The Edge

bereasonable,
So you are in contract as well. Well, per my lawyer, the lawyers from the seller side are not very responsive. Since the price is already in the contract, I am just wondering why the sponsor is willing to reduce the price for me.

They are not, at least not by much is my point. Which is why I won't close at 2008 prices.

At least not so far. I should be fair and say that I have not yet heard back from them since I last contacted them.

What do you consider current market prices to be? The closest comp is obviously nsp2, where prices are about 10% to 15% below what Edge asks, although Edge discounts seem to vary a lot by unit/line. The nicest Edge view apartments are still easily asking about 800sf or more if there is a balcony -- how many they can sell aat those prices I don't know. I guess my point is -- the current dont seem to be 20 or 30% below 2008....

novyankee agreed with you here. Since I'm at a lower price point I was able to pick and choose layouts at NSP I could afford, while when I went to visit The Edge I had no clue what my money could afford other than studios and interior facing 1BR listed online. This is the 21st century, they spend all that money on marketing papers yet they didn't want to have a functional website? Boggles my mind.
I've called their sales office multiple times over the past few days to see if I could find more information about the number of closing and availability, and there's never a sales agent available. I leave my # with them, and they don't even call back. Surely they're not thaaat busy.

Agreed with all comments about lack of access to floorplans.

I will say that recently, I have seen them let people use their special touch screens that have all the layouts in the sales office. Before, they didn't let you do that. Still though, that is a clunky process since you must write down the details (the floorplan print function doesn't work).

Ohh and to top things off... I spotted an error in their online listings and informed their sales agent months ago.
If you check out unit 4O, it's a 1BR listed for $475k.
http://www.tregny.com/reo/images/apartment/floorplan/126580_South_AptO%284-9%29.pdf
It appears to be a north west facing unit in South Edge kind of where the E, F, G lines are so I though something was wrong. I called them hoping it was magically correct, but they told me it was an interior facing unit and the diagram was incorrect. They never fixed the diagram lol.... Bad move Edge, you literally have 3 hours to change my mind before I sign with NSP.

re-guru..What are the ppsf at nsp vs edge for type of thing you're looking at for roughly comparable units? Just interested in relative values.

buyerbuyer, it has been my experience (and if you read older posts in this thread) that on a per square foot basis, NSP2 is cheaper than Edge. However, for the most part, the NSP2 layouts are larger and thus the apts are generally more expensive in total cost. For example, a few of the NSP2 1 bedroom layouts are around 720 sqft, whereas almost none of the Edge 1 bedrooms are above 690.

I just have to agree about the Edge's website. It's like it was made in 2003! Especially compared to NSP2's site. In this day and age how could they not have ALL layouts available to download and print out?!?

NSP2 is looking better and better.

buyerbuyer,
After doing a benchmarking, for those 2 properties, with view, at most, it should not be more than $800/ft; without view, at most, it should not be more than $650/ft.

bereasonable,
Did they contact you to close your apartment?

I agree with your sq. ft assessment suilobow.
I have a closing date, but we have not come to an agreement on price.

bereasonable,
On the contract, it stated that we need to close before the proposed closing date, otherwise we will be penalized. As a buyer, I just think that we will not in a favorable position to negotiate with them because we are already in contract with them and they are holding our 10% deposit.

Yes. Please note my previous thoughts on the subject in this blog. They will have to sell your apartment to someone else otherwise. Undoubtably they will try, but will they be able to do it at 2008 prices?

buyerbuyer I'm around the 500k price point, and for my money at the South Edge I could only get interior facing 1BR units which were around $670-$700 per sq ft. Those, or E line and F line studios with city views that are going to be obstructed by Phase 2 listed for around $780 per sq ft, but could be obtain for around $690 per sq ft after a discount. The G line was all sold apparently, and they were going for over $800 per sq ft but that was 2008/2009 prices. I never really bothered putting in an offer at the Edge, so I can't tell you exactly where you'd end up paying per sq ft. It just seemed expensive for my liking.
At 2 NSP, all the south west facing 1 BR (B, C, E lines) are being listed for about $715-$750 depending on the line. If you can get a 10% discount you can definitely obtain a south west facing unit for under $700 per sq ft. Mine came in at $655 per sq ft when I include my closing cost credit for a middle floor. If you're below the 14th floor you save about 50k on the price, however you won't be able to see over the Austin Nichols building next door which didn't bother me. Another thing to consider is you will probably be able to see the Freedom Tower when it's completed, but once 3 NSP is built you'll probably lose that in the skyline. You'll still see south Manhattan still though, and for what it's worth I felt like 3NSP was going to less obstruct views for the south west facing units than Edge Phase 2 for South Edges north west facing units.

is the 421a in place at the South building?

interesting comments on ppsf...

If there is a balcony I'd say that adds about 60,000 value...or roughly 90psf for one beds. So...that would imply 890 psf if a balcony with view (using the 800psf price for a view apartment). NSP def lower than that.

good question...does the edge have the 421a in place?

For those in contract at 2008 prices, since you are in effect getting a 10% discount from your deposit (if you leave, you probably won't get it back), how much further a discount do you think you need to be in accord with the current market, ie..what edge is selling for, what you can get a nsp2? Just wondering how big you think the gap is. For example, above someone said 800psf price for view apartment; what would that have been at original listed price?

siulobow: how did you come up with your valuation? I am quite certain that Edge will not go down to $650/sqft for non view apts. They should, but they won't.

buyerbuyer,
Who told you that the people in contract can get 10% discount from our deposit?

I am in contract for 1BR and my view will be blocked by Phase 2 eventually. I am paying $730/ft. I think it should only be worth for $650.

siulobow: while $730/sqft is not cheap, I think it is not too high either. It sounds like your apt faces west/north. That is a lot better than facing the courtyard!

If you look at the 2 closings that have happened so far, the B line 1 bedroom closed at 800/sqft, and the T line (west facing with balcony) closed at about 1000/sqft.

suilobow, i meant that your deposit means you've already paid 10% of the price (because that money is gone), so it is as if you walk in off the street and the price is 10% off whatever your contract price is....

Jabra,

I didn't have any sophisticated valuation method to come up with my numbers. I have looked at those recent recorded sale transactions from NSP 1 and the asking prices from NSP 2 to come up with that.

I am in the North Building facing the future Phase 2 building and I am in lower floor. I heard they are not going to build the Phase 2 in another 5 years. So, I am lucky to have a full water view for 5 years. After that, I would be blocked.

I would be happy if I can get it down to $680/sqft.

siulobow,

I agree with you. Having a water view for 5 years at a price that is in line with other developments in the area (that have no view at all) sounds like a good deal. And even after phase 2 has gone up your unit will still have the same great finishes, quality of construction, access to amenities, waterfront location, and 15 to 20 years or so left on the tax abatement.

also...if they are building phase 2 that is highly likely to mean the re market has recovered, the edge phase 1 is totally sold and values are above what people paid to some or greater extent, the whole park will be done by then, maybe a water taxi....maybe you can trade up to the new building....in other words, phase 2 going up means lots of good things for all edge owners...

several more closings posted

and again I can't find the sq ft for 12G, 4E, 6E, and 7E for south edge. Not sure how good or bad their deals were... oddly enough the person who bought 7E paid 50k less than the other E units below. These contracts were also signed as recently as August 27th, so 6 closings on record starting from Aug 13 all for South Edge. That doesn't look good at all :( Does anyone know if the whole building in South Edge got the TCO or if they're closing up to a certain floor? Also are they closing for North Edge too?

I am in North Edge. They haven't called me yet.

I don't get how you can know when the contracts were signed, and surely none have signed as recently as aug 27 (not sure what you meant by that). They have the tco or whatever up to 19 , I believe, and the other higher floors is due shortly.North building further behind.

4-5e are 1269 sqft 1 bedrooms + homeoffice. The home office is to the left when you walk in. Not sure about 6/7e. 8/9 are 989 sqft 2 beds... 8 has a 290sqft terrace that is a step up terrace... which cuts the light down. 9 is asking 790, 8 is asking 890. 5e is asking 895.

I recommend to anyone thinking about the edge to wait until the sty town case plays out... if they sell half the apartments as coops it could have mass downward pressure on williamsburg.

http://a836-acris.nyc.gov/Scripts/DocSearch.dll/Detail?Doc_ID=2010083100490001
document date: 8/26/2010

The point is Edge is supposed to be... 35% (~200 units) sold right? Looks like possibly the first 12 floors of South Edge is eligible to close, but there's only 6 closings as public record over the first 2 weeks of closing... hopefully there will be more listed in the coming weeks.

Thanks NYNY I guess 4E got a good deal at $674 per sq ft. Is the exposure north west?

As far as Stuy Town goes, I don't think it'd effect Wburg much more than the rest of manhattan/ny. I am very fearful of a flooding of inventory though. I've been reading that should it go coop, prices would probably be around $600 per sq ft which is definitely lower than current Wburg prices. But you need to consider the ridiculously high taxes/maintenance, and the overall negative perception of Stuv Town. However it is next to the village, it's hard to determine the impact of that for those who want to live in manhattan but could only afford harlem or brooklyn.

To me Stytown could be huge... 1 stop on the L and on the right side of the river... roughly 2X the apartments for sale then the entire Williamsburg inventory. Prices would drop.

One of the things about the edge is that a lot of the units are full of compromises and 4/5e are great examples:

Positives: Huge Living room. Has a tiny west exposure. Will have a little view even after phase 2 (Mostly will look down the street between phase 2 and north edge. 6 fixture master bath (dual sink/shower and bathtub). Negatives: The interior home office really isn't an enclosed room... where you would like a wall/frenchdoors whatever/etc you just have an opening... and since its gets no light as the opening face the entry which is 3 feet wide.

New York Times article about Stuytown conversion is very informative. http://www.nytimes.com/2010/09/03/nyregion/03stuytown.html?_r=1&partner=rss&emc=rss
The tenants want a lower mortgage on the building to keep maintenance down (which means higher psf).

Also, I think the downward effect will be stronger on the Downtown Manhattan coop market than the Williamsburg condo market. Coops usually have more restrictive rules than condos and the higher but partially deductible maintenance means the coops make sense for someone that is going to occupy the unit as a primary residence, but not for an investor or someone looking for a pied-a-terre.

I had my offer accepted at the Edge (South - F line) curious on everyone's thoughts on prices going down further? re_guru - Curious where you got your numbers (690 psf as the F line is selling higher than the E? Also any incentives being rolled in that you know of?

deeg - is that going to have restricted view when phase 11 is done? how much was the price below what they originally listed for, roughly? as to incentives, i thought it was pretty well known they cover closing costs (at least for recent buyers, not sure about 2008)

Yes view will be partial after phase 2 (5-10 years). About 10% off list but F line was grossly overpriced. I negotiated a storage unit as well and some closing costs (refused to do all said they don't do that) plus no cc until April. I thought it was pretty good, but second guessing would appreciate any thoughts...

deeg0607, you are getting more than they are offering me, I am still in offer vs counter offer stage...

I was told one of the lower E studios was obtained for $35k off and full closing cost credit a few months ago. So the math on that came out to around $685 per sq ft... E and F line are basically the same; F feels and is 10 sq ft bigger, has a lot more windows, but at the same time has a column in the living space. So I don't really see it selling for that much more per sq ft than the E studio. I'd definitely choose the F studio over E though.

deeg0607 if I were you I'd try to find out how many of those F line studio are still available.
In the past week I've noticed a few 500k and under units selling at NSP, and I don't think there are any 1BR left. I think some of the lower price point buyers who were willing to sit on the sidelines, including myself, are now willing to take the risk of buying as the 30 year moves closer to 4%. Who knows if 4% becomes the new norm, but I'm not waiting to find out as the Fed will have to raise rates sometime next year. What I may lose in future price cuts, I perceive as offset by lower rates. If I stayed 10 years and lets say sometime next year the mortgage rates goes up 0.5% from the rate I obtain, I saved ~13k on my purchase. I purchased at NSP because there were only 2 units left that I wanted and could afford- even if prices dropped another 10%, I still wouldn't be able to afford the other units lol so I was okay with my decision. The final reason is the majority of new developments will have a hard time obtaining any type of abatement from the city. So what you may lose in price, you'll save in taxes. As you can tell deeg0607 I had some sleepless nights thinking it over, but at the end of the day I like my unit, I like the price, and I plan on living there for the next decade :)

I really appreciate the feedback!

re_guru-The F is much nicer even with the column in my opinion. The floor to ceiling windows and no cooling unit on the wall is much nicer to me. Although I agree its definitely not worth as much more as they are saying. I also feel the same way about the rate. I guess you always question if you could have gotten more but I think its a decent deal considering and it is on a higher floor. Any advice on how to see how many F units are available/left? So, did you get a studio or 1 BR at NSP?

Jabra - Best of luck are you bidding on a studio or e/f line?

I haven't been following studios much, as I am looking in nsp2 and edge at larger space, but just checked the website. 16F studio ask of 460,000 for 500sf , is 920 psf or 828 if 10% off, for example. Seems kind of pricey given that view will be restricted at some point ((my view -- that is good news for the buyer; means you made a good investment!). Maybe the studios are high because it is a less expensive way to get into a really cool building, with great amenities, with lower monthlies because not huge sf in a studio....Anyway, one simply cannot generalize about pricing in nsp2 or edge because the deal and the price psf seem to differ so much depending on line/unit/view, and are affecteed by how poppular the line is.

Did #4M close at approximately $650 psf? They are not listing square footage so it's tough to figure psf.

Looks like it but that makes it way lower than the other studioes...which way does it face?

List was 465K (658 psf) to begin with so not a huge deal if you think it about it. It faces east - no view if memory serves...

One more question on #4M it looks like closing costs were covered. Is there a way to estimate how much was psf without closing costs covered by the seller?

In this economy, studios are the way to go, IMO. Huge market for them. Retirees can afford them. Singles can afford them. Young couples and investors can too.

The days of 3 or 4 bedrooms condos/co-ops and McMansions are gone. Who has 3M to spend on those? People with that kind of money are going to the 'burbs.

Seems like a lot of developers have realized this, hence the higher price per square foot of studios.

Get 'em while you can! =)

how can one know if closing costs were covered?..

I assumed closing costs were covered on #4M because of the final price.

"In this economy, studios are the way to go, IMO. Huge market for them. Retirees can afford them."

There's a big difference between "can afford" and "wants to buy".
Because, we all know about the huge pool of retirees who aspire to live out their golden years in Williamsburg.

From NY post July 29

This was the case for Mike Nocera and Paula Chester. The couple, now both retired, lived in the West Village for 28 years before recently deciding they wanted to lower their monthly expenses. Problem was, they couldn’t find anything in Manhattan that could live up to their lifestyle: large quarters in a hip neighborhood.

Enter Williamsburg. They were turned on to the neighborhood by their son, a musician who often performs in the area. There, they found Northside Piers, with its water views, large space and proximity to a youthful, happening scene.

“It’s young there and there is a lot of energy,” says Nocera, 64.

He and Chester, 63, purchased two units, which they plan to combine.

“It reminds us of the way the Village used to be when it was a much more diverse community, from people who were not wealthy at all to people who are very wealthy,” Nocera adds.

Read more: http://www.nypost.com/p/news/business/realestate/residential/will_call_ZcT5SexSiXOH6o0eZI2SmK/1#ixzz0yrpW75fL

"He and Chester, 63, purchased two units, which they plan to combine."

Clearly, not your average "studio" buyer. They must have money to burn, because buying 2 units and converting them to a single apt is a lot more expensive than buying one bigger unit. Consider the construction costs and higher cc's... that's kinda crazy for a couple looking to lower monthly costs. Unless they want 2 kitchens.

Does anybody know what happen at the Edge, their office number is no longer in service????

yeah, i tried calling the Edge today also. # is not in service.

Anyone know what Unit 7P, which closed on 08/25/2010 for $660,000 has for views?

The contract date is 07/01/2009. I figure its worth at least 10% less now.

Forgot to mention about 7P:

878 sqft

2 br, 1 bth ( could be a 1 BR + Home Office )

no storage

I tried to call the office #, but # is in service. Does anyone know the #?

Just another example of how poor the edge has been in terms of marketing:\ I have a business card for Jordan Silver, a sales associate. His cell # is 917-519-8158. Another thing they did was close the sales office across the street, and my friend couldn't find where they moved it to lol...

I think they lack of communication.
Probably, too many have worked on and left the project. I have met with Jordan Silver; I think he is pretty OK.

The new office is diagonally across from the old one. At least three sales people have been there since it started, but there are a couple new as well.

just realized that I need to apply the loan as FHA loan because they haven't met their 51% pre-sale requirement. That's so unfair. This is their problem, not ours. Why do I have to pay that extra 2.25% upfront mortgage insurance to help them solve their problem?

I wouldn't fault the sales and marketing people at the Edge too much. There's only a certain percentage they can go to (set by the developer). Unfortunately that doesn't seem to be the market clearing price. Marketing is doing an ok job--who doesn't know about the Edge and know that it's a quality product with many amenities?

However, they should have contacted you re_guru--they need the sale. I am also wondering why Nocera/Chester didn't buy at the Edge--the Edge should have made a deal with them for a larger unit that would have likely been harder to sell because of the high cc's--combining two units at NSP would result in cc's that were just as high.

Perhaps they are busy regrouping and coming up with a better sales strategy.

Oh definitely it is not the sales people's fault. The developer should have lower the price a bit. It seems that North Side Piers 2 is selling apts a bit cheaper.

Wow...650/sqft at The Edge. What do you make of this?

http://streeteasy.com/nyc/sale/514076-condo-22-n-6th-st-williamsburg-brooklyn

siulobow, I believe if you get the FHA loan through Bank of America, they will give you a credit for the upfront mortgage insurance premium.

Also, if you don't want to do an FHA loan, ISB and HOME will lend at current pre-sale levels.

does anyone know if its possible to close on an FHA loan before the building is 51% occupied? It may take forever for this to happen given current slow sales.

jabra...looks like a math error in that example..looks more like 750psf

actually i misread that...i dont know what to make of it...does it have any ivew?

Jabra is correct it sold for $459,342 which is $650/sqft. It's an interior facing unit, and that seems to be the 2010 prices so maybe it was agreed upon recently. I'm more concerned with the fact that there are only 11 documented closings between Aug 13 and Aug 27. Anyone here in contract for south edge below the 12th floor and not receive a closing notice?

Im due to close in Oct and cant wait! I have been looking in WB since 2007 and even had to walk away from a 2008 contract at another building because the sponsers would not nego well with the historical prices and concessions. I found the sponser and team at the Edge more flexiable and in tune with the current market. Im currently waiting on my financing / mortgage and do not plan to do FHA.

polisson, thanks for you info.

wb1234567, how can we not do FHA? Since the Edge is still below 30% pre-sale, how can we get the conventional loan?

wb1234567 -- I am seriously looking at the Edge. Roughly what % off original list price there did you get from them? (i assume there was a closing cost credit also). Also, are you saying you walked away from a 10% deposit on another building -- that quite a step.

I was told the Edge was starting slow on the closings but pace would pick up shortly once the system was running smoothly...but who knows if that is bs.

Prices seem to be about 10%, or a bit more, over nsp2.

"Since the Edge is still below 30% pre-sale, how can we get the conventional loan?"

what's the source on the below 30%? The office clearly says well over that.

You'll be able to do a non FHA loan now, but what about when you want to sell? If the Edge never gets to 51%, the next buyer will not be able to get a non FHA loan. I LOVED the Edge and was ready to buy there but the 30% sold could not be substantiated and while there is definately more interest in the development now that closings have begun, I also know of several people who have walked away.

Does nyone know how big 6Q or 7Q are? Studio or 1bdrm? What bank is providing conventional loans?

tcs343: what do you mean the 33% could not be substantiated?...I'm not doubting you, just wondering how one would even go about substantiating it anyway? When banks get ready to lend is there some official report they get from the developer?

Also, given how low the "discounts" are offered at the Edge it really surprises me that people are walking away, since they already have 10% down the drain.

Finally -- when you refer to trying to sell, unless you mean selling within a year or two, then surely at some point they will sell 51% (although it could be at discounted prices), unless you are referring to the risk that they go rental.

Hi tcs343, did the people who walked away get any of their downpayment back?

By substantiate, I meant that I couldn't get a straight answer what the actual number was. The people that I know who walked away signed at 2009 pricing and were not able to get the Edge to come down in pricing. They did get their down payment back but they had riders in their contract that they would not close unless they were able to get an FHA loan by a certain date.

Can you really be sure they'll get to 51% before they go rental? Don't get me wrong - I LOVED the Edge and everything about it. I think its a great building and far superior than NSP2 but there is a lot of inventory in Wburg. If they could get closer to 51%, I would definately look to buy there.

They say, and I believe this, the plan is to sell and not go rental. However, it is also clear that they will not do what NSP1 did and greatly reduce prices to sell out the building. So, now that the market is stronger, and since NSP2 is 40% sold and only roughly 10% or so cheaper than the Edge, I think they will hold firm-ish on their prices and sell out slowly. IF a major downturn ocurrs before they get to 51% then I think they will go rental before they greatly reduce prices. This is speculation obviously, but in short, there is a risk tied to the overall market.

The developer, Levine, has said earlier this year that they are in good financial shape and should be OK even if it takes them 2 yrs to sell out.

I believe that was from Crain's.

"The developer, Levine, has said earlier this year that they are in good financial shape and should be OK..."

Would you expect a developer to say otherwise?

"Would you expect a developer to say otherwise?"

Not at all.

But I think at a certain price point, those units will start moving. I think they will discount before they go rental.

It's a great development. Been there recently and wouldn't mind living there (for the right price of course).

I don't think the Edge can go rental with all the remaining units in the South Edge as they have already closed units there. The Edge can probably only rent a certain percentage of the units out, probably less than 30%, and this info is likely in the offering plan.

I expect some price cuts on the 2BR or more units with those high carrying charges. Do they think they can sell out in 2 years without some large discounts? Think about One Brooklyn Bridge Park, another large, amenity heavy development that is similar to the Edge in many ways. Still not sold out after many years and price cuts.

@tcs343 You could go into contract with the stipulation that you will only close if they have more than 51% sold and if they do not reach that number by a certain date, then you will get your dp back. They have to tell the truth about the % sold to the lender, so if you have a mortgage banker/broker, the ycan confirm.

buyerbuyer - Yes very sadly walked away from a 10% deposit. I did my math, weighed my options and make both short and long terms goals. The Edge was the better investment for me.

wait wb1234567...you walked away from a 10% deposit somewhere else and bought at The Edge?

buyerbuyer, I was told by my bank that they are still under 30% pre-sale.

Has anyone seen the new offering plan? I know that there is a new one in place and it does have language related rentals.

From my personal experiences as a buyer we have more nego power and leverage now while the sponser is looking to secure buyers and increase # of sold units. After the Edge has sold over 50%+ you can likely kiss goodbye the closing credits, sponser paid CC, and discounted or free storage units. There are 14 closed units listed in SEasy and closings have taken place as high as the 20th FL now.

Uh, yeah. Don't hold your breath on the 50% sold. As of yesterday, The Edge was 26% sold and had closed on 17 units according to my mortgage people. At that rate they won't hit 50% for awhile. 12 months? 18 months?

Speaking again from experience with another building that was 35-40% sold in pre construction. Once the closings started and residents moved in sales increased and sold units increased greatly from 30-40% in less than 6 months.The people who got in early got the best deals.Long story short is the Edge will be even more attractive with residents in the pool, the basketball/volleyball court and shooting pool in our "wreck room".

NYCrealist -- how was the question framed that elicited the 26% number? I am positive it excludes offers under negotiation (of which they have about 20 apparently), but it seems low regarding signed contracts/closed. Does it somehow exclude people who are threatening to walk or something...but how would tha be defined.

I agree that the people who get in early will get the better deals but you're also taking the greater risk. The remaining units need to sell or be rented in order to make a profit...let's not forget that. Also, keep in mind that the full amenities will not be up and running for a while as well.

They should be paying your common charges for a certain period of time then! Another way to look at the sales; the slower they are, the longer the delay for phase 2. However it is still rather disconcerting how slow closings are...

And by longer delay for phase 2 I mean the longer those future obstructed units have a city view.

Winter is coming. Sales will be slow. The economy is not really that great. FHA will increase the pre-sale requirement from 30% back to 50% after 2010. So, I am not that optimistic.

Siu - Winter in NYC means Wall St bonus season which also always gives a boost to the housing market and Wall Street is having a great year for the 2nd year in a row.

"Wall Street are likely to see bonuses rise by up to 15 percent this year"
http://www.reuters.com/article/idUSTRE67B40H20100812

In the spring we will have the launch of the water taxi projects at the Edge/NSide and Greenpoint making the area even more attractive.
http://www.nypost.com/p/news/local/brooklyn/setting_sail_for_burg_OQIyBXmGED4BMrPpIyzDBL#ixzz0wxtrfzCw

Re - I hope they take their time w/ Phase2. The waterfront is really going to be booming with the Domino project, Goldman Sacs new project and Greenpoint project set to kick off soon there will be lots of waterfront apartments coming in the next 2-10 years.

http://archpaper.com/e-board_rev.asp?News_ID=4002

http://www.thelmagazine.com/TheMeasure/archives/2010/09/15/goldman-sachs-builds-affordable-housing-on-williamsburg-waterfront-instead-of-luxury-hotel

http://www.ny1.com/content/top_stories/122901/city-council-approves-redevelopment-of-domino-sugar-factory-site

Guys, hoping someone can answer this questions. The EDGE says that they are "FHA Approved" What exactly does that mean? Can I get an FHA loan now and close?? or do I have to wait until all the FHA condo pre-sale requirements are met in order to close??

Rip -

This is from early this year. The Edge has been FHA since Jan 2010.

"The Edge, the 922-unit development on the Williamsburg waterfront (above), announced via email that it had been approved to participate in the FHA program. (The news first appeared in The Real Deal before Thanksgiving.) Translation: Buyers of units inexpensive enough to qualify for conforming loans (up to $729,750) can get low mortgage rates with low down payments (only 3.5%)."

http://www.williamsburgedge.com/Edge_Press/TheRealDealonline%20-%20November%2024,%202009.pdf

Rip - you cannot close with an FHA loan until they hit 30%. They have not; more accurately around 28%.

They have a large number of contracts out to attorneys that would put them comfortably over 30%. For whatever reason they are not converting those contracts to signed. Hopefully it was due to the end of summer and Jewish holidays. I don't think it was price or major terms, since purchasers have often agreed to price and concessions prior to purchasing the plan. In my experience, the Edge and its attorneys move very slowly in getting contracts done.

They are approved for the PERS program, though, which allows them to hit pre-sale requirements in different parts of the building separately. The South tower has contracts signed for over 30% of units.

riptide, get in touch with one of their preferred lenders. For FHA loans, Joe Kuffner at Bank of America, for example, would be the person to contact. He can confirm that they are ready to close. (I think his contact details are on their website, or the sales office can provide them.)