Setai

"as sales continue the prices are only going to increase."

Let's party like it's 2007 again!

"If you have provisions written into the contract on percentage of closing, and if the project fails for whatever reason you will get your money back."

Mota, can you elaborate on this please? I'm seriously considering a 1br/HO in the E line for what I think is a good price relative to the ask, though I'm learning that's not such a relevant way to evaluate things. Unfortunately, there's no frame of reference since nothing has been sold/appraised in the E line yet. I'm going back and forth everyday to try and make an intelligent decision as to whether to buy or wait. Any advice would be appreciated.

i am asking sincerely, as i have not seen the building... what is the draw that would make you take such a risk. especially with so much out there. as i read this i think 20 pine and the "great deals" that were out there.

We saw 20 Pine a while ago and we weren't very impressed with the inventory that was left at the time. We also like to cook and hated the kitchens there. The finishes and overall construction at The Setai are beautiful and it's just a solid building from a construction standpoint. The 1BR/HO layout is a good combination with 2 full bathrooms and it suits our living needs. The con there is the lack of natural light, but that's a concession I'd be willing to make at the right price point. We've been to 75 Wall and it's totally overpriced and we don't like the hotel aspect. Other than those, I don't know of the "great deals" you're referring to, but I'm all ears :)

Can anyone explain what's going on at this place?

There are about 166 units apparently (first few floors something else...which is yuck to my thinking), and it appears only 15 have closed total (if I read SE correctly).

And prices listed are still absurd.

Can only explain what pulse this patient has?..what's in the works...Tell me: are they just raking in the bonus bucks right about nowwwwww.....??????

just go through some of the larger buildings downtown. one by one.

this was great sport on this board a few months ago. but has died down. because VERY FEW people are now interested in buying in the potentially distressed buildings in FiDi. some sales are happening. but this is just a disaster waiting for its time.

it could be the bank. it could be the developer has deep pockets (doubtful) and expects a sudden rebound. likely this is just waiting to die an ugly death.

They had most (70 percent, +/-) of the units in contract but failed to complete the first closing by the date required by the offering plan. As a result, the NYAG made them offer rescission rights to all those purchasers. I assume most of them did since most of the contracts were signed at the height of the market. Since then, a few new purchasers have signed up, generally at prices well below asking. I looked at the apartments and while they are beautiful, in my mind, they are not at all designed for full-time living - they seem perfectly suited for a pied-a-tier. Reasons include that the closet space is minimal, long hallways and odd layouts make much of the limited space not very useable, and extremely high charges (among others). While the amenities are great the common charges are off the charts. Given the number of unsold units and overall inventory on the market in FiDi, I think buying at the Setai at the prices currently being offered is a big risk.

The fact that they didn't relaunch with lower amenities and scaled back services (which i guess requires some plan amendment) to me shows that this whole market is still having trouble re-calibrating to the post-bubble (or better put, starting to deflate bubble) situation

I thought the Setai was in SouthBeach.

After the success of The Setai, South Beach in Miami, The Setai Group and New York-based developer, Zamir Equities have teamed up to create The Setai, New York, a 34-story condominium located at 40 Broad Street in the heart of the Financial District. Designed by world-acclaimed architect Jean-Michel Gathy of Denniston International, the Setai, New York features over 44,000 square feet of amenity space, including a members-only Setai Club and Setai Spa by Daniela Steiner, along with the restaurant SHO Shaun Hergatt, a private dining room and wine cellar, state-of-the-art health club and concierge service by Nota Bene. Other amenities include the Arias rooftop lounge and library, a private state-of-the-art resident’s gym and social lounge, and access to a 24-hour attended lobby

Gooddoctor - do not be afraid of the mostly useless negative chatter on this blog.

Have not visited for a while, and sorry for my delayed response. Last count 57 units sold, 16 of which have closed. I had a provision that at least 67 (i.e. 40% must be in contract before I can be compelled to close). Since the spa has opened, I am opting to close a little earlier than required under my contract - specifically end of this month.

If the new fashion of “luxury” is a stripped down manhattan condo with a doorman, then as far as I am concerned those that complain about the maintenance charges move to your “alternative luxury”. After all isn’t the new fashion to live Spartan existence?

I don’t mind paying my $1,600 carrying charge, when I get a free full breakfast five days a week at a Michelin Star - 29s across the board restaurant (not a basket of fruit and pot of coffee that 20 Pine tries to pawn as their view of luxury). The Setai’s Spa could not be nicer - steam, sauna, soaking tub, gym, chilled water with lemon, tea, treatment rooms, robes, slippers etc. Not to mention all of the other provisions of luxury, I see the added $700 per month as a bargain for what you get compared to other buildings.

Also the sponsor is paying all common charges until the building is 40 percent occupied.

Secondly, I can fully appreciate risk, and I really do not need the guidance of the fear mongers that try to impose their caution upon others that visit this blog. I am convinced that these people are either competitors trying to steer buyers to other projects or just derive sick type of pleasure from the prospect of a failure for those who live a better lifestyle than they can afford.

Of course in life there are always risks. Frankly, from my take, the bank is fully behind the project. Put yourself in the position of a bank. Even assuming a default, the option of foreclosure means they lose all the value of the existing contracts that have not closed and end up having to sell to another developer pennies on the dollar. I am not suggesting for a moment that the sponsor is in default, however, to the extent that occurred, the logical conclusion is for the bank to stand behind the project and let sales continue. Perhaps there will not be much left for the sponsor in the end, as they certainly have spent the money. The proof of this is in the product, as the building in my opinion has very few comparables in quality or luxury in the downtown area.

The way you describe it it sounds like a luxury hotel, not a place you live. In other words, it sounds totally plastic, but to each his own.

As to risk, your position seems to implicity be, "don't dare question this, and even if it has troubles the bank is so far in, it can't back out..and anyway I love it so the price doesn't matter vs value.' But ulimately there will be a clearing price market value that will sell this building out, sooner or later, and given the very low number of contracts and closings, it seems that the price you are in contract for is nowhere near that clearing price. Buying into a building tthat is 30% or so in contract is nuts if the contract prices are not such that they will soon clear the whole building, because you are taking the risk of massive price declines when at some point patience runs out by the bank or the developer. Can't you see that everything positive you say can be true AND IT CAN STILL BE GROSSLY OVERPRICED.

Well jimstreeteasy - I happen to have been following the number of contracts very closely - and perhaps you should also look at the of number of contracts being entered over time, which has averaged 12 per month over the last three months. That’s 36 additional contracts in the last three months. Your "clearing price" has already occurred my friend. As much as you may want to wish the prices will get to your level of comfort, you are only kidding yourself. This is why there are plenty of plain vanilla condos in New York for persons of your sensibility. To each there own. Once they get to 50 percent sold and then 70 percent sold, the buyers that require financing will come into play and the price point will not be so “streeteasy” friendly for jim and all you other fear mongers.

Hey Mota can you remind us again that the restaurant has "29s across the board"? That's REAL key in New York; there aren't many other places to eat.

MOTA = Arrogant know-nothing who overpaid to live in the building and wants you to follow suit in a pathetic attempt to salvage his finances.

Either that or a realt-whore.

Your arrogance ("I'm sure there are plenty of plain vanilla condos for you peons") is misplaced. Your diction isn't that of someone of any real intellect. People mock you and you don't realize it. I'm inclined to common on your heritage but it would be considered rude on this board. But it's pretty obvious who/what you are (other than a poseur).

"comment" rather than "common" in last para. freudian slip...

BTW I've spent many nights in your prescious Setai. The restaurant is nice, but often empty. The menu is limited and not ambitious. The portions too tiny considering they aren't such quality that their size would be considered fashionable or commensurate. The deserts are beautiful. The russian bar maid has a fine facial bone structure but needs to smile more. The coat room never seems to work right.

But the most striking thing is the outside of the building. It reminds me of eastern europe circa 1998. Lots of concrete. No people. No green. Austere. Unapproachable. Another recollection, though I'm too young to have seen it personally, is that of a well-guarded nazi concentration camp administrative building, as portrayed in so many movies. Foreboding. Daunting. It has the demeanor of a place which anticipates being haunted. A bit creepy.

hey hugh: a stakeholder like mota is well informed,and his assessment is valuablebut you and mr jim---who cares!do you guys own anything other than your computers;and why do you "spend many nights" insuch a disagreeable place?successful types you two are evidently not, but "loudmouths"you are.

Mota. If you are correct that they are getting 12 contracts per month then perhaps it is at a market clearing price. I don't think it is fear mongering to raise the notion of a market clearing price when there is little activity shown on SE. The data on SE do not seem to show -- by my reading -- any where near that number of contracts so apparently you are privy to more info. I'm not personally interested in that kind of amenity package, at any price so it's not for me, but to each his own.

JRw..I don't think its unreasonable to argue "Buying into a building tthat is 30% or so in contract is nuts if the contract prices are not such that they will soon clear the whole building, because you are taking the risk of massive price declines when at some point patience runs out by the bank or the developer". Now, if it is selling out, then the comment doesn't apply. You win wittiest comment of the day award for the computer remark....

Unless that Russian bar maid is coming up to my unit to give me hand release with my 5 days a week free breakfast-- these are not "market-clearing prices"

I'm very interested in this amenity. Please tell me how in the world the staff accomplishes the feat of producing:

chilled water with lemon

How do they ever manage that when they are also allegedly serving tea in the same spa? (I'd have to see that before I believe it.)

I've never even comprehended such luxury.

Mota please, who are trying to kid.
Let me guess, you are purchaser of 20FG? Daniel and Gabor Marotta? Marotta...Mota....ooops.
Paid 1.6 in Aug of '09 and then tried to flip for 2,210,000?
http://streeteasy.com/nyc/sale/484349-condo-40-broad-street-financial-district-new-york
Is the extra 10K to show this is not another plain vanilla listing?
And the flip being a pipe dream now hoping to rent????

StreetEasy History
11/18/2009Listed by Prudential Elliman at $7,500.
12/23/2009Price decreased by 7% to $7,000.
01/05/2010Price decreased by 7% to $6,500.
http://streeteasy.com/nyc/rental/598306-condo-40-broad-street-financial-district-new-york

But I suppose 4.7% return on your cash is ok compared to cd rates. Oh, but you have to rent it first.

And these 57 units sold is certainly newsworthy. Where can we read about it?

signed,
Just a dumb blogger

truthseeker..gotta love the internet...

why would anyone buy in this market in that area and immediately start trying to flip or rent?....what's the plan...

"truthseeker..gotta love the internet..."
But there is so much false info out there....:)

mr truth:your oh so carefully crafted analysis is in fact boring and likely incorrect.i'm retired and can afford to putter around here;but you and your cohorts appear to be "wannabe" intellects and seers on real estate matterswith no supporting credentials :am i wrong about your respective real estate accomplishments/non accomplishments ?

I dance on roof tops when not cleaning chimneys.

Shil Shil-ery
Shil Shil-ery
Shil Shil Shil-ee!
A broker is as transparent
As transparent can be

Shil Shil-ery
Shil Shil-ery
Shil Shil Shil-oo!
Bullsh!t will rub off when
I shake 'ands with you
Or list me in contract
And that's bullsh!t too

http://2.bp.blogspot.com/_bkFIPLIOGL8/SawSSHMPNEI/AAAAAAAAeLY/6_LRobvAWWA/s320/mary-poppins-van-dyke_l.jpg

All that $ and you get a 12' wide living room
I think i would stick with my vanilla condo- at least i don't need special narrow angle lenses to watch my TV

mr truth:ahah,i get it-you're into theatrics!ever make any real money?

jrw293 - i would quit now before you look like even more of an ass.

Yes I can afford Grey Poupon.
And an all cash buyer that was responsible with his money.
But you live in the Setai dude, it's bad form to talk about money.
Go to the spa, I hear it's nice. Why waste time with a bunch of uninformed chaps on a silly forum.
12 in contracts per month will have this buidling sold out by years end.

you all:you obsessed d-level s.e. racanteurs i'm jealous of you,i'd like to be 17 years old again.

@jrw294 >> ever make any real money?

If I told you I am a male model who makes thousands of dollars to walk and pretend to be interested in you, would you love me more?

skinny, maybe if you're an a-level "racanteur"

jrw, i might be jealous of you (not) if the development could sell anything at all. shit, it's been well over a year. 15 closings. give it up. if you closed you were stoopid.

Truthseeker - I am glad you are able to impress yourself with your resourcefulness.

If you must know, Mota is the surname of my Brazilian girlfriend. It has nothing to do with the 20FG Daniel and Gabor Marotta.

By the way, if you ever intend to invest in real estate, I would suggest that you strip out the carrying charges before you calculate your return. You overstated their return. But also do not forget the benefit of depreciation. Carrying charges for that unit would be $3,282.15. $6,500 - 3,282.15 = $3,217.85 X 12 = $38,614.20 / $1,600,000.00 = 2.41 percent return. Depreciation allows for $46,545.45 per year.

At least they are doing better than you with your $10,000 saving account earning a one percent before tax return.

I would suggest that you spend a little more time figuring out how to calculate a return rather than wasting your time snooping on people that you do not even know.

Secondly, I would not take a property in my personal name, as it obviously allows a loser such as yourself the sick pleasure of snooping into another’s business and then posting it on a blog. People you do not even know. Do you feel good about that. I really think you are a little creepy.

If you happened to read my last entry, I have yet to close. Take all the shots at me you want, but I assure you I am not Daniel nor Gabor Morotta. You should direct an apology to them.

As for “Hugh G” - “I’m inclined to common on your heritage” - after questioning my intellect. The word is “comment”. Let me assure you my heritage goes back to before the founding fathers my good friend Hugh. You will not find a whiter person than me. Save your racial insults for another place.

Hugh - by the way, why have you spent so many nights at the Setai, if you do not like the food or the place? And why visit the blog? I only wish the building were more “austere” and “unapproachable” to keep the wannabe’s such as you out.

Lastly, Hugh - I will remind you that I fully intend to enjoy my 29s across the board - Michelin Star breakfast. May I suggest for you, I heard that there is a coffee cart on Broadway and West 4th Street that sells a buttered roll and coffee for a dollar fifty. That should save you a dollar a day. Take a walk up there a million mornings and then maybe you can be my neighbor. Until then every breakfast I enjoy, I will happily think of you chewing on your buttered roll. Sorry I forgot about inflation, I guess you will never be my neighbor.

SkinnyNSweet - some times the real luxury in this world is attention to detail, not necessarily how hard it is to provide. Maybe something you should keep in mind instead of living a life being fooled by your glamour magazines.

For the rest, I am only trying to provide a measure of information for those that have the interest and the financial capacity.

"For the rest, I am only trying to provide a measure of information for those that have the interest and the financial capacity."

mota, i don't know how the hell you'd know how many people entered contract unless you were part of the sales team. really. i am well and truly sorry, but this project looks to be f'd unless it changes drastically, which could only be bad for anyone who has already closed or who is in contract.

Aboutready - I am not a member of the sales team. I am merely in contract with a provision that I cannot be compelled to close until 40% are in contract. This is a provision that I selected, and I am sure that others have as well, most likely at different degrees of contracts or closings. Obviously when you have a provision in your contract that designates a certain number to be in contract, this becomes a material element in the contract. To the extent that I close and this is in fact a misrepresentation, then not only would the sponsor be in breach and liable for damages, but also the sales team for their misrepresentation. I fully understand that there is much puffery in the normal sales process of condominiums, but to say they are lying to me about the number just to get me to close early would be outrageous. I am confident that they would not be so foolish to make such a misrepresentation. I have checked in on a monthly basis and the last report - a few weeks ago they were at 57 signed contracts, and over the last three months that has been an average of 12 per month in new contracts. This number is not contracts out, but signed contracts. With this number in contract, I am comfortable that a bank would be foolish to foreclose, and with any degree of logic will see the project through to the end regardless of whether or not the sponsor defaults. After all, the vast majority of closings go to the bank to pay the loan. This is not to suggest for the moment that the sponsor is in default. Lastly, the numbers have been reported to me by the closing coordinator in writing.

monsieur readyabout:i've noticed your ruminations about real estate,on s.e.;on a non-stop basis.nothing i can discern has ever been informative or insightful from you.you post,but never posit.why do you bother?you obviously have no financial stake in these buildings;is it that you lack financial resources?why not learn about something before you opinionate so much !

jrw, you're financial stake shines through quite clearly. good luck.

do they have toilets at Setai?
http://clubwah.files.wordpress.com/2008/03/woman_35_lg.jpg

What is aboutready's obsession with the Setai anyway?

aboutready
about 1 hour ago
ignore this person
report abuse
kw. well put. but the opportunities for danger are fairly widespread in the burbs.
on a personal note, I'm a stay-at-home mom for many reasons, one being that we're lucky enough that we can afford it. good parenting is vital anywhere. and not so easy.

hfscomm1
less than a minute ago
ignore this person
report abuse
Oh look, aboutready has no ambitions or dignity. She's a stay at home mom because her husband works. Not only does she not work, she doesn't do anything else, no volunteer or community work, etc., doesn't even have any hobbies other than alcohol, the gym, blogging negatively and having a disproportionate number of stories about toilets.

setai and 20 pine...may they both rot in hll. both buildings represent the worst manhattan has to offer. pretentious chic which was created by the bull market and has now died with it hopefully to never come back. I think it would be most proper for both buildings to end up being turned over to the city and used for low income housing.

mr marco:there's an available position at both buildings as shoe shine attendant;you most certainly are qualified!

jrw, you need to insult personally anyone who thinks this might not be a stellar investment? your desperation is showing. by the way, i'm not a monsieur.

jrw...and to a lesser extent mota...This website is clearly a forum for people to make observations about the market, buildings, prospects, sales activity, etc. Why not engage on the merits, and drop this silly effete snob shtick peppered with ad hominem attacks. Either ignore SE or post some cogent analysis of why this building isn't in trouble. The best evidence presented in favor of the building's success is curiously absent from SE -- the contracts flow.....

and that why you deserve to lose. becuase you think that its an insult to be a shoe shine person. at least thats an honest days work. for some people they are happy to do that. its not nice to knock the workin man.

i gotta put on some Rush now

hello:to any adult or professional reading this site,i trust it,s quite clear that our first amendment rights are on display ;even when the expressions are lewd,dumb ,immature ,mindless or all of the afforementioned:are they spoiled brats? angry brats?jealous brats?

absolutely...but the first amendment won't protect you from karma

jrw. you do realize how you present here, no?

how is it lewd to ask for proof of contract signings? why wouldn't the development list them?

i'm certainly not jealous of someone who bought so unwisely.

JRW WROTE:

MOTA; your knowledge,expectations,and assessments are right on.And yes,most bloggers here,i believe, know nothing,have nothing,and do nothing.The SETAI is a one-of-a-kind condo/club ever closer to achieving masterpiece status.Yes, there is always risk;but i wouldn't lose sleep on a purchase here,at the new prices:I own here.

I love that ....masterpeice status.....wow...

I think she's referring to the guard dogs in the lobby.

anyway...mota..why not get them to post teh contracts so we can measure the momentum....

guard dogs in the lobby? hell, why didn't you say so? worth at least an extra milllion.

mota (and well jrw, altho you don't seem to address substance):

- what is going on with the ask prices at like 1400psf when closing are near 1000
- why so few contracts and closings listed?
- wouldn't the marketing team realize that absurd ask prices and paltry listed contracts would deter buyers?
- if you feel the above is irrelevant, then fine,...but i think some buyers do search for properties on this site and would see the few contracts and absurd prices as a good reason to avoid the place altogether

dear readiness-in- waiting: my accountant says i have a knack for buying right;something i've repeatedly accomplished,these successes yielded to me a ten-fold upgrade in my start out living standards.you on the other hand stand still and obsessively assess;a likely case of analysis/paralysis;with no good outcome.
jimbo
how old are you?

"my accountant says",,more faux-effete shtick...

,,dude, there ain't nothing more pitiful than someone who wants to sound like he's donald trump (cause, in case you don't get it, trump is an ass, so it's doubly pitiful to want to sound like him)..in case you missed it during your stellar career, there are lots of dumbases with money, and lots of cool people without it...

what an ass....

jrw, you do realize that you are doing this development harm, not good?

about and jimbo:sounds like you two are a matched comraderie -try a rendez vous;two stinckers.

and you and mota can do the tango. in an undersold development.

nice, attack, attack, attack. but the bottom line is that is doesn't make any sense to buy under the circumstances. amenities or no.

my genius know-it all :an adjournment.i,m off to have a stroll on the beach.good day!

I actually looked at this development when I was looking to buy these past many months. I also looked at the 2 bedroom rental. The spa is truly nice. The gym is not any better that gyms in many new condos. The breakfast certainly sounds nice but to think it is "free" with these cc's is laughable. The apts are small, cramped, dark and oddly configured. Plus it doesn't have a kitchen that any cook would welcome. It seemed to be designed for wealthy financial guys who are single and too busy to care about value. Or people who work in the area who need a pied a terre when they need to stay overnight in the city. But I think those purchasers have largely disappeared in this environment. I think this development is a victim of bad timing.

But the real risk, which no one has a fix on, is whether the developers can service their debt. When a building is in trouble, as this one is, your investment in this building is at risk. This is not the only development in Manhattan that suffers from this trouble. Rushmore comes to mind. But no one, including the owners who post here, know the true status. No one here knows whether the Setai midtown is in distress -- even though the lack of marketing is alarming. No one knows how compromised the developers are or whether they are overextended. That is the risk. Not just that there are very few contracts listed. Perhaps in time, it will all work out and this will prove to be successful. But it is a risk. Also, there appear to be investors in the building. If they cannot rent -- and rentals are not going well -- these investors may bail and create even more risk. No one can deny that there is risk involved in a purchase in this building.

aboutready
1 day ago
ignore this person
report abuse i'll step up to the assholic plate. my husband is an equity partner at a large law firm. wouldn't touch this piece of shit, ever.

Daniel....er I mean Mota
>"By the way, if you ever intend to invest in real estate, I would suggest that you strip out the carrying charges before you calculate your return. You overstated their return. But also do not forget the benefit of depreciation. Carrying charges for that unit would be $3,282.15. $6,500 - 3,282.15 = $3,217.85 X 12 = $38,614.20 / $1,600,000.00 = 2.41 percent return. Depreciation allows for $46,545.45 per year."

Actually I din't overstate or understate anything,it was for an expected return.
First off, there is no carrying charge now because if what you stated in earlier posts is correct, there is no carrying charges until the building is 40% sold..n'est pa?
Secondly,the ACTUAL return for the last six months is ZERO as it is still listed for rent. And when you calculate your business transactions in real life instead of just on paper, you have to consider the vacancy time with the occupied time. It's like telling everyone you won $XXX amount in Vegas in blackjack but forgot to include the $XXXX you lost in roulette.

>"At least they are doing better than you with your $10,000 saving account earning a one percent before tax return."
I would suggest that you spend a little more time figuring out how to calculate a return rather than wasting your time snooping on people that you do not even know."

My cash in bank is well into 7 figures and the return is paltry but is is hard earned money and I recognize it is better than a lessening principal. A formula my dad taught me a long time ago sunk it and has proven quite healthy. 1/3...1/3....1/3. That is a third in real estate, a third in industry (your biz and/or stocks) and a third liquid. You can play with the percentages 5 or 10% depending on market conditions which I have done so now towards cash but excessive "non working" cash doesn't burn a hole in my pocket and brain like it does to most. It is the only way to capitilize on real buying opportunities.
But to the original sentence, they are doing worse than 1% when they are at ZERO%.

>"Secondly, I would not take a property in my personal name, as it obviously allows a loser such as yourself the sick pleasure of snooping into another’s business and then posting it on a blog. People you do not even know. Do you feel good about that. I really think you are a little creepy."
If you happened to read my last entry, I have yet to close. Take all the shots at me you want, but I assure you I am not Daniel nor Gabor Morotta. You should direct an apology to them."

This person actually bought 2 units in this building, and 1 for sure wasnt in the personal name but the signatore for the company that bought it was. And to be truthful, I am not the biggest fan of the invasion of privacy the internet, acris, etc. allows but if it's there you have to be a fool not to use it as others will. This search took a whopping ten minutes. I find the coincidence in the name much more believable than your name being your girlfriend's surname. But I'll play along and take your word for it.
And ordinarily, many on this board would tell you bon chance but the arrogance you've displayed on this thread invited much deserved rebuke.
And when you jump in ice water and tell everyone, come on in, the water's fine, you have to expect some to pee in the pool.

http://www.facebook.com/denise.mota

Oh no - I guess the cat is out of the bag. My cover is blown. You found me! You guys are so good! Yes this is my facebook page, and yes I am the corporate signatory for the units that I am trying to rent. I have been trying so hard to get truthseeker to put his massive cash position into the project to support my units' values, but he only appears to "pee in my pool."

Truth be told, entering anything of substance on this thread is just a waste of time. I will say it has been amusing to read your rants. I hope you enjoy your plain vanilla condos and your Spartan existence, as I will certainly enjoy my choice of luxury even if it may be out of current fashion.

By the way, I hear there is a good value condo project in Queens. They are providing a purchase incentive of twenty complimentary cans of beans to go with your condo. Perhaps you two should take a look.

Denise, is it a coincidence that the two residents of the building posting on here go out of their way to sound like snobs?

jimbo/non truth/readiness :aka dumb,dumber dumbest;
your incessant ,mindless rants on virtually all topics [of which you obviously have no stake in,and no knowledge about ],is nauseating;you 3 are everywhere on streeteasy.you would do well in m/h/o to think more,learn more ,and over time become contributing members herein.

jrw
You are a dandy and at the very least entertaining. :)

Mota
Would never buy in queens, but then again would never buy in Fidi.
You and the rest of the euro trash can pretend it's a great place to live. Discuss how special the Setai is over brunch at downtown cipriani with your brazilian courtesan all you like, the building will average below $1000 psft when all is said and done. Live in your bubble all you want but stop trying to recruit others underwater.

Thank you all for the interesting banter regarding the Setai. And thank you very much to Mota and the others who are entering or have entered into contract at the Setai.

As a Californian, looking to do a bi-coastal commute soon (SF-NYC) and seeking as many amenities as possible, I am very interested in renting at the Setai for at least a year before wanting to purchase.

aboutready
6 days ago
ignore this person
report abuse

maybe they have someone to lick his balls nightly as well.
that would be truly masterpiece.

What a toilet whore. This woman has absolutely nothing to do with this development whatsoever, isn't even a neighbor. And yet she's talking about ball licking.

Looks like we have a few closings here, and for those who bought already, you may want to buy a few more units to cost average down.
$800 psft appears to be acceptable......wooops

03/10/2010 #24F $476,907 613 sq ft
03/10/2010 #14F $476,907

My Dear Truthless; You continue your odessy into an area beyond your reach and scope.The SETAI is clearly unattainable if one has neither the means or ambition [YOU].Moreover,your assumptions about p/p/s/f are incorrect-alas,why should I bother to endow a mindless ,wannabe R.E. maven with insight ?Consider meditation or medication to overcome your inferiorities -and sleep,per chance to dream and become the better for it,and crusade over something at least you're a little savy about.

My Dear JRW

Perhaps you think Ive conjured up these sales out of the air?
Have you looked at the recent sales in the building?
http://streeteasy.com/nyc/building/the-setai
The source of information is from ACRIS, the internet city database for records on these transactions.
Please read up before you poke your lance at another windmill ol' chap.

How about that,,,,,now the sales numbers magically doubled....a streeteasy error?
I guess my posts got someone at the Setai's panties in a bunch

they've been changed to;

03/16/2010 #16A $937,527 -
03/16/2010 #16D $803,595 -
03/16/2010 #17D $803,595

Oh never mind, my mistake, different units.....

So let's see.... (and apt sizes confirmed through page43 of the cond declaration)

24F $476,907 617 sq ft interior 82 sq ft terrace
so if you consider the terrace even free that's $773 p sq ft

14F $476,907 620 square feet .....that's $769 psqft

16A $937,527 905 square feet......that's $1,035 psqft
16D $803,595 848 square feet......that's $948 psqft
17D $803,595 the same

With these new additional sales that brings these 5 apartment sales average up to $895 psqft.
Look at the bright side, the Setai market went up 10% in a week! (with a lil help from the sucker in 16a)

Dear Huggy-Truth BEAR, try self-analysis,rather than your relentless intrusions into the affairs of grown-ups. 'Curious,DO YOU HAVE A "POT TO PISS IN " of your very own ?

Senor Quixote,
Are we changing the subject now?
Actually if I could stomach living in FIDI I'd consider the Setai at $800psft.
And I could certainly afford all the active listings shown in the Setai, at their full asking price.

Sorry if the truth is too painful for ya.
Maybe apply some of your energy against the shillery that got you to buy to high in the first place.

Note for truthskr10 - responding to your post on the sponsor units comps thread, here are the recent closings not already mentioned in your post above. Hopefully you can match to square footage.

03/24/2010 #23G $505,338 -
03/22/2010 #18C $530,508 -
03/16/2010 #17C $540,881 -

Sideliner

Must we pour more salt....ok, Im your huckleberry. :)

03/24/2010 #23G $505,338 - 560 sq ft = $902
03/22/2010 #18C $530,508 - 583 sq ft = $909
03/16/2010 #17C $540,881 - 583 sq ft = $927

Truth: you must be wrong about the direction of this place. Look at 19FG:

05/23/2009
Previously Listed by Prudential Elliman at $1,895,000.
07/17/2009
Prudential Elliman Listing is no longer available. Last priced at $1,795,000.
03/31/2010
Listed by NY Living Solutions at $2,195,000.

Even though it couldn't sell at $1.8 million after a year on the market, the price has been raised to $2.2m. Certainly things must be looking up if investors seem to be so optimistic about their millstones. Why, there will probably be a price war any minute. I've read about such things in NY RE.

The lesson here: when NY Living Solutions (whoever the f*ck they are) comes to you to say ditch your old broker and hire us to market your stale listing because we can get you a big price, run away. Far away.

Has anyone seen the finished amenities. i.e. roofdeck, spa, etc...? Or even better, does anyone have any photos?

And the blood keeps pouring;

04/13/2010 #14B $737,352 /842 sq ft = $875 psqft
04/06/2010 #26F $543,745 /529 sq ft = $1027 psqft
03/31/2010 #15F $541,183 /661 sq ft = $818 psqft
03/31/2010 #25C $481,723 595 sq ft = $809 psqft
03/31/2010 #21C $459,186 /584 sq ft = $786 psqft
03/30/2010 #19D $784,053 /831 sq ft = $910 psqft
03/26/2010 #12C $509,125 /583 sq ft = $873 psqft

poor boy-true goo:'long time talkie-talkie ;buy or invest in anything,anywhere at any price and make any dough ?

From the 75 wall thread;
jrw293
about 3 weeks ago
" TRANSIT :how bright are you? You are a n injured party by virtue of the shoddy floors perhaps $20,000 damage? By broadcasting the situation;you may realize the following success:Maybe you will discourage sales in your building;potentially injuring your position by 20-30% of your purchase price.Though you may win a Pulitzer ,you may end in the 'poor house' poor boy.Look up discrete,as an option."

Dear Sir,
It is precisely your attitude that epitomizes the greed, corruption,and dishonesty that is now in the spotlight like these boring Goldman Sachs hearings bringing to light the rubbish and old school thievery you champion.
Go have a shvitz at the spa and stop bemoaning the truth.

true goo:transit and you are different ;transit is impractical but respectable--you are a nobody with no stake in anything ,except your incapacities!

jrw, your interesting use of punctuation fascinates me. your content, not so much.

jrw
You've been exposed, your motives unveiled, like a hooker with with her torn stockings, lipstick askew, used condoms in your hair pleading with the cop, "No, those are balloons, I'm a clown."

TRUE GOO---aka SNOOPY POOPY:GOODNESS GRACIOUS,YOUR'RE IN FACT A TEXTING PEEPING TOM WHO HAS NO BUSINESS DOING WHAT HE'S DOING!

what language is this?

printer: I think you're "talking" with John McCain or Courtney Love. I can't tell them apart anymore.

skinny: good one. Ha. so true

mccain awakening from a nightmare, courtney living a nightmare.

mccain interrogating blankfein yesterday was a joke. he was lost. no idea what he was talking about. couldn't even follow his own questions to blankfein. just wanted to let arizona householders know that wall street was bad and he wasn't going to stand for people making money when there were voters who were hurting. it was scary. thank god he was not in charge to lead us through this mess. Acluistic in the extreme.

i watched but i stopped before blankfein. i couldn't stand it any longer, and seeing dr. evil spew his world view might have made me really queasy.

Better than having Congress focusing on steroids in baseball I guess.
But still nonsensical. I mean what is so hard to understand?
So Goldman Sachs is a glorified bookie, giving a spread and taking ALL bets, as long as they didn't outright lie in any disclosures to customers, what did they do wrong exactly, Istill don't understand.

And why isn't Charles Rangel in jail?

truthskr 10;hey man---you actually said great stuff.watch out for the angry mobs roaming wall street and the congress.

truth, as a client/customer you like? someone who would sell you "shit" and likely told you it was great?

why isn't mozillo in jail? really?