building at 50 West Street

I don't know re: 1) and 2). As for 3), I disagree. Your broker would have been right in 2014-early 2015, but its pretty well known now that the high end luxury condo market is oversaturated (just google and see all the articles about it). You will want to see how close the building is to selling out and how long the unsold units have been sitting on the market. This building still have 40% of its units to sell and some of these units have been on the market for 300-500 days. I think the developer would take a price below list and/or give closing cost concessions. If they don't, you could go down the block to the next condo. I recently spoke to listing agents at two other projects (though not "uber luxury" like this building) and they both quietly told me that if I was interested to come in with an offer x% below ask and ask for closing costs concessions like seller pays transfer taxes and mansion tax.

It's not in BPC so it can't be a land lease "like BPC" because BPC condos are unique in that they are pretty much the only condos on leased land. Anywhere else if you had a land lease you would have to make a Coop.

I also agree with CCL3 that I think a lot of developers sitting on projects for over a year with a large amount of units left unsold are offering SOME form of concessions now.

STAY AWAY- RENTERS AND BUYERS BEWARE

This building is a total nightmare.

-> Only 2 elevators that service 60+ floors, leave you waiting 10+ min each time you try to take one and with any sort of inclement weather just don't work... scary.

-> Everything in the building creaks with the wind as if it's going to topple over. The building claims this is a new method in construction... I call it shoddy work.

-> While the building is a condo, it's really become a rental. At least 75% if not more of the apts are being rented by owner or developer. Totally transient with an awful renter mentality is what occupies the building.

-> The building location is off a busy highway of sorts...if you're in a cab or Uber get ready to stop, drop and roll out of the car and into the lobby.

If you're tempted by this building... keep looking elsewhere. Just a current apt owners 2 cents.

Only 2 elevators for 160 units? I would have thought 4 for a luxury building like that. Even rental buildings have more than that.

I'm always curious why an owner would say such disparaging things about a building they own in?

Guessing anger but bad for property price. In this case, it seems to be verifiable information.

Not sure where the 160 unit figure comes from (SE lists as 191 unit building). Based on SE closed listings (126) it looks like the building is only 66% sold.
20 units on the market (rentals and sales) does seem to be a lot for a building this size (over 10%) as well as does having 109 rental listings (current + past) for a building that only started having rental listings a little more than a year ago.
It would seem that the vast majority of purchases ended up getting rented out as well as most if not all of the remaining sponsor units.

I live in this building and would like to set the record straight from JenniferNYC11 comments.

She states that there are 2 elevators. There are in fact three in the same lobby, not 2. The elevators are being rebuilt which has made it feel like 2 but all 3 will be rebuilt as new by the end of July. They are some of the fastest elevators made and yes we have had issues while rebulding

There is some creaking in the windows but this is an all glass building for 65 beautiful floors. I had some creaking myself when the winds were 40+ but nothing horrible.

There are not 75% rentals. Not even close. I do not have figures but I would guess 30-50% closer to 50% probably. Why do you make up numbers?

The location of this building is amazing! We can park next door and enter and exit the Brooklyn Battery Tunnel easily. We are a few minutes walk from the 1,2,3,4,5,A,C,E,J,Z M55, M20, Direct Connection etc. It is in my opinion the easiest place to live, that I have ever experienced.

The building is amazing with a beautiful indoor pool, sauna. steam room and hot tub. A gorgeous lounge and gym, kitchen and most amazing a 65th floor Observation Deck with barbecues, lounge chairs and tables etc. It is an elite building and is not for everyone. But at least lets tell the truth

50 West is not a land lease. There are 3 high speed elevators servicing the residents, not including the two elevators for the commercial portions of the building. When an elevator is being serviced, there may be only two elevators in service temporarily. The Sponsor has sold approximately 70% of the units; some of the remaining units have been rented.

The response from both owners and renters has been overwhelmingly positive. 50 West residents say they love the views of the Statue of Liberty, New York Harbor, the World Trade Center Complex, the Empire State Building, and the Verrazano Bridge. They rave about the extensive amenities including the 65th floor rooftop observation deck, pool, sauna, steam room, gym, lounge, library, kids recreation room, arts and crafts room, theater, virtual golf, and more all of which have unique programmed activities, many of which are offered at no charge including numerous classes.

Numerous residents have also noted that the location is incredibly convenient to their jobs and numerous subway lines, as well as walking distance to Battery Park, shopping, and some of New York’s best restaurants. Lastly, the world class architecture, art, and design are often a topic of conversation at building get togethers and noted as one of 50 West’s most unique and attractive elements.

It's always nice when people that work at the building, mgmt or the like answer questions on this message board. When they do, you get comments like the above. The reality is this building is subpar at best. I own on a very high floor that's the equivalent of an AirBnB.. rather at least 2 of the units are being used for such.

Just do your research before considering this building. You'll surely find numerous complaints + issues that sure, are par for the course with new development, but ultimately still linger yrs later which is unacceptable. Buyer beware.

This building is a total NIGHTMARE. The elevators are a death trap. From day 1 this building has elevator problems that have only gotten worse. I've gotten trapped in them twice with the fire dept needing to be called. When they do work, it's maybe 1 working elevator at a time for a 60+ floor building. And have fun waiting for 10min (on a good day) for it to arrive on your floor. Ahh luxurious 50 West.

The ratio of renters/airbnb is astounding. Euro trash meets death trap, welcome to 50 West.

Why not report Airbnb to the city?

JenniferNYC11 is a liar. She should be sued by the owner! I am contacting him

It is very sad to see someone upset so much as JenniferNYC11, but does not help hiding behind this name.
It is always better idea to contact management directly to address the issues, rather then vent out behind the screen and not telling in the face.
I am an owner at 50WEST and has been living here since I closed on my unit in 2017. While it is true that we HAD some delays with the elevators in the past, the management worked with the Fujitech and now it ha been much improved and elevators operate normally. Gladly, neither me or my family got ever stuck in the elevator or I heard from any of my fellow neighbors, who did. It maybe happened, but not to the extent that JenniferNYC11 is trying to make public believe.
Overall, majority of the building are the owners and are living here full time. The developer owns only about 25% of remaining inventory which he rents out at the high rent and people see the value of 50WEST in its views, spaces, finishes and ACTIVATED amenity management, who provides tons of interesting events and entertainment for adult and kids (nowadays mostly via ZOOM), but will be restored when the nightmare of COVID is over. Some of the events to remember: "Star gazing on the observatory", "Tuna carving event", "Cheff Rachel cooking classes", art lectures for adults and "Arts and Crafts" for kids, just to name a few.
There is no vacancies in the building as we speak, that tells me that building has a high demand and I am happy to own here, as for me 50WEST is the best building in New York City and place I call home.