit back and watch (with trademark SE discussion board morbid curiosity) as the situation plays out.
"The reality is the market has dropped a lot" Indeed
Here are the SE listings. New sale 16% below the pre-construction price.
05/14/2009 #11B $2,140,000 -14.4% $2,500,000
12/02/2008 #11B $2,550,000
Closings have really tailed off in the last couple of months, which suggests that they're done or nearly done closing their pre-construction contracts (other than any who walked from a deposit or where the developer is extending the closing date while buyers try to get financing, which can't be easy at these prices in a partially sold building).
Closing history:
November 2008 8 units
December 12 units
January 10
February 10
March 6
April 2
May 0 (other than the resale)
June (to date) 1
The last two units that the developer has closed were discounted, one only slightly and one more heavily, from the same line peers that closed at pre-construction prices.
You have to wonder what the 25B buyer was thinking. He got a nice discount off an inflated ask but only got 4% off his upstairs neighbor's price and 1% off his two floors down neighbor, while still paying almost $1,800 psf. It's hard to fathom why someone steps into that with eyes open in June 2009.
It's a bit hard to tell how much shadow inventory is lurking here. It looks as if the lower floors sold/closed quite well, the middle floors not so much and the high floors somewhere in between. However, I haven't tried to map through all the closings to see where the gaps are. Regardless, it looks like the developer has some work to do to get out of this in one piece.
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Response by streetview
about 16 years ago
Posts: 331
Member since: Apr 2008
I don't enjoy walking by this building on the 2nd Avenue side. Combined with a laundry room smell the air exhaust of Equinox's sweat and perspiration emits from blowers to the 2nd Avenue sidewalk. Is this 24/7?
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Response by NWT
almost 16 years ago
Posts: 6643
Member since: Sep 2008
The 29A/B full-floor combo has been split back into an A and B.
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Response by star
over 15 years ago
Posts: 1
Member since: Jun 2008
This building is amazing! It has a garden area for residents, the children's play room and game room are a huge plus -- seems to be a building in huge demand --- layouts are excellent. I was surprised that I did not know about it but glad I do now!
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I actually live right down the block from the building. If you are even considering PHA and its $12.75m asking you are better off buying 25B and negotiating with the guy who bought 25A. Make him an offer and get him to buy 24A only one floor below. Now you have the entire floor (6K sq ft) with full city views.
At the end of the day the A line gives you an extra 1000sqft and probably skyline views. But if you cant swing it 25B is not too shabby.
There are obviously a few new developments on the UES. How does this compare per sqft?
searching for Stoyvel! I have some possible deals for 255!!
AgentRachel congratulation on the possible deals, if you can use some private funding I would love to help.
Stoyvel: holymoly 2k per sq seems like a lot of jake for 2nd ave in 70's
Stoyvel=shill
has anyone here actually closed in this building??
talking to yourself again?
awfully quiet over at highest and best.
There hasn't been too much discussion of this building compared to many of the UES and UWS high end new construction condos (Brompton, Lucida, Rushmore, Harrison, etc.). Maybe it needs a pretentious name in order to get more attention. Anyway, a couple of interesting developments to note and then we can all sit back and watch (with trademark SE discussion board morbid curiosity) as the situation plays out.
Unlike the four buildings mentioned above, 255 East 74th has actually had a resale. dwell posted this on another thread a few weeks ago:
http://ny.therealdeal.com/articles/denise-lefrak-daughter-of-denise-lefrak-loses-on-new-condo-sale-at-255-east-74th-street-in-6-months
"The reality is the market has dropped a lot" Indeed
Here are the SE listings. New sale 16% below the pre-construction price.
05/14/2009 #11B $2,140,000 -14.4% $2,500,000
12/02/2008 #11B $2,550,000
Closings have really tailed off in the last couple of months, which suggests that they're done or nearly done closing their pre-construction contracts (other than any who walked from a deposit or where the developer is extending the closing date while buyers try to get financing, which can't be easy at these prices in a partially sold building).
Closing history:
November 2008 8 units
December 12 units
January 10
February 10
March 6
April 2
May 0 (other than the resale)
June (to date) 1
The last two units that the developer has closed were discounted, one only slightly and one more heavily, from the same line peers that closed at pre-construction prices.
04/20/2009 #9B $2,600,000 -13.2% $2,995,000
11/17/2008 #10B $3,000,000 -
11/14/2008 #8B $2,999,325
06/09/2009 #25B $4,400,000 -16.6% $5,275,000
01/28/2009 #26B $4,595,000 -
01/06/2009 #23B $4,440,000 -
01/06/2009 #22B $4,395,000
You have to wonder what the 25B buyer was thinking. He got a nice discount off an inflated ask but only got 4% off his upstairs neighbor's price and 1% off his two floors down neighbor, while still paying almost $1,800 psf. It's hard to fathom why someone steps into that with eyes open in June 2009.
It's a bit hard to tell how much shadow inventory is lurking here. It looks as if the lower floors sold/closed quite well, the middle floors not so much and the high floors somewhere in between. However, I haven't tried to map through all the closings to see where the gaps are. Regardless, it looks like the developer has some work to do to get out of this in one piece.
I don't enjoy walking by this building on the 2nd Avenue side. Combined with a laundry room smell the air exhaust of Equinox's sweat and perspiration emits from blowers to the 2nd Avenue sidewalk. Is this 24/7?
The 29A/B full-floor combo has been split back into an A and B.
This building is amazing! It has a garden area for residents, the children's play room and game room are a huge plus -- seems to be a building in huge demand --- layouts are excellent. I was surprised that I did not know about it but glad I do now!
Any one bedrooms coming up for rent here?
is there an on-site garage?