The Edge

What are you trying to find out? You can just look at closings through streeteasy.
http://streeteasy.com/nyc/building/the-edge-22-north-6-street-brooklyn?show_all=true
It's not that much of a lag between when they post.

BuyorRent
Were you looking at the J line in the North building?
The 1 bedroom with the home office?
Cause those apartments facing the water have been getting CHOPPED!!!
7J ask $740,000 sold $580,402 cut > 21%
5J ask $720,000 sold $615,000 cut > 18%
4J ask $710,000 sold $656,771 cut > 11%

rentrent, I ran a search 2 weeks ago on ACRIS that gave me the sale price on a particular line that I was interested in. It took a lot of time to whittle through the closing information on ACRIS, so I was wondering if there was a simpler way to just search for the South Tower. That unit/line is currently listed as sold without a sale price on Streeteasy. Indeed, there are several units listed as sold without a sales price, some of those units appear on ACRIS but it takes a lot of work.

Joseesq,
Once you know the lot numbers for the apartments you want to check on you can hit"edit current search" and check up on the few apartments in the line you are looking at. Can you give an example of one of the units you are referring to?

> 7J ask $740,000 sold $580,402 cut > 21%
> 5J ask $720,000 sold $615,000 cut > 18%
> 4J ask $710,000 sold $656,771 cut > 11%

What is the square footage?

Are these in the North or South tower?

rentrent, we looked at 11J but even at 920sq feet, decided that the layout felt small. It has an outdoor area and was listed at 780k.

Does anyone here know if the Edge is paying the transfer tax on these sales?

Hi all,

There's some really useful info on here, thanks everyone. Got a couple of questions (first time home buyer):

1. I'm looking at the A or D line (2 bedrooms) in the South tower, they all seemed to be priced at over $1000 per sq foot (city views). Given that is so much above average, can I expect them to come down to $800-850?

2. I got a bit lost with the financing discussion - Fannie May splitting it into marketing phases, etc. Given I intend on putting down around 35-40% and then pay off the full loan in 5 years, what is my best financing option and can I actually get it with this building given they haven't sold 51%?

Can anyone offer me any information regarding The Edge paying the transfer taxes?

Can anyone tell me when the tax ebatement kicks in? After closing or when the building is approved? Just wondering if I'd lose any time if a building was for approved in 2009.

Karts,

1. It depends on the floor, views and if you are getting any concessions, but you can expect them to come down from asking prices. Maybe not that low if it has a city view, but it doesn't hurt to offer a number and see what they come back with.

2. The Edge has been approved to be separated into phases to allow larger banks to provide conventional financing. If you look through earlier posts on this thread, Sunny Hong from BOA commented on this.

Many have also recommended MetLife who is their preferred lender. They have competitive rates and shouldn't give you any trouble with your loan seeing that you are putting a nice down payment. With your situation, I would go with a 5/1 ARM to save on interest.

Tax abatement has been approved and is suppose to begin in January 2011.

So if i were to close in early 2012, does that mean I lose the 1 year?

I'm not sure if it began yet, but the clock starts ticking once the abatement becomes effective, not when the building is approved, so to answer your question..yes. It can take 6+ months after the first closing for a tax abatement to kick in.

buyORrent - seller typically pays for transfer taxes. Edge will pay for transfer taxes if you negotiate for it.

I have a question about foot traffic at night. How is it? The few times I have been around The Edge at night I don’t see many people in the streets once I pass Berry.

N. 6th is always busy with foot traffic. During the warmer days, they're always people walking along the blocks by the water or riding their bikes on Kent ave.

And there will clearly be a further increase in traffic once the new CVS, Mole Resaurant, waterfront Ark Restaurant, and grocery store open in the ground floor of the EDGE and NSP buildings

I am interested in purchasing at the Edge, financing thru an fha loan. I was looking to get some advice from others that may have gone this route. Mostly curious about the 3.5% down payment, is the whole amount required at the time of a signed contract, or is it broken down in payments. When I was at the sales office, I was told the min. down payment was 10%. Thanks

ele2b3
hello we did an FHA loan, and we had to put down 5% to enter into contract. But i think they usually ask for the 10%. Thats about what you are going to end up paying for the apt with closing costs and everything else. But with our 5% that we put down 3.5% went to the down payment and the other 1.5% went towards some of the closing costs.

thstreet: I'm only speaking from my own personal experience here but although MetLife may be a preferred lender with best rates, they are the worst when it comes to processing your loan. I too put down a very large down payment but that didn't matter as the MetLife loan officer I dealt with, Joe Klineburger, is a clown. All talk no action. Lou Spano from ISB is a standup guy, unfortunately, his rates are not as competitive.

They all say they can close, but if service and timeliness is important to you, I strongly suggest you do your own homework and come to your own conclusion regarding which bank will help you close versus jerk you off. All I know is Joe Klineburger from MetLife and Dave Coggins from Approved Funding wouldn't know how to close a tupperware lid.

I would recommend Rolan Shnayder from Home Owners Mortgate Express. I used them to close on my apartment in The EDGE, and they processed my loan in less than a month with no hurrdles or additional documentation requirements at all. 4.125% for a 5/1 ARM, although this was a couple months ago.

It's unfortunate that not all loan officer's have the same work ethnics.
ele2b3, BOA can provide FHA loans at the Edge. Sunny Hong has been known to be helpful - sunny.hong@bankofamerica.com

ok...shoot me..but I think people on any website (including SE) should take a very deep breath before trashing people using their real name (all the posters here are anonymous, so this ain't a level playing field)..maybe someone is overwhelmed with an unfair workload, not that bright, has family problems..whatever. This whole internet thing of trashing someone -- again, with their real name while we remain anonymous -- is unprecedented in our culture because previously this technology didn't exist.

This happens on SE from time to time so I don't mean to single out anyone. I just think it's pretty nuclear to use a real name that will turn up on Google forever maybe in making a negative comment.

i used metlife to close on my fha loan. i got a great rate and everyone was very responsive all of the time. even over the xmas-new years break.

thanks for all the good info

This was on the Front page of NY TImes Real Estate section this past sunday:

http://www.nytimes.com/2011/01/23/realestate/23cov.html?_r=1

I closed recently on a 2 bedroom corner apt in the South Tower on a high floor with (amazing) city view. I got a FHA Loan by David Strause, seasoned Mortgage broker with Luxury Mortgage. He has been fantastic. Great rate (below 4% on a 5/1 Arm), excellent customer service. Very Happy. I highly recommend him. His direct is 347-688-4337. Hope this can help.

buyerbuyer: I respect your opinion but these people are professionals, not civilians, thus we as customers are not unreasonable in opining on their business practices and performance. Unfair, workload, family problems, not that bright.....not my problem. Their issues do not supersede my need to close on time and receive the full value of services that I'm paying for.

This board has not been shy about recommending or warning fellow posters about which broker/agent/loan officer/inspector/etc to trust or avoid in the past. I consider this a good thing from a transparency perspective. If people rate doctors and lawyers, then I don't see what's wrong with doing the same for RE brokers, agents, attorneys, loan officers.

Anyone have the latest info about % sold in phase 1?
thanks

Phase 1 would have to be over 51% sold if the larger banks are providing conventional loans.

does that mean if banks were still approving any kind of loan and the economy was humming along that 51% woulde be sold?

street: Yes, but are the large banks providing conventional loans yet? I don't think so.

BOA is providing conventional loans for Phase 1.

alberto,
what is your line? I am also looking for 2 bedroom in the South Tower too. What is % down you can ask the now from the offered price? do they accept 5 or 10% on a higher floors with a view? thank you

knyazhna,
my line is D. I actually put down 40%, so i don't know what is the minimum you can put down for the high floors.... sorry

alberto,
sorry for confusion, I meant reduction of price, if Edge has an offering price of 795k how much you can ask to reduce? minus 10% or less? Did you ask sponsor to pay transfer tax?

We are providing conventional loans on floors 3-9 in the south tower. Will keep everyone posted about when conventional loans will be allowed for the rest of the units. But we are financing FHA on all units. sunny.hong@bankofamerica.com

Hi Alberto - thanks for the info. I'm looking at the D line too on a mid-high floor. Just to give me an idea of how negotiable they are for these prime apartments, approximately what % lower did the Edge go on a D line from the asking price? Thanks.

Karts:

The prices listed here on Streeteasy and in general, the asking prices on the website, are pre-recession prices. That being said, there are definitely some units that they adjusted to recession pricing. I would say a safe rule of thumb is this: Non-western facing lower apartments should be about 680-700 per sq ft. Western facing view on lower floors would be around 720-750. And then prices climb from there.

Basically, The Edge is not asking pre-recession prices, but prices are definitely going up from just 3 months ago.

Hope that helps.

Karts and knyazhna,
I closed my unit two months ago with a 10% reduction. It is one of the most expensive units because it is the highest floor, just below PHs, corner two bd with an open (magnificent) view of manhattan skyline anr river.
Price per sqf in these few units is around or above $ 1,000 psf. I personally paid about $ 1,050 psf.
Do not expect much reduction up here. Keep in mind that all PHs have been sold, very quickly, for over 2 Million each.
Hope that helps.
A.

i'm trying to find sales price history on acris and not having luck. going to see the i-line today. anyone have any comments about that line, on lower floors?

Finalizing contract for high-floor 1BR in South Tower. Putting 20% down. Received quote from preferred lender on conventional 5/1 ARM of around 4.35%. Two questions: (1) Are the preferred lenders now really doing conventional loans on Floor 10 and above? (2) Have people doing similar deals been getting better conventional rates?

I believe conventional loans from preferred lenders are still only floors 2 - 9 in the south tower (at least with BoA).

I got a rate of 4.125% on a 5/1 ARM from one of the preferred portfolio lenders back in November. At that point the big banks weren't giving any loans on the Edge.

Does anyone have any insight on accepted PSF on the L or O line (above the 5th floor) in the South Tower? I cannot find information on ACRIS or Streeteasy on those lines, but apparently a quite a few are in contract.

WBer -- can I ask, which preferred portfolio lender gave you 4.125% back in November?

Is there a transfer tax for a storage room? How much are condo fees on a storage room?

edgepledge,
All of their preferred lenders are providing conventional loans for the entire building except Wells (FHA only). BOA can currently provide for phase 1. I believe ISB and Metlife were offering below 4% for a 5/1 ARM, but this was back in nov. or dec. I would call them all and compare rates. Everyone's situation is different, so rates will vary.

joseesq,
I would say courtyard units are going for mid 600psf. There is a small fee on storage units. Not sure about the tax.

@thestreet -- thanks.

BoA is apparently defining Phase 1 as Floors 3-9. They are saying that Floors 10 and above in the South Tower are not approved for conventional financing at this time.

I'll check in with ISB and Metlife.

Fannie Mae has approved floors 10 - 28 in the South Building on a conditional basis through June 2011.

https://www.efanniemae.com/syndicated/documents/dps/condopud/NY.pdf

juuceman - unfortunately, fannie mae conditional approval doesnt do much for lending. Needs final approval to close loans.

@edgepledge
Sure - it was Home Owners Mortgage Express (HOME); a division of NJ Lenders. I believe Rolan Shneider was the contact. They were actually very easy to work with (never changed my rate, never requested documentation more than once, closed pretty quickly, etc.)

Ferry service is officially approved and will start operating this June! Definitely a nice transportation alternative and a plus for area.

http://ny.curbed.com/archives/2011/02/02/longawaited_east_river_ferry_will_finally_dock_in_june.php#more

@WBer -- thanks for the info.

dave coggins and approved funding are impossible promised me a no doc loan as a 'direct lender' then tried to broker my loan without my knowledge they missed the 30 day period to get a commitment then requested an appraisal at my expense after the expiration of the commitment period my attorney requested 3 extensions to obtain a commitment also at my expense and at daves request
due to their negligence i lost the deal and am filing a complaint with the ag and dept of banking

dak: I would make a complaint with the sponsor about Approved Funding. I too had issues with them and I had words with the sponsor expressing my displeasure. At some point, the sponsor should realize that AF is hurting more than helping their cause and perhaps exert their influence on AF to start treating Edge buyers right. Serious buyers should not have to stand for being jerked around by clowns like Coggins.

dak. Rhetorical question. I don't know your particular situation, but considering the newly imposed underwriting requirements for mortgages, what lender could possibly give you a no doc loan? Such lie-er loans, if you will, are partially responsible for the real estate boom and bust resulting in the economics crises our nation, among others, find themselves in today.

actually i am referring to niv eg non income verification for self employed borrowers these loans are available with isb investor savings bank of nj with 50% down provided the building is 50% sold and also hudson city bank of nj offers stated income loans with 30-40% down provided the building is 50% sold please utilise caution when referring to them as 'lie-er' loans this product is for those of us with reasonably high net worth but fluctuating income which i fall into as a broker and investor

dak. You did notice my preface to my statement. It's obvious that I've touched a nerve. Good luck with your complaint w/ the AG.

Dak I have to say your very off base I would recommend Approved to anyone David gets it done it might not be the quickest but they come through they have never failed me yet I have been dealing with them for 12 years

I am sorry i have to say the comments by Dak and salvydicopa from my personal dealings with David are very off base. Approved Funding has come through on so many occasions for projects of mine when Wells, B of A and Chase would not. David Coggins has come through for my clients on so many occasions. Dak I would allow him to come through for you it might be a bit longer then expected but he gets it done.

i would actually worry more about someone putting 5% down on a fha loan who could easily loose their job than someone walking from a loan where they have put 30-40% down
the ag and the nys dept of banking are both being informed about dave coggins and approved funding
they offered to reimburse 1/2 of the appraisal fee and are now asking me to supply docs for their 'investor' one week after the deal was cancelled

Hi alberto
Thank you very much for information
I am looking at J line in South tower , 2 Br with Brooklyn view + baclony, high floors, prices bet 830-860, 920 sf
Do you think I can ask for 10 % reduction?
What about a huge part of closing costs - transfer tax and legal fees – will Sponsor pay these fees? What do you think?
Thank you

From: David Coggins
Subject: Re: david Date: Sun, Feb 6, 2011 7:58 pm
Fortunately I don't have any issues with the Edge or TDG I have done a lot of good for them in recent months. At any rate I will speak with my operations manager tomorrow morning and will let you know what can be done.
From: d_k@ to David Coggins Cc: Baruch Klahr Sent: Sun Feb 06 19:47:01 2011
Subject: Re: david
david i have no 'issues' however the problem is your incompetence please refrain from telephoning me on sunday mornings a week after the deal died due to your lack of performance and emailing me on sunday nights when you can not be contacted during normal business hours as you already offered to reimburse for 1/2 of the appraisal per my lawyers demand letter please send reimbursement check to gus for full appraisal and his fees for the 3 extensions done at your request or i will file with the ag nys dept of banking and small claims immediately keep in mind as a broker and investor i have far reaching contacts in the new york property market beyond the edge apts and lofts and the developers group
From: David Coggins To: d_k Cc: Baruch Klahr Sent: Sun, Feb 6, 2011 7:31 pm Subject: Re: david
Douglas I don't know what your issue is. I am not going to just sit here and allow this to go any longer. I will withdraw your file and let the sponsor know tomorrow morning I have no intentions of finishing the deal. I apologize for doing what ever I could to help. Good luck in your future endeavors.
David Coggins
From: d_k To: David Coggins Cc: Baruch Klahr Sent: Sun Feb 06 19:11:26 2011 Subject: david
david you wasted 2 months of my time and expense clearly someone else who posted on streeteasy is not happy either nor is the edge or the developers group please submit reimbursement to gus for the appraisal and his fee for 3 commitment extensions done at your request your offer for 1/2 the appraisal in unacceptable otherwise i will take this matter up with the ag nys dept of banking and small claims the deal was over a week ago why would you ask me a week after the developers attorney cancelled the deal and sent my deposit back for the further details of .... if my id was illegible you should have let me know when i submitted it 6 weeks ago
From: David Coggins To: d_k Sent: Sun, Feb 6, 2011 6:28 pm Subject: (no subject)
Douglas is there any way you can stop using my name on street easy.com. Look its a public forum and you have every right to say what you wish about Approved Funding but to continuously bring my name up while I am trying to help you get in your new place is very hurtful. I did nothing wrong its taking a bit longer then expected I don't know what else to say. I really would appreciate if you stop using my name like this.
From: David Coggins To: d_k
Subject: (no subject) Date: Fri, Feb 4, 2011 10:10 am
Douglas can you speak? I have a couple items I would like to go over with you
From: d_k
Sent: Thursday, February 03, 2011 5:12 PM
To: David Coggins; Baruch Klahr
david
what is the point of your offering to contact the developer
they pulled the deal from me on monday after waiting more than 1 1/2 months to get a commitment
i keep bringing up hudson city because the good faith estimate i received dated 21 january was from them NOT from you
you registered it online with them 18 january
they received nothing from you after that
no file or 2 copies of the appraisal necessary to issue a commitment
the gfe supplied by you had a rate of 4.75% with $3320 reduced points which i never agreed to and $18050 in mortgage recording tax which is incorrect

Douglas I don’t know why you keep bring Hudson City up?? That was not our investor we might of sent it there as a back up..
From: d_k@
Sent: Thursday, February 03, 2011 4:58 PM
david
this was a NO DOC loan from our first communication on 08 dec so that is an excuse not a valid reason
if i was in the position to go full doc there would have been multiple options with direct lenders
you assured a NO DOC loan with 30% down 0 points at 4.625% 15 year fixed
you accepted my application on 20 dec and sat with it
there was no reason to do the appraisal one month later after my 30 day period to obtain a commitment expried and then to do an online registration with hudson city bank on 18 january
kindly reimburse my out of pocket expenses payable to me and send to the attention of gus

douglas

From: David Coggins
To: d_k; Baruch Klahr
Sent: Thu, Feb 3, 2011 4:46 pm
Gus again I still feel I did nothing wrong here, your client I believe as any client would wanted his or her deposit protected. We are in a very tough environment loans especially loans like a stated loan just take time. I offered Douglas to review his tax returns in December to see if there was a way to go full doc he declined, I received last bit of information to process the loan December 20. From December 20 till last week or even this week is not a crazy timeline to receiving a commitment especially a loan this tough. I will be more then willing to discuss this further with you if you have any other questions. I will be more then happy to at least send half of the appraisal but I am not sending any more then that. If you have any other questions please let me know

Sincerely,

David Coggins
Approved Funding Corp

From: Gus
Sent: Thursday, February 03, 2011 4:42 PM
To: David Coggins; d_k; Baruch Klahr
Importance: High

Mr. Coggins,

As you may be aware, the contract between Douglas Keisler and his seller regarding the aforesaid condominium unit has been cancelled by seller. The purchase of this awesome two bedroom unit... was such a bargain, that the seller was able to relist the unit and easily sell it immediately. Although Mr. Keisler has received a full refund of his 10% deposit, he has lost a unique opportunity with the cancellation of the contract.

Please note that the specific reason that the seller cancelled the contract was Mr. Keisler’s inability to obtain a mortgage commitment from Approved Funding. It is my further understanding that despite Mr. Keisler’s application for “no document loan”, you had assured him that your firm could obtain a mortgage commitment for him.

Mr. Keisler holds you accountable for not only this missed opportunity, but also for the many delays in processing the loan and ordering the appraisal. The “holidays” may help explain why this loan was not processed with diligence in December, but despite virtually daily (documented) emails and telephone calls to you, it appears that your processing of this matter was extremely lax!

Aside from the damages estimated of at least $30,000.00 in order to find a comparable unit, Mr. Keisler is unhappy that he has paid my office $850.00 for legal fees and $400.00 to have the apartment appraised. He is prepared to pursue this matter through the Court and is planning to bring this matter before the Banking Commissioner and the Office of the Attorney General of New York.

I suggest that you and/or your firm make arrangements to reach out to Mr. Keisler and to reimburse him for the aforesaid out of pocket costs.

"Douglas began his real estate career at the age of 18 when he bought his first apartment in Tudor City. At that time it was a rental apartment being converted to a Co-op and Douglas recognized an opportunity when he saw one. Lacking sufficient funds for the down payment, he borrowed money against his student loan."

From Douglas's website http://www.newyorkresidence.com/Agent_Detail.aspx?brid=22805

is it just me, or is it a little nuts to splay your own name across this site in this very public dispute?

It's not just you.

All that blather over a lousy four hundred bucks. Some deals don't pan out, so you move on and let them go.

Douglas isn't shy: http://guestofaguest.com/directory/douglas-keisler/25966/

It's not everyone can do so much with some old slipcovers.

Hi knyazhna,
i believe you can get at least 50% off the closing costs and 6-12 months mainteinance waived. I dont think they will pay legal fees, but you can always try... Offering 10% less is a good start.
Good luck!
A.

alberto, thank you! I am new to that process. knyazhna

What are you comparing the property to??? Offering 10% less than asking is great if you know where it should be.

Ok, thoughts on courtyard unit v. units that will have obstructed views once third building goes up.

I am trying to decide between a courtyard unit and unit that has a view now, but that view will be obstructed when (if) new building is built. I am leaning towards the courtyard unit because...

- Courtyard unit is a bit bigger square foot wise but has better lay out and feels significantly bigger.
- I currently live in a high floor rental unit and while I thought the view was great when I moved in, after a week or two I stopped noticing the view and frankly I often keep my shades down now.
- From my understanding of the prices the sponsor will let these units go for, the courtyard unit will be ~ $100 less psf.
- I think that living in one of the obstructed view units during construction will be a nightmare with the noise etc...
- I think it will be impossible to sell an obstructed view unit for a good price and difficult to rent for a good price during construction.
- Lived in the UES years ago and the view of the building across the one lane street I lived on was not much better than the view in the courtyard and that view never bothered me.

Any thoughts one way or another from people who have looked at the building / lives in the building?

Have there been any significant problems in the building / units since people began moving in?

Thanks and I would appreciate on topic responses. I like the edge as a building and I am not interested in anyone's opinion about the edge v. nsp or edge v. 80 met...

What line are you considering? I have a slightly similar issue at another building. I'm not sure it makes sense to pay more to be on a higher floor when both views are essentially of the courtyard. I am curious about the feedback.

@breukelenZoo...depends on your situation...we were looking at 2 bedroom and 2 bath units and needed the space that the courtyard units afforded...the high floor 2 bed/2 baths are significantly more expensive and are smaller in size...for us, the view did NOT matter as much as if the windows let in light...we decided that the courtyard units did NOT have much light and the units we looked at had a lot of wasted space in terms of long hallways..

does anybody know K line? listing: 7K
22 N 6th Street #7K 2 beds 933 ft² Thank you

@joseesq - I think it is the O line that was on the courtyard. Not sure which unit it was with the views that will be eventually obscured. I think you may have misunderstood my situation. I am considering one unit that is on the courtyard and one unit that has northerly city views currently, but when the next building in the Edge complex is built the unit will lose the city views. However, I looked at a couple courtyard units and I can say that I didn't consider the lower floor courtyard units because they had VERY little light. The higher units in the courtyard get significantly more light than the lower units. It is hard for me to put a price on the difference. I just know that the lower courtyard units let in too little light for me to consider.

Kangster70 - I agree 100% with you. I am much more concerned with light than with a view. The unit I am considering on the courtyard is on the top floor of the courtyard and thus is very light and airy feeling, despite the fact that its view is of another building. I didn't look at the 2 bed 2 bath units so I can't comment on them intelligently.

Knyazhna - What do you want to know about it? I think I quickly looked at that unit the first time I went to the building... If I remember correctly, I thought that the unit was pretty typical of a "roommate" type two bedroom, although there was a master bed that was a tiny bit bigger and had it's own bathroom. I am not a huge fan of these types of layouts, but typically they pull in great rent if you should ever need to rent the unit out. I can't remember at all what type of view the unit had.

BreukelenZoo, I looked at both front facing and courtyard units. Both had some great layouts, but at the end I went with a front facing unit. To me it just felt right. When it comes down to choosing, it really is a personal preference.

I recently had my walk-through and I must say everything was flawless except for a few minor things that needed touching up. I brought a friend along who is in construction and he was also impressed with the quality of the building and finishes. It gave me assurance in my purchase.

Cranberry - I think you are exactly right, it all comes down to preference. For me a little more space, better lay out and significantly less psf won out over the view. On the other hand I totally understand prioritizing view and light. I've only really doubted myself because the view is what drew me to the Edge in the first place.

Great to hear about your walk through and your friend's thoughts in regard to the building. It is great to hear that you are feeling reassured in your purchase.

Anyone else have experiences to share about living in the building or about the courtyard units?

We ended up signing a contract on the courtyard unit mainly because the view was not important to us, and we got a much better deal for the sqft. Like you all said it comes down to preference and priority, for us we had to stay within the budget while getting the largest apt possible. Can't wait to move in!

I live on the G line which has north facing unit. I am on a higher floor. I looked at the courtyards, south facing units and lower units. We chose the North facing because for 5 years or so we will have an amazing city view but after they build the other building, we will still have unobstructed views north because of the parks that are north of the project. When choosing and apartment it all comes down to personal preference. What do you want? To me and my wife, high floor, balcony and views for a few years were more important than an extra 20-30 sq. ft. Also to comment on % off what the edge will give you, they are discounting but the more desirable the unit the less they are gonna budge. Its all common sense here, and they have so many different floor plans and layouts that its impossible to get accurate input from this forum. There really is not that much of a sampling posted here being that only 40% is sold and most of us cancel our streeteasy account after we close. The good thing with the edge, is you are buying from a sponsor, so if you low ball them or ask for something totally ridiculous they are not going to outright reject your offer and never talk to you again like a seller would. They will come back with a counter. You can go from there. In the end, what do you want to pay for the unit, what its it worth to you. Don't plan on flipping these apartments. There are 2,100 units coming into the Domino Sugar factory lot, there is a new third tower for Northside peirs, third tower for the Edge, and god knows what else. I have lived in Williamsburg for 6 years and it does not even remotely look like it did then. So 5 years from now there is no telling whats gonna pop up. Also Long Island City is planing another 2,100 units to be built by 2014. So buy what you love and think about what would be easier to rent out if you out grow the space in 5ish years. Hope this helps, good luck! The building is great, the staff is awesome and the amenities are fantastic. We love our apt and the lifestyle. And for now, the views of the city are the best, especially the sunrise and sunsets!

@Buyer217 - Seems like we had a very similar thought process!

@gettingreadytosign - Great advice. I think your analysis for the 5-10 year period is spot on. Can't imagine what the neighborhood will be like in another 10 years.

thanks gettingreadytosign for your post... good analysis... Do you think that any unit at the edge will be an easy rent in 5 years time from now? I was planning to buy an unit in the lower floors with interior views.. this is the only thing I can afford now... but I am not sure this will be an easy rent...

@buyer2312 ... hey did you buy in the O line?

I think forecasting out 5 years from now is impossible with the way things are. Williamsburg could become a really hot neighborhood, or a complete bust with over development, how could you really know? In any event I think things are going to turn out well in the neighborhood, and I highly doubt there will be another building that has what the Edge has to offer, which is why we decided to buy.

I have not doubts Wburg is going to be a great place (it is already great) I am just concerned about the high inventory in the area and the potential that The Edge will start to rent units if they cannot sell.

holaman, the rental market in williamsburg is very strong. Considering how well all the new construction rentals did (34 berry, 184 kent, etc.) I wouldn't worry about being able to find a renter even if your unit doesn't have water views.

Inventory in the large buildings seems to be moving surprisingly well lately. Edge is selling well, apparently. 80 Met says it is now 80% sold. 58 Met went from zero contracts not long ago to 7 in contract.

From what I can see in recent weeks, foot traffic at the Edge is high, and appointments are hard to get on the weekends.

Now, are these visitors turning into sales? There is no way to know yet. However, I would argue that having a lot of foot traffic and booked appointments is a good sign...

just closed last Friday .. my hubby and I couldn't be happier! at the closing table, spoke with the developer's lawyer and apparently, not only do they have 5-6 closings a week, but March is anticipated to be crazy (meaning many contracts have been signed over the last 6-10 weeks).
agree with other posters on the following:
- the walk-through was wonderful; quality continued to please us very much
- the staff is so friendly, caring and responsive
- the views, well, what can you say - they're amazing
after paying a bit more than we would have ideally wanted (what's new), we now exhale every time we come home - sounds cheesy but true.

one point of difference about inventory:
- we're vicariously going through the buying process in w'burg w/a friend of ours, and have to say, believe it or not, not much quality inventory out there ... w/80 Met gone, and the Edge and NSP selling their units at a decent clip, AND with Domino + third towers' proposed inventory not coming online for AT LEAST another 6-10 years, I'm not seeing that much out there -- if you are, lemme know so I can pass on to my friend :)

chiquiquita, there is inventory out there. I don't know where you got the impression that 80 Met is "gone" - there are still plenty of units left, last I checked. And 58 Met hasn't moved much either. Throw in ~40% of NSP2, ~60% of the Edge, 135 North 11th, and a good amount of smaller buildings, and you've got quite a bit to choose from. While a lot of stuff has gone rental, I think there's still lots of options for the potential buyer.

my latest read on 80 Met is 86% sold/in contract - apparently there are four 2-bedrooms left there (what my friend is looking for) - at this rate, 80 met is likely to be 100% sold by May (as they were at the 60% mark in December)

58 Met is new to market (relatively) with 7 signed contracts to date

NSP2 and Edge - yup - you're right - I'm doing a back of envelope, splitting the remaining inventory between studios, 1-beds, 2-beds and 3-beds and overlaying that over any typical buyer's needs (looking for only one of these sizes) and now your inventory is cut ...

Yes, you have a good amount of smaller buildings, but not a crazy amount of inventory there among them all

I'm not disagreeing with you that inventory exists -- I just rember a year ago everyone saying just how much OVERsupply there was/would be in w'burg, and how it was so overbuilt ... and, lo and behold, we're far from that negative scenario

certaintly, options remain, and good ones at that --- just not in the thousands or tens of thousands that was predicted and much talked about
particularly when people mention Domino and the third towers of NSP and Edge, it's just worth noting that they're 6+ years away, no?

Does anyone know how many 1br unit The Edge has? How many with views and without?

Inventory might be an issue, but taking into account the quality of the building and its amenities, the Edge offers more than other developments. I guess it will start to be hard for people to find affordable units at the Edge once they sell more than 50%.

bjw, the environment at 58 met / 80 met where i was last week vs. september (my last serious look) is very different. I second chiquitas numbers on those places, which is exactly the same as I was told. Also, and this is obviously anecdotal, but there were an amazing number of people going thru the open house I went to at 58 met, as in a constant stream of people in every unit.

by the way, to be clear, 80 met said 81% sold, up from about 60% in september....not bad, if true...

58 met says 7 contracts signed...up from zero not long ago

Fair enough on the 80 Met sitch - I had no idea there was that much movement of late there. Better late than never. And chiquiquita, I agree some of the projections were just outlandish jumps on the bash-wagon. I've been saying as much for a few years (as you can see on this very thread), not that that was a hard call with some people saying 10k units were coming to market in the area.

Hi bjw2103, when I started my search many many moons ago, I too thought there was just tons of Billburg inventory...until I actually started looking at apartments. There really weren't that many buildings that I would go back for a second open house, much less move into. In terms of construction quality, there were a handful of buildings that were just OK to good- IMHO NSP2 - OK, 80 Met - good, Edge - good. Mason Fisk, 70 Berry, and 14 Hope were gone by the time I was ready to commit.

So even though there's 350 units sitting there between the three developments, you're still neogtiating with the same three players if you're serious about buying something! And I found 80 Met to be very obstinate about pricing, at least when I was on the market.

I actually think a developer who would actually put a little elbow grease and brick into a solidly constructed boutique on some of these endless empty lots would do really well. There is tons of rental apts coming online but not very good condo stock, as far as I can tell.

politikat, if you're actively searching, you surely know more than I do right now. I imagine it's tough dealing with the same old developers. I prefer the solid boutique buildings myself (I bought in one) for several reasons. I have to admit, I can't think of any on the market right now that I love (though I'm not looking either).

BJW, I ended up buying at the Edge - went into contact last June just as they were finishing up, and moved in Oct after a three year hunt.

I too love smaller boutique buildings and was going to buy at 80 Met, which I thought was contextual and well built. But I discovered a dealkiller and ended up going for a 1-bed at the Edge. I certainly don't regret my choice one year later (its the best place I've ever lived) but probably would have ended up at Mason Fisk or Mill Building if the timing would have worked out.

I think the best aspect of the Edge (besides the killer view) is the level of quiet. Since there's only a one lane road (Kent) and the water - I NEVER hear any traffic noise. I haven't heard a siren or honking horn in my apt in six months. Its incredibly peaceful.