The Edge

polisson,

its not missing grout, its not sealed so when you get water or soap on it, it starts to change. not something that one would know in a walk through. so with all the small tiles on the bathroom floor with white grout, its really dirty now.

Polisson your are correct they are solid wood floors, but only because they are not composite. 3/4" thick does not mean a solid wood floor to me, I don't know if you could take a sander to those floors. 3/4" is smaller that the distance from one knuckle to the other on the same finger.They bow or pop up on their own if not glued down properly. If someone sands the floors let me know. Don't get me wrong the floors look and feel nice and wont split like a thicker wood flooring. buts its more like a veneer than a wood floor. the gaps inbetween the floor are going to be troublesome for us with kids/animals, if someone figures something out please post here and on the edge building link.

It looks like the management is less willing to negotiate on the North building units.
I was close to making a deal on a South building unit but it didn't go through. However, the sponsor gave the price at which they were willing to sell.
Now for the unit with the same layout and area in the North building on a lower floor they want higher price and aren't willing to bargain. The asking prices also seem higher for the North building.

Is that because they're supposedly approaching the 50% mark? Or, perhaps they'll be doing price reductions for the North building later, similar to those in the South building?

gettingreadytosign,

Regarding the floors, I believe 3/4" is typically the maximum thickness that you can get. On this site http://www.hoskinghardwood.com/Hardwood_Floors_7/7/Engineered_Wood_Floors.aspx( that promotes engineered flooring, btw) it says:
"you can sand and refinish 3/4 inch thick flooring approx 6-7 times. The average lifespan of 3/4 inch thick solid wood flooring is approx 100 years"

I don't think "unsealed" grout is something unusual. I guess you could argue that having small tiles on a floor is a bad design choice. I thought it looked pretty nice, though, but I agree that it might not be the most practical thing for cleaning.

Hi all:

I have a question about the potential third tower that will be part of the Edge development. It is my understanding that both towers in the Edge are currently in year 1 of a 25 year tax abatement. Do we know what the tax abatement status will be of the third tower? I.E. If the tower is built 10 years from now, will the units in the third tower have a new 25 year abatement, will the new tower have only 15 years (25 year abatement for entire project - 10 years), or is this something that is not possible to determine now?

Thanks

Any suggestions on how and whether to seal grout? With such small tiles it may take quite a while to individually seal the grout lines, or can you put some sealer on the whole floor?

@Holaman

I am in the same position as you. I went with a courtyard unit with more space rather than an obstructed view unit. I am towards the top of the courtyard; so, while there is no view, there is still a lot of light. Not surprisingly, I think that there is good resale potential with my unit. I think five years out might be tough, but I think 10 years out could be a good time frame. I am not very worried about it, though, because I really love the Edge as a development. From my perspective, if there are good resale numbers, great; but, if the numbers are depressed across the development, it isn't such a bad thing because it would be inexpensive to upgrade within the development. Within this framework, the only really bad scenario would be if the development as a whole had good resale numbers but the courtyard section did not. I think this is very unlikely -- the courtyard units are the cheapest buy in to the development and I find it hard to imagine that, in 10 years time, there won't be people who would want to live by the water, four blocks from a subway, in Williamsburg.

I could easily be wrong about all this, but I am not overly concerned about the resale issue.

has anyone gotten Edge to pay for Transfer Taxes?

gettingreadytosign, another thing. Holmes on Homes says grout should NEVER be sealed:
http://www.theglobeandmail.com/real-estate/seal-your-tiles-not-your-grout/article710561/

for those who negotiated the range hood to be installed into their unit was it negotiated during the counter offering stage or did you ask them after the price was agreed on during the contract processing stage?

@dh423 I tried to add the range hood after we negotiated the price (and signed the deal sheet) and they said they would not add it for free... they said they could do it for 700usd though....

@BreukelenZoo I am glad to hear that I am not alone on this!! The thing is that my unit is on a lower floor and does not have too much light... this is the reason why I am worried about resale potential, but on the other hand this is the only thing I could afford.. as you said.. I am also happy with the development and its amenities as well as location...

Regarding the upgrade within the building... do you have any indication on how this can be done in the future? I would like to know more about this...

Seizure - I know that people have convinced the sponsor to pay the transfer taxes, however those deals were done about three months ago. The deals I know of, also didn't include a buyer's broker. The sponsor claimed that they would be more willing to negotiate on things such as transfer taxes if the buyer wasn't represented by a buyer's agent. Not sure if the sponsor's claim in that regard was true or bs.

Good luck

@ dh423

Ditto holaman's experience.

@holaman

I don't know of any particular procedure regarding upgrading in the building. I was just postulating that if the numbers were down across the board in 10 years time I might be able to take the opportunity to buy a cheaper two bed. I think that as long as the Edge remains a desirable development, the less expensive units will be pretty solid in terms of resale.

Polisson,
I would agree not to seal grout in the case of a normal tiling situation (12"x12" tile) but in this case they are 1"x1" tiles on the floor with white grout. So there is a lot more grout to get dirty. As the link that you suggested, I am not getting down on my hands and knees to chip out all the grout in my bathroom to replace the grout when it gets dirty. I would rather leave a few 1" x 1" tiles with grout surrounding it unsealed so that water can weep out, and seal the rest of the floor to help combat the porous nature of the grout. Their are others in the building having the same issue as me. This will be an on going issue with most of the tenants.

Zoo: the sponsor's claims are all BS. ALL sellers say that. I used a buyer's agent and my agent got them to pay my transfer taxes among other things. The sponsor and their selling agent (The Developer's Group) are incentivised to discourage you from NOT retaining an agent because they don't want to split the commission with anyone else. They will offer you a "discount" for not retaining a buying agent and then circle the wagons on their "final" price. They are not there to help you, they are there to help their client extract the most money out of you in the least amount of time as possible. A good buying agent who is familiar and has closed with a project knows the comps and can find out sponsor's absolute bottom better than you can. Remember, the buyer's agent works for you and will ensure you won't be steamrolled by the sponsor's selling agent hard-ball tactics. Furthermore, their commission is paid by the seller, not the buyer.

Don't get me wrong, nothing wrong with not using a buyer's agent either. It's up to you, it's your money. IMHO, if there is any doubt in your mind regarding your negotiating skills and ensuring you are getting taken advantage of by the seller, then go get yourself a buying agent, a good RE lawyer, and protect yourself because the sponsor has a team full of sharks who will have their way with you if you let them.

Sal:

I agree with a lot of what you said in regards to the sponsor. They are absolutely out for themselves and won't be doing the buyer any favors. Whether a buyer's broker is necessary is a different question, and revolves around the skill set and experience of the purchaser. However, I agree that if you aren't comfortable with your knowledge of prices and your negotiation skills then it is probably best to have a buyer's broker. While I sometimes have doubts about the value of buyer's broker, I can say from experience that a great RE lawyer is absolutely key.

gettingreadytosign,
Well, Holmes was pretty definite in his view that grout should never be sealed. Now, maybe there are conflicting opinions on this matter, but I think it is obvious that you can't just assume that that grout needed to be sealed. As I had said before, you might argue that using small tiles on a bathroom floor is a poor design choice. In many situations you have a trade-off between what looks good and what is practical or easy to (keep) clean. I guess your view is that this particular aspect of the bathrooms emphasized appearance too much over practicality. Anyway, if you want to get the grout sealed, Holmes mentions that a lot of people are offering this "service". Alternatively, you might think about getting your floor re-tiled. Costs for both options should be managable and comparable.

Unfortunately, it is quite rare that you can "personalize" your condo, and you normally have to go with all the finishes that the sponsor's designer has chosen.
I think most people find the finishes at the Edge to be top notch. You bought in the development, so I assume you agree in general. Now, if there is one aspect that you find unpractical and that you would like to change, you wouldn't be the first condo buyer to do so. As a matter of fact, isn't that the beauty of ownership that you can create a space that suits your needs perfectly?

Re Grout...per Home Depot...you can buy spray-on grout sealer, and wait ten minutes for it to dry, and you're done. The sealer on the tiles just evaporates while it sinks into the grout itself.

is it likely that the edge will decide to rent its units if the market does not recover in the near future and sales do not pick up? There are still many units still available... any comments?

the edge does have a clause in the contract that the sponsor has the right to rent out the units that remain unsold. But, I have been living in the building for 3 months now, and the sales office is really busy, there are people moving in all weekend long and units are filling up. I see my agent in the building all the time ans she tells me that units are moving. I think they sold something like 40 units in the past two months. They are also "finishing" the units as they sell them, so they are not sitting on a ton of open units. So I think at this pace the building will sell out on pace with with the developer wants. Levine has a lot of working capital and at this point is not in the financial position where he needs to rent out the units (not his goal). I am sure that in a build(s) of 564 units there will be a hand full of units that will go rental, but i feel that as the summer months come sales will be even stronger. To sell 10%ish of a building in the bitter months of jan and feb, is a really good sign. 80 met is also now 90% sold another strong sign for this residential market. Put your offers in now while they are still giving concessions and you can still get a mortgage! Good luck and hope to see you guys in the building.

Holaman, sales are going briskly. Before I closed, I tried to get just 5 min of my salesperson's time so I could get into my apt to measure a few things. However, they were legitimately swamped, as I saw a packed sales office and each sales person was in and out leading groups around to both buildings showing apartments.

The overall sales to closing process at The Edge is, from what I gather, relatively long compared to other developments. Therefore I think that all the traffic in Q1 2011 will not show up in ACRIS as closings for a few months. However, my opinion, based on what I've seen, is that there is lots of churn, resulting in a lot of bites...

I think it was mentioned earlier but i had a question about the $200 deposit to take your listing down. So was the consensus that the buyer shouldn't have to pay this or we have to pay this?

dh: you pay it but get it back at closing. It's basically a security deposit on the offering plan they give you. Make sure either you or your lawyer remind the sponsor's attorney about this because they will keep it if you don't speak up.

salvydicopa- thanks so much!

@jabra and gettingreadytosign

thanks for your feedback.. it seems sales are moving... but I still think this is quite a risk in such a big development...

do you know if the contract says anything related to the common charges? Any chance they will increase CC if the building is not fully occupied?

holaman, raising common charges:

1) Is inevitable even if sales go as planned and the building, any building, is occupied on schedule.
2) In the case that sales fail, and continue to fail for a couple of years, and the sponsor organization files for bankruptcy, then yes, the residents who have closed are responsible for all operating costs. As the Edge nears 50% sold, and as the rate of sales continues to be brisk, I hope that this risk is relatively small and decreasing. But hey, it ain't over 'til it's over right?

All of us who have closed made the bet that this will be a successful/viable condominium.

The sponsor is legally responsible for any common charges for the unsold units. I had confirmed this with my lawyer before I closed.

cranberry: That is correct. Unless the sponsor organization files for bankruptcy...

you can get transfer taxes added as a concession anywhere you buy. just realize that it will have a dollar for dollar impact on the price of your home. negotiating this or negotiating that is just a shell game. when it's all said and done, the seller has a minimum price they are going to sell you the unit for.. for the seller there is no difference between $800k with a $25k concession and $775k with no concession (other than optics and from an optics standpoint they probably prefer to give you the concession).

it doesn't matter when you ask for a range hood, it doesn't matter when you ask them to pay the transfer tax, frankly you're just gumming up the process when you argue about concessions. i went with a higher price and the seller is paying most of my closing costs. that's because the payment is within my comfort zone, but the down payment was a stretch. for others the exact opposite may be true. figure out what is most important to you and negotiate accordingly.

ignore all of that if you are buying a resale, because then you will be dealing with the emotions of the seller. with a sponsor, either the numbers add up or they don't. .

Can anyone describe how common charges are laid out in the contract? Are they capped? Also, has anyone been able to negotiate a storage unit in recent months?

Thanks!

...surprises? Once you move in... have you experienced any surprises? Things that you have to pay that were not planned? Or is it just the monthly common charges.

I used Metlife, never had one problem, and we're closing next week. I recommend Jeremy Gaddy he was extremely diligent in making sure the whole process went along smoothly (jgaddy@metlife.com).

buyer2312: how long ago did you start the process? just wanted to know how long your closing period took.
thanks!

I would say we submitted the application sometime in late January or early Feb, can't remember to be honest. I think 6-8 weeks from submitting the application to closing is a fair estimate. It all depends on how much paperwork they will require, and how quickly you can get it to them. One thing I can say is that Jeremy was used to working with people at the building so there was a very immediate flow of information because everyone knew each other. If you use someone who is not familiar with the project I would think things might be a bit harder to coordinate, friends of mine complained of that when purchasing homes.

wow that is a really quick closing. Hope mine is as quick! any tips or suggestions for me as I have just begun the process?

holaman, no surprises on my end so far. The building is great and Mgmt has been responsive and very helpful.

dh423, if you have all your documents in place and ready to send, it should go smoothly.

Agreed...just have quick access to bank statements, tax records, employment records etc. Just stay on top of all of your contacts and everything should go smoothly. As with anything else, never assume someone is taking care of something until you confirm it with them and follow up.

On paper the financing process should go smoothly but it's not guaranteed. I had a nightmare experience with MetLife whereby a rogue MetLife loan officer, Joe Klineburger, misrepresented himself claiming to be MetLife's preferred lender for the Edge project and flat out lied to me when it turned out the terms of my 90 rate-lock were a total sham, i.e. he never processed it in the first place! This guy said all the right words, gave me phony rate-lock documents, and sweet-talked me into believing that everything was set and that I would get my commitment letter in 2 weeks. Well, 2 weeks turned into 1 month, then 2, then 3 and I was in severe jeopardy of not closing on time and losing my deposit. Shit hit the fan when Jeremy Gaddy found out that a fellow banker was trying to steal his account and this guy got fired and the selling agent staff member who forwarded me Joe's name was reprimanded. The fallout was huge as everything I thought I had with MetLife turned out to be a sham. Fortunately, cooler heads prevailed as a senior MetLife manager called me directly and offered to do everything they can to make things right with me and salvage this deal since I was still and always was a good faith purchaser. I said "damn right you'll make things right" because it's either that or time to bring in the lawyers. Anyway, they made good on their promise as Jeremy, Steve Testa and his team from Cedar Knolls, NJ have been absolutely fantastic and I will close by the end of this month. The sponsor understood my situation (thanks to my lawyer) and worked with me on extending my close date. My rate-lock terms were not as good as the original phony terms, but it was close enough.

The bottom line is, don't trust anybody and protect yourself at all times! I heard what I wanted to hear and let my guard and it almost sunk me. If it wasn't for my lawyer, the sponsor would have shown no mercy and kept my deposit because I didn't get my commitment letter in time. I hope this never happens to anyone else so best of luck to you all and everything should go smoothly if you are dealing with the right people.

why didn't you have a contingent on financing clause in your contract?

@checktest any suggestion for the contingency on mortgage?

salvydicopa, sounds like a miserable experience with that one loan officer. But I think it can be expected that the sponsor would show some flexibility in such a situation. Anyway, good luck for the rest of the process.

@holaman in the contract the sponsor will offer, you will be allowed a mortgage contingency only if you use one of the approved lenders.

In case anyone missed it, the "Brooklyn Flea" market will be opening in the lot where the yet-to-be-constructed 3rd edge building will be starting on April 3:

Most sponsors include a mortgage contingency or financing/funding contingency that is practically meaningless by including provisions that require the buyer to go through the sponsors’ preferred lender at some point in order to satisfy the contingency.

On the timing of negotiating concessions, I think it is best to include all of your terms upfront from price to concessions. Otherwise, you will be going back and forth for a while after you agree on a purchase price. In that interim, someone may go into contract on the place you loved -- if you believe what brokers are saying about the Williamsburg market!

On price, as others have noted, it depends on the line. Nevertheless, I think 10% off list price is a bit ambitious at this point, but I would start there. If the sponsor is feeling optimistic, they will not come down too much on sales price but they will give you concessions. Either way, you’re a paying for it because the concessions are reflected in the purchase price.

I'm negotiating with an all-cash offer.
I'm wondering what additional discount, if any, I should expect for that fact.
I'm bidding for a unit around 500K level.

can someone explain how to see how many units from the edge have been sold on acris?

In ACRIS, specify "Edge 11211" as business name, and Deeds and Other Conveyances for document class.

has anyone gotten a loan from wells fargo for the edge? how were the estimate of the fees in comparison to the fees they charged in the end? were they near in range? how was the overall experience as well?

I hadn't heard about this story until today. Have people heard about this?

http://gothamist.com/2011/03/17/brooklyn_man_beaten_by_teens_in_ant.php

http://brooklynbased.net/email/2011/03/anti-gay-attack-rallies-north-brooklyn

On the comments sections of a couple of news websites reporting this story, there were allegations that the perpetrators were possibly from the middle income housing at the Edge and that there have already been problems in the neighborhood with teenagers from the middle income housing. While I don't take anonymous online allegations in comments sections seriously, it did make me wonder if there had been any problems. I am still in my 20's and for the last 3 years I have lived in a neighborhood of Brooklyn that is far,far, far less gentrified than North Williamsburg, so I am not unreasonably concerned or intimidated by teenagers and I understand that random violence can always happen in a city... that said I would love to hear from current residents as to whether there is anything to be concerned about. When walking from Bedford L do you just go up N 6th? Do you feel relatively safe on N 6th? Does the Edge have security that patrols the areas outside of the building?

The whole waterfront area is now considered to be very safe. Especially North 6th Street, which is always lively, but also the surrounding blocks.

Polisson, have you walked on the waterfront BY NIGHT? It's rather scary...and nothing like Bedford ave. It's totally isolated...

Zoo, thanks for posting. I live close by but somehow hadn't heard about it. I didn't see the comments suggesting the attackers were kids living at the Edge, but I'm not sure it makes a huge difference. It's a big city, Williamsburg is a neighborhood with nightlife, so kids will come either way (by kids, I mean early 20-somethings, which is sadly dating myself a bit). My inclination is to view this as an isolated incident unless we get a repeat or two - I don't mean to dismiss this at all; it's serious and awful, but the waterfront has seemed very safe to me for quite some time now. sledge is right that Bedford Ave it ain't, but most streets aren't either. Hope Barie makes a full recovery soon.

No where in the articles mention anything about the teenagers coming from the rental building. I don't listen to random comments and their bashing. I walk home every night from the L train, sometimes pretty late and never felt scared/threaten. There is 24/7 doormen and security in the buildings, as well as security cameras on every corner of the buildings. Of course we all need to be aware of our surroundings no matter where we are, but this is nyc and unfortunately this happens in some of the best of neighborhoods.

Does anyone know when the waterfront walk in front of the edge will be open? Will they be taking that park any further north also? Are there plans for a third Edge tower?

I have to agree with Sledgehammer. On Friday night I was in the area for dinner and I decided to walk down to the Edge at around 11:00 pm. It was kinda sketchy. There was a group of kids walking around the street between Kent and the water and then a couple sauntered out from the area where the new building is going to be built with 40's. Clearly these observations are not that big a deal, but that having been said, my understanding is that the street between Kent and the water is private property as is the future building site. Maybe its just my legal training, but to my mind this opens up possible liability issues. That is the reason I inquired about whether there are security patrols outside the buildings. I am committed to buying in the Edge, so I am not trying to overplay this issue but it is an issue to think about and perhaps bring up to the sponsor if it is a problem .

BJW - I agree with your take on the whole issue. I posted because I was shocked that I hadn't heard this story. After all, the first step to recognizing a pattern is to report the first incident. I think the comments I read referring to the Edge rental units appeared in one of the local affiliates on line coverage, I think CBS. I don't particularly feel like trolling through that particular commenting cesspool again to provide the link, especially since, as I mentioned, I don't consider such allegations credible. It was my experience Friday, combined with reading this story that really caused me concern.

Residents, where do you walk your dogs at night?

I understand the safety concerns. I have walked this area at night a few times. While it is not as active as Bedford Ave, I didn’t find it any more desolate than some other side streets in the area.

As others have mentioned, the best way is to walk on North 6th because they are always people around. There is about a 1 block stretch from Wythe to Kent where you don’t see as many people, but that will change once CVS and the ARK restaurant opens up.

I have seen a private security guard patrolling the area during the day, but not at night.

Sledgehammer, sure, it's not like Bedford, but I wouldn't call it totally isolated either, at least not North 6th or Kent. And if anything, foot traffice will keep increasing in the area. Edge and NSP2 are filling up, the 175 Kent rental just opened, businesses are moving into the commercial spaces.

As unfortunate as this incident is, crime will always be a part of the reality of living in NYC. I would also be very careful about blaming residents of the Edge or Northsidepiers rentals. These are mostly families that happened to be lucky enough to fall into the right income bracket and win a lottery. I am not sure what the numbers are for the Northsidepiers rentals, but at the Edge rentals the lower end of the bracket for a studio apartment is $38k, which is higher than the Williamsburg median household income, btw.

http://www.nypost.com/p/news/local/brooklyn/williamsburg_waterfront_condo_residents_PtEt4zzFD2qR6QDJAt6kRO

I think this is an unfortunate circumstance obviously, but I would not call the area unsafe as a result. If you were to check crime reports for any part of NYC you would see violent crimes taking place in neighborhoods that you might consider safe. While it is highly unlikely to happen, they still do occur in isolated circumstances. I wouldn't blow this out of proportion, or jump to conclusions just yet.

Has anyone gone with Wells Fargo as a lender? If so, how did you think the process went (slow, quick) and how were the final fees in comparison to the estimates they gave in the beginning?

Do you have recommendations for a condo/home inspector? I know most don’t use a home inspector for new condo construction, but I am willing to spend a few hundred dollars for piece of mind.

Zoo, interestingly enough, some people were handing out flyers mentioning the incident this morning in front of the Bedford Ave entrances. I think that's great. Let's hope there's no repeat offense.

I tend to walk my dog around Berry, Wythe, and most of the streets that run between them. Never a problem. Kent is much better since they changed the parking and lane situation, but I rarely go down there unless I absolutely need to go to Duane Reade or the nice liquor store that opened up there.

for those currently living at the edge for some time now could you possibly tell me your estimate monthly electric bill? Mainly those who are out of the apartment from 9-5pm monday through friday. Just wanted to guestimate my expenses.

Thanks!

sorry one more question. about how much is condo insurance for a 2 br unit?

dh423: condo insurance varies by provider and coverage you choose, but you can find the low end of rates in this table http://www.ins.state.ny.us/homeown/html/homesg96.htm . I was getting quotes around $400/year.

joseesq: I also plan on getting an inspector. Most internal things I can diagnose myself, but things like the probability of water entering the apartment through leaks/windows/etc and plumbing and if things are up to code I'd have trouble with.

yooeff99: Not really surprised that Toll Brothers construction would have quality issues, even if 6 residents is a rather small sample. I was turned off to NSP when I found that people had websites like "Toll Brothers tried to kill my wife" and what not; they've made a lot of enemies.

dh423: I've been working with Wells Fargo but haven't closed yet. They seem pretty good, although perhaps somewhat disorganized (I've had to give them information more than once, they've called the wrong phone number trying to reach me, etc.). Not having worked with other companies I can't compare them to anyone else though, and experience no doubt varies from loan officer to loan officer anyway.

As for the general safety issue.. I'm not really worried. I'm moving from the UES, which I consider ultrasafe but still isn't crime free. I think Williamsburg will continue to improve in safety and thats one reason to move there now; it's still on its way up. Unless your definition of up is different, which is personal preference. Sucks that someone got beaten up; OTOH, that could have happened anywhere. Hopefully the incident will result in increased police presence?

Since a few people asked about closings, I'm sharing a spreadsheet I've been keeping with all the closing data I pulled from ACRIS. Maybe it will help someone out:

https://spreadsheets.google.com/pub?hl=en&key=0AlOvnGoCAOaLdFFHMWd6bHZSVk92b0gzNElaUzZJOGc&hl=en&gid=2

Make sure you click through to the other tabs on that page to see all the raw information.

Since there is a lot of data and I'm an ACRIS newbie, I probably made some mistakes. Feel free to pass along any corrections.

we got condo insurance for our 2 BR that met their requirements for about $550/yr, it's relatively inexpensive even with the extra policies the building requires

oh wow that sounds decent enough. May I ask which insurance company?

sure it was State Farm, you will find most major companies will have similar prices though so I wouldn't worry about which one you use

NCE,

Thanks for the spreadsheet. Although the numbers seem slightly off unless this buyer got a massive deal. On the south edge tab unit 12F listed at 445K sold for 380K. That's quite the discount. $413/sqft.

Block Lot Recording Date Recorded Price Unit Type Linked to Lot(s) Offering Price Square Footage, Interior
2332 1265 2/8/2011 $380,250 12F condo $445,000.00 920

actually. ignore the SQFT, I messed up there. it's only 500 SQFT. So it's closer to $760 sqft. But still a massive discount from 445K down to 380K

NCE. thanks for the spreadsheet.

thanks NCE and buyer2312 for the help!

Well, I probably did make typos in places, but I just double-checked this one in acris and that's the selling price they have listed. Also, happy to share, you're welcome.

Has the 25 year tax abatement started at the South building yet?

@nce thanks for the summary table... 25.84% sold is not a high number... seems the development has a long way to go...

I called The Edge sales office and they told me that they were almost SOLD OUT and that the cheapest studio apartment they had was about 510SF for $505,000. That's almost $1000ppsf!?!? Are their sales really going that well? I didn't even bother to go look at the building after that!

halfster: last i heard it is not in place but that purchasers would only be responsible for the abated amount until it kicks in.

holaman: it is not high, but keep in mind this is only the recorded amount. there could still be a lot more in contract that will close in the next month or two. Curbed reported in January that the Edge was at the 40% mark, but that seems off. See http://ny.curbed.com/archives/2011/01/24/williamsburgs_edge_finally_passes_40_percent_sold_mark.php

calldn: It seems very unlikely they are almost sold out. Maybe they were sold out of a particular line of studios? It's also possible you spoke with a receptionist who didn't have a good feel for the real situation. You might want to give it another try. It's worth stopping by for an open house at least.

I can tell you that the recordings of sales for streeteasy are extremely inaccurate, they do not update the sales that well at all. ACRIS is better, but we closed over 2 weeks ago, and ours did not even show up on it yet. So I would take these statistics with a grain of salt.

it takes a few weeks for acris to update, so the total closings are always going to show lower than they are. i bought in the h line in the south tower and should be closing later this month. i bought the last unit left in that line. there was a 1 bedroom w/office that i wanted to look at, but the entire line was sold. getting an appointment at the sales office is very difficult now. my sense is that sales are picking up a great deal.

also, anyone know how to join the edge buyers group?

The building is certainly busy over the weekend with people looking at the units. I was in the pool area sat and sun, and there were people coming in with sales agents every 5-10 minutes

for those currently living at the edge for quite some time have you had any issues with your heater making noises. The last two times I have visited units it was making rather loud noises and the agent claimed it would be tweaked. However, I am concerned this would be a recurring issue. Has it been for anyone?

The units are not exactly quiet, but to be honest I have not even used them yet, or even the main unit in the living room that much. The apartment generally has a comfortable temperature for me. Depending where you are facing it could get warmer during the day with sunlight, but I have been quite happy with the temperature without the use of any of the units.

So there might be an issue of constant noise with the heating/ac unit huh? That kind of puts a damper on things. Thanks buyer2312

Also, did you have issues during the contract stage? Was their legal team hard to deal as in hard to adjust any part of the contract to your lawyer's needs on your part?

I've been living in the building for about month now and am impress with the insulation. It's been comfortable enough where I rarely had to turn on any heat. When I did, the unit in the living room was sufficient enough to warm up my entire unit.

No I wouldn't say constant noise at all. When the unit comes on it's only temporary, it cools or heats the room very quickly. I agree with cranberry as well, the main unit usually will cool/heat all rooms enough, and it is extremely quiet. I think you will be pleased at how little you will need to turn anything on, but that's just my opinion of course.

The contract phase was not a problem for us, the sponsor was pretty straightforward about where they were willing to budge. If you look at some comments I made earlier, I think it's quite simple. They have a number in their heads that they will not move on. How people arrive at that number might be different in how they structure the contract. So it could be closing costs, the price of the apt, or maybe even having common charges covered for a certain amount of time. No matter which way you combine those, they will still total the number they are willing to move overall.

Overall the legal team was very quick to respond to my lawyers demands for changes in the contract, so our experience was fairly headache free.

that's really great to hear regarding the heating/cooling unit. definitely sounds like it will be somewhat easy on my wallet.

The only reason I ask about the contract and the legal team is that we seem to be getting some resistance with regards to some of the changes my lawyer is asking of that seems reasonable enough on our end. I hope things will straighten out.

How has the usage of the pool and gym been so far? Of course the building isn't fully moved in and sold, so I would imagine it not being that crowded. But just curious if there has been any overcrowding issues after work using the gym/pool.

sorry for the confusion between dh423 and dsat33. He is my significant other so I replied on his account by accident while on his computer.

The pool and gym have not been crowded at all. There are certainly people using the areas consistently, but you never have to wait for anything.

I visited quite a few units in the South Tower and turned on the AC/Heating to check out the noise. The HVACs in the living room are barely audible after it has been turned on. In some units, the McQuay HVAC in the bedroom did make some rattling noise. That rattling noise is usually an indication that the McQuay unit is not leveled, screwed in properly or installed properly. If it bothers you, it should be raised in the walk-through.

I personally didn’t like the McQuay HVAC and wish they used the living room system in the bedroom as well, but I assume McQuay was used to cut costs.

On dealing with the legal department, you will generally deal with the Sponsor’s onsite paralegal, who is pretty good about getting back to you. If your proposed contract modifications go beyond routine, boilerplate requests, the paralegal will refer it to the Sponsor’s outside counsel who sometimes is not as quick at responding.

I believe PTACs are installed in the bedrooms as they are more "eco-friendly" and helps them with their LEED certification. I like the PTAC most of all because I can control the temp in each room individually and the noise is not that bad. Define "constant noise." The noise I hear coming out of my units are warm or cold air being blown. Nothing unusual about that. I'm not saying it's whisper quiet, but it's making the sounds I expect a heating/ac unit to make at acceptable levels. That's my subjective assessment, but to each their own. You're buying into a LEED building folks so no central air or fans in the bathrooms. If central air is a must and you don't care about LEED certification, then NSP2 might be the place for you.

Buyer is absolutely right, the sponsor has a bottom number that they will not budge from. It's up to you to find it and negotiate accordingly via the right combo of concessions and price cuts and find a way to make it work with the sponsor. I would not rely on ACRIS as a reliable barometer of what's been sold either. There is a backlog of closed units that have yet to appear in ACRIS, mine included.

thanks joseesq and slavydicopa. when i had gone it had been a rather loud noise and not of air blowing so hopefully it's not an issue that comes up again once they tweak it.

is it a must to use the sponsor's mortgage broker and one of the 5 preferred lenders?

dh423, on lenders, no - but most sponsor's will only accept a mortgage contingency if you go through their preferred lender. You should get quotes from the preferred lenders at The Edge. Some of them are quite competitive. I didn%u2019t go with their lender for other reasons.

I have never used a mortgage broker so can't comment.

dh423, you may also find that a very good insulation (also part of the LEED certification) with state of the art windows reduces the need for both heating and cooling significantly. As joseesq pointed out, the living room units are very quiet and may be sufficient to keep the whole apartment at a good temperature.
Using the sponsor's preferred lenders is not a must. Not sure if the part of the building you are interested in is already Fannie approved; if not, those might be your best option to secure financing, though.

Thanks for this info guys. Salvy, does this mean that the bathrooms have no ventilation for steam? If so, do the mirrors get very fogged?

The bathrooms have a vent that is constantly circulating air, I have never seen steam on the windows yet. As for lenders, I personally would recommend Metlife, we had a really good experience with Jeremy Gaddy there. Here is his email for anyone who is interested - jgaddy@metlife.com. They had the most competitive rates, and it was easier working with them since they are used to working with the sponsor.

buyer2312- was jeremy someone you found or given to you by your listing agent/sponsor? I am being told it is in the contract that we are required to use the sponsor's mortgage broker from the 5 preferred lenders.